T-Mobile Money Guide: Should You Open an Account?

Nowadays, you have plenty of alternative choices to traditional checking and saving accounts. One of the most recent additions to the list is T-Mobile Money, an online checking account by T-Mobile that allows you to do everything with your fund through your smartphone, from deposit checks, pay bills to send money. It has proven to be a popular choice for many people since its release a few years ago. But should you open a T-Mobile Money account? 

Here is everything you need to know about this mobile financial solution!

What Benefits do you Get From Opening a T-Mobile MONEY Account?

T-Mobile Money is a new financial solution offered by T-Mobile to new and existing customers. In short, it is an online checking account that provides various benefits including higher interest rates and lower fees. You can learn more about the advantages at this T-Mobile Money review but the biggest plus for many people is the 4% APY. Unfortunately, this is only available to money account holders who are also a user of a T-Mobile wireless phone plan and have a balance up to and including $3000.

The unique ‘Got Your Back’ feature is another attractive benefit, which offers overdraft protection of up to $50. Customers will enjoy no overdraft fees, no account fees, and no maintenance fees while having access to 55,000 no-fee ATMs. Moreover, you will also benefit from direct deposits, online bill pay, and free money transfers to external accounts.

Another great benefit is that T-Mobile Money provides 24-hour customer support, which means that when you need assistance with your account, you can get in touch with their assistants 24 hours a day, 7 days a week. You can contact their customer service number (866-686-9358) to connect to a live person immediately. For less urgent requests, you also have the option to send a secure message to their customer service via the app which will be answered within 24 hours. 

In short, as a regular T-Mobile account holder, you will enjoy:

  • 1.00% APY.
  • No minimums.
  • No monthly account fees.
  • No overdraft fees.
  • Get paid up to 2 days early when signing up for payroll direct deposit.
  • Access to 55,000 no-fee ATMs
  • FDIC-insured
  • 24/7 customer support

As an existing T-Mobile customer, you will enjoy extra perks, including:

  • 4.00% APY 
  • Got Your Back overdraft protection

How Can You Sign Up for a T-Mobile Money Account?

To sign up, you can download the app named T-Mobile Money from the App Store or Google Play, or apply online on the T-Mobile website. T-Mobile doesn’t run a credit check before approving people to the service, however, you should know some of their requirements:

– You must be 18 and above with a provided government-issued ID card. 

– You need a social security number and a street address within the continental U.S. 

– You don’t need to be a T-mobile customer, although being one will give you a 4 percent APY benefit.

After opening the account, all the financial transactions are as straightforward as those you’d normally do with your regular checking account, and, in fact, many people find them even easier through T-Mobile Money than through their normal bank. You can sign up, set up mobile check deposits, send a check, and make payments via Apple Pay, Google Pay or Samsung Pay. Being a mobile-first and customer-first solution, T-mobile Money allows you to interact directly with your account through their mobile app or website. 

Although T-Mobile is not a bank, they work directly with Customer Bank, the actual financial entity behind T-Mobile Money. T-Mobile Money does come with a physical Mastercard debit card, which you can use at more than 55,000 ATMs for free. This card also offers Mastercard Zero Liability Protection.

How Secure is the Money Deposited in a T-Mobile Money Account?

The number one concern when it comes to choosing a financial tech solution is how safe and secure your money is. With T-Mobile Money, you can enjoy your peace of mind as your deposited funds are held at Customers Bank, the financial institution behind T-Mobile. Any amount of deposits up to $250,000 at T-Mobile Money is insured by the Federal Deposit Insurance Corporation (FDIC).

T-mobile Money offers various features which are the same as those of an official bank, minus the fees. It also offers competitive APRs, overdraft protection, and early payroll direct deposits. These benefits have made T-mobile Money a viable financial alternative for many people. If you are looking for a new home for your cash, T-mobile Money is definitely worth considering. Just make sure you check all the terms and conditions first so that you know exactly what you are signing up for.