If you’re looking for a new place to put your cash, T-Mobile Money is an interesting option to consider. What it does not have is what money expert Clark Howard likes about it: fees.
But what exactly is T-Mobile Money and is it a good option for you?
In this article, I’m going to tell you everything you need to know about T-Mobile Money. In researching this article, I opened an account and have been using it ever since.
1. What Is T-Mobile Money?
T-Mobile Money is a financial product from wireless carrier T-Mobile. While it isn’t an actual bank, T-Mobile Money provides many of the same services that banks do.
You can open an account and deposit your money, knowing that it will be safe. That’s because all funds in T-Mobile Money accounts are held at BankMobile, a division of Customers Bank, and that money is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per customer.
One of the main attractions of T-Mobile Money is that it doesn’t charge fees. That means no transfer fees, overdraft fees or any extra charges.
T-Mobile Money checking accounts offer the option to order a debit card.
Here’s a screenshot of the T-Mobile Money app’s interface:
2. What Are Some Features That T-Mobile Money Provides?
- 1.00% APY (up to 4.00% APY for qualifying T-Mobile customers)
- 24/7 customer support
- Digital wallet compatibility
- Access to 55,000 ATMs in the Allpoint network. Learn more about Allpoint ATMs.
When it comes to customer service, not all reviews you’ll find online are glowing. But when I called T-Mobile Money’s customer service number (866-686-9358), I was connected to a live person within 30 seconds.
In the app, you also have the option to send a secure message to Customer Service, which T-Mobile says will be answered in 24 hours.
3. Are There Any Perks for T-Mobile Customers?
You don’t have to be an existing customer of the wireless provider to sign up for T-Mobile Money, but if you are one, you can unlock even more features. Those include:
- 4.00% annual percentage rate (APR): You can earn a high amount of interest on your T-Mobile Money checking account if you meet certain criteria related to your balance and wireless plan.
- Early Payday: Option to get paid two days early (if you sign up for payroll direct deposit).
- Overdraft Protection: Although Clark is not a fan of overdraft protection, T-Mobile Money features what’s called Got Your Back protection, which credits your account to help prevent overdrafts.
4. How To Sign Up for T-Mobile Money
If you’re interested in signing up for T-Mobile Money, you can register via the mobile app or online at tmobilemoney.com.
You can choose to use your existing T-Mobile account (like me) or create a T-Mobile ID.
Here are the three steps it takes to sign up with T-Mobile Money:
- To get started, it will ask you to enter your Social Security number (you have the option to skip this step initially but it comes up again later in the process).
- Enter your street address.
- Enter a form of identification (passport or driver’s license).
Once you’ve completed the setup, your account will be created. From there, you can fund your account by connecting it to an existing bank account.
It will typically take two to four days for the cash transfer to be complete.
5. What Is Clark’s Take on T-Mobile Money?
We told you that any no-fee checking account gets high praise from Clark. Here’s what he has to say about T-Mobile Money:
“T-Mobile Money is awesome! And it’s something that we take very few questions about,” Clark says. “To this moment, we’ve had zero complaints about T-Mobile Money as an alternative to using one of those big, bad rotten banks!”
With T-Mobile Money, you get many of the features of a big bank, but without the fees, which makes it a viable financial alternative.
Clark sees T-Mobile Money as the wireless provider’s attempt to keep customers in its ecosystem, along with its bargain promotion app T-Mobile Tuesday and unlimited data plans that include free Netflix.
“T-Mobile is trying to be a ‘stickie,’” Clark says. “If you’re not familiar with that business concept, the idea is that you come up with multiple benefits for your customers so that they become more loyal to you.”
Of course, loyalty comes with a price. That’s why Clark wants you to comparison shop to get the best deal.
Looking for more digital alternatives for your money? Here are the best online banks.
More Resources From Clark.com:
- How to Switch Banks in 4 Simple Steps
- Automatic Bill Pay: How It Works and How to Do It Safely
- 9 Easy Ways To Lower Your Cell Phone Bill