If you’re looking for a checking account that has no fees, earns 4% interest, and probably will delay the Sprint merger because now T-Mobile’s dabbling in yet another market, well T-Mobile has your back.
I’m posting this in TL;DR fashion because I’m sick as a human today and you can read the press release here.
4% APY interest for balances up to $3000, then 1%. Requires T-Mobile ID and a $200 deposit each month. It’s unclear from the press release if you can then spend that $200 or if the balances have to increase in order to qualify for the 4% rate.
The banking portion is run by BankMobile, a division of Customers Bank.
The big highlights of this are no overdraft fees to $50, it’s a bank account, reasonable interest rates on the first $3000. No fees to maintain.
Great, but not something I want tied to a phone company that’s about to buy out Sprint.