Back in April of 2019 T-Mobile launched their MONEY checking account and debit card service nationwide. A big draw of the accounts were 4% APY on balances up to $3000 as long as you made at least $200 in monthly deposits. This unique feature gained T-Mobile some attention online. Now, that requirement is changing.
An email went out to T-Mobile MONEY users yesterday announcing the changes. Customers who want to continue earning 4% APY after March 31st will need to make at least 10 purchases using their T-Mobile MONEY debit card per month. The $200 deposit requirement will no longer be an option.
T-Mobile appears to be marketing this change as a benefit to consumers, saying they are making it “easier” to earn the 4%. However, over on Reddit, users aren’t very happy.
“$200 a month is way easier than 10 transactions” says one Reddit user. “If they really wanted to make it ‘easier’ they would allow either option”. Other users agree, suggesting the change is less about making it “easier” on the customer and more about T-Mobile losing money on people using their MONEY accounts as more of a savings account.
“A big disappointment. I will be moving all my money out of it at the end of March” said another user.
Customers will still earn 1% APY on their entire account balance if they are unable to meet the new requirement, which is still not too bad compared to some other banks.
What do you think of these changes? Let us know below.
