T-Mobile Money

[scojer]

Tech companies and telcos, all of a sudden it seems, have decided to start making money by getting into, well, money. The same way Apple just last month announced it’s teaming up with Goldman Sachs to launch a credit card, T-Mobile today unveiled a wider expansion of something it started trialing on a limited basis late last year...

Among the key features of the checking account, T-Mobile postpaid customers will be able to earn an annual percentage yield of 4% on balances up to $3,000 when they sign up with their T-Mobile ID and deposit at least $200 each month. Customers also get a 1% APY on every dollar over $3,000.

News Link

T-Mobile Money site.

My current bank's interest is low, I've been looking around for a new bank, and the 4% interest is tantalizing.

 

[WorldExclusive]

Source?

Wow. I can't keep up with all of the benefits TMo has. They're also launching TV, though expensive, they're really ramping up the competition on AT&T and Comcast.

 

[scojer]

They've got quite a few! The freebies every Tuesday, the exclusive concert seats, the 55+ plan, the Military plan, they've got quite a lot.

 

[pillagenburn]

wasn't Glass-Steagall, before it was repealed, designed to prevent stuff like this from happening?

I dunno how I feel about having my bank account with the same company that provides my cell service. It's like a cross between a man, a bear and a pig.

 

[Grimlaking]

1% return on a savings account is unheard of today. If it's FDIC insured that is even better.

Did a little research. AVOID THIS LIKE THE PLAGUE!

https://www.depositaccounts.com/banks/reviews/customers-bank.html


They have some truly shit customer service. Transfer limits externally and internally that are... idiotic. RUN away from this deal.

 

[Ihaveworms]

1% return on a savings account is unheard of today. If it's FDIC insured that is even better.

1% is actually quite low. You can get 2+ elsewhere easily. I have money in a discover savings account at 2.1%

 

[scojer]

1% return on a savings account is unheard of today. If it's FDIC insured that is even better.

Did a little research. AVOID THIS LIKE THE PLAGUE!

https://www.depositaccounts.com/banks/reviews/customers-bank.html


They have some truly shit customer service. Transfer limits externally and internally that are... idiotic. RUN away from this deal.

There are only 20 reviews on your link, and last one is from 9/2018. I'll wait until there are more reviews to make my decision.
After searching for other reviews (page 1 of google results), several sites recommend it, but no other user reviews except for FB. I'm not going to FB.

 

[Burticus]

I'm a T-Mo customer and yet.... I dunno about this. 4% sounds good but capped at $3000 works out to like $10 a month... I can probably think of easier ways to make/save $10 a month

 

[singe_101]

Is there some grudge against American Express? Use a real company not Customers Bank. And they will have better security.

 

[$trapped]

wasn't Glass-Steagall, before it was repealed, designed to prevent stuff like this from happening?

I dunno how I feel about having my bank account with the same company that provides my cell service. It's like a cross between a man, a bear and a pig.

Glass-Steagall was about keeping retail banking and investment banking separate. Still, I'm not too keen on handing my money over to any business that tries to do everything. It's a sign that they've done all the growing they can in their primary field and must now look elsewhere to keep the eps growing for investors.

 

[HAL_404]

I'm thinking of opening a bank. I'll give ya 10% on your savings account no wait, they did that back in the 60's ... never mind

 

[Nunu]

Don't . Do something like paypal or similar. Dodge regulatory agencies and could still provide most of the services traditional banks facilitate.

 

[sfsuphysics]

1% is actually quite low. You can get 2+ elsewhere easily. I have money in a discover savings account at 2.1%

and with inflation pushing 2% a year every year, you're barely staying ahead of the curve. Talk to an investment advisor at a bank, put your money to work, sure there's risk involved but if it's simply a savings in the traditional sense and not simply an account that gets nearly drained until payday arrives then you might as well try to make money with your money without even trying to think too much on it.

 

[Ihaveworms]

and with inflation pushing 2% a year every year, you're barely staying ahead of the curve. Talk to an investment advisor at a bank, put your money to work, sure there's risk involved but if it's simply a savings in the traditional sense and not simply an account that gets nearly drained until payday arrives then you might as well try to make money with your money without even trying to think too much on it.

I keep other money in investments. Its good to keep some money in a traditional savings account when you plan to spend it within a year and don't want the risk. That being said, I still want the best return on the money I have in a savings account anyway.

 

[JayteeBates]

Not a bad deal really if your a T-mobile customer and want to use them for your bank but it is only 4% up to 3k not worth changing banks when you can easily get 2%+ on your whole account elsewhere - without all the limitations they have.

 

[fadedlogic]

Source?

Wow. I can't keep up with all of the benefits TMo has. They're also launching TV, though expensive, they're really ramping up the competition on AT&T and Comcast.

They keep delaying their full TV launch and for good reason. The last couple times I have been in Tmo stores, the audio was out of sync with the picture, like watching a dubbed KungFu flick. I'd prefer my phone company focus on the phone part.