T-Mobile Money SAVINGS acct paying 1%

[Sue J]

If you already have a T-Mobile Checking account, you can now open a Savings Account, paying 1%, FDIC insured.

I found out about the checking account on this forum last year and it pays 1%. If you have a T-Mobile phone plan and make 10 debit card transactions a month the checking has been paying 4% on the first $3,000.

For years, we've had a DiscoverBank Savings account and that has been paying .40% and just increased to .50%. When I got the T-Mobile checking account I moved a big chunk of cash to T-Mobile. The downside is that it's a checking account, with a debit card and I felt like that was an exposure to fraud. I check my bank accounts frequently so I could catch something early if it was used fraudulently. But I didn't like the idea of a large amount of money in a checking account. Another downside is that the checking account is only for a single owner, no joint accounts and no beneficiary.

I got the email this morning that T-Mobile now is offering a Savings account. Same 1% interest, which is better than most other banks. The money can come from an existing T-Mobile Money account or an outside bank. I'll be checking into if this can be jointly held or if a beneficiary can be added.

 

[tulak]

I have a T-Mobile checking account. I never activated and shredded the debit card, so I don’t see how it can be used fraudulently?

 

[Sue J]

I have a T-Mobile checking account. I never activated and shredded the debit card, so I don’t see how it can be used fraudulently?

I have a checking account at PenFed that I opened for a bonus promo and I keep it open to bump up the reward rate on the PenFed credit card. I activated the debit card but never used it for anything and it never left the house. Years later a debit transaction showed up that was not ours. I have no idea how someone else used that number. PenFed issued a new debit card. I still don't use it but I still check the account.

 

[rayvt]

Big deal. Use the 1% checking account as a savings account. You don't have to write checks or use the debit card. You can transfer money in/out via ACH.

Everybody gets 3% on the first $3000 for the first 2 statement cycles.

 

[Montecfo]

Checking accounts usually do not let you set beneficiaries. My guess is the savings account may. This would be uelpful.

 

[Golden sunsets]

Thanks for this post. I have had a T-MO 1% checking account for several months and I just opened a savings account. Sadly there was no option for a co owner or POD, but will be useful to segregate piles of money and if the rates ever diverge, will use the higher rate account. Note: I declined the debit card at the outset so I have no exposure due to that weakness.

Note: pushing from T mo is limited to $3,000/day, so I always push or pull from Ally which has a $250,000/day limit.

 

[Sue J]

We had a hefty amount in the checking and I wanted to do an internal transfer to the savings. Could not do it all at once. I was hoping that they did not have a limit for internal transfers, that would make no sense. So I asked their support department.

There are no limits on internal transfers, but the amount per transaction cannot be more than $9,999.99. So I did it in multiple transactions, all in one day. I left $3000 in the checking to take advantage of the 4% on $3000 with 10 debit card transactions. I have 7 monthly automatic transactions set up and then I make 3 more purchases with the debit card during the month. All for an extra $10 a month (oh boy!) in interest.

And I did ask about a beneficiary on the savings accounts. Not available at this time.

 

[Montecfo]

Thanks for the update on no beneficiaries.
I do like my TMM account. It's about the best out there and has been for a good while.

 

[rayvt]

They mysteriously wouldn't let me open an account. No reason given, and they said don't bother to ask why.
No joint allowed, no beneficiary allowed. This seems more like a pretend bank than real.

 

[tulak]

The interest that’s deposited in my account every month is real enough, but I agree that their interface is basic.

 

[gcgang]

A whole 1%!?!!! Wheee!