Скачать или смотреть Why I Stopped Using T-Mobile Money, Review of Pros and Cons.

I've got a T-Mobile Money review for you! I've been using T-Mobile Money for a few years now and I'd like to share my thoughts. There are definitely both pros and cons and some updates that added a big catch in the program. As time has gone on, my opinion of T-Mobile Money is gradually changing.

Sofi Savings, earn up to 3.75% APY and pay no account fees. With this link you’ll get a $25 bonus when you set up direct deposit. https://www.sofi.com/invite/money?gcp...

If you're interested in Robinhood for earning interest, this link will get you a free stock! https://join.robinhood.com/zacharb2703

Learn more about T-Mobile MONEY here:
https://www.t-mobilemoney.com/en/home...

Learn more about Credit Karma Savings here:
https://www.creditkarma.com/savings

00:00 Intro, What is T-Mobile MONEY?
00:45 Is T-Mobile MONEY still worth it? The update that killed it for me.
04:35 Why I'm using SoFi or Credit Karma Savings instead now. Why I don't like Robinhood Gold
06:56 How T-Mobile MONEY could win me back.

I have been a T-Mobile MONEY user since the early days. I remember when they introduced it and I thought it was an interesting concept. However there were plenty of other high yield savings accounts at the time that were just as good. Then when interest rates began to fall T-Mobile MONEY was one of the only ones to maintain a high yield. So I opened an account and transferred my savings over.

In the early days, the way you qualified for the yield was to set up direct deposit and have at least $200 go to the T-Mobile MONEY account through direct deposit. This would activate the 4.00% APY earnings. I liked that a lot, it was easy to just set it and forget it.

Everything changed in 2021 if I remember correctly. They changed it from a savings style account to more of a checking account, offered a debit card and changed the activation of the 4.00% APY to initiate after 10 transactions cleared on your account. I was frustrated with the change but, put up with it because 4.00% APY was still one of the best offers around.

It became increasingly frustrating though, I'd have to spend money at least 10 different times to activate my high yield savings. So I found myself spending a lot of my savings money trying to activate the high yield. This was completely counter intuitive. Many times I ended up spending so much of my savings that the yield became completely irrelevant. I calculated the earnings I would receive and found that if I had the maximum earning amount of $3000 in my account that earns 4.00% APY, I would earn $120 per year. That breaks down to $10 per month. That means if I want to spend less than the yield that I'm earning I would have to spend less than $10 per month and have to split it up into 10 transactions at least. So that's 10 transactions of $1.00 or less.

In order to meet this requirement I found myself going to the store and buying cheap drinks, candy or other things that were less than one dollar in order to activate the rewards. This was frustrating too because everyday that I had to wait for all 10 transactions to clear was 1 less day I would be earning 4.00% APY. So I would go to the store a day or two before the end of the month, buy a piece of candy, grab another one and buy another one and do this over and over again in the same 1 or 2 days in order to get access to the 4.00% APY as fast as possible.

Now I understand that if you allocate some of the money from your normal checking account to make these purchases to activate the 4.00% APY it's not that big of a deal but, I found myself using my Credit Karma Savings much more often which was only earning 3.00% APY at the time. I was using it more because it was so much less of a hassle.

Fast Forward to today and interest rates are much higher again so there are a lot of places offering high yield savings accounts again. Because of this, the hassle of dealing with T-Mobile MONEY no longer seems worth it. So, I've switched back to using my SoFi account and Credit Karma Savings account.

Many people have also asked me why I don't like using Robinhood Gold because they're offering 4.15% interest on your uninvested money in your brokerages account. The downside to this is that you have to pay a $5 per month service fee for having Robinhood Gold. That means you have to have $1445.78 deposited in your account just to earn enough interest to pay the $60 fee for Robinhood Gold fee each year. I'd much rather use SoFi, which doesn't charge any fees yet has a slightly lower yearly interest return of 3.75%.

Here is an example to illustrate my point. Let's say you have $1500 in your savings. Here is what your earnings would be in the two accounts.

SoFI 3.75% APY with $1500 is an annual yield of $56.25
Robinhood Gold 4.15% APY with $1500 is an annual yield of $62.25 - $60 yearly service fee.

So with Robinhood Gold you'd only actually be earning $2.25

#fed #interestrates #savingmoney