Re:Simple Bank Is Closing
by blueblisters on Friday January 08, 2021 @12:35AM
(#25681843)
> 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 per month when: 1) you are enrolled in a qualifying T-Mobile postpaid wireless plan; 2) you have registered for perks with your T-Mobile ID; and 3) at least $200 in qualifying deposits have posted to your Checking Account before the last business day of the month.
So it's a neat little discount on your T-Mobile bill.
Re:Simple Bank Is Closing
by joshribakoff on Friday January 08, 2021 @02:16AM
(#25682392)
That’s a bank account bonus not a real interest rate. I made 20% APR in 90 days for churning a PNC account by that logic, does that mean I can in turn make 20% on arbitrary deposits on a regular basis?
It was going to be a total no brainer to move nearly all banking to them until I realized they block all automated financial tracking software. No budgeting with YNAB makes it a non starter for a checking account, but luckily YNAB can note transfers in automatically by looking at other accounts. When treated strictly as a basic savings its fine if my total cash on hand is missing the occasional interest payment.