What’s the news: Now that Sprint is part of T-Mobile, legacy Sprint customers can get ALL the benefits of T-Mobile MONEY: a no-fee, mobile-first, checking account where customers enrolled in perks can earn an industry-leading APY of 4.00% and Got Your Back overdraft protection. Plus, account holders can get paid up to two days early and make cash deposits.
Why it matters: Making money work harder for Americans has never been more important. 57% of people in the U.S. say they’ve been impacted financially by the coronavirus pandemic1. Some of the most popular bank accounts have dropped interest rates to all-time lows. With T-Mobile MONEY, customers can get up to 50 times higher interest rates than other checking accounts and no costly bank fees.
Who it’s for: Anyone who’s tired of handing over their hard-earned cash to their bank.
BELLEVUE, Wash. — Aug. 24, 2020 — Joining the magenta fam now means even more green in your pockets.T-Mobile MONEY is the Un-carrier’s no-fee, interest-earning, mobile-first checking account. And starting today,legacy Sprint customers can sign up to score ALL the T-Mobile MONEY benefits, including an industry-leading 4.00% Annual Percentage Yield2 (APY) on balances up to $3,000 — that’s 50 times3 higher than the average U.S. checking account interest rate — and 1.00% APY thereafter. Plus, the Un-carrier is making T-Mobile MONEY even better with cash deposits4 and the ability to get paid up to two days early5 with direct deposit. Since the start of the coronavirus pandemic, many popular savings interest rates have dropped to all-time lows6 yet holding on to your money has never been more critical. T-Mobile MONEY to the rescue.
"Today, more than ever, it's absolutely critical that people keep more of their hard-earned money in their pockets. T-Mobile MONEY customers get an industry-leading return on their money with zero fees, so they keep more and grow more, the way it should be," said Mike Sievert, CEO of T-Mobile. "This is just one more way we're welcoming legacy Sprint customers into the T-Mobile family, and I'm not even close to finished yet."
During COVID with over 16 million Americans unemployed7 and even more concerned about not being able to pay bills, people are looking for ways to save more and earn more. But big banks are built on fees and next-to-nothing interest rates. Americans paid $34.6 billion8 in overdraft fees alone in 2019. And Bank of America’s Advantage Checking, Chase Checking and Wells Fargo’s Portfolio Checking only offer 0.01% APY9. (This makes Verizon’s microscopic 5G coverage, which customers can connect to just 0.4% of the time, seem big by comparison.)
With T-Mobile MONEY, there are no monthly, overdraft, account or transfer fees plus access to over 55,000 in-network Allpoint® ATMs worldwide with no fees10. This is all in addition to offering perks for T-Mobile AND Sprint postpaid customers with eligible service, who can earn 4.00% APY on balances up to $3,000 and 1.00% APY on every dollar over $3,000 when they register with their T-Mobile ID and deposit at least $200 each month. Everyone else, including Verizon and AT&T customers, scores 1.00% APY on all balances, still 12 time3 more than the average bank. And, there’s no minimum balance requirement.
And, because life happens, T-Mobile and legacy Sprint postpaid customers can register for Got Your Back overdraft protection11. These customers can go in the red, up to $50, without penalty — just bring the account back to a positive balance within 30 days to use the service again. This prevents critical transactions up to $50 total from being declined, and with no overdraft fees (big banks penalize customers charging about $30 to $35 per transaction7), T-Mobile MONEY customers have more peace of mind during these challenging times.
Recently-added account features include the ability to make cash deposits at participating merchants -- it’s as simple as telling the clerk to add cash to a T-Mobile MONEY debit card. And, when someone sets up direct deposit into their T-Mobile MONEY account, their paycheck can be available up to two days before a traditional bank would give access to their money5.
Welcome to the Magenta Family
Today’s news continues to show legacy Sprint customers more magenta love while welcoming them to the T-Mobile family. Sprint customers can already roam on T-Mobile’s LTE network with access to more than double the number of LTE sites they had before and with a OnePlus 8 5G, LG V60 ThinQ 5G, any of the Samsung Galaxy S20 5G and Galaxy Note20 5G smartphones or the Samsung Galaxy A51 and Galaxy A71 5G, they can tap into T-Mobile’s first and largest nationwide 5G network. Plus, legacy Sprint customers get free stuff and discounts every week from T-Mobile Tuesdays, and new and existing customers can score the best deal in postpaid wireless with four lines of unlimited data for just $25 each per month -- free 5G access included. And to protect customers from scams and unwanted robocalls, Scam Shield delivers an unparalleled set of free safeguards.
ADQUIERE T-MOBILE MONEY
To sign up, just download the T-Mobile MONEY app from the Google Play Store for Android 5.1 or later or Apple App Store for iOS 10.3 or later (or use T-Mobile MONEY online at www.t-mobilemoney.com). Sign up directly from your smartphone, and anyone — T -Mobile, Sprint customer or not — can get an account. For personal support, you can sign up in any T-Mobile retail store or by calling 1-866-686-9358. Residents of the 50 U.S. states and Puerto Rico, 18 and older with a social security number can open an individual account.
Mobile-First Everyday Banking
T-Mobile MONEY is mobile-first, that lets people do their daily banking virtually anywhere, anytime right from the app - deposit checks, set up direct deposit, pay bills, send a check or pay with a mobile wallet such as Apple Pay, Google Pay and Samsung Pay, transfer money, instant debit card disabling, pay a bill or pay a friend through person to person payments. The app also offers biometric security through fingerprint and Face ID login, account alerts and debit card disabling.
T-Mobile MONEY also comes with a Mastercard® debit card you can use at more than 55,000 no-fee Allpoint ATMs worldwide—more than Bank of America, Chase or Wells Fargo12 — and you can use the app or website to locate the ATM nearest you. Plus, your T-Mobile MONEY Mastercard offers Mastercard Zero Liability Protection.
T-Mobile MONEY is created in partnership with BankMobile, a division of Customers Bank (Member FDIC), and deposits are FDIC-insured up to $250,000. Las personas pueden obtener un servicio bilingüe de atención al cliente las 24 horas, los 7 días de la semana, con especialistas en T-Mobile MONEY.
Síguenos en la sala de prensa oficial de T-Mobile en Twitter, en @TMobileNews para estar al día con las últimas novedades de la compañía.
[1] TransUnion, July 2020
2 How APY works and what it means for you: As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your checking account per month when: 1) you are enrolled in a qualifying T-Mobile postpaid wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) at least $200 in qualifying deposits have posted to your Checking Account before the last business day of the month. Los depósitos que se acrediten después del último día hábil del mes inclusive, se cuentan para los depósitos elegibles del mes siguiente. Los depósitos promocionales no son elegibles para los depósitos de $200. Si cumples con este requisito de depósito en un mes dado, te pagaremos este beneficio el mes siguiente como valor agregado, siempre y cuando se cumplan todos los demás requisitos. Este valor agregado está sujeto a cambios. Los saldos superiores a $3,000 en la cuenta corriente ganan 1.00% APY. El APY para este nivel oscilará entre 4.00% y 2.79% dependiendo del saldo en la cuenta (cálculo basado en un saldo diario promedio de $ 5,000). Los clientes que no sean elegibles para la APY de 4.00% obtendrán una APY de 1.00% en los saldos de la cuenta corriente para cualquier mes en el que no cumplan con los requisitos enumerados anteriormente. APY vigentes al 8/24/2020, pero pueden variar en cualquier momento según nuestro criterio. Las tarifas pueden reducir las ganancias. For more information, see Account Disclosures / Terms and Conditions or go to our FAQs
3 Based on information provided by the FDIC as of Aug. 24, 2020.
4 Participating merchants charge a fee, in most cases less than $5 per deposit. Fees may exceed this amount and vary by location. We do not set or benefit from fees collected.
5 Depending on the payer’s deposit description, we generally post direct deposits the day they are received, which may be up to 2 days before your payer’s scheduled payment date.
6 Deposit Accounts blog survey
7 U.S. Bureau of Labor Aug. 2020
8 CNBC April 2020
9Smart Asset July 2020 Chase and Wells Fargo Aug. 2020
10 May incur fees from ATM providers when using out-of-network ATMs or international ATMs and from Mastercard when making foreign transactions.
11 Available to T-Mobile wireless customers with a line on an eligible postpaid plan only. Qualified T-Mobile wireless customers must deposit $200 into their T-Mobile MONEY Checking Account within a single month to enable Got Your Back. To count for the current month, deposits must post before the last business day of the month. The $200 can be done as one deposit or in multiple deposits during a month. Deposits posting on or after the last business day of the month count toward the next month’s qualifying deposit. You are only required to meet this deposit requirement once to receive Got Your Back benefits. Los depósitos promocionales no se tomarán en cuenta para este requisito de depósitos. Consulta los términos y condiciones de "Got Your Back" para conocer más detalles.
12 According to bank websites.
5G: Coverage not available in some areas. Si bien el acceso a la red 5G no requerirá un plan o función determinados, estos podrían ser necesarios con algunos usos o servicios. Consulte los detalles de cobertura, los Términos y condiciones, y la información de Internet abierta para obtener detalles sobre la administración de la red (como la optimización de video) en T-Mobile.com.
Acerca de T-Mobile
T‑Mobile US Inc. (NASDAQ: TMUS) es El Un‑carrier superpoderoso de Estados Unidos con una red 4G LTE avanzada y una transformativa red 5G nacional que ofrecerá una conectividad confiable para todos. Los clientes de T‑Mobile reciben una calidad inigualable por su dinero, una firme obsesión por ofrecerles la mejor experiencia de servicio posible y un dinamismo indiscutible para disrumpir el mercado y así crear competencia e innovación más allá del ámbito del servicio móvil. Con sede en Bellevue, Washington, T‑Mobile presta servicios a través de sus subsidiarias y opera sus marcas emblemáticas, T‑Mobile, Metro by T‑Mobile y Sprint. Para obtener más información, visita: https://es.t-mobile.com.
Acerca de BankMobile
Establecido en 2015, BankMobile es una división de Clientes Bank y una de las plataformas de banca móvil primero más grandes y de más rápido crecimiento en los Estados Unidos, que ofrece cuentas corrientes y de ahorro, préstamos personales y tarjetas de crédito. BankMobile, nombrado el banco más innovador por LendIt Fintech en 2019, ofrece una experiencia bancaria alternativa al modelo tradicional. Se centra en la tecnología, la innovación, los productos fáciles de usar y la educación con la misión de estar "obsesionados con los clientes" y crear "clientes para toda la vida". BankMobile employs a disruptive, multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that enables the company to acquire customers at higher volumes and substantially lower expense than traditional banks. Its efficient operating model enables it to provide low-cost banking services to low/middle-income Americans who have been left behind by the high-fee model of “traditional” banks. Hoy, BankMobile ofrece su plataforma BaaS a colegios y universidades y actualmente presta servicios a más de dos millones de titulares de cuentas en casi 800 campus (que cubren uno de cada tres estudiantes en los EE. UU.). Es uno de los 15 bancos más grandes del país, medido por cuentas corrientes. BankMobile está operando como la división de banca digital de Clientes Bank, que es un banco comercial regulado por la Reserva Federal y asegurado por la FDIC. For more information, please visit: www.bankmobile.com.
Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. a bank holding company, is a full-service super-community bank with assets of approximately $17.9 billion at June 30, 2020. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches. Customers Bancorp, Inc.’s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information can be found on the company’s website, www.customersbank.com.