T-Mobile has officially made its long-anticipated return to banking, with the launch of T-Mobile Money, which offers a no-fee, interest bearing smartphone-based checking account, according to a press release.

The T-Mobile Money account earns what the company says is an industry leading 4% APR on account balances up to $3,000 and 1% interest on balances above that amount.

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

T-Mobile officials cite data showing that Americans paid more than $34 billion in overdraft fees in 2017, adding that overdraft is one of many fees charged by traditional banks. T-Mobile said in the announcement that Bank of America Advantage Checking charges 19 different fees and Wells Fargo Everyday Checking charges 14 different fees.

T-Mobile officials said the new T-Mobile Money charges no fees for monthly service, overdraft, transfers or any other services. To get the previously referenced interest rates, customers must deposit at least $200 a month into their accounts. Postpaid mobile customers can also get up to $50 a month in overdraft protection as long as they bring the account back up to a positive amount within 30 days.

T-Mobile Money also includes a Mastercard debit card that can be used for free at more than 55,000 Allpoint ATM locations worldwide.

T-Mobile Money was created under a partnership with BankMobile, a unit of Customers Bank, with accounts FDIC insured for up to $250,000.