Step
Step Visa Card & Money Account
By Alex Compton · Last verified
A sponsored money account with credit-history reporting when teens turn 18
Insurance: Deposits held at Evolve Bank & Trust, Member FDIC, insured to $250,000; up to $1M coverage for eligible Step Black members
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY / yield | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-10-23 | 3% savings reward with Step Black (paid as rewards, not interest); none on the free tier | $0 core; Step Black can be earned at no cost with $300 in qualifying monthly direct deposits or $500 in monthly card spend; paid enrollment may be offered in-app | None | Step account agreement and credit-reporting disclosure →Scoped correction: replaced an absolute no-overdraft/no-debt claim with the agreement’s shortage and repayment terms, and qualified the plan-level all-three-bureaus claim. October 22 full-record verification and earlier observations retained. |
| 2026-10-23 | 3% variable savings reward with Step Black; not bank interest | $0 core maintenance; Step Black earned with $300 qualifying direct deposits or $500 eligible monthly card spending; optional paid enrollment disclosed in-app | None | Step Black terms, current rewards page, FAQ and account agreement checked October 23 →Scoped check: removed the no-longer-advertised 10% merchant-reward headline and unsupported blanket ATM waiver; clarified age 13 eligibility for Black, sponsor-to-child benefits, parent-managed accounts and adult credit-reporting verification. Full-record verification date retained. |
| 2026-09-04 | 3.00% savings reward with earned Step Black status; the account is not interest-bearing | $0 core; Step Black earned at no cost with $300 qualifying monthly direct deposit or $500 monthly card spend; optional paid enrollment may be offered in-app | None | Step rewards and Step Black terms →Removed the unsupported fixed $4.99 price and corrected cashback eligibility; public terms show a free earned path while legal terms allow optional paid annual enrollment at an in-app price |
| 2026-06-11 | 3% savings reward with Step Black; none on the free tier | $0 core; Step Black listed as $4.99 with activity waivers | None | Archive record · no attached snapshotLegacy snapshot before the current earned-status model was confirmed |
Primary-source verification log
Append-only evidence ledger- changed
Scoped correction of absolute no-overdraft/no-debt wording and all-three-bureaus reporting; full-record date retained.
Fields: features, plans, termHistory
Step account agreement and credit-reporting disclosure → - changed
Scoped check of Black eligibility, family benefits, rewards and ATM fees. Current July 22 terms specify age 13 for Black and sponsor benefit sharing; current rewards page advertises 1% cashback, not the prior 10% partner headline. Current account agreement lists a 3 dollar out-of-network fee without a verified blanket Black waiver. Full-record date retained.
Fields: plans, features, atm, cons, ourTake, termHistory
Step Black terms and current rewards, FAQ and account agreement → - changed
Confirmed no monthly core account fee and network ATM access; Black waives Step out-of-network fee but ATM owner charges may remain.
Fields: atm
Step account fees → - changed
Current July 22 terms allow free earned status or optional monthly subscription priced in the app. Annual subscription text is legacy; corrected current analysis.
Fields: ourTake
Step Black current and legacy terms → - confirmed
Confirmed earned Black thresholds, savings reward and cash-back eligibility; retained distinction between rewards and interest.
Step rewards → - changed
Corrected guide and account credit reporting to up to two years of previous payment history reported at age 18.
Fields: lastVerified, tagline, features, pros, ourTake, bestFor
Step credit reporting → - changed
Corrected Step Black to the public earned-status model and moved unlimited 1% cashback off the free tier
Fields: monthlyFee, plans, features, pros, cons, ourTake, termHistory, lastVerified
Step rewards and earned Step Black terms → - changed
Legal terms also contemplate optional paid annual Step Black enrollment at a fee disclosed in the app, so the account page now distinguishes that path from free earned status
Fields: monthlyFee, plans, ourTake, termHistory
Step Black legal terms → - changed
Corrected ATM pricing to a $3 Step out-of-network fee plus possible operator fees and removed unsupported legacy account-limit claims
Fields: atm, features, termHistory
Step Visa Card and Secured Account Agreement →
Plan Options
Step (free)
$0
- ▸Secured Visa card with no monthly fee, no interest and no credit check
- ▸Eligible payment history can be reported after adult verification at 18; bureau reporting varies
- ▸Standard FDIC insurance eligibility up to $250,000 through Evolve Bank & Trust
Step Black
$0 when earned with $300 in qualifying monthly direct deposits or $500 in monthly card spend; optional paid enrollment terms are disclosed in-app
3% savings reward
- ▸3% savings reward on balances
- ▸Unlimited 1% cashback with Step Black; current eligibility starts at age 13
- ▸FDIC coverage expanded up to $1M for eligible members
Features
- ▸Secured Visa charge card with spending limits tied to available funds; a shortage can still occur and must be repaid
- ▸Can report up to two years of prior payment history when a user turns 18; credit outcomes vary
- ▸Step Black adds unlimited 1% cashback; a qualifying sponsor can extend benefits to eligible sponsored accounts
- ▸Parent sponsors the account for minors and can monitor activity and send money instantly
- ▸Direct deposit with early payday access
- ▸Round Ups and savings goals help separate money for future spending
- ▸Optional stock and ETF investing for eligible users
Pros
- +Genuinely free core account with no subscription fee or minimum balance
- +Prior payment history can support credit building at 18
- +No minimum age; minors need an adult sponsor
- +Step Black can be earned without a subscription through direct deposit or card activity
Cons
- −Step Black has separate age and activity requirements; a temporary preview is not ongoing qualification
- −3% savings reward requires monthly Step Black qualification and is not bank interest
- −Partner bank Evolve Bank & Trust has a rocky recent history (Synapse fallout, 2024 data breach)
- −Acquired by MrBeast's Beast Industries in February 2026; product direction under new ownership is unproven
Our Take
Step combines a no-monthly-maintenance-fee secured card with a path to report up to two years of prior payment history after adult verification at 18, subject to eligibility. Younger children can use a parent-managed account without their own phone. Unlimited 1% cashback requires Step Black, whose current terms specify age 13 or older and allow earned status or optional paid enrollment. A sponsor's Black status can extend to eligible sponsored accounts; a child's status does not extend to siblings or the sponsor. The savings rate is a variable reward, and transaction fees can still apply.
Best for: Families who want a no-monthly-fee account with a credit-building path at 18
Open at Step →Last verified 2026-10-22
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