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T-Mobile Money High Interest Checking Account - YouTube
Channel: Jarrad Morrow
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wait a second I just blacked out a
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little bit how did we go from four
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percent to two point seven nine percent
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t-mobile the third largest cellphone
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carrier is gonna try to step their game
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up just a little bit
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by offering wait for it high interest
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checking accounts drum roll please it's
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called t-mobile money and they're saying
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that you can earn up to four percent APY
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on your money in that checking account
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wait wait wait you're saying that okay
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this is weird of course there's a few
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strings that are attached so let's dig
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into the details a little bit to figure
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out if it makes sense for you to open up
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one of these t-mobile money checking
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accounts hey I'm Jared and on this
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channel we'd like to talk all things
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personal finance and investing on the
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surface this looks like a really good
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option at t-mobile is offering a four
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percent APY no account fees access to
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over 55,000 No Fee ATMs and the checking
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account is of course FDIC insured let's
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break down these four features so that
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you understand the fine print and then
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towards the end of the video I will hit
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on a few more things that you should
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know and give you kind of my final
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thoughts on this t-mobile money but
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before we do that please Hulk smash that
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thumbs up button because it kind of
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helps fill this void that I've got in my
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heart and it helps increase my
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self-esteem when you hear that t-mobile
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is offering checking accounts your first
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thought may be well are they gonna
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become a bank now not really what a lot
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of these big non-bank companies do is
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work with a legit bank that essentially
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offers the checking account just with
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the branding of that company kind of
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like t-mobile in this case t-mobile is
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partnering with Bank Mobile which is a
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division of customers Bank which is
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located in Pennsylvania kind of like put
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Apple did with partnering with Goldman
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Sachs to bring you the of course Apple
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credit card it's a winning situation for
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that Bank because they get to partner
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with a big name kind of like t-mobile
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and t-mobile gets to leverage their
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relationship with that bank to help them
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offer more incentives for their current
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customers to keep them longer and bring
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in new customers that will stay with
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their service a lot longer two things
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most Americans don't change very often
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is their cell phone carrier or their
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local bank I know that I've been with
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Verizon as my primary cell phone carrier
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and PNC for my local checking account
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for many men
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years t-mobile is using this offer to
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help keep their customers on their
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platform since they know you are less
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likely to try something else once you're
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already kind of in that t-mobile
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ecosystem they won't charge you any fees
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if you use an ATM within their network
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now there's really no strings attached
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here unless you use an out-of-network
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ATM but if you do then you might get
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charged a fee by that ATM provider but
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not by t-mobile
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they're partnering with all point ATMs
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which I don't know who the heck they are
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but I will looked into it and they have
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over 55,000 ATMs spread among the United
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States they are everywhere so you really
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shouldn't have an issue finding one of
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these ATMs in your local area if you do
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open a t-mobile money account then they
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will send you a free debit mastercard
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just like many regular checking accounts
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there aren't any fees associated with a
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t-mobile money checking account just a
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heads-up though if your current bank is
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charging you any kind of fees then you
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need to find a new bank as soon as
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possible unless you're just constantly
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overdraft in the account then in that
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case every bank is gonna charge you a
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fee with this new account t-mobile
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offers something called got your back if
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you are a t-mobile customer who
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registers for perks and makes deposits
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totaling $200 during a single calendar
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month then you have access to receive up
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to $50 of spending and overdrafts with
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zero fees all you have to do is make
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sure that your account balance is in the
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positive again by the thirtieth day
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after that account goes negative so for
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example if you have $300 in the account
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and you spend a 330 dollars on the third
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of the month then you'll need to make
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sure that you deposit at least $30 into
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the account by the 30th of that
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particular month if you do that then
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you're good if you don't they're gonna
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charge you in $50 it's not that much I
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feel I could probably be easy to go over
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that $50 threshold now let's get into
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the biggest selling point of this whole
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thing the 4% interest that they're gonna
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offer you this is more things get a
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little bit weird so you gotta pay
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attention to actually earn the 4% that
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they're offering you need to do all
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three of these things you have to
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actually be enrolled in one of
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t-mobile's Wireless plans you have to be
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registered for perks with your t-mobile
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ID to be honest with you I don't know
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what that means but it's probably pretty
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easy to do as long as you have a plan
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with t-mobile and number three you have
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to deposit at least $200 every single
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month
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if you don't meet all of those three
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things then you only
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earn 1% you I don't get out of bed for
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1% another thing that you should know is
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that you will only earn 4% on the first
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three thousand dollars in the checking
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account anything above three thousand
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dollars will earn only once again 1% for
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example if you have four thousand
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dollars in that checking account then
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you would receive four percent on three
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thousand of those dollars and one
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percent on one thousand of those dollars
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on the other hand if you have two
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thousand dollars in this checking
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account then you would earn a four
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percent return as long as you are
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depositing at least two hundred dollars
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every single month but wait don't go
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away yet there's more strings attached
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they also mentioned how this is all
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subject to change and that the API for
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this year will range from 4% to two
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point seven nine percent depending on
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the balance in that account wait a
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second I just blacked out a little bit
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how did we go from four percent to two
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point seven nine percent because we've
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read the fine print to figure out what
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they're actually offering so what do I
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think about this t-mobile money checking
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account I kind of like it I can't
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completely trash it but only for people
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who are already t-mobile customers or
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people who are kind of looking to change
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to a different cell phone carrier and
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that have made sure that they will get
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good cell service through t-mobile in
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their area one thing that kind of makes
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me a little bit uneasy is how they have
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the option to change the interest rate
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whenever they want now this isn't to say
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that other checking and savings accounts
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can't change their rate whenever they
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want but let's think about this
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logically offering you four percent is
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quite a bit since it is so high I don't
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really think it's very sustainable to
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keep that at four percent in the long
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term because if it was then why wouldn't
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other players out there like Ally Bank
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have raised their APY this high already
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another thing is that they only offered
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this four percent on the first three
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thousand dollars then of course it drops
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down to one percent which is way less
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than the current two point two percent
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that allied bank offers in my opinion
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this is not worth your time if you're
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happy with your current cellphone
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carrier or you carry an emergency fund
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that is more than six thousand dollars
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because the numbers don't really work
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out in your favor if you do you're
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better off opening an online savings
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account with ally and earning two point
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two percent on all of your money plus
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the annoyance of going through the whole
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process of moving to a different cell
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phone care
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um the third largest cellphone carrier
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doesn't really seem worth your time
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thanks for checking out this video don't
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forget to Hulk smash that thumbs up
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button leave a comment down below
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letting me know your thoughts on
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t-mobile money and hit that subscribe
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button along with the notification bell
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so YouTube will deliver these videos
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right to your doorstep
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I mean screen I'll see in the next one
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friends a Dios
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