T-Mobile MONEY

Deposits held and insured by Customers Bank

Overview / Commentary
12920 Se 38th St.
Bellevue, WA 98006
Deposits held and insured by Customers Bank

Related Posts

Rate Leading History of the T-Mobile MONEY Checking Account - 7/26/2021

T-Mobile MONEY used to be powered by BankMobile which was a division of Customers Bank. In January 2021, Customers Bank spun off BankMobile as a separate company.

T-Mobile Money Terms & Conditions Updated. Dormant Accounts Section Removed - 3/30/2021

I was concerned with the T-mobile money (TMM) terms and conditions stating that there must be some sort of activity on the account or it could be declared dormant in six (6) months of inactivity. The document that I'm referring to is dated 10-28-2020 and is called inside it includes a section called "Dormant Accounts" that states: "Dormant Accounts We will consider your Account to be dormant if there has been no customer initiated transactional activity on your Account for a period of 6 months. Transactional activity includes using your debit card to make a purchase, depositing a check through the app, scheduling an online bill pay {or any other actions resulting in money being moved in or out of your Account.} Charges we may impose, and debits or credits initiated by BankMobile are not considered a transactional activity." Since I do not use debit cards, use the app, nor do bill pay; instead I pay all my bills through my CC thereby get

T-Mobile Changes Requirements To Earn 4% On Savings Account - 2/20/2021

Got an email from T-Mobile today regarding the following: Eligible customers will no longer be required to deposit $200 per month to qualify for 4.00% APY on up to $3000. Instead, when you use your T-Mobile MONEY card to make 10 qualifying purchases per month.you’ll earn 4.00% APY. Making it more like a rewards card. Still they pay at least 1%.

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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.

Highest Interest Rate Checking Account

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You get 1% APY without doing anything, which is twice compared to any other savings accounts out there and it is a checking account, so you can write checks as well! If you have T-mobile wireless service you can get 4% APY on the first $3000 by doing 10 debit card transactions.
There are some drawbacks like no physical location and $3000 transfer limit when initiated from T-mobile MONEY. But you can work-around by initiating the transfer from an external bank. You only get 3 free checks, so you will have to order you own checks. I usually order from walmartchecks.com they are the cheapest.
T-mobile has basically allocated some of their wireless customer service staff to this checking account, so they don't have in-depth knowledge of the account. You won't get anything more out by calling the customer service than referring to the FAQ on the website.
They currently also don't support listing a beneficiary. This is my biggest hold back from depositing a large amount. Otherwise I would really like to use it as my main account to get the 1% interest rate on all my savings.

Tmo Money: Don’T Save Here

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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

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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 Q2 2021

Data displayed below is for insuring bank: Customers Bank
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Health Grade Components

FDIC Certificate #34444
Year Established1997
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.03%
Return on Equity - YTD15.18%
Annual Interest Income$324.0MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$19.63B$17.89B
LoansQ2 2021vs Q2 2020$16.84B$15.13B
DepositsQ2 2021vs Q2 2020$13.96B$11.06B
Equity CapitalQ2 2021vs Q2 2020$1.35B$1.10B
Loan Loss AllowanceQ2 2021vs Q2 2020$125.4MM$159.9MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$47.1MM$87.0MM
Real Estate OwnedQ2 2021vs Q2 2020$35.00K$131.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

T-Mobile MONEY Checking Account Rates

4.00%*-$3kChecking Account - Qualifying
OTHER TIERS: 1.00% $3k+

T-Mobile MONEY is an Internet only bank and does not have branch locations. Its headquarters is located at 12920 Se 38th St. - Bellevue, WA 98006

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