T-Mobile just undercut AT&T and Verizon by over $1,000 with a new family plan - here's what to know

T-Mobile is making a move to lure customers from competitors Verizon and AT&T with its new Better Value family plan, available now. The plan starts at $140 a month for three lines, breaking down to about $46 per month per line. 

T-Mobile says this will save you over $1,000 a year compared to similar plans from Verizon and AT&T, in part due to the perks included, like Netflix and Hulu, satellite connectivity, and scam protection, with a five-year price lock. So, what's the catch? I compared it to competing lines to find out.

While the Better Value plan now lives alongside T-Mobile's other plans, like Experience Beyond and Experience More, the $140/month price is a limited-time deal -- the regular price for this new plan will be $155/month. And it's cheaper than AT&T and Verizon's family plans while offering more perks ...