T-Mobile (NASDAQ: TMUS) recently announced the launch of its new T-Mobile MONEY, which is a no-fee, interest-earning, mobile-first checking account that anyone can open and manage right from their smartphone. T-Mobile reported that with T-Mobile MONEY eligible Un-carrier customers can earn an industry-leading 4.00% Annual Percentage Yield (APY) on balances up to $3,000 and 1.00 APY% on every dollar over that! Plus avoid all those big bank fees and overdrafts. While sharing more details, T-Mobile stated:
“Big banks are built on fees. In 2017, Americans paid $34 billion … in overdraft fees alone!!2 And that’s just one kind of fee. Bank of America Advantage Checking has 19 different types of fees, and Wells Fargo Everyday Checking has 14! With T-Mobile MONEY, there are no fees, no monthly, overdraft or transfer fees, no fees at over 55,000 in-network Allpoint ATMs worldwide and no fees from T-Mobile for using out-of-network ATMs. Also, no minimum balance requirement! And, you’ll earn more interest on your money, too. A lot more. T-Mobile postpaid customers can get 4.00% APY* on balances up to $3,000 and 1.00% APY on every dollar over $3,000 when they sign up with their T-Mobile ID and deposit at least $200 each month. Everyone else scores 1.00% APY on all balances.“
John Legere, CEO of T-Mobile, also commented:
“Traditional banks aren’t mobile-first, and they’re definitely not customer-first. As more and more people use their smartphones to manage money, we saw an opportunity to address another customer pain point. You work hard for your money… you should keep it… and with T-Mobile MONEY, you can!”
T-Mobile MONEY is created in partnership with BankMobile, a division of Customers Bank (Member FDIC), and has been available in a limited pilot since November 2018. T-Mobile MONEY deposits are FDIC-insured up to $250,000. Customers can get 24/7 bi-lingual customer service and support with T-Mobile MONEY Specialists.