After testing the pilot phase for nearly four months, T-Mobile officially launched the Money Banking app for smartphones in the United States of America. With the Money Banking application, the users will be able to access all of the banking features from a single app. To the subscribers of T-Mobile, the Mobile-first Checking account will come with additional perks. The best thing about this is that the T-Mobile subscribers will get four percent Annual Percentage Yield (APY) on the savings up to $3,000 and above that, one percent flat APY.
To avail all of the features, the users should have valid T-Mobile ID and must deposit at least $200 each month to keep the account active. If the customers follow the minimum balance most of the times, then they can avail the overdraft option, which provides emergency $50 overdraft. The app allows the users to transfer money, make mobile check deposits, pay bills, send checks and also to make payment with third-party payment wallet apps like Apple Pay, and Google Pay. Not just these, but the customers get access to the T-Mobile Mastercard Debit card which can be used to make purchases and withdrawals at more than 55,000 ATM points.
The service is now made available on the official website for computer users, and the separate application is launched on Google Play Store and Apple App Store for Android and iOS devices respectively. Any resident of any of the 50 states in the country can start using this service. The customers will have to use the valid social security number and must have attained 18 years of age. The only catch here is the user must have an active T-Mobile connection to start using the service. As of now, it is available in the United States of America, but soon it will be made available in Puerto Rico.