Great Checking Account
There's no other checking account like it in terms of APY. I keep about 14k in there and get like $20/month in interest.
Great Company
I have been a customer of T-Mobile for more than 20 years, and have always had very good service with no complaints. I have been at the "bank" for several years also since they opened this feature. Also very satisfied. However with the new rates established by other banks of interest on checking accounts, they have not updated their rate. I see several other banks paying more than their 4% advertised on checking deposits up to $3000 with the 10 debit card transactions. I do plan on moving my checking account soon if they do not update their interest rate in accordance with the other banks. These other banks also require 10 debit account transactions, but this is no problem for me as I use more than the 10 transactions each month. One other bank in particular pays 5.15% up to $15,000 but only .50% of any amount over $15,000. It will be time consuming converting over but will be worth it in the long run if no update is made soon. I will see if there is any update within the next three months, as I am totally happy with the T-Mobile Cell Service and do not intend to change it.
Tmo Money: Don’T Save Here
Yes, 4% is a crazy rate, and going forward, they’ll still offer it—but they are going to make you work for it.
10 debit transactions—rather than $200 deposited— will be required each month, and seems like a transparent attempt to say ‘don’t park money here’. Granted, over $3k its 1%, but using the excuse that its “too hard” for people to save $200/mo is silly.
Expect a hard time if you use your debit at month’s end to get to that magical 10th transaction. Banks are notorious for coming up with ways to do the wrong thing and quote fine print or the like.
SO Hard To Get Your Money Out After It Is Deposited
If you are thinking of using a TMobile bank account just be aware that they make it VERY hard to get your money out once it is deposited. There is a $3,000 limit to ACH transfers, going into or out of their bank. When I saw this account offer I thought "this is great, I can fund the account with the FDIC insurance limit and earn 1% on it, safely. One percent is nearly twice what the "real" online banks are now offering. But then I find that online transfers are limited to $3,000 per day, and you can only do a small number of transfers in each month. And unlike most banks, the limits are in force even if you initiate a transfer from one of your linked banks instead of through TMobile. And they accept ONLY incoming wire transfers, not outgoing. So if you put your money in, forget about transferring it out. Imagine putting in $250,000 and then only being able to get it back out by transferring $3,000 a day, and being limited to just a handful of monthly transactions. They get your money deposited, then make it too darn hard to get it out. I soooooo regret starting the account. I just made the assumption that like most online banks, TMobile would NOT limit the dollar amount of transfers that were initiated through the websites of linked banks. Do yourself a favor and don't get lured in by the 1% rate.
Data as of Q4 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 792 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.89% |
| Return on Equity - YTD | 10.67% |
| Annual Interest Income | $1.33B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $22.3B$21.3B |
| Loans | Q4 2024vs Q4 2023 | $14.52B$13.07B |
| Deposits | Q4 2024vs Q4 2023 | $19.03B$18.05B |
| Equity Capital | Q4 2024vs Q4 2023 | $1.83B$1.71B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $136.8MM$135.3MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $50.9MM$21.4MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$35K |