Mobile MONEY is a new mobile-only bank from the carrier

  • Mobile MONEY is a new mobile-only bank from the carrier

Mobile MONEY is a new mobile-only bank from the carrier

Banks on main street ask for a lower deposit but typically offer a far lower APY.

A new Google Pay linked bank listing turned up something called T-Mobile MONEY. But two years later, the service shut down. Both T-Mobile and non-T-Mobile subscribers can sign up to the Un-Carrier's banking service, although you'll get better perks if you are already signed up to the wireless phone service. The company says that this is much larger than the industry average of 0.4 percent, but keep in mind that its competitors may also grant their lower rates to larger amounts of money. There are no maintenance fees, no account fees, no overdraft fees and no minimum balances and you'll have access to over 55,000 fee-free ATMs worldwide. It seems it was finally dome watching from the sidelines. T-Mobile Money is also offering support for Apple Pay, Google Pay and Samsung Pay straight from the get-go, which is great considering its only for smartphone users. Its partner is different, for one, going with BankMobile, a division of Customers Bank devoted entirely to, well, mobile banking. It's being rolled out on a limited basis. All money held in a T-Mobile Money account accrues interest at 1-percent while T-Mobile customers can earn up to 4-percent APY if they maintain a balance at or above $3,000 and deposit $200 per month.

Another benefit for T-Mobile customers is Got Your Back, which offers up to $50 of spending in overdrafts with no fees.

And it was involved in the launch of a mobile wallet system in 2013 that was backed by three carriers - AT&T and Verizon as well as T-Mobile - with the brand name "Isis" but that experience may have left the trio with a sour taste about mobile money offerings.

T-Mobile Money account sign-up screen. Alternately, you could deposit cash into another bank account then transfer that over but that kind of defeats the goal.