About company
Step is a financial platform designed for the next generation, offering tailored banking solutions for teens and young adults embarking on their financial journeys. At its core, Step provides users with a seamless banking experience through its app, a Step account, and a Step Visa Card. With Step, users can easily manage their finances, including saving, spending, sending money, and investing. The platform aims to empower its users by providing them with the tools and resources needed to build a strong financial foundation, regardless of their age.
Unlike traditional banks, Step prides itself on its transparent fee structure, offering its services without monthly fees, overdraft fees, minimum balance requirements, or account management fees. This commitment to fee transparency aligns with Step's mission to make banking accessible and affordable for all users. Additionally, Step prioritizes security, ensuring that users' money and personal information are safeguarded through bank-level security measures. Step's banking products and services are provided in partnership with Evolve Bank & Trust, an FDIC member institution with a longstanding history of reliability and trustworthiness.
Key features
- All Ages. Step caters to both teens and young adults, providing banking solutions for individuals under 18 with the sponsorship of a trusted adult.
- Savings Goals. Users can set savings goals and automate savings with Round Ups, helping them achieve their financial objectives effortlessly.
- High-Yield Savings. Earn 5% on FDIC-insured savings balances, offering users an opportunity to grow their savings over time.
- Investing. Invest in fractional shares of stocks, ETFs, and bitcoin with as little as $1, without incurring stock commission fees.
- Borrowing. Access extra cash quickly with borrowing options of up to $200, subject to interest and eligibility requirements.
Pros and cons
Pros
Cons
Reliability
Step demonstrates reliability through its partnership with Evolve Bank & Trust, an established FDIC member institution since 1934. This partnership ensures that users' funds are held in FDIC-insured accounts, providing a layer of security and peace of mind.
Step garners a significant level of user trust and satisfaction as reflected in its ratings and reviews across platforms. With a rating of 4.7 stars from over 65.4K users on the App Store and a 4.4-star rating from 24.8K reviews on Google Play, Step has earned commendable feedback from a substantial user base. These ratings indicate a generally positive user experience and suggest a level of reliability and functionality in the app's performance.
Products
- Step Card. The Step Visa Card is the primary product offered by Step, providing users with a convenient and secure way to make purchases, withdraw cash, and manage their finances. This card is tailored for teens and young adults, offering features such as cashback rewards, early paycheck access, and credit building opportunities.
- Step Black Card. Step also offers a premium version of its Visa Card, known as the Step Black Card. This upgraded card provides users with additional benefits and perks, including exclusive rewards, priority support, and a premium metal design for a more luxurious banking experience.
Other services Step offers
- Savings Goals. Step provides users with the ability to set savings goals within the app, helping them track their progress and achieve their financial objectives. Users can automate savings through features like Round Ups, making it easier to build a savings habit over time.
- Early Paycheck Access. Users can set up direct deposit with Step and receive their paychecks up to 2 days early, providing greater financial flexibility and convenience.
- Investing. Step offers investment opportunities for users to buy fractional shares of stocks, ETFs, and bitcoin with as little as $1. This feature empowers users to participate in the financial markets and potentially grow their wealth over time.
- Borrowing. Step provides borrowing options for users in need of extra cash, allowing them to access funds quickly and easily. Users can borrow up to $200, subject to interest and eligibility requirements.
Conditions and requirements
Conditions
- No Monthly Fees. Step does not charge any monthly fees for its banking services, making it a cost-effective option for users.
- High-Yield Savings. Users can earn a competitive 5.00% on FDIC-insured savings balances, providing an opportunity to grow their savings over time.
- Early Paycheck Access. With direct deposit set up, users can receive their paychecks up to 2 days early, offering greater financial flexibility and convenience.
- Cashback Rewards. Step offers cashback rewards on everyday purchases, allowing users to earn money back and maximize their financial benefits.
Requirements
- Age Verification. Users must verify their age to open a Step account. There is no minimum age requirement, but users under 18 require sponsorship from a trusted adult.
- Identity Verification Process. Clients need to provide personal information and verify their identity to access Step's banking services. This includes details such as name, address, and Social Security Number.
- Direct Deposit. To qualify for certain rewards and features, users may need to set up direct deposit with a minimum threshold, typically around $500 per month from a payroll provider.
- Sponsorship for Minors. Users under 18 require sponsorship from a parent, guardian, or trusted adult to access certain features and manage their accounts effectively. The sponsor may have visibility into the account until the user turns 18.
Network of ATMs
Step provides users with access to a vast network of ATMs nationwide, offering convenience and accessibility for cash withdrawals and other banking transactions. Through partnerships with major ATM networks, such as Allpoint, users can locate nearby ATMs through the Step app or website and access cash without incurring additional fees. With thousands of ATMs available across the country, users can easily find a convenient location to withdraw cash or perform other banking activities, ensuring seamless banking experiences wherever they are.
Apps like Step
- Greenlight. Greenlight offers a comprehensive suite of tools and financial literacy features for youth, providing each kid on a family plan with a Mastercard debit card. Parents can manage chore lists, allowances, and savings goals, with options for direct deposit for teens with jobs. The app also includes robust parental controls for added security and oversight.
- Copper. Catering to kids ages 6 and up, Copper focuses on providing educational materials and tools to teach financial literacy. Synced with a Mastercard debit card, the app allows kids and teens to make purchases and free cash withdrawals, while offering features like savings goals and in-app currency rewards for building financial knowledge.
- GoHenry. Owned by microinvesting fintech firm Acorns, GoHenry is tailored for ages 6 through 18, offering allowance and chore management alongside a debit card. The app incorporates interactive "money missions" to teach kids about money, and teens can send money to friends and receive paychecks via direct deposit.
- Till offers a free banking experience for kids, featuring debit cards, spending insights, task lists, savings goals, and a parent wallet. While allowances are limited to a weekly or monthly cadence, the app provides various parental roles and community contributions to foster collaborative money management within families.
Editorial opinion
Additional Resources
- Step Reviews
