topic Re: T-Mobile Money (checking account) in Personal Finance

T-Mobile Money (checking account)

DaveInAZ — Mon, 02 Nov 2020 16:19:05 GMT

I did a search and found one post on this in 2019 with a few replies, most didn't qualify for the higher interest rate as they didn't have a T-Mobile consumer "post paid" account.

I just became a T-Mobile Home Internet customer in October and recently learned about the T-Mobile Money Checking account. The checking account is open to everyone (over 18, US Resident) paying 1% interest on all balances. But T-Mobile residential service "post paid" customers get 4% interest on balances up to $3k, 1% any balance over $3k, with a minimum $200 deposit monthly. No overdraft fees, no maintenance fees, no fees at Allpoint® ATMs, no minimum balance, no fee on ACH transfers to/from external bank accounts. I just called to make sure my Home Internet service is considered a "consumer post-paid" account, and it is so I'm going to open an account. I'm thinking is will be a great account to 'park' money for my CCs to debit for payments.

And BTW, the T-Mobile Home Internet service is great, especially for anyone living in the boonies. I live on a 10 acre rural property 50 miles SE of Tucson. I was paying $85/mo. for 'fixed wireless' internet, a tower 20 miles away, and they were crooks. They claimed 'up to 6mbps' down but I noticed on a Speedtest 30 second test I would get close to 6 megs down, but on a large file download on my Windows PC after a minute or so it throttled down to around 1.5mbps. So I called tech support and they readily admitted 6mbps was for a "burst" while only 1.5mbps down was for "sustained" usage. I've recently started using streaming services much more than I used to and 1.5mbps doesn't cut it, I'm getting 12-15mbps with T-Mobile, and it's only $50/mo with autopay.

Re: T-Mobile Money (checking account)

blindambition — Mon, 02 Nov 2020 16:42:52 GMT

That's not a bad deal for T-Mobile home subscribers. Good luck and congrats!!

Re: T-Mobile Money (checking account)

DaveInAZ — Mon, 02 Nov 2020 17:22:46 GMT

@blindambition wrote:
That's not a bad deal for T-Mobile home subscribers. Good luck and congrats!!

Thanks, just finished opening the account, very easy but then T-Mobile already had all my personal info, just needed to confirm a few things. They use BankMobile, a Division of Customers Bank, so I wasn't sure which CRA they would pull to verify ID so I unlocked all 3, can confirm if they pulled a CRA it was a soft pull. And the T-Mobile Home Internet was also a SP, rep said they pull TU so I unlocked it, no HP.

Re: T-Mobile Money (checking account)

Ragdollkitty — Tue, 03 Nov 2020 02:53:31 GMT

Yeah Tmobile money is great considering where rates are now. Even for non customers, the 1% flat rate is a good rate.

Re: T-Mobile Money (checking account)

Anonymous — Tue, 03 Nov 2020 17:36:10 GMT

I didn't really need another bank account, but since I'm a T-mobile user it really didn't make sense not to open a T-mobile Money account.

I opened my account this morning after seeing your post. Easy to open, and so far no notification of a hard pull.

Re: T-Mobile Money (checking account)

DaveInAZ — Tue, 03 Nov 2020 22:32:01 GMT

@Anonymous wrote:
I didn't really need another bank account, but since I'm a T-mobile user it really didn't make sense not to open a T-mobile Money account.

I opened my account this morning after seeing your post. Easy to open, and so far no notification of a hard pull.

Were you able to enroll in "Perks"? You ned to enroll in Perks to get the 3% on the first 3k and there's supposed to be other perks. I keep getting an error message that my T-mobile ID is linked to another ID. I called T-mobile Money and he transferred me to wireless and they've opened a ticket to hopefully straighten it out. But yeah, even 1% is better than I'm getting at Marcus, Amex, & Penfed Premium savings.

Re: T-Mobile Money (checking account)

Anonymous — Wed, 04 Nov 2020 01:36:25 GMT

@DaveInAZ wrote:
Were you able to enroll in "Perks"?

I believe so. I applied on their website, but when I downloaded the app there wad a pop-up for adding your ID for perks. I added my phone #, and as far as I know I'm good

Re: T-Mobile Money (checking account)

Anonymous — Wed, 04 Nov 2020 22:03:30 GMT

@DaveInAZ Thanks for the informative post. I have a question, when you created the account were you able to add beneficiaries to the account?

I saw a review where you aren't able to add one to a Tmobile Money account and wanted to check with you in case their policy changed.

Also if you aren't with them already, I highly suggest checking out DCU's Savings account 6.17% on the first $1000.

Re: T-Mobile Money (checking account)

DaveInAZ — Wed, 04 Nov 2020 23:11:27 GMT

@Anonymous wrote:
@DaveInAZ Thanks for the informative post. I have a question, when you created the account were you able to add beneficiaries to the account?

I saw a review where you aren't able to add one to a Tmobile Money account and wanted to check with you in case their policy changed.

Also if you aren't with them already, I highly suggest checking out DCU's Savings account 6.17% on the first $1000.

When I created the account I don't recall anything about beneficiaries, I just logged in and don't see any options to add a beneficiary.

Thanks, I've been a member of DCU for a couple years & keep my savings account at $1k.

Re: T-Mobile Money (checking account)

Ragdollkitty — Thu, 05 Nov 2020 00:03:12 GMT

@DaveInAZ wrote:
@Anonymous wrote:
@DaveInAZ Thanks for the informative post. I have a question, when you created the account were you able to add beneficiaries to the account?

I saw a review where you aren't able to add one to a Tmobile Money account and wanted to check with you in case their policy changed.

Also if you aren't with them already, I highly suggest checking out DCU's Savings account 6.17% on the first $1000.
When I created the account I don't recall anything about beneficiaries, I just logged in and don't see any options to add a beneficiary.
Thanks, I've been a member of DCU for a couple years & keep my savings account at $1k.

Unfortunately they don't offer the ability to add beneficiaries, nor do they offer joint accounts. The type of client they aim this product towards, And Affirm savings is similar, are people that traditionally wouldn't have bank accounts. It not aimed, for example, towards people who would want to increase their FDIC coverage with these options. It's aimed for people that might just use cash instead if this didn't exist or who are storing lower amounts.

Affirm, for example, offered 1.3% in August. It seemed that many started to transfer over when it lead the interest rate game and they were forced to lower their rate (though their 1%, like TMobile money is sti good).

I wish I could add beneficiaries but I'm still putting money on deposit for the higher interest rate.

Re: T-Mobile Money (checking account)

Anonymous — Thu, 05 Nov 2020 05:25:33 GMT

@Ragdollkitty @DaveInAZ Thanks for the info! Glad to know you were aware of DCU.

I was a bit worried about that. Its still a great deal for any who can take advantage. Right now I am working to max my Affinity/Service savings account.

Re: T-Mobile Money (checking account)

SanDiegoCredit — Thu, 05 Nov 2020 05:38:34 GMT

Enjoy the new account! I have the T-Money account and so does my spouse. I have earned $201.65 in interest since opening. My $9K earned $14.26 for the month of October. I like Bank Mobile / Customers Bank. I've called them a few times and it was all good. Their billPay works just fine too, very simple and easier to operate compared to other traditional big banks. There is nothing negative to report!

should I move my HYSA money into TMobile money?

gngo2007 — Thu, 19 Nov 2020 23:17:38 GMT

I recently just opened a T Mobile money account that should be eligible for the 4% interest rate.. My Discover HYSA is currently giving me 0.55% as of right now (don't foresee it going up anytime soon), and I was wondering if I should transfer a portion of it to the T-Mobile money account . I know its a smaller bank, but it is FDIC insured, so i figured there wasn't any harm unless I go above the FDIC coverage limit. Any thoughts? Anyone else doing this? Thank you guys!

Re: should I move my HYSA money into TMobile money?

Ragdollkitty — Fri, 20 Nov 2020 06:04:57 GMT

@gngo2007 wrote:
I recently just opened a T Mobile money account that should be eligible for the 4% interest rate.. My Discover HYSA is currently giving me 0.55% as of right now (don't foresee it going up anytime soon), and I was wondering if I should transfer a portion of it to the T-Mobile money account . I know its a smaller bank, but it is FDIC insured, so i figured there wasn't any harm unless I go above the FDIC coverage limit. Any thoughts? Anyone else doing this? Thank you guys!

Yes you should move it. The only possible concern, as I mentioned above, is that you can't designate a beneficiary. Of course, there are others ways to ensure that the money goes to where you want it.

I kept some money in an account I have that pays 0.85% that allows me to designate a beneficiary. In the event of my death, I figure that will give enough of a buffer of funds until the money in this TMobile account can be retrieved.