T-Mobile Money app and debit card

T-Mobile Money is Now Allowing Sprint Customers to Earn 4% APY Too

I’d have to imagine that most people reading this (at the least the ones based in the United States) are familiar with T-Mobile. In fact, I’d be willing to bet that a significant percentage of my readers are on T-Mobile or have been at some point in their lives. And yet, I’d also go out of a limb and assume that few have heard about the telecom’s digital banking service T-Mobile Money. If that’s the case, now’s a good time to get caught up on the offering as it now features up to 4% APY for both T-Mobile and Sprint customers.

In case you weren’t aware, T-Mobile and Sprint recently completed their long-in-the-works merger. As a result, little by little, the magenta company has been expanding some of its unique perks to Sprint users. This includes letting them in on the T-Mobile Tuesday fun and, now, the ability to earn interest on your savings that’s head and shoulders above what you can find nearly anywhere else.

With T-Mobile Money, those who are on T-Mobile’s post-paid plans can score 4% APY on their savings — which, to be clear, is amazing. However, in order to unlock that rate, you’ll need to deposit at least $200 a month into your account. Additionally, this 4% will only apply to the first $3,000 in your balance. Meanwhile, if you have more than $3k or don’t want to deposit $200 a month, you’ll earn a still respectable (especially these days) 1% APY.

As I mentioned, while this enhanced rate was previously only available to those on T-Mobile plans, now those on Sprint will also be able to take advantage of this offer. In terms of other perks, T-Mobile Money also doesn’t charge any fees and even has a “Got Your Back” overdraft protection feature. What’s more, even if you’re not a T-Mobile/Sprint customer, you can still open an account and earn 1% APY on savings (although some of the other features such as Got Your Back won’t be available).

Seeing as I’m already a T-Mobile user and haven’t been with Sprint in about a decade, this update doesn’t really affect me. That said, this news served as a reminder for me to finally open a T-Mobile Money account and start earning that 4% APY. In other words, watch out for a full review of the service over on Dyer News in the coming weeks.

While there’s plenty to debate when it comes to the question of whether or not the T-Mobile-Sprint merger is a good thing for consumers overall, this aspect of the deal could be beneficial for savvy Sprint users. With most big banks only offering 0.01% APY on savings and even many FinTech options topping out around 1% these days, the ability to earn 4% APY on savings is pretty phenomenal — even if it is only on a relatively small balance. Therefore, whether you’re a T-Mobile loyalist, a Sprint customer just now entering the fold, or anyone thinking of making the switch, it may be worth taking a closer look at T-Mobile Money as an auxiliary account to house your savings.

Author

Kyle Burbank

Kyle is a freelance writer and author whose first book, "The E-Ticket Life" is now available on Amazon. In addition to his weekly "Money at 30" column on Dyer News, he is also the editorial director and a writer for the Disney fan site LaughingPlace.com and the founder of Money@30.com.

Other Articles by Kyle Burbank

Starbucks Summer Game

Starbucks' Summer Game is Back and You Could Score Free Stars

I feel as though I'm kind of going back to my roots with this week's Quick Tip: discussing a new Starbucks promotion. If you're newer to my site, pre-pandemic, my wife and I would go to Starbucks every weekend as a means of hanging out with our favorite baristas, enjoying...
illustration of a sad woman starring at a wall

Cutting Your Loses: My Brokerage Battle and How I Finally Fixed It

Late last year, word came down that the app Bumped — which allowed customers to earn stock in the companies they made purchases from — was shutting down. As bummed as I was at the time, it turns out that this announcement would only be the start of my troubles....
Sapphire Lounge entrance

Travel Tuesday: Understanding Chase's New Sapphire Lounge

When Chase announced that it was opening a number of airport lounges in partnership with The Club, there were several questions I and others had. At the top of the list, with The Club being a staple of Priority Pass membership, it seemed fair to assume that those with Priority...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get Posts in Your Inbox
Featured Articles
Starbucks Summer Game

Starbucks' Summer Game is Back and You Could Score Free Stars

I feel as though I'm kind of going back to my roots with this week's Quick Tip: discussing a new Starbucks promotion. If you're newer to my site, pre-pandemic, my wife and I would go to Starbucks every weekend as a means of hanging out with our favorite baristas, enjoying...
illustration of a sad woman starring at a wall

Cutting Your Loses: My Brokerage Battle and How I Finally Fixed It

Late last year, word came down that the app Bumped — which allowed customers to earn stock in the companies they made purchases from — was shutting down. As bummed as I was at the time, it turns out that this announcement would only be the start of my troubles....
Sapphire Lounge entrance

Travel Tuesday: Understanding Chase's New Sapphire Lounge

When Chase announced that it was opening a number of airport lounges in partnership with The Club, there were several questions I and others had. At the top of the list, with The Club being a staple of Priority Pass membership, it seemed fair to assume that those with Priority...
TD Clear Visa Card

TD Bank Has a Pretty Dumb New Idea for a Credit Card Product

Doing what I do, I've seen several new credit card products come down the pike in recent years. Some of these are fairly boring (like 2% flat rate cards — they have a use but they're not exciting), others as more interesting but not for me (see: Ness Card), and...