T-Mobile wants iPhone fans to use their service instead of its competitors. The third-largest wireless company in the U.S. is willing to offer rock bottom lease prices for the brand new iPhone 6s.

T-Mobile announced on Wednesday that it would offer a program that would allow customers to lease the new iPhone 6s for just $5 per month, CNET reports. Customers will be required to trade in a smartphone and sign up for T-Mobile's Jump on Demand leasing program.

The $5 leasing program is for the entry-level iPhone 6s with 16 GB of storage. The 16 GB iPhone 6s Plus with the larger screen would be offered at a $9 per month rate. If customers do not have a smartphone to trade in, the $5 per month rate jumps up to $20 per month.

This $5 per month leasing price is the cheapest rate for an iPhone and it puts T-Mobile up against other wireless carriers offering similar programs as well as Apple who is also offering a monthly leasing option for the iPhone.

T-Mobile is following Sprint's leasing plan for the iPhone. Leasing devices offers a cheaper monthly price, but it means the phone is not the owner's property, rather they are just renting it.

T-Mobile is enjoying the iPhone 6s launch. CEO John Legere announced on Twitter that orders for the new phone are up 30 percent. T-Mobile said that as long as customers stay with the carrier, they can keep the $5 per month leasing rate.

Sprint's iPhone leasing program is $15 per month and competitors Verizon and AT&T do not offer leasing programs.

T-Mobile has been enticing customers with new features and promotions. This has led to the carrier taking over Sprint as the third largest carrier in the U.S.

The iPhone 6s debuts on Friday at Apple Stores, wireless carrier locations, authorized retailers and Apple.com.