T-Mobile Money, the wireless carrier's banking service, is expanding to Sprint customers. On Monday thesaid that it will allow those who had Sprint to sign up for the T-Mobile-exclusive service.
First announced in 2018, T-Mobile Money functions as a regular bank, with accounts held at BankMobile, an FDIC-insured division of Customers Bank. Making the service available only to its mobile customers, T-Mobile Money has no overdraft, account or maintenance fees and does not have a minimum balance requirement.
It also offers a 4% annual interest rate on balances of up to $3,000, so long as $200 is deposited into the checking account every month. The rate drops to 1% for every dollar above $3,000.
T-Mobile also says it will give those who set up direct deposit access to their paycheck for up to two days earlier than a traditional bank.
Cash deposits can also now be made, at participating locations such as Walmart, Walgreens, CVS or 7-Eleven stores. A fee may be charged and there is a $20 minimum for each deposit, with more details and locations available on T-Mobile's site.
T-Mobile Money is the latest feature to expand to Sprint users, with the company's. The two carriers completed their merger to .