T-Mobile Money is now available to everyone. The service looks largely similar to the way it did when its pilot test launched last year, offering T-Mobile postpaid customers 4.00% APY on balances up to $3,000 and 1.00% APY on every dollar over $3,000. To get that rate, you'll need to sign up with your T-Mobile ID and deposit at least $200 every month. Everyone else gets 1.00% APY on all their balances.
There are no monthly fees or overdraft fees with T-Mobile Money. A feature called Got Your Back will help you with overdraft protection, allowing T-Mobile postpaid customers to go in the red up to $50 without penalty so long as they bring their account balance back to a positive figure within 30 days.
T-Mobile Money is a mobile-first banking service and is available with Android and iOS apps. With these apps, you can make mobile check deposits, set up direct deposit, send a check, transfer money, make person-to-person payments, and make mobile payments with Apple Pay, Google Pay, and Samsung Pay. There's also support for account alerts and debit card disabling.
For those times that you need a physical card, T-Mobile Money comes with a Mastercard debit card. It can be used at more than 55,000 Allpoint ATMs around the world, and you can use the T-Mobile Money app to locate an ATM.
Other features of T-Mobile Money include the fact that deposits are FDIC-insured up to $250,000 and that bilingual customer support is available 24/7. T-Mobile partnered with BankMobile on its T-Mobile Money service.
Now that it's rolling out broadly, what do you think of T-Mobile Money? Will you use T-Mobile for your banking needs?