The fusion of T-Mobile USA's (TMUS 0.76%) customer base with that of Sprint's has taken a new step forward. On Tuesday, T-Mobile announced that legacy Sprint customers can now reap all the benefits of T-Mobile's MONEY banking program.

T-Mobile MONEY is a service the un-carrier launched in 2019 in collaboration with Customers Bancorp.

Young woman using a smartphone while seated at a table.

Image source: Getty Images.

T-Mobile MONEY is designed to be convenient for users and competitive when matched against more traditional banking products. It offers T-Mobile customers an annual percentage yield (APY) of 4% on balances up to $3,000, provided certain conditions are met, although that rate falls to 1% on balances above that amount.

T-Mobile is also implementing cash deposit capability and direct deposits as new features. The latter, according to the company, will allow customers to receive their money two days before a standard bank would release the funds.

There is also a degree of overdraft protection available and no monthly fees are charged for basic services. Finally, customers can access their money with a Mastercard ATM card linked to their account.

T-Mobile MONEY isn't exclusive to T-Mobile -- and now Sprint -- customers. Anyone can download the app and set up an account. However, those who are not subscribers to either carrier brand are not eligible for some of the perks.

"This is just one more way we're welcoming legacy Sprint customers into the T-Mobile family, and I'm not even close to finished yet," T-Mobile CEO Mike Sievert was quoted as saying in the press release.

The long-gestating T-Mobile and Sprint merger was finally completed in April.