T-Mobile MONEY Review: 4.00% APY For T-Mobile & Sprint Customers (1.00% For Everyone Else)

T-Mobile Money offers one of the highest available checking account interest rate in the nation at 4.00% APY! Learn more about this checking account and why it’s perfect to park your emergency savings.

For the highest interest rates for your money, see our best savings account page. The most popular offers are from Discover Bank, SoFi, and Marcus by Goldman Sachs.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

What Is T-Mobile MONEY?

T-Mobile MONEY is an online checking account that lets you do anything a typical checking account offers: deposit checks through mobile deposit, pay bills online, withdraw money from ATM machines, send a check to someone, etc.

Customers can do all of this through T-Mobile’s MONEY’s mobile app or website. So what makes this checking account special?

For one, T-Mobile MONEY doesn’t have any account fees. Two, it offers an incredible 4.00% interest rate!

No Account Fees

T-Mobile MONEY no account fees
(Image from T-Mobile)

Say goodbye to account fees. T-Mobile MONEY doesn’t charge any monthly fees, minimum balance fees, maintenance fees, overdraft fees*, or ATM fees at over 55,000 ATMs.

*Overdraft fees up to $50 are waived for T-Mobile and Sprint post-paid customers only with the ‘Got Your Back’ perk.

Compare this against checking accounts offered at major banks and you can see this is a clear advantage for T-Mobile MONEY:

T-Mobile MONEY account fee comparison chart
(Image from T-Mobile)

4.00% APY Interest Rate

This is the highlight of the account! T-Mobile offers everyone a very competitive interest rate, regardless if you have phone service with them. I’d say this account is one of the top choices to park your emergency savings and let it grow.

If you’re also a T-Mobile or Sprint post-paid customer, the rate becomes incredible.

1% APY For Everyone

T-Mobile MONEY gives everyone 1.00% APY on the entire balance.

If you’ve been looking around for bank accounts to store your hard-earned money, you know that it’s dismal out there. You’ll be hard-pressed to find a checking account that gives more than 0.06% APY.

T-Mobile MONEY’s rate of 1.00% APY not only beats pretty much all checking accounts available from competitors,

4% APY For T-Mobile Customers (+ Sprint Customers)

T-Mobile and Sprint post-paid customers can earn 4.00% APY on balances up to $3,000!

Amount over $3,000 will earn 1.00% APY.

In order to get the higher rate, you need to simply register for this perk and deposit at least $200 a month into your T-Mobile MONEY account.

Ninja Note: Effective March 31, 2021, eligible customers will no longer be required to deposit $200 per month to qualify for 4.00% APY. Instead, simply use the T‑Mobile MONEY card to make 10 qualifying purchases per month in order to get the higher 4.00% APY rate.

T-Mobile Money Review: 4.00% APY
(Image from T-Mobile)

How Do I Sign Up For T-Mobile MONEY?

As long as you meet the following requirements below, you can sign up for a T-Mobile MONEY account:

  • Be at least 18 years old
  • Have a US government-issued ID or state-issued driver’s license/ID
  • Have a Social Security Number
  • Have a street address within the U.S. and Puerto Rico

Sign Up Online

Direct Link

You can sign up online by logging in with your existing T-Mobile ID if you’re a mobile customer.

If you don’t have a T-Mobile ID, you can create one for free to sign up.

Sign up for T-Mobile MONEY online
(Image from T-Mobile)

Sign Up With T-Mobile MONEY App

Download App On Apple App Store or Google Play Store

You can also sign up by downloading the T-Mobile MONEY app on the Apple App store or Google Play store and following the instructions to open an account.

Frequently Asked Questions (FAQs)

Is T-Mobile MONEY FDIC insured?

Yes, T-Mobile MONEY is FDIC-insured up to $250,000.

The FDIC certificate number is 34444. T-Mobile MONEY accounts are held at BankMobile, a division of Customers Bank (Member FDIC).

Do I get a debit card?

Yes, once you open your T-Mobile MONEY account, a free Mastercard debit card will be mailed to you.

The debit card can be use at more than 55,000 Allpoint ATMs worldwide at no charge and offers Mastercard Zero Liability Protection.

To find an Allpoint ATM location, use this search page.

Can I write checks with T-Mobile MONEY?

Yes, three blank checks are included with your debit card when it’s sent out.

If you’d like to order additional paper checks, you can order more using the Vistaprint link inside the T-Mobile MONEY app.

The Bottom Line

I switched my wireless service to T-Mobile several years ago and loved it ever since. The coverage levels of the Big 3 wireless carriers (AT&T, T-Mobile/Sprint, and Verizon) are so similar now that you should base your decision solely on what gives you the cheapest monthly rate.

That was T-Mobile in my case, but not only am I paying the lowest price for service, I’m getting a bunch of unexpected benefits.

Every week on Tuesday, T-Mobile gives away free stuff and offers special promotions through their T-Mobile Tuesday program. I’ve gotten things like Amazon gift cards, Starbucks lattes, and discounted gas through it.

T-Mobile MONEY is another promising benefit for T-Mobile customers. A 4% APY is one of the highest savings rates out there and the requirements to get that rate are easy.

And although the 4% rate is capped at a maximum balance of $3,000 – it’s still worth it because you’d still earn 1% for amounts over that.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

Notify of
Oldest Most Voted
Inline Feedbacks
View all comments
Carl C Crump
Carl C Crump
3 years ago

I have been trying to log into my account for three days. Cannot, changed password three times, all I get is oops were having a problem. Also cant find a phone number for customer service.I NEED TO TRANSFER MONEY!!!! HELP !!!!