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
- Interest Rate: 1-4% APY
- Minimum Balance: None listed
- Maximum Balance: $3,000
- Availability: Nationwide
- Direct deposit required: No
- Additional requirements:
- Hard/soft pull: Soft pull (states no hard pull here in the F.A.Q (under about t-mobile money))
- ChexSystems: Unknown
- Credit card funding: Unknown but unlikely
- Monthly fees: None
- Insured: FDIC
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.
