BONN, Germany—T-Mobile is getting back into the mobile banking game.
The company is launching T-Mobile Money, a checking account that will offer perks to T-Mobile subscribers.
The company hasn't officially announced the launch of T-Mobile Money, but mobile apps are available for iOS and Android, and the website for the service has gone live, Endgadget reported.
“For clarity's sake: T-Mobile isn't starting its own bank. Instead, it's handing the financial duties over to mobile-first banking institution BankMobile, a division of Customers Bank. T-Mobile Money will operate like your standard checking account. You'll get a Mastercard debit card, a mobile app to manage your money directly and FDIC insurance on balances up to $250,000. Your T-Mobile Money card will also be compatible with NFC payment services like Apple Pay, Samsung Pay and Google Pay,” Endgadget reported.
What makes T-Mobile Money attractive, said Endgadget, is at least for current T-Mobile subscribers, is the promise of 4% APY on account balances.
“There are some catches with that sweetener, though. The 4% only applies to balances up to $3,000. T-Mobile is also offering other perks including $50 overdraft protection, but again, you'll have to meet that required minimum deposit to get it,” stated Endgadget.