T-Mobile Money Review – Earn 4% APY On Balances Up To $3,000 [New Negative Changes From June 1]

Update 5/1/26: More negative changes:

Effective June 1st, 2026, the Annual Percentage Yield (APY) on the following accounts will change:

Checking Accounts without a Qualifying Direct Deposit: The APY will change from 2.50% to 1.00%.

Savings and Shared Savings: The APY will change from 2.50% to 1.00%.

Checking Accounts with a Qualifying Direct Deposit: For the portion of the balance above $3,000, the APY will change from 2.50% to 1.00%.

The good news: The 4.00% APY on the first $3,000 of your Checking Account remains unchanged when you make at least $200 in qualifying payroll‑based direct deposits each month.Plus, when you set up payroll direct deposit, you can get paid up to 2 days early, giving you faster access to your money.

View the best current high yield accounts here.

Update 7/12/22: Saving account has increased from 1% to 1.5%

Update 1/27/22: They have introduced a savings account that offers 1% APY.Bit weird considering the checking account offers 4% and then 1% APY.

Update 3/31/21: New requirements are now in affect, there is a tracker for the 10 purchases per month now as well.

Update 2/19/21: They sent out an email with changes which will take effect on March 31, 2021: Eligible customers will no longer be required to deposit $200 per month to qualify for 4.00% APY.Instead, when you use your T‑Mobile MONEY card to make 10 qualifying purchases per month, you’ll earn 4.00% APY.

Update 8/27/20: Sprint customers now have access to this account

Update 4/18/19: This account has been available since November 28th, 2018 but it wasn’t being actively advertised by T-Mobile and T-Mobile was considering it an unofficial pilot program.

That has changed today (T-Mobile is now pushing this account and sending out press releases).I assume that means the account is also here to stay.

Offer at a glance

The Offer

Direct link to offer

T-Mobile has launched T-Mobile money, this is a digital checking powered by BankMobile (division of Customers Bank).All users receive an APY of 1% on all balances.T-Mobile Wireless customers receive an APY of 4% on balances up to $3,000 when they deposit at least $200 per month (must also be registered for perks with your T-Mobile ID).

Apparently this is only a pilot program (although anybody can join)

Avoiding Fees

This account has no monthly fees to worry about.

Our Verdict

We still need to learn a bit more about this product, such as whether it’s a hard or soft pull to open the account but it does look very promising for T-Mobile customers.4% APY is one of the top high yield savings rates and the requirements are easy to meet as it seems like any $200 deposit qualifies you for this rate.The maximum balance of $3,000 is on the lower side, but should still be worth doing for most T-Mobile customers I think.If anybody signs up for this account then please share your experiences in the comments below.

This is also a checking account so it’s more attractive than a traditional savings account as well.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by mycardopinions.
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Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.