Step, the digital banking service geared toward teens and young adults, is now offering a 5% rate on its savings accounts. Earn 5.00% on your savingsĀ¹, build credit, invest, and get rewarded all in one place. Banking services are provided by Evolve Bank & Trust and FDIC-insured up to $250,000.
There are no monthly fees and no minimum balance requirements on the Step accounts for customers who open an FDIC-insured savings account with up to $250,000. However, to secure that 5%, users have to set up a monthly direct deposit of $500 or more from a payroll provider or employer.
https://step.com/
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"the savings percentage is not interest, but instead earned as cash rewards directly funded and managed by Step,"
Not sure how to interpret that statement.
Also, per https://www.businessins
Step isn't a bank. However, it is partnered with Evolve Bank & Trust. Evolve Bank & Trust is a federally insured financial institution, so up to $250,000 is FDIC-insured per depositor, per ownership category in your Step Account.