Update 5/1/26: More negative changes:
- Beginning June 1, 2026, the Annual Percentage Yield (APY) on the following accounts will change:
- Checking accounts without a qualifying direct deposit: APY will change from 2.50% to 1.00%.
- Savings and Shared Savings: 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: 4.00% APY on the first $3,000 in your checking account stays the same when you make at least $200 in qualifying payroll-based direct deposits each month. Plus, when you set up direct payroll deposit, you can get paid up to 2 days earlier, giving you faster access to your money.
Check out the best current high yielding accounts here.
Update 7/12/22: Savings Account increased from 1% to 1.5%
Update 1/27/22: They have introduced a savings account that offers 1% APY. A bit odd considering the checking account offers 4% and then 1% APY.
Update 3/31/21: The new requirements are now in effect, there is also a tracker for the 10 purchases per month now.
Update 2/19/21: They sent out an email with changes that will go into effect on March 31, 2021: Eligible customers will no longer be required to deposit $200 per month to qualify for the 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 28, 2018, but was not being actively advertised by T-Mobile and T-Mobile was considering it an unofficial pilot program. That 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
Offers
- T-Mobile has launched T-Mobile Money, a digital check powered by BankMobile (a division of Customer Bank). All users receive a 1% APY on all balances. T-Mobile Wireless customers receive a 4% APY on balances up to $3,000 when they deposit at least $200 per month (must also register for benefits with your T-Mobile ID). Apparently this is just a pilot program (although anyone can join)
Avoidance of 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 opening the account is difficult or easy, but it looks very promising for T-Mobile customers. 4% APY is one of the high yield savings rates and the requirements are easy to meet as it looks like every $200 deposit qualifies you for this rate. The $3,000 max balance is on the low side, but it should still be worth it for most T-Mobile customers I think. If anyone registers 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.
