Yes. Which would be a very good deal. Just keep in mind that T-Mobile frowns upon this and will blacklist your SSN if you do this repeatedly. Doing it once every few years should not be a problem - what I'm saying is, don't do this every 6 months to get cheaper phones.
I think as long as you're credit class B (their internal rating, they won't easily tell you what you are) or above, you can do the 5 lines with no deposit. I'm credit class A and that's 10 lines no deposit, I think B is 5 lines.
I didn't realize T-mobile did this. I've done this a lot and never been told no. I've even sued T-Mobile after that last change where they limited roaming data, cancelled service, sold my s2's then turned around bought some nexus 4's with the cash and signed right back up with t-mobile for value plan no problem. They did require a $50 deposit on one line even though then weren't subsidizing any phones w/ a 725 TU score. But all things considered, I just paid it. .