Step Review: Build Credit While You Bank

Step is fintech app that offers a secured Visa card that you can use to build credit for free, as well as other tools to help you get ahead financially. 

This includes a Step savings account, called Step Black, that pays a generous 3.00% APY and offers up to 8% cash back, and early direct deposit.

It also has a round-up savings feature that allows you to invest your spare change. Is Step the right financial tool for you? Find out in this full review. 

Who Is Step?

Step is a fintech app that offers a secured visa card. It also has features that work well for children, with support from their parents. The company is based in Palo Alto, CA. It was founded in 2018 by CJ MacDonald and Alexey Kalinichenko. As mentioned, Step is a fintech rather and not a bank. However, banking services are provided through its partner-bank Evolve Bank & Trust.

“Our mission is to educate the next generation to be smarter with money. And it’s always bugged me that schools don’t teach kids about money. Families, rich or poor, don’t talk about money. You really have to have an understanding of the financial ecosystem just to get by in life.” said MacDonald in an interview with TearSheet.

Step has been showcased by teen stars such as Charlie D'Amelio on TikTok. In 2026, Mr. Beast announced he was acquiring Step.

What Do They Offer?

Step provides a secured Visa card and an account where your money is stored. It differs from a regular credit card in that you can only spend money that is in your account — there is no credit limit. You have to be 18 or older in the U.S. to open an account without a guardian. Those under 18 years of age can open an account with a guardian (i.e., joint), but there may be restrictions. 

The Step Card processes like a credit card. But unlike a credit card, money is withdrawn directly from your Step account for each transaction. This means that teens can begin building credit with the Step Card without ever having to worry about missing payments or paying interest.

Step Features

Some notable features of Step include:

The Step Card is your debit card. It's a physical card. Once you open an account and request your card it takes 7-10 days to receive it. To use your step account until your card arrives, you can link it to Apple Pay or Google Pay.

Step Card Features

When you sign up with Step, you can choose from two secured credit cards: The Step Visa Card, which is free, and the Step Black Visa Signature Card, which has a $4.99 monthly fee. Here's a close look at the features each card offers: 

Step Visa Card 

The Step Visa card is a free secured credit card that not only helps you build your credit score for free with every transaction you make, but it also comes with cash back at rotating merchants, early direct deposit and monthly sweepstakes for cash prizes.

Key Features: 

• Free secured card with no minimums or security deposit
• Free credit building and monitoring
• Earn cash back at rotating merchants
• Get paid up to 2 days early with direct deposit
• Monthly direct deposit sweepstakes
• Referral program for cash rewards
• Deposits are insured by FDIC up to $250,000 through Step's partnership with Evolve Bank & Trust

Step Black

If you wish to get unlimited cash back on every purchase, earn 3.00% on your savings and get over $500 in annual perks, you can subscribe to Step Black for $4.99 monthly. Or, you can get it free by setting up a direct deposit of $500 or more each month.

Note: The Step account does not earn interest. The 3.00% savings rate is actually earned as cash rewards. If you calculated it as an APY, it would equal 3.00%, though the rate is subject to change at any time.

Step Black Features: 

• $4.99/month (Free with $500 in monthly direct deposit)
• Free credit building and monitoring
• Earn 1% unlimited cash back on every purchase
• Earn 2% cash back on subscriptions and entertainment
• Earn 3% cash back on dining and food delivery
• Earn 3% cash back on charitable donations
• Earn 8X points on up to $6000 of annual purchases with select Step Black retail partners
• Over $500 in annual perks
• Earn 3.00% on savings
• Get paid up to 2 days early with direct deposit
• Monthly direct deposit sweepstakes
• Referral program for cash rewards
• Up to $1,000,000 in FDIC insurance coverage through Evolve Bank & Trust

Withdrawals And Deposits

Step provides debit card functionality for teens but other checking features are not present. You can't get paper checks and there is no mobile check deposit feature.

To move money into your Step account, you must use an ACH transfer, link an external bank account, or set up a direct deposit, which you can do within minutes. A direct deposit of $500 per month or more will unlock a free premium account. You can make cash deposits at select retail locations (and by debit card). 

Withdrawing money is similar — you have to move money into another checking account. To date, cash withdrawals are not available either, but may be in the future according to Step.

How Does Step Make Money?

Step doesn’t make money by charging customers fees. Instead, it gets a percentage of debit card interchange fees that are charged to merchants for each transaction. Interchange fees are debit/credit card network fees.

Are There Any Fees?

No, Step does not charge any fees whatsoever. In addition to no monthly fees, you'll never pay overdraft or service fees either.

How Do I Open An Account?

You can visit the Step website and click the "Get Started" button to create an account. Anyone age 13 or above is eligible to join Step. However, every account will also need an adult sponsor (parent or guardian).

Is My Money Safe?

Yes - through its bank partner (Evolve Bank & Trust), Step insures deposits up to $250,000 per depositor through FDIC insurance. Step Black members can be eligible for up to $1,000,000 of FDIC coverage. 

Is It Worth It?

For those that don’t have a bank offering teen checking, Step can be worth it. While it doesn’t have all the features that checking accounts offered by banks have, it has enough to meet most teens’ needs. Plus, its one of the only banking services that can help teens build credit without taking on the risk of credit card use.

If you want to compare similar banking services for teens, check out our checking accounts for kids review and best prepaid cards for teens. Some notable mentions are Axos First Checking and the FamZoo prepaid debit card.

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