T-Mobile MONEY is powered by BMT /…
T-Mobile MONEY is powered by BMT / Customers Bank. I am a T-Mobile customer who noticed T-Mobile was giving 4% APY a couple years ago when most rates were below 1%.
The catch is this: you can only earn 4% on up to $3,000 in your account, AND they recently changed it so that you need to make 10 transactions each month with your associated debit card for this account. That's become a hassle, as well as the fact that I don't want a debit card exposing access to my high yield savings account. My debit card was recently compromised through a data breach somehow and I needed to get a new one.
Finally, you can only transfer up to $3,000 in or out of your account at a time, and that means it takes forever to access your money. I'm switching out of T-Mobile MONEY for another company that offers over 4% for all of your funds with way better features and ability to access your money. It's taking me several weeks to move my money out.
I do not recommend T-Mobile Money, there are much better high yield savings accounts out there.
