T-Mobile is now a bank, apparently. The cellular service provider is launching a new company called T-Mobile Money, a current account service for T-Mobile customers.
Let's be clear: T-Mobile does not operate its own bank. It's more of a face operated by T-Mobile for a digital bank called BankMobile, which is part of Customers Bank. It's a bit like an MNVO, but instead of a start-up using the existing cell service of a large operator to offer its own service, its T-Mobile using the existing banking infrastructure.
T-Mobile Money is still a real checking account with FDIC insurance for balances of up to $ 250,000, a debit card powered by Mastercard and the possibility of a credit card. send paper checks directly from a smartphone application. You can also add a T-Mobile Money card to Apple Pay, Samsung Pay, or Google Pay.
To sweeten the deal, T-Mobile offers up to 4% annual percentage yield (APY) on balances of up to $ 3,000 on a T-Mobile Money check account that deposits at least $ 200 USD per month. (If you exceed this figure of $ 3,000, you will be lowered to an APY rate of 1%.)
There are also other benefits, such as a $ 50 "Got Your Back" overdraft feature, which will cover your account for free when you realize it (assuming you pay it back within 30 days) . There are no account fees, no maintenance fees, no minimum balance and no charges at 55,000 ATMs on the Allpoint network.