Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.


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About Company

Step is an innovative financial platform paving the way for the future of banking in the United States. It offers a comprehensive suite of financial services, including savings, spending, investing, and rewards, all conveniently housed within one platform. The Step app, accessible via mobile devices or the website, provides users with a seamless and user-friendly experience, designed to empower individuals to take control of their financial futures.

One of the standout features of Step is its focus on catering to the younger generation, including teenagers and young adults, who are often overlooked by traditional banking institutions. With Step, users as young as 13 years old can open an account with the sponsorship of a parent or guardian, offering them a head start in learning crucial money management skills. The platform not only enables users to save and spend money but also helps them build credit history, invest in stocks and cryptocurrencies, and earn rewards on their spending. With its commitment to financial education and inclusion, Step is reshaping the way the world approaches personal finance, one user at a time.


Key Features

  1. Savings with Rewards. Step offers a unique savings feature, allowing users to earn 5.00% on their savings in the form of cash rewards. This provides an opportunity for users to grow their savings while also receiving rewards for responsible financial behavior.

  2. Credit Building. Step provides an innovative approach to credit building, especially for users under 18. The Step Visa Card, a secured credit card, assists in establishing a positive credit history without the typical interest rates or overdraft fees associated with traditional credit cards.

  3. Comprehensive Financial Services. Step is not just a savings or spending app; it's a holistic financial platform. Users can seamlessly manage their savings, spending, investments, and rewards all in one place, streamlining their financial activities.

  4. Peer-to-Peer Payments. Step facilitates easy peer-to-peer payments, allowing users to send and receive money with friends and family, for example to pay for a friend. This feature enhances the convenience of financial transactions within the Step ecosystem.

  5. Innovative Investment Options. With Step, users can invest in stocks and cryptocurrencies, offering an opportunity to explore the world of investing. The platform aims to make investing accessible and educational, empowering users to make informed financial decisions.

  6. Security and Fraud Protection. Powered by Visa, Step's financial services come with built-in fraud protection and a Zero Liability guarantee for unauthorized charges. This ensures a secure and protected financial environment for users.

Pros and Cons


No Monthly Fees. Step distinguishes itself by not imposing monthly, overdraft, minimum, or account management fees. This fee structure aligns with the platform's mission to make financial services accessible to a broader audience.

Referral Program. Step encourages users to invite friends, offering a referral bonus when they sign up. This not only fosters growth within the Step community but also provides additional incentives for users to share the benefits of the platform.

FDIC Insurance. Banking services provided by Evolve Bank & Trust are FDIC-insured up to $1,000,000, ensuring that users' deposits are protected and secure.


Limited Availability. As a US-based banking service, Step may not be accessible to individuals residing outside the United States, limiting its reach to a global audience.

Dependence on Sponsorship. Users under 18 require sponsorship from a parent or guardian to open an account, which may be seen as a limitation for some individuals seeking financial independence.

Risk of Overspending. While the Step Visa Card helps users build credit without the risk of overdraft fees, it may also pose a risk of overspending if not managed responsibly.


Step has demonstrated a notable level of reliability, as evidenced by its high ratings and positive reviews across various platforms. With a rating of 4.7 out of 63.2K ratings on the App Store and 4.7 out of 23.7K reviews on Google Play, Step has garnered praise from a substantial number of users. These credentials underscore the platform's effectiveness in delivering its financial services and meeting the needs of its user base. While individual experiences may vary, the overwhelmingly positive feedback on both the App Store and Google Play suggests that Step has established itself as a reputable and dependable financial platform for users seeking accessible and innovative banking solutions.


  1. Step Card. The Step Card offers users the opportunity to build positive credit history with a secured Visa Card, regardless of age, without subscription fees. Users can earn 5.00% cashback on qualifying direct deposits and access early paydays by setting up direct deposit with Step. Additionally, the Step Card allows users to invest in fractional shares of stocks, ETFs, and bitcoin with as little as $1, without incurring stock commission fees. For those in need of extra cash, Step offers borrowing options of up to $200 with interest and eligibility requirements. Users can also earn rewards on everyday purchases, turning spending into saving, with up to 3% cashback with qualifying direct deposit.

  2. Step Black. Step Black, available for individuals aged 13 and above at $99 per year, offers enhanced features including a credit-building secured Visa Card with 5.00% cashback, regardless of direct deposit requirements. Users can enjoy up to 8% cashback on purchases and access over $500 in annual perks.

  3. Step Account. The Step Account serves as the core banking product, providing users with a secure digital wallet to manage their funds. Users can deposit money, track spending, and access various financial features within the Step app.

Other credit cards

Other Services Step Offers

  1. Savings with Rewards. Step's savings feature allows users to earn rewards on their savings, with a competitive 5.00% cash rewards rate. This incentivizes users to save money while earning rewards on their deposits.

  2. Investing. Step offers investment options, allowing users to invest in stocks and cryptocurrencies through its platform. Users can explore investment opportunities and build a diversified investment portfolio.

  3. Financial Education Resources. Step provides educational resources and tools to promote financial literacy among its users, including articles, guides, and interactive features aimed at helping users improve their financial knowledge and skills.

Conditions and Requirements


  1. No Monthly Fees. Step does not charge any monthly fees for its basic banking services, providing users with a fee-free banking experience.

  2. 5.00% Savings Rewards. Users have the opportunity to earn 5.00% cash rewards on their savings, incentivizing responsible saving habits.

  3. Secured Credit Building. The Step Visa Card offers a secured credit building option, allowing users to establish a positive credit history without the risk of traditional credit cards' high interest rates or overdraft fees.

  4. Peer-to-Peer Payments. Step facilitates peer-to-peer payments, enabling users to send and receive money from friends and family conveniently within the app.

  5. Investment Opportunities. Step provides access to investment options, allowing users to invest in stocks and cryptocurrencies through its platform.


  1. Age Eligibility. While there is no minimum age requirement to open a Step account, users under 18 need a parent, guardian, or trusted adult to sponsor their account.

  2. Verification. Clients need to verify their identity when opening a Step account. For users over 18, this typically involves providing a Social Security Number (SSN) for identity verification purposes.

  3. Direct Deposit. To qualify for certain benefits, such as the 5.00% savings rewards, clients may need to set up a minimum direct deposit of $500 from a payroll provider within each 30 days.

  4. Eligibility for Referral Program. Clients interested in participating in Step's referral program need to meet specific eligibility criteria, such as signing up with a US cell service phone number and using a referral code within a specified timeframe.

  5. Responsibility in Credit Building. Clients using the Step Visa Card for credit-building purposes should use it responsibly to avoid overspending and maintain a positive credit history.

  6. Compliance with Investment Regulations. Clients interested in investing through Step should comply with applicable investment regulations and exercise caution when making investment decisions.

Network of ATMs

Step provides access to a network of ATMs through its partnership with Evolve Bank & Trust. While Step itself does not operate its own ATMs, users can use their Step Visa Card at ATMs that accept Visa cards nationwide. This provides users with convenient access to cash withdrawals and other ATM services, such as balance inquiries and deposits, at thousands of ATMs across the United States.

By leveraging the Visa network, Step ensures that users can access cash when needed, whether they're traveling domestically or simply need to withdraw money from an ATM near their location. Additionally, users can utilize the Step app to locate nearby ATMs that accept Visa cards, making it easy to find a convenient ATM wherever they are.

While Step aims to minimize the need for cash transactions through its digital banking platform, the availability of ATMs ensures that users have flexibility and convenience in managing their finances, including accessing cash when necessary.

Apps Like Step

Greenlight is one of reliable finance partners that provides families with a comprehensive financial management solution through its debit card and app. With flexible controls, spending notifications, and an in-app chore list, Greenlight empowers parents to teach their children about responsible spending habits and financial literacy from an early age. There is no minimum age requirement to use Greenlight, and funds are held at Community Federal Savings Bank, ensuring FDIC insurance protection. Pricing starts at $4.99 per month for families with up to 5 kids, with options for upgraded plans offering additional features at higher monthly costs.

GoHenry offers a kids' debit card accompanied by real-time spending notifications and easy card blocking and unblocking features. Aimed at teaching financial independence safely, GoHenry provides parents with tools to guide their children's financial education journey. The GoHenry card is issued by Community Federal Savings Bank, providing FDIC insurance for added security and peace of mind.

Goalsetter is a financial literacy platform focused on children, offering a savings and gifting platform coupled with educational resources. Through goal-based savings, game-based quizzes, and debit card services, Goalsetter aims to empower families, educators, and employers to instill financial literacy in the younger generation. Founded in 2015 and headquartered in Brooklyn, New York, Goalsetter operates within the financial technology sector, bridging the gap between financial education and practical money management.

Self is a company dedicated to assisting individuals in enhancing their credit scores through credit-building loans. These loans serve as a powerful tool for those aiming to improve their credit status. With Self, users can opt for monthly payments ranging from $25 to $150, depending on their financial goals and desired access to funds upon loan completion. Throughout the repayment period, users' funds are held in a Certificate of Deposit (CD), offering security and peace of mind. While Self does impose a $9 administrative fee and features relatively high-interest rates, the opportunity to bolster one's creditworthiness over time makes it an attractive option for those seeking to strengthen their financial standing.

Editorial Opinion

Step offers a promising financial platform with a range of innovative assets aimed at empowering users, particularly teenagers and young adults, to manage their money responsibly. The platform's emphasis on financial education, combined with its fee-free banking services and credit-building opportunities, makes it an attractive option for individuals looking to establish a solid foundation for their financial futures. While Step's reliance on sponsorship for users under 18 may pose a limitation for some, its comprehensive suite of financial products and commitment to security and transparency position it as a notable player in the evolving landscape of digital banking.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.


At Finanso, we've carried out a comprehensive analysis of over 50 neo banks, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a neo bank. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

  • Full Step Account Review
  • Step Mobile App
  • Step Reviews



How Step works?

Step operates as a comprehensive digital banking platform designed to provide users, including teenagers and young adults, with accessible and convenient financial services. Users can sign up for a Step account through the mobile app, with sponsorship required for individuals under 18. Once registered, users gain access to a range of features, including savings with rewards, peer-to-peer payments, a secured credit card for credit building, and investment opportunities in stocks and cryptocurrencies. Step's user-friendly interface and emphasis on financial education make it easy for users to manage their finances and make informed decisions about their money.

How much does Step cost?

Step is committed to providing fee-free banking services to its users, ensuring that individuals can access essential financial tools without worrying about monthly fees or hidden charges. Whether users are saving, spending, investing, or sending money to friends and family, they can do so without incurring any costs directly from Step. This fee structure aligns with Step's mission to make banking accessible and inclusive for all, regardless of financial background or circumstances.

Does Step charge a fee?

No, Step does not charge any fees for its basic banking services. There are no monthly fees, overdraft fees, minimum balance requirements, or account management fees associated with using the Step platform. Additionally, Step does not charge fees for peer-to-peer payments or accessing investment opportunities through the platform. This fee-free approach distinguishes Step from traditional banking institutions and underscores its commitment to providing accessible and transparent financial services to its users.

Is the Step program worth it?

Determining whether the Step program is worth it ultimately depends on individual financial needs and preferences. For teenagers and young adults seeking a convenient and accessible banking solution with features tailored to their demographic, such as credit-building opportunities and financial education resources, Step could offer significant value. The platform's fee-free structure and innovative approach to banking may appeal to those looking to establish responsible financial habits early on. However, users should carefully consider factors such as sponsorship requirements for minors and the availability of certain financial services in their region before deciding if Step aligns with their specific needs and goals.

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We believe everyone deserves access to banking that helps them become financially independent. That’s why we’ve built a financial platform that empowers people under 18 and adults to build credit history, invest, save, and spend.

© Step Mobile, Inc.
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