T-Mobile is getting into banking.

The mobile carrier on Thursday launched a checking account dubbed T-Mobile Money in partnership with BankMobile. T-Mobile is offering its postpaid customers a 4 percent annual percentage yield (APY) on balances up to $3,000, and 1 percent on every dollar over that. That 4 percent APY is 50 percent higher than the average US checking account, T-Mobile says.

To secure that APY, you'll need to sign up with your T-Mobile ID and deposit at least $200 each month. If you're not a T-Mobile customer, you'll get 1 percent on all balances.

Another perk: T-Mobile is promising no monthly, transfer, overdraft or in-network ATM fees; there are more than 55,000 Allpoint ATMs worldwide, and you can use the T-Mobile Money app to locate the one nearest you. That's more ATMs than Bank of America, Wells Fargo, or Chase, according to T-Mobile.

From the T-Mobile Money app, you can make mobile check deposits; set up direct deposit; pay bills; send a check; pay with a mobile wallet like Apple Pay, Google Pay, or Samsung Pay; transfer money; and make person-to-person payments.

"Traditional banks aren't mobile-first, and they're definitely not customer-first," T-Mobile CEO John Legere said in a statement. "As more and more people use their smartphones to manage money, we saw an opportunity to address another customer pain point."

You can open an account right from your phone. Download the T-Mobile Money app from Google Play or the App Store, or visit the T-Mobile Money site. After you sign up, you'll get a T-Mobile Money Mastercard debit card in the mail. T-Mobile is offering 24/7 US-based support in Spanish and English.

T-Mobile's move into the financial services space comes after Apple last month announced plans to launch a credit card this summer. T-Mobile wasn't inspired by Apple's move into banking, T-Mobile Director of Financial Services Marketing Tiffany Minor says. The carrier has been working on this new service for around two years, and piloting it since late November.