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June 06, 2019

Step raises $22.5 million to help teens manage their money

Step’s bank accounts, which come with a cobranded Mastercard, are securely held and FDIC insured through their sponsor bank, Evolve Bank & Trust. Customers can access a network of 35,000 no-fee ATMs at thousands of locations in the U.S., with Stripe providing issuing and processing technology.

Step users get 2.5% interest on deposits, with round-up savings in an FDIC-insured account of up to $250,000. Through its online and mobile dashboards, Step offers controlled spending limits, guides to building credit and fraud protection, and Visa’s Zero Liability Protection on all unauthorized card purchases, without overdraft fees. Read rest here.