T-Mobile MONEY Review

T-Mobile MONEY logo

T-Mobile MONEY


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Expert Take

T-Mobile MONEY is a digital checking account option that should help you grow your earnings by being an interest-bearing checking account with very competitive rates.


  • High APY
  • No fees whatsoever
  • Solid mobile app


  • No physical locations
  • Only one account option

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at T-Mobile MONEY

You’re probably familiar with T-Mobile — the third-largest wireless phone service in the US.

Thanks to its recent acquisitions of Metro PCS and Sprint, the company has over 100 million subscribers.

T-Mobile Money is the company’s online-only banking platform, which launched in 2019.

In this post, you’ll learn exactly what you can expect from T-Mobile Money. We’ll cover the platform’s pros and cons and how it stacks up against other online banking options.

T-Mobile Checking Account

T-Mobile Money’s lone banking product is its digital, interest-bearing checking account. The account doesn’t come with any monthly fees or minimum balance requirements.

When you sign up, you’ll get a Mastercard debit card, access to online and mobile banking, and the option for direct deposit.

By far, the biggest selling point of the account is its Annual Percentage Yield (APY), which sits well above the national average.

That said, taking advantage of the highest rate isn’t as simple as making deposits and earning on interest. The high-interest rate comes in tiers based on several factors.

The standard APY for a T-Mobile Money checking account is 1.00%, which is available for any balance tier and without any other actions.

This rate alone is enough to get excited about, but T-Mobile Money comes with a premium rate of 4.00% with qualifying activities.

To get the higher rate, you’ll need to be a T-Mobile wireless customer with a postpaid wireless plan, register for perks with your T-Mobile ID, and make at least ten qualifying purchases per month with your T-Mobile Money card.

The 4.00% interest rate only applies to the first $3,000 in your balance, and the rest will earn at the standard 1.00%.

T-Mobile MONEY Features

Online-Only Banking

T-Mobile Money is an entirely digital banking platform, so you won’t have the option to bank at a physical branch.

All of your everyday banking needs, such as deposits, transfers, and account maintenance, are handled online.

Mobile App

T-Mobile Money comes with a dedicated mobile banking app that offers access to every aspect of your bank account.

Make mobile check deposits, monitor your balance, send money, and get in touch with customer support — all from your smartphone. You can also link your debit card to Apple Pay, Google Pay, or Samsung Pay in your digital wallet.

The T-Mobile Money app is highly functional and performs well on both iOS and Android. At the moment, it has a 4.8-star (out of 5) rating in the App Store and a 4.3-star (out of 5) rating in the Google Play Store.

Early Direct Deposit

You can set up a direct deposit right from the T-Mobile Money app, and when you get automatic deposits, you can expect to see the funds hit your account up to two days earlier than you would with traditional banks.

Early direct deposit is an increasingly common feature in the online banking space. Though its functionality depends on your employer’s participation, having the option to get paid early is a nice-to-have feature.

55,000 Allpoint ATMs

T-Mobile Money is part of the Allpoint network, so you’ll have fee-free access to its 55,000+ ATMs throughout the US.

T-Mobile Money doesn’t charge any additional fees for using out-of-network ATMs, but it also doesn’t reimburse for anything charged by the ATM itself.

Cash Deposits

Cash deposits are always tricky with online banking, but T-Mobile Money comes with a nice perk that allows you to get cash into your account without making a transfer.

To make a cash deposit, visit a participating location like CVS, Walgreens, 7-Eleven, or Walmart. At checkout, tell the cashier that you’d like to make a deposit, swipe your card, hand them the cash, and you’re good to go.

There’s a $20 minimum for cash deposits, and the retailers do charge a fee. Fees vary based on each location but are typically $5 or less per deposit.

Got Your Back

Got Your Back is T-Mobile Money’s overdraft protection plan, which allows eligible customers to overdraft their accounts by up to $50 without any fees.

To qualify for Got Your Back, you’ll need to be a current T-Mobile customer with a postpaid wireless plan.

You’ll also need to sign up for Perks, a program that provides additional benefits to account holders. Then, make at least ten purchases per month with your debit card, and you’ll automatically be enrolled.

Got Your Back applies to overdrafts caused by debit card transactions, check payments, or ACH transfers. You’ll have 30 days to correct your balance, and if you miss the deadline, you’ll be removed from the program.

T-Mobile Money Fees

T-Mobile Money is a truly free bank account, so don’t worry about getting hit with typical account fees that you would with a traditional bank.

There are no monthly maintenance, minimum balance, or overdraft fees, and T-Mobile won’t charge you anything for using an ATM.

The only potential fees you could run into will come from an external source, like an out-of-network ATM. You can also expect to see foreign transaction fees from Mastercard if you use your card while traveling abroad.

Otherwise, you won’t pay a dime, but keep in mind that part of its fee-free structure is due to more limited functionality.

For example, most banks charge a fee for services like wire transfers. T-Mobile Money doesn’t, but only because the platform doesn’t support wire transfers at all.

Getting Started

You can sign up for a T-Mobile Money account on the T-Mobile website or the mobile app.

To get started, you’ll need to log in with an existing T-Mobile ID or create a new one.

From there, all you need is a government-issued ID, Social Security Number, and a residential US street address.

T-Mobile Money might run a soft credit check upon application, and you can fund your new account through a check deposit or ACH transfer from an existing account.

T-Mobile Money Promotions

At the moment, aside from the promotional APY of 4.00%, there are no sign-up bonuses or promotions up for grabs with a T-Mobile Money account.

That being said, as a genuinely fee-free account with high earning potential through interest, your net return with a new account could end up higher than it would from a traditional sign-up bonus.


T-Mobile Money accounts are FDIC-insured through its partner bank, BankMobile, which is a division of Customers Bank. As a result, all of your deposits are protected up to $250,000.

For online security, T-Mobile Money comes with built-in security measures like biometric login and encryption.

You can easily freeze your debit card if it’s been compromised, and you’re also protected from fraud by Mastercard’s Zero Liability Protection.

Customer Service

If you need assistance with your account, the website and mobile app are full of FAQs to help you troubleshoot. If you need to talk to someone, the customer service phone line is available 24/7 and can be reached at 866-686-9358.

A common question that comes up is whether or not you can stop by a T-Mobile retail location for banking services, and the answer is no.

BankMobile handles all of T-Mobile Money’s customer support, so you won’t be able to find help with your account at a T-Mobile Store.

This should come as good news, considering BankMobile’s stellar reputation when it comes to customer service — The bank currently holds an excellent rating of 4.3 stars (out of 5) on TrustPilot.

Pros & Cons


  • High APY
  • No fees whatsoever
  • Solid mobile app
  • Added perks for T-Mobile customers


  • No physical locations
  • Only one account option (no savings account)
  • Fee for depositing cash
  • No sign-up bonus

Alternatives to T-Mobile Money

While T-Mobile Money has a lot to like, it might not be sufficient for customers that want a more comprehensive online banking platform.

If you’re in the market for a banking option with similarly low fees but more service options, take a look at:

All three banks are online-only, keep fees to a minimum, and offer high-yield savings accounts in addition to checking.


Is T-Mobile Money legit?

Yes, T-Mobile Money is a legitimate digital bank account. It’s backed by FDIC-insured BankMobile (a division of Customers Bank) and also by T-Mobile, the third-largest mobile phone service in America.

Is T-mobile Money a real bank account?

Yes. Even though T-Mobile itself doesn’t operate an in-house bank, it has partnered with BankMobile, which provides its accounts and banking support.

Is T-Mobile Money a credit card?

No, T-Mobile Money does not currently offer credit cards. Your account comes with a Mastercard debit card, which you can use for purchases and ATM transactions. It would not be surprising if credit cards become available down the road.

What bank is T-mobile money with?

T-Mobile Money partners with BankMobile, which is a division of Customers Bank.

Customers Bank is a member-FDIC bank based out of Pennsylvania and offers consumer, small business, and commercial banking services.

Is T-Mobile Money Right For You?

T-Mobile is one of the latest examples from among a slew of non-bank companies (neo-banks) entering the digital banking space.

By partnering with a chartered bank to offer its accounts, the wireless powerhouse is expanding its reach with banking solutions for both current and potential customers.

The account itself brings plenty to the party. You won’t see better-looking interest rates, and with no fees (hidden or in plain sight), T-Mobile Money is a digital checking option that should help you grow your earnings.

That said, you will probably still need to keep your old bank account open. There are no savings, money market, or CD options available. You also won’t have any in-branch support, nor will you have access to a wide range of financial services that you could expect from a bigger banking platform.

Overall, T-Mobile Money is a great option for current T-Mobile wireless customers and for those who are comfortable with a lean, bare-bones approach to digital banking. The account is still relatively new, so it’ll be interesting to see if additional features are added in the future.

But for now, you could certainly do worse than this low-risk, potentially high-earning option.

Here’s to keeping your account balance moving in the right direction.