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

Founder ~ Moneyat30
Kyle is a freelance writer - including being the head writer for Fioney.com. He also serves as editorial director for the Disney fan site LaughingPlace.com and the founder of Money@30.com. In 2015, Kyle and his wife Bekah moved from Los Angeles to Springfield MO in pursuit of greater financial freedom. Together, the pair enjoy travel, coffee, and spending time with their dog Rigby. Additionally, as of 2023, they become first-time homeowners.

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