Author Topic: T-Mobile 4% Checking Account  (Read 1089 times)

JustInStarting

  • 5 O'Clock Shadow
  • *
  • Posts: 16
T-Mobile 4% Checking Account
« on: April 19, 2019, 02:59:33 PM »
http://fortune.com/2019/04/18/t-mobile-no-fee-checking-banking/

According to the above link T-Mobile started this last year, but this is the first time I read about it.
4% interest rate is only up to $3000, with monthly deposits of $200. If not it's 1%.

What do you think? Does anyone already have a T-Mobile checking account? Or are you going to open one?

I remember 5% interest rate with ING over a decade ago, but this is the highest I've seen since.

AlotToLearn

  • Stubble
  • **
  • Posts: 113
Re: T-Mobile 4% Checking Account
« Reply #1 on: April 19, 2019, 03:10:51 PM »
Interesting. They have 79 million customers as of q4 2018, wonder how many they can cross sell to open a bank acct with them.

AlanStache

  • Handlebar Stache
  • *****
  • Posts: 1982
  • Age: 40
  • Location: South East Virginia
Re: T-Mobile 4% Checking Account
« Reply #2 on: April 19, 2019, 03:16:39 PM »
I assume that is 4% per year on 3k, comes to 120$.  Should not be hard to automate a 200$ transaction but I am not sold it would be worth the effort. 

mathlete

  • Handlebar Stache
  • *****
  • Posts: 1578
Re: T-Mobile 4% Checking Account
« Reply #3 on: April 19, 2019, 03:18:27 PM »
Wow, that's pretty nuts. Not sure if it's worth at this point to open another account for +$120/year though.

Pre-crisis, I found a similar account that paid 6.5% on up to $3K. I would run my cash tips over to the bank every week, deposit them in the account, and then watch online as my account accrued WHOLE DOLLARS of interest each month. Good times!

mathlete

  • Handlebar Stache
  • *****
  • Posts: 1578
Re: T-Mobile 4% Checking Account
« Reply #4 on: April 19, 2019, 03:21:15 PM »
If any of you have kids or nieces or nephews, this seems like a great thing to do with them. May help demonstrate the magic of delayed gratification in a way that .7% on a (more robust) Chase or BofA account does not.