T-Mobile MONEY: Better Banking 4+

Highly recommend this account!!!

Was a little skeptical when I first signed up but this account is awesome! The 4% APY is AWESOME, and it’s really easy to obtain! You get 4% on any money in your checking account up to $3,000 and 2.5% on any money above the $3,000 after 10 qualifying purchases for the month! I use my card like I would any normal debit card, for gas, lunch, coffee, Gatorade’s at the convenient store, etc., and I usually qualify for the 4% APY within 4-5 days, and get 4% on my money for the rest of the month! The good news is if I for some reason don’t reach the 10 qualifying purchases within the month (which has never happened), i still get the 2.5 % APY on all my money! Savings is a flat and constant 2.5% APY so that’s really awesome! I was also worried about having access to ATM’s that wouldn’t charge me for making a withdrawal and when I say there are ATM’s everywhere, there are ATM’s EVERYWHERE! It’s also fairly easy to deposit cash into your account if you don’t mind getting out of your car, which I don’t mind tracking those extra steps in my fitness app on my phone and watch 😂! Overall this is a great account to have! Tons of perks! Everything is made to be as convenient as possible, and I love earning money on the money that I worked so hard to earn!

Developer Response ,

Woo hoo!! Thanks for being a T-Mobile MONEY customer! 🤩

Why was I hesitant? If you can get this interest why would you not??

Discovered this and thought only the Mr. could get the accounts because the cell accounts are in his name. But with my T-Mobile family plan number I too was qualified for the higher interest offer. Even just the 1% interest is crazy - why would anyone with a T-Mobile cell leave their money in a traditional bank to rot away for .01%?? I don’t know why but I hesitated and stuck with my Wells Fargo and chase accounts. But WF started charging because my new employer only lets me have one direct deposit. After the first fee I immediately opened the T-Mobile and closed the WF. Now chase charged me for not have $325 in my savings (it’s all in T-Mobile getting actual interest) so I closed that garbage account too. I send money out of my T-Mobile accounts via the zelle app no problem (I did have to first remove my cell number from being associated with my Chase zelle, I just swapped it for my email as the chase zelle contact). I easily get 10 debits per month. If T-Mobile decides to get rid of this interest rate, I’ll probably bounce again. But for now I don’t know why I even hesitated as long as I did.

Developer Response ,

Wow. Glad you're both loving T-Mobile MONEY. We're sorry you hesitated too, but stoked you're here now!! 🧐

Really buggy, approach with caution

I’m a dedicated t-mobile service user, I was really amazed with the interest rate offering, but of course the rate is Actually based on transaction quotas and other caveats. Not likely that you will get the interest rate advertised. Also, doing a cash deposit required almost 4 dollars in fees. Do not base expectations on the marketing, you will be let down. When I tried to open the account neither the website nor app would work, repeated error messages of “try again later”, so I went to a brick-and-mortar and even then the agent said he was powerless to make the software work. Then, randomly, I received an email 2 days later that the account had actually opened and an ATM card sent out. That’s downright scary. I’ve tested the account now with small transfers, both have posted to my originating accounts and both have posted to the t-mobile account, but days have elapsed and the balance still appears as 0. Scary. Also, the service is not compatible with Zelle for digital transfers. The company does not appear to have a banking product that’s actually ready for public use. I’ve been on the phone with customer support more than a few times, which is of course offshore in the Philippines and getting competent and knowledgeable support has been very hit-or-miss. In summary: I expected the product to be better and more functional, I’m experimenting with several app based banking services, this one ranks unequivocally as the worst.