T-Mobile Money expands the carrier's banking service to Sprint users

Those with Sprint are now able to take advantage of another T-Mobile feature.

T-Mobile Money is expanding to Sprint. 
Angela Lang/CNET

T-Mobile Money, the wireless carrier's banking service, is expanding to Sprint customers. On Monday the nation's second-largest carrier said 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. 

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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 T-Mobile Tuesday perks program rolling out to Sprint users in June. The two carriers completed their merger to join forces in April