The cell service provider created T-Mobile Money to act as a bank and mobile payment service for customers as a natural extension for a digital- and mobile-first audience

As mobile payment systems become more and more common, more providers are launching their own versions. The latest comes from mobile service provider T-Mobile, but it's not just a mobile payment app—it's a bank all its own called T-Mobile Money.

This mobile-first checking account comes with several incentives, including no fees and a four percent Annual Percentage Yield (APY) for up to $3,000 if the client is a T-Mobile customer. It also comes with an optional Got Your Back overdraft protection plan for up to $50.

The accompanying app offers a lot of the same services as other mobile payment systems, such as transferring money, mobile check deposits, paying bills and linking it to phone mobile payment apps like Apple Pay, Google Pay and Samsung Pay. Customers will receive a Mastercard debit card, and have access to Allpoint ATMs.

So far, the service is only available to U.S. customers, but may extend to other countries if successful. This debut marks one of the first from a major cell service provider entering the mobile banking space, as T-Mobile expands its services in line with how today's consumers tend to manage their finances.

T-Mobile Money

As mobile payment systems become more and more common, more providers are launching their own versions. The latest comes from mobile service provider T-Mobile, but it's not just a mobile payment app—it's a bank all its own called T-Mobile Money.

This mobile-first checking account comes with several incentives, including no fees and a four percent Annual Percentage Yield (APY) for up to $3,000 if the client is a T-Mobile customer. It also comes with an optional Got Your Back overdraft protection plan for up to $50.