T-Mobile has officially launched its Money checking account for all US T-Mobile customers, following its soft launch back in November 2018. Some of what T-Mobile offers exclusively to its customers is noteworthy, especially if you’re serious about gaining interest on your cash. On balances up to $3,000, you’ll accrue an attractive 4 percent APY (annual percentage yield), so long as you’re depositing at least $200 into the T-Mobile Money account each month. That kind of perk is usually reserved for savings accounts, and T-Mobile’s competitive 4 percent rate could help your money grow more quickly than some. There’s also no minimum balance requirement for a Money account and no fee to keep it open.

T-Mobile Money can sync up with Apple Pay, Google Pay, and Samsung Pay to pay bills, transfer money, and send paper checks with just your iPhone or Android device. Obviously, every T-Mobile customer will have a phone, but each account also comes with a Mastercard debit card, which is handy for places where mobile payments aren’t accepted.

T-Mobile Money isn’t run through a major bank, like Chase, Bank of America, or Wells Fargo, so most ATMs you’ll find in the wild will incur an out-of-network charge if you use them. T-Mobile states that 55,000 Allpoint ATMs across the US will not charge a fee. I’m not sure that I’ve ever seen an Allpoint ATM, but apparently, they are located in Speedway and Circle K gas stations, Target, Walgreens, CVS, Kroger, Safeway, and Winn Dixie stores. That list of retailers may cover a fairly broad stroke of the country, but Allpoint’s app can also help you pinpoint an ATM near you.

If you need a checking account, chances are pretty good that you already have one. T-Mobile Money’s high APY might make it a good choice for carrier subscribers, and you can sign up now with its iOS and Android app. But given that no-fee ATMs may be sparse in your area, it’s probably not worth joining T-Mobile just for a Money account.

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