T-Mobile introduces its no-fee banking service

T-Mobile has become the fastest growing of the four major U.S. wireless providers by removing consumer pain points. Today, the company is doing the same for banking customers. T-Mobile today has introduced its new banking service, T-Mobile Money. As you might imagine, the carrier is offering banking services using a mobile-first platform. No minimum balance is required, and eligible T-Mobile postpaid customers will earn as much as a 4% Annual Percentage Yield on balances up to $3,000. That interest is 50 times higher than the interest paid on the average U.S. checking account, but it requires a $200 deposit from a T-Mobile customer every month. T-Mobile Money members who aren't customers of the wireless carrier will earn a 1% APY.