4.00% APY is indeed disruptive. Apparently one must be a T-Mobile customer to get the 4.00% APY, yet anyone can open an account with the new T-Mobile mobile checking account app. The article mentions the said APY is for "eligible" T-Mobile customers, so who is eligible remains to be seen.
$3K limit, so basically it's effectively getting a $120 (minus income tax) discount on T-Mo in exchange for a $3K deposit. I guess this is also a good way to ensure people are not skipping out on wireless payments.
And a good way to get new customers with some money in the bank. I wonder if someone on the $3 a month plan can get the $120 discount?
"T-Mobile postpaid customers can get 4.00% APY* on balances up to $3,000 and 1.00% APY on every dollar over $3,000 when they sign up with their T-Mobile ID and deposit at least $200 each month. Everyone else scores 1.00% APY on all balances."
[i]"Q: How does 4.00% APY work?
A: We will pay you 4.00% APY* on balances up to and including $3,000 if you:
are enrolled in a qualifying T-Mobile plan (e.g. T-Mobile ONE, T-Mobile ONE+ and Simple Choice plan(s) and other postpaid plans, excluding the No Credit Check plan);
have registered for perks with your T-Mobile ID; and
have deposited at least $200 to your Checking account within the current calendar month. Note that promotional deposits are not eligible toward the $200 in deposits. A "promotional deposit" is any deposit you receive from us or T-Mobile as an incentive or reward for certain activity on your account. This activity would be defined in the terms of any such promotion.
At this time, if you meet this deposit requirement in a given month we will pay you this benefit in the subsequent month as an added value provided all other requirements are met. We reserve the right to change this added value with prior notice to you. You will earn 1.00% APY for balances in your checking account above $3,000. We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
*How APY works and what it means for you: As a T-Mobile MONEY customer you earn 4.00% annual percentage yield (APY) on balances up to and including $3,000 in your Checking account each calendar month when: 1) you are enrolled in a qualifying T-Mobile wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) you have deposited at least $200 in qualifying deposits to your Checking account within the current calendar month. Promotional deposits and not eligible toward the $200 in deposits. If you meet this deposit requirement in a given month we will pay you this benefit in the subsequent month as an added value provided all other requirements are met. This added value is subject to change. Balances above $3,000 in the Checking account earn 1.00% APY. The APY for this tier will range from 4.00% to 2.79% depending on the balance in the account (calculation based on a $5,000 average daily balance). Customers who do not qualify for the 4.00% APY will earn 1.00% APY on all Checking account balances for any month(s) in which they do not meet the requirements listed above. APYs are accurate as of 11/1/18, but may change at any time at our discretion. Fees may reduce earnings. For more information, see Account Disclosures / Terms and Conditions."[/i]