T-Mobile's banking service rolls out across US
The T-Mobile Money app was previously limited to a pilot program.
T-Mobile's banking app is available across the US.
T-Mobile is bringing its mobile banking app to the entire US.
The banking app, which is called T-Mobile Money, started as a pilot program in November.
It has no fees for overdrafts and offers access to 55,000 no-fee ATMs.
T-Mobile's customers can get 4% annual percentage yield on balances of up to $3,000 as long they deposit at least $200 each month. That drops to 1% on every dollar above $3,000.
Customers can also opt-in to its "Got Your Back" overdraft protection, which lets you overdraw up to $50 without incurring penalties as long as bring the account back to a positive balance within 30 days.
Accounts are insured by the Federal Deposit Insurance Corporation.
T-Mobile partnered with BankMobile, which is a division of Customers Bank, to set up the service, which will expand to Puerto Rico later in the year. Accounts come with a Mastercard debit card.
"Traditional banks aren't mobile-first, and they're definitely not customer-first. As more and more people use their smartphones to manage money, we saw an opportunity to address another customer pain point," John Legere, T-Mobile's CEO, said in a release.
T-Mobile previously took a shot at the banking market in 2014, when it rolled out Mobile Money as a way for people without bank accounts to store and get to their money. That service ended in 2016.