Related Posts
11/17 - Rate Increase To 2.50% As Of 12/01/2022
9/22 - T-Mobile Increases Rates To 2.25% APY
9/22 - Rate Up To 2.25%
7/12 - T-Mobile Rate Increase To 1.50% Effective 7/15/22
1/26 - New Savings Account Offering?
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.
Objective Review From A Customer For A Couple Of Years Or So...
The good: the website has a clean look, with a good use of color and white space, i.e., it's not cluttered, and it's intuitive. Transactions between financial institutions are timely and excellent when both recognize each other's routing #s (see "bad" below).
The okay: interest rates were excellent a couple of years ago at their introductory 2.5% for an account of this type, but they have not adjusted upwards. Still, this is better than most competitors without requiring any hoops to jump through. Their 4.0% rate does require hoops, though, which I for one am unwilling to jump through, since they involve the use of debit cards.
The why not: unless this has changed in the past month, TMO Bank does not show the interest-to-date for your accounts, forcing you to add these numbers up month-by-month. However, recently they sent an email that tallied the first six months of interest, though it was likely on both my savings and checking account.
The bad: I have had at least a couple of my existing financial institutions not recognize TMO Bank's routing number, and if I insert the one for Customers Bank, that does not work, either. For connections where, instead, one is prompted to type in the name of the bank, this one is not found. Therefore, this should not be your only financial institution for checking and savings transactions, but for me it's been fine for 90% or so of them.
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.
Tmobile Money
This companys support is the most rude disrespectful employees I have ever saw. They will tell you lies just to soothe you over. They have $600.00. hostage and will not answer phone or hang up on me. I would not do any banking business with company
Data as of Q2 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 691 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.97% |
| Return on Equity - YTD | 13.64% |
| Annual Interest Income | $644.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $22.03B$20.24B |
| Loans | Q2 2023vs Q2 2022 | $13.77B$15.51B |
| Deposits | Q2 2023vs Q2 2022 | $18.07B$17.03B |
| Equity Capital | Q2 2023vs Q2 2022 | $1.56B$1.47B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $139.7MM$156.5MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $25.7MM$28.7MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $73.00K$35.00K |