T-Mobile quietly launches site for mobile banking service

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Put your money where your carrier is

Shortly after Cyber Monday, T-Mobile quietly unveiled the website for its mobile banking service. Yes, that’s right, the self-described “Un-Carrier” can store your money - and you’ll get bonus benefits if you’re already signed up with T-Mobile.

The service, called T-Mobile Money, is a pilot program the company is rolling out on a limited basis at the moment - which is why they didn't widely announce it. 

T-Mobile Money works like a traditional bank since it’s backed by one: BankMobile, a division of Customers Bank. That grants T-Money subscribers physical access points through the about 55,000 AllPoint ATMs around the world. 

T-Mobile Money is promising reduced overhead, like zero account or maintenance fees, nor are subscribers required to have a minimum balance. They also promise 1% APY on all balances. 

If you’re a T-Mobile subscriber, you can get up to 4% APY so long as your checking account balances are at or below $3,000 and deposit at least $200 per month. Either way, only those with US addresses can sign up - at least for now.

Further, T-Mobile Money is really just putting the telecom’s name on an existing BankMobile product, as Android Police points out. Unless you’re already a T-Mobile subscriber, there’s not too good a reason to switch over.

David Lumb
David Lumb

David is now a mobile reporter at Cnet. Formerly Mobile Editor, US for TechRadar, he covered phones, tablets, and wearables. He still thinks the iPhone 4 is the best-looking smartphone ever made. He's most interested in technology, gaming and culture – and where they overlap and change our lives. His current beat explores how our on-the-go existence is affected by new gadgets, carrier coverage expansions, and corporate strategy shifts.