T-Mobile Money Review: Earn 4% APY and How To Sign Up For T-Mobile Money With A Sprint Phone Number

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Update: 
  • Starting March 31, 2021 – eligible customers will no longer be required to deposit $200 per month to qualify for 4.00% APY. Instead, you’ll need to use your T‑Mobile MONEY card to make 10 qualifying purchases per month as a requirement to earn 4.00% APY.
  • IMHO, this change makes the deal no longer worth the effort! 
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Both T-Mobile and Sprint customers can now apply for the T-Mobile Money which is a checking account program that offers 4% APY interest on balance up to $3,000. 4% interest is a pretty good return nowadays even though the qualifying deposit is capped at $3,000 and there are tasks you have to complete in order to receive that high yield interest. Don’t worry though, the tasks are easy to complete and I’ll walk you through each step in this post. 

T-Mobile Money Review
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    T-Mobile Money Review – Earn 4% APY On Balance Up To $3,000

    Due to the merger between T-Mobile and Sprint, Sprint customers not only have access to T-Mobile Tuesdays promotion, they are also eligible to sign up for the T-Mobile Money perk and receive 4% APY interest on deposit up to $3,000. Any deposit that is above $3,000 will earn 1% APY, which is still not a bad return. 

    4% interest on a banking deposit is pretty good. While the deposit is capped at $3,000 to receive that lucrative interest rate, consider this as a place to park your money for future savings if you do not receive better interest rate somewhere else. 
    4% annual percentage yield (APY) interest on a $3,000 deposit yields around $122 per year or $10 per month in interest. It definitely does not seem much but this can really add up. This is not a fast money route but a way to save some money for a rainy day. 
    It’s also worth mentioning that T-Mobile Money program is targeting mobile app and online banking platforms. So you must be comfortable with these technology to manage your money. There’s also a dedicate line of customer service to help you too if you need help. They can be reached out: 1 (800) 937-8997

    T-Mobile Money 4.00% APY Requirements

    In order to receive 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your checking account per month, you must: 

    • Be enrolled in a qualifying T-Mobile postpaid wireless plan; 
    • Have registered for perks with your T-Mobile ID; and 
    • [UPDATE] Starting March 31, 2021 – eligible customers will no longer be required to deposit $200 per month to qualify for 4.00% APY. Instead, you’ll need to use your T‑Mobile MONEY card to make 10 qualifying purchases per month as a requirement to earn 4.00% APY.
    • Have at least $200 in qualifying deposits posted to your Checking Account before the last business day of the month.

    Is T-Mobile Money Checking Account FDIC Insured?

    Yes. 

    How to Sign Up For T-Mobile Money As A Sprint Customer

    [UPDATE] Starting March 31, 2021 – eligible customers will no longer be required to deposit $200 per month to qualify for 4.00% APY. Instead, you’ll need to use your T‑Mobile MONEY card to make 10 qualifying purchases per month as a requirement to earn 4.00% APY.

    • Go to T-Mobile sign up page here
    • Sprint customer needs to click on Create a T-Mobile ID to sign up.
    • Go through the registration process. Follow the prompts to finish your registration. 

    Once the registration is complete and you successfully set up your login ID and password, you will be prompted to register your Sprint phone number. Simply provide your wireless Sprint phone number. See screenshot below. This activates the 4.00% APY perk and will satisfy both the requirement #1 and #2 that are mentioned above. You can also verify this activation under “My Perks” menu. 

    How to Sign Up For T-Mobile Money As A Sprint Customer

    You can then add money to T-Mobile Money checking account with various methods that can be found under “Add money” menu. Remember you must deposit $200 each month to T-Mobile Money checking account to receive the 4% APY interest. The deposit does not have to be employment’s direct deposit. I recommend you schedule this transfer monthly through T-Mobile Money site/app so that you don’t forget to do it each month. Keep in mind that any balance above $3,000 will earn you 1.00% APY interest.

    Once you satisfy all above mentioned 3 requirements, you can go back to “My Perks” menu and verify your 4% APY enrollment status. See screenshot below. 

    How to Sign Up For T-Mobile Money As A Sprint Customer

    That’s it! Like I said, if you have $3,000 cash that is parked somewhere else that does not give you better return than 4% interest, and you are able to deposit $200 each month into T-Mobile Money account, this is not a terrible idea to save some money for a rainy day.

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