T-Mobile has officially launched a checking account service in partnership with BankMobile.

The service is known as T-Mobile Money, and the platform is powered by BankMobile. 2019 has been an interesting year for a great many companies, but there is now a chance that your current phone company has also become something of a bank (though not really).

The T-Mobile Money platform will be available to T-Mobile customers, but it will be rolled out on a limited basis. To be 100% clear, T-Mobile is NOT a bank, but they are offering a mobile face for a digital bank known as BankMobile. BankMobile in turn is part of Customers Bank. The T-Mobile Money account is still a real checking account, without any quotation marks. They have FDIC insurance for balances up to $250,000, a real debit card, and an ability to send paper checks from the smartphone app.

As far as banks go, T-Mobile isn’t doing too bad. They are offering a 4% annual percentage yield on balances of $3,000 or less in a T-Mobile Money checking account. The account must deposit at least $200 per month to qualify. They also offer other interesting perks such as a $50 “got your back” overdraft protection feature, which is included for free. Furthermore, there are no account, maintenance, or minimum balance fees at 55,000 ATMs participating in the Allpoint network.