Checking Account That I Use As A Savings Account
I've had T-Mobile Money for a couple of months and I decided to stop using it on a regular basis and use it at as a savings account especially with the 4% APY. I've called customer service a couple times and never had an issue with them; both calls were less than 10 minutes to help me. Loving this account, my APY is higher on T-Mobile Money then my actual savings account.
Definitely Best As A Savings
Deposits take a day longer to clear than other banks and they don't even show you how much is pending, only the total check amount is shown in your transactions and your have to wait 3 days it seems to clear, 2 full days to get the first $200. Every bill pay arrived late, check orders at Walmart kept getting cancelled until their support said I couldn't order from them with no caveats explained up front. You can't deposit cash into any ATM, period, and have weird out of the way places for free ATM's
So, I just have $100 of my pay every 2 weeks go there to meet the qualifications for the 4% interest and the rest go to my old Credit Union and am back using their checking and get to keep a separate debit card for my savings with T Mobile Money.
Excellent Bank
I just opened a T-Mobile Money Checking Account via online and it was fast and easy to do. I met all qualifications since I have been a cell phone customer since 2005. First with a flip phone then a smart phone. The site was easy to handle and once all verifications were made, the account was established. I deposited a small amount with the monthly requirement to be done on a regular basis. I received my "card' in the mail yesterday and verified it. I did make one phone call to T-Mobile Money and speak with a customer assistant to see if this can be used as a "debit card" with no fees incurred. I was told yes it can be used as such with no fees incurred but if cash was wanted it had to be at an Allpoint location. Further it was really nice to speak with someone who spoke clearly in ENGLISH. LOL I do not plan to actually use the card until the account becomes more established and then I might try it out at a HEB. I also do not plan to close my existing account with a local bank. I do like the advertised 4% interest rate and will see in a couple of months if it is paying as advertised. So far, so good. Am satisfied at present.
Don't Sign Up With This Bank!!!!
I signed up with this bank 6 months ago, but started using it as my regular bank 4 months ago. No problems until a few days ago when they suddenly "restricted" my account with no explanation despite 3 phone calls and/or emails. Now I can't receive my direct deposit paycheck in the account and I can't use it to pay bills. Fortunately I have a backup account at a different bank. I would consider using this as a savings account like other reviewers suggested but I'm so fed up with this "bank", I will close out this account as soon as possible.
Data as of Q4 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 867 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.77% |
| Return on Equity - YTD | 7.59% |
| Annual Interest Income | $463.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $11.51B$9.83B |
| Loans | Q4 2019vs Q4 2018 | $9.99B$8.51B |
| Deposits | Q4 2019vs Q4 2018 | $8.71B$7.16B |
| Equity Capital | Q4 2019vs Q4 2018 | $1.18B$1.06B |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $56.4MM$40.0MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $23.5MM$29.9MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $173.00K$816.00K |