
Are you looking for an alternative to a traditional checking account? Level Bank is a fintech that offers up to 1.5% cash back rewards and pays 0.50% APY on FDIC insured deposits. You can also direct deposit your paycheck for same-day availability.
There is a monthly service charge. But other than that, Level doesn’t charge any fees. Level has a slick, easy to use mobile app, although mobile check deposits are not available. In this article, we’ll go through what makes Level a great checking account alternative.
Level Bank Details | |
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Product Name | Level Bank |
Min Deposit | $0 |
Monthly Fee | $0, $5, or $15/mo |
Cash Back | 1.0% to 1.5% (Unlimited) |
APY | 0.50% |
Account Types | Cash Management |
Promotions | None |
Who Is Level Bank?
Level Bank is a trade name of Zero Financial, Inc., which is based in Walnut Creek, CA. Level Bank is a fintech offering cash management services. Its CEO is Bryce Galen and its COO is Joel Washington. Both are founders of the company.
"Level was built to challenge the status quo in banking and put an end to the era of big banks holding people’s money while giving them no interest, a clunky app experience and frustrating customer service," Bryce Galen, founder and CEO of Level, said in a press release. "Level is able to give customers dramatically better rewards and interest, a design forward app and superior customer support."
What Do They Offer?
Level Bank is an online bank that provides "cash management" services. This means that its accounts don't have all the same features as a traditional checking account. However, it offers unlimited cash back on purchases plus 0.50% APY on deposits.
Most credit cards restrict cash back rewards to certain categories. You won’t find those restrictions with Level. Level is also a no-fee service. You won’t be charged any of the following fees:
- Overdraft fees
- Non-sufficient funds fees
- Minimum balance fees
- Foreign transaction fees
- Add-on ATM fees
Cash back rewards are available right after a corresponding transaction is completed. Meaning, your rewards are available pretty much immediately. You can also cash out your balance through Lyft and DoorDash. All of this can be done from the Level app.
To qualify for cash back rewards, purchases must be signature-based “credit,” which means they can’t be used for purchasing other debit cards, ACH transfers, or ATMs.
Level Standard - $0/mo
Level Standard is their base "level" plan (get it)? Level Standard offers solid options at no cost. You get the following included - they are the lowest amounts of all the tiers:
- 1.0% unlimited cash back on all Qualified Purchases on your Level Debit Card with Qualifying Direct Deposit in your Account every 31 days for Level Standard.
- 1 ATM Fee Reimbursements
- $300 ATM Withdrawal Limit
- 0.50% APY on Deposits
Level Plus - $5/mo
Level Plus is the cheapest paid plan and includes the following benefits, which slightly improve the Standard option:
- 1.0% Unlimited Cash Back
- Free Cash Advance up to $150
- 3 ATM Fee Reimbursements
- $500 ATM Withdrawal Limit
- Limited Merchant Perks
- Message-based Support
- 0.50% APY on Deposits
Level Premium - $15/mo
The advantages of the Premium plan compared to the Plus are highlighted in bold.
- 1.5% Unlimited Cash Back
- Free Cash Advance up to $150
- 5 ATM Fee Reimbursements
- $1,000 ATM Withdrawal Limit
- Exclusive Merchant Perks
- Phone + Message-based Support
- 0.50% APY on Deposits
Exclusive merchants include (with listed discounts) Postmates (2%), Lululemon (5%), Spotify (7%), Starbucks (5%), Sukoshi (10%) up to $25 for each merchant.
ATM reimbursements for both plans are up to $4 per incident for the number of times listed. The Level card can be used at any ATM that accepts Visa.
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Rating | |||
APY | 0.50% | Up to 0.15% | Up to 1.25% |
Cash Back | Up to 1.50% | Up to 1.50% | None |
Monthly Fees | $0 to $15 | $0 | $0 |
FDIC Insured | |||
Cell |
Early Paycheck Availability
You can set up direct deposit for your paycheck into your Level Bank account. Level will generally post the deposit on the same day it is received, which could be up to two days earlier than the payer’s scheduled payment date.
Related: The Best Cash Advance Apps
Visa Protection
The Level Bank debit card is a Visa card. This means it includes all of the protections that come with using a Visa card. This protection is called Visa Zero Liability. Thanks to this built-in protection, you won’t be responsible for any unauthorized charges.
Mobile App
Level’s mobile app is a big part of the Level experience. The app is well-designed and easy to use. It is available on both iOS and Android. However, it should be noted that mobile check deposits are not available.
Are There Any Fees?
The only fee is the monthly fee, which varies from $0 to $15 depending on the plan you choose. But Level doesn't charge any other common banking fees like overdraft, non-sufficient funds, or minimum balance fees.
How Do I Open An Account?
You can visit the Level Bank website to get started. When you open an account, you'll need to provide your name, address, date of birth, and may need to verify your identity with a driver’s license (or other documents) as well.
Is My Money Safe?
Yes, Level takes security seriously. It uses bank-grade encryption, is PCI-DSS v3.1 compliant, and applies PCI standards when dealing with any sensitive information.
Evolve Bank & Trust is the real bank behind Level Bank and the one that provides FDIC insurance for all deposits. FDIC insurance provides protection of funds up to $250,000.
Is It Worth It?
If you want an alternative checking account that pays interest and cash back rewards on all purchases, Level Bank is worth looking into. To evaluate if the monthly fee would be worth it to you, consider the various benefits of each plan.
It's worth mentioning that you may be able to earn similar rewards with another bank without paying any fees. The Radius Bank Rewards Checking Account, for example, never charges any monthly fees and accounts with average balances of at least $2,500 earn debit card rewards of 1.0% to 1.5%.
Overall, Level Bank could be a strong choice if you want some of the advantages of a rewards credit card without the risk of overspending. But you'll want to make sure that you've reviewed all your options before opening an account. Compare Level Bank with our best checking accounts of 2020.
Level Bank Features
Account Types | Cash management |
Minimum Deposit | $0 |
Cash Back | 1.0 to 1.5% (Unlimited) |
APY | 0.50% |
Monthly Fee |
|
Overdraft Fee | $0 |
Non-sufficient Funds Fee | $0 |
Low Balance Fee | $0 |
Foreign Transaction Fees | $0 |
Branches | None (online-only bank) |
ATM Availability | No fee-free ATM network Provides 3-5 ATM reimbursements per month |
Accepts Cash Deposits | No |
Accepts Check Deposits | No |
Customer Service Number | 1-877-735-3835 (Only Premium members get access to phone support) |
Customer Service Email | support@levelbank.com |
Mobile App Availability | iOS and Android |
Bill Pay | Yes |
FDIC Certificate | 1299 |
Promotions | None |
Level Bank Review
- Interest Rates
- Fees and Charges
- Rewards
- Customer Service
- Ease of Use
- Products and Services
Overall
Summary
Level Bank cash management accounts offer unlimited cash back rewards on your debit card purchases and a solid interest rate on your deposits.
Pros
- Up to 1.5% unlimited cash back on debit card purchases
- 0.50% APY on deposits
- Free cash advance up to $150
- No overdraft or insufficient funds fees
Cons
- No way to deposit cash or checks
- No branch locations
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.