T-Mobile (NASDAQ:TMUS) announced last year that the company was entering the banking space with a new app, and everyone will now have access to it.
Here are 10 things to know about “T-Mobile Money:”
- The service is an app that consumers can access without having to be a wireless subscriber with the carrier, which the company is rolling out as it expands into the finance space.
- You can open a T-Mobile Money account through a mobile app or in person at a company store.
- Such an account will include no monthly fees, overdraft fees or other common charges levied out by most banks.
- BankMobile is making the banking program in a partnership with the carrier–the former is a division of Customers Bankcorp, which is a Pennsylvania-based bank with roughly $10 billion of assets.
- T-Mobile Money first launched as a pilot program in November for a limited number of users, available as a mobile banking app for Android and iOS users.
- In its initial test launch, the carrier did not market the product aggressively. Now, it is doing so as it is advertising it online and in its retail stores.
- In addition to not having the usual banking fees, the carrier’s checking account offering includes above-market interest rates, as it pays customers 4% interest per year on amounts of up to $3,000 for T-mobile wireless customers who deposit into their account at least $200 per month.
- Other customers and amounts over $3,000 get 1% interest.
- T-Mobile director of marketing for financial services Tiffany Minor says the goal is to expand the carrier’s reach beyond the wireless space, and there is a growing amount of dissatisfaction in the banking space at the moment.
- The company has become the fastest-growing wireless carrier in the last six years, but market saturation has pushed it to try something new.
TMUS stock is up 1.5% on Friday.