Not an April Fool's joke: T-Mobile offers checking accounts

Weeks after Apple introduced its credit service, T-Mobile is expanding its mobile banking service nationwide. Called T-Mobile Money, the Uncarrier’s checking service offers perks to its subscribers that are worth looking at.

T-Mobile is offering a four percent Annual Percentage Yield (APY) with zero fees for up to $3,000. Any money above that will have a one percent APY.

There is a catch though. Customers have to sign up with their T-Mobile ID and deposit at least $200 in their account every month to take advantage of everything Money has to offer.

One of the additional perks of keeping on top of the minimum deposit is the ability to use the service’s Got Your Back overdraft protection. With it, customers can spend up to $50 beyond their balance without the fear of incurring fees.

Backing T-Mobile Money is BankMobile. As a division of Customers Bank, when you sign up for an account, you are sent a MasterCard debit card. Customers can use this to make everyday purchases and pull money from Allpoint ATMs found around the world.

As with other banking options, T-Mobile Money offers a mobile app for Android and iOS. With it, customers can transfer money, make mobile deposits, and more. Additionally, the service is compatible with digital wallets so the card works with Google Pay, Samsung Pay, and Apple Pay. 

Anyone 18 years or older in the U.S. can sign up for T-Mobile Money through the service’s app. You can download the Android version by clicking on the button below. T-Mobile plans to expand Money to additional regions such as Puerto Rico later this year.