Step Launches 5.00% on Savings Balances up to $250,000

Step, the all-in-one financial platform for the next-generation, announced that customers can now earn an exceptional 5.00%1 on their FDIC insured savings balances, up to $250,000 – a rate that’s more than 12 times the national average.

With inflation, interest rates, and costs of living all at generational highs, young people are struggling to save at a time when it’s crucial to have money set aside. According to a recent Bankrate survey, just 22% of savers are earning interest of 3% or more on their accounts. Most savers are earning far less, with 24% of respondents earning less than 1%3.

“Our goal is to help teens and young adults achieve their financial goals, whether that means going to college, buying a car, or starting a business with fewer financial burdens,” said CJ MacDonald, CEO and Co-Founder of Step. “We are reimagining how savings should work and putting our Step users first. Our new 5.00% savings rate puts more money in their pockets that they can save, invest, or put towards their goals – all with their Step App.”

Step users can earn 5.00% on their savings by setting up a monthly qualifying direct deposit. There are no monthly fees and no minimum balance requirements. Unlike many high-yield savings accounts and Certificates of Deposits on the market, there are no limits on how often or when people can access their money. Users can automatically round up their purchases to the nearest dollar and add the change to their savings, earning 5.00% on every dollar they save.

In addition to this savings offer, Step also unveiled an elevated rewards program. Customers who qualify to earn 5.00% on their savings will also earn 3x points on purchases at select merchants, 2x points on restaurant dining, food delivery, and charitable donations, and 1x points on entertainment, streaming, and gaming, helping them get more out of their everyday spending.

These best-in-class benefits complement Step’s existing credit history building, banking, and investing tools already provided to over 4 million account holders who are using the platform to build a bright, and responsible, financial future.