T-Mobile is taking a second shot at the American banking scene, teaming up with BankMobile to launch an app-based checking account.
The telco has begun a limited roll out of the T-Mobile checking account, complete with Fdic-insured protection thanks to a partnership with BankMobile, the digital-only arm of Customers Bank.
Customers get a Mastercard debit card, money management tools, mobile cheque deposits and the ability to pay with Apple Pay, Google Pay and Samsung Pay.
T-Mobile is also offering up to four per cent annual percentage yield on balances up to $3000 in a checking account that deposits at least $200 monthly.
The launch comes just two years after T-Mobile shut down its previous effort to shake up with US banking market with a similar product aimed at the underbanked.