T-Mobile targets US banking market

T-Mobile targets US banking market

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.

Comments: (1)

David Gyori
David Gyori - BANKING REPORTS, LONDON - London 14 December, 2018, 17:32Be the first to give this comment the thumbs up 0 likes

Yes, mobile network operators are coming to banking. All over the world.