Author Topic: T-Mobile Bank Account??? 4% APY up to 3K  (Read 1474 times)

Valvore

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T-Mobile Bank Account??? 4% APY up to 3K
« on: April 25, 2019, 12:56:55 PM »
https://www.t-mobile.com/offers/better-online-banking?cmpid=CRM_EM_19MONEY_IFTMBDG4XQC71B4EO47454

I just got an offer for a T-Mobile bank account. Looks like they are breaking into the online banking business? (What? Why?)  They are offering 4% APY on the first $3,000 and 1% after that. That seems really good especially compared to the 1% at my bank. I keep my efund low at 5K so I could definitely put half into the Tmobile account. There are no fees and free atm withdrawals which seems a nice perk.

What do you guys think about a mobile service peovider trying to do banking? This seems really strange.

FYI: You must have a "qualifying Tmobile plan" and direct deposit at least $200/month. (Also not an ad I swear lol)

RWD

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Re: T-Mobile Bank Account??? 4% APY up to 3K
« Reply #1 on: April 25, 2019, 01:31:59 PM »
An extra $54/year (compared to an Ally Savings account) is not worth the hassle of dealing with an additional account and switching direct deposits, in my opinion.

Parizade

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Re: T-Mobile Bank Account??? 4% APY up to 3K
« Reply #2 on: April 25, 2019, 01:35:08 PM »
There's no tmobile coverage in my area so it's a no for me too. I might be interested otherwise

HeyMickey!

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Re: T-Mobile Bank Account??? 4% APY up to 3K
« Reply #3 on: April 25, 2019, 01:36:46 PM »
While I understand the requirement, I wouldn't pay more for cell service to get 4%. I'm not too familiar with TMobile's plans right now tho.

Valvore

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Re: T-Mobile Bank Account??? 4% APY up to 3K
« Reply #4 on: April 25, 2019, 04:22:24 PM »
While I understand the requirement, I wouldn't pay more for cell service to get 4%. I'm not too familiar with TMobile's plans right now tho.

I understand that. DH and I get unlimited data for $80/month and the pay for my netflix so It works for me. I know I can get crazy cheap cell service elsewhere but I value my unlimoted data and reliability of network.

ThatGuy

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Re: T-Mobile Bank Account??? 4% APY up to 3K
« Reply #5 on: April 25, 2019, 07:06:21 PM »
Here are a couple alternatives.

https://www.doctorofcredit.com/tn-ms-ar-orion-federal-credit-union-premium-checking-4-apy-on-balances-up-to-30000-dd-not-required/

https://www.doctorofcredit.com/tab-bank-4-apy-on-balances-up-to-50000-direct-deposit-not-required/

They each have their unique requirements.  The first one lists it's available only in a few states but in the comments people are saying they've opened it in other states.  I don't have either one but I'm planning on opening the first one.  The first one has a max of $30,000 and you can open multiple accounts.  The second one has a max of $50,000, not sure if you can open more than one account.
« Last Edit: April 25, 2019, 10:48:02 PM by ThatGuy »

golfreak12

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Re: T-Mobile Bank Account??? 4% APY up to 3K
« Reply #6 on: April 25, 2019, 10:10:58 PM »
I don't see the point of opening another account when the max is $3000.
Thats $120 of interest a year and $50 more than my saving account that pays 2.34%.
Not worth the trouble.

Valvore

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Re: T-Mobile Bank Account??? 4% APY up to 3K
« Reply #7 on: April 26, 2019, 10:59:56 AM »
Here are a couple alternatives.

https://www.doctorofcredit.com/tn-ms-ar-orion-federal-credit-union-premium-checking-4-apy-on-balances-up-to-30000-dd-not-required/

https://www.doctorofcredit.com/tab-bank-4-apy-on-balances-up-to-50000-direct-deposit-not-required/

They each have their unique requirements.  The first one lists it's available only in a few states but in the comments people are saying they've opened it in other states.  I don't have either one but I'm planning on opening the first one.  The first one has a max of $30,000 and you can open multiple accounts.  The second one has a max of $50,000, not sure if you can open more than one account.

Thanks @ThatGuy ! I'll check these out.

I thought it was interesting that T-Mobile is trying to do online banking. But you're all correct. Probably not worth it for the $120/year.