One of the main reasons for founding Step was a strong belief that for teens to become savvy with their money, the products they use to manage it needs to mirror their lifestyle –– a stark contrast to most banking apps currently on the market which offer technology with a one-size-fits-all approach. Schools don’t teach kids how to manage their money and most families don’t talk about financial basics either, leaving the next generation largely in the dark.
We built the industry’s first all-in-one banking solution for teens and families, allowing them to open a free, FDIC insured bank account in less than two minutes. What’s more, there’s no interest or fees of any kind and no minimum balance required. Additionally, with the Step App, teens also receive a secured spending card backed by Visa and have the ability to send and receive money instantly from their phones, thanks to Step’s unique P2P payments platform. Think Venmo meets Wells Fargo for the next generation.
Another game-changing benefit of the Step Card is that we actually help teens start building credit at an earlier age. Think of it like a credit card with training wheels. The Step Card functions like a debit card but with the protections of a credit card. Because it’s a secured card, Step users can only spend what they have in their account and are reminded of their remaining balance each time they make a transaction. Not only does this help teens learn to be mindful of their spending, but it also enables them to build a positive credit history which will save them money in the future as they look to rent an apartment or take out a student loan.
By offering a platform built specifically for a teen’s financial needs, it becomes easier for families to help guide their children towards financial independence, helping them develop healthy financial habits each step of the way.
Our mission: to improve the financial future of the next generation.