T-Mobile launches a new venture called T-Mobile Money a checking account service for T-Mobile customers, rolling out on a limited basis.
Now, T-Mobile is not running its own bank. Rather, it’s a T-Mobile-operated face for a digital bank called BankMobile, which is a part of Customers Bank. It’s sort of like an MNVO, but instead of, say, a startup using existing cell service from a larger carrier to offer its own service, its’ T-Mobile using existing banking infrastructure.
T-Mobile Money is still a real checking account, complete with FDIC insurance for balances up to $250,000, a Mastercard-powered debit card, and the ability to send paper checks directly from a smartphone app. You can also add a T-Mobile Money card to Apple Pay, Samsung Pay, or Google Pay.
To sweeten the deal, T-Mobile is offering up to 4 percent APY (annual percentage yield) on balances up to $3,000 in a T-Mobile Money checking account that deposits at least $200 monthly.
There are also other perks, like a $50 “Got Your Back” overdraft protection feature that will cover your account for free when you go over . There are no account fees, no maintenance fees, no minimum balance, and no fees at 55,000 ATMs within the Allpoint network.