Summary
Step is a mobile banking platform primarily for teens and young adults, offering a secured Visa credit card to build credit, early direct deposit, commission-free stock investing, and high-yield savings. It aims to provide a comprehensive financial tool for younger users.
Features6/12
See allMust Have
3 of 5
Prepaid Debit Card (Cash App Card)
Early Direct Deposit
Commission-Free Stock Trading
Instant P2P Transfers
Bitcoin Trading
Other
3 of 7
Fraud Monitoring & Security
Round-Up Savings
Instant Discounts & Offers
High-Yield Savings
Pay Over Time (Afterpay)
Customizable Card Designs
ATM Access & Fee Reimbursement
PricingFreemium
See allStandard (Free)
- Secured Visa credit card
- Build credit (average 57 point increase in one year for users in their 20s)
- EarlyPay (borrow up to $250 instantly, 0% APR, automatic repayment)
- Commission-free stock and ETF trading (invest with as little as $1)
- Round Up spare change into stocks
- Direct Deposit
- Cashback on every purchase
- ATM access
- Fraud Monitoring & Security
- FDIC-insured deposits up to $250,000
- SIPC-insured stock account up to $500,000
- EarlyPay limit of $250
- Bitcoin trading not explicitly mentioned as free
- High-yield savings (4.00% APY) is for 'Step Black'
Step Black
- Earn 4.00% on your savings (over 8x national average)
- Up to 8% cashback on every purchase (no limit on total rewards)
- Access to $500 in annual perks
- Payday Prizes (Win up to $5,000)
- Requires a subscription or specific criteria to access (pricing not detailed)
Rationale
Step offers a secured Visa credit card (functions like a prepaid debit card), early direct deposit, commission-free stock trading, and round-up savings. They also mention fraud monitoring and high-yield savings. While they don't explicitly mention P2P transfers or Bitcoin trading, the core banking and investing features align well with the Cash App concept. The target audience is also similar (consumers, specifically teens and young adults).
