Joining the magenta fam now means even more green in your pockets. T-Mobile MONEY is the Un-carrier’s no-fee, interest-earning, mobile-first checking account. And starting , legacy Sprint customers can sign up to score ALL the T-Mobile MONEY benefits, including an industry-leading 4.00% Annual Percentage Yield2 (APY) on balances up to $3,000 — that’s 50 times3 higher than the average U.S. checking account interest rate — and 1.00% APY thereafter. Plus, the Un-carrier is making T-Mobile MONEY even better with cash deposits4 and the ability to get paid up to two days early5 with direct deposit. Since the start of the coronavirus pandemic, many popular savings interest rates have dropped to all-time lows6 yet holding on to your money has never been more critical. T-Mobile MONEY to the rescue.
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“Today, more than ever, it’s absolutely critical that people keep more of their hard-earned money in their pockets. T-Mobile MONEY customers get an industry-leading return on their money with zero fees, so they keep more and grow more, the way it should be,” said Mike Sievert, CEO of T-Mobile. “This is just one more way we’re welcoming legacy Sprint customers into the T-Mobile family, and I’m not even close to finished yet.”
During COVID with over 16 million Americans unemployed7 and even more concerned about not being able to pay bills, people are looking for ways to save more and earn more. But big banks are built on fees and next-to-nothing interest rates. Americans paid $34.6 billion8 in overdraft fees alone in 2019. And Bank of America’s Advantage Checking, Chase Checking and Wells Fargo’s Portfolio Checking only offer 0.01% APY9. (This makes Verizon’s microscopic 5G coverage, which customers can connect to just 0.4% of the time, seem big by comparison.)
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With T-Mobile MONEY, there are no monthly, overdraft, account or transfer fees plus access to over 55,000 in-network Allpoint ATMs worldwide with no fees10. This is all in addition to offering perks for T-Mobile AND Sprint postpaid customers with eligible service, who can earn 4.00% APY on balances up to $3,000 and 1.00% APY on every dollar over $3,000 when they register with their T-Mobile ID and deposit at least $200 each month. Everyone else, including Verizon and AT&T customers, scores 1.00% APY on all balances, still 12 time3 more than the average bank. And, there’s no minimum balance requirement.
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