T-mobile, one of the cell phone carriers officially launched a new banking service known as T-Mobile Money. The best part is T-mobile money offers 4% interest to customers with qualifying service. T-Mobile Money is an attractive saving option when major banks pay between 0.01% to 0.03% interest (as of 4/19/2019).
What is the qualifying service?
Another thing that I love about T-Mobile Money is their transparency on this service. As you can see on the front page of their website (https://www.t-mobilemoney.com), they clearly write to qualify for the 4% interest, you need to meet the following criteria:
- You can only earn 4% up to $3,000 if you are a T-mobile customer.
- Deposit at least $200 per calendar month.
- Earn 1% if you’re not a T-mobile customer, and for any money that is over $3,000 limit.
Where can I find the ATMs?
You can easily withdraw your money from any Allpoints® ATMs worldwide. They have over 55,000 no-fee ATMs worldwide.
In the US, you can usually find those ATMs at Walgreens and CVS stores. For more ATMs locations, you can use their mobile app which is available on Android and iPhone, or from their website.
Who is this good for?
This service is certainly best if you are already using T-mobile as your phone carrier or thinking about switching to T-mobile service.
Even though, your bank account is insured by FDIC, just like any other major banks. You need to be comfortable using a T-mobile Money phone app and ATMs to interacts with your money. You can surely speak to their representative over the phone, but don’t expect a face-to-face interaction with the support team or bank tellers.
If you’re not a T-mobile customer already, there are other banks that offer high yields interest. I will post my review on that bank very soon.
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