T-Mobile becomes a banking service

Not satisfied with receiving monthly sums for telecom services, T-Mobile wants to handle your money full-time. It has launched, for the second time in recent history, a banking service. This time around, it’s called T-Mobile MONEY and it promises no account fees, no maintenance fees, no minimum balances, and a 1 percent annual percentage yield (in other words, the rate of return) on all balances, plus more for qualifying T-Mobile customers.

T-Mobile customers with checking account balances of up to $3,000 who deposit at least $200 month can get a 4 percent annual percentage yield. Eligible T-Mobile wireless customers can also get up to $50 of spending in overdrafts with no fees. T-Mobile MONEY accounts come with an EMV chip debit card and are supported by Google Pay and Samsung Pay.