T-Mobile MONEY Review 2024

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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 with its interest-bearing checking account, offering competitive rates and the opportunity to include a savings or shared account.


  • High APY
  • No fees
  • Solid mobile app


  • No physical locations
  • Fee to deposit cash

T-Mobile MONEY logo

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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 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 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 Money: Checking Account

T-Mobile MONEY’s lone banking product is its digital, interest-bearing checking account. The account doesn’t have 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. You also have the option to include a savings account or shared account (joint account) and earn 2.5% APY on all balances.

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

The standard APY for a T-Mobile MONEY checking account is 2.50%, 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 has a premium rate of 4.00% with qualifying activities.

To get the higher rate, you’ll need to be a T-Mobile or Metro by 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 earns the standard rate of 2.50%.

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. 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 contact 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. Currently, it has a 4.8-star (out of 5) rating in the App Store and a 4.5-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 access the funds up to two days early.

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 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 must 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 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 incur will come from an external source, like an out-of-network ATM, especially if you use an international ATM.

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

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 must log in with an existing T-Mobile ID or create a new one.
  • Next, you only need 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.


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, Customers Bank. As a result, all of your deposits are protected up to $250,000.

For online security, T-Mobile MONEY has 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 8 A.M. to 12 A.M. daily 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.

BM Technologies 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.

Customer Reviews

The T-Mobile MONEY app has a 4.5 out of 5-star rating in the Google Play Store and a 4.8 out of 5-star rating in the App Store.

Here are what some of the customers have to say about the account and app:

It's been easy to use thus far and has been a great second chance account after being less than responsible with my previous financial institution. Obtaining a checking account that is covered by FDIC was difficult but I've been able to use this to pay off my negative balance with my credit union, pay bills, make transfers, and even send personal checks through their bill pay service. You won't find 4% interest anywhere else. I'm just sad I can't open a second checking account with them.
C J Google Play Store

Usable interface, very fast transactions, and good interest rates. Depositing cash is hard in rural areas.
Daniel Craig Google Play Store

I would give this 5 stars all day!! However, I feel they should A. Offer this service to non-T-Mobile customers and B. Offer cash incentives for referring both non-T-Mobile customers as well as current T-Mobile customers!! Either one or both would land a 5-star rating for sure but currently, 3 stars is where it ranks. Outstanding easy-to-maneuver app!!
Cody Kazzanova Linger Google Play Store

Pros & Cons


  • High APY
  • No fees
  • Solid mobile app
  • Added perks for T-Mobile customers
  • Get $5 off your T-Mobile bill per line monthly with autopay from your T-Mobile MONEY account


  • No physical locations
  • 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 who 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, consider:

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

Frequently Asked Questions

Is T-Mobile MONEY legit?

Yes, T-Mobile MONEY is a legitimate digital bank account. It’s backed by FDIC-insured Customers Bank and 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 Customers Bank, 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 works with Customers Bank to provide its banking services. 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 of many 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 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 limited other banking options. 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.

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