To start earning 4.00% on your savings, subscribe to Step Black. Get it free by setting up a monthly direct deposit of $500 or more to your Step Account, or choose to pay $4.99 per month. Simply set up direct deposit from the Move Money screen—whether it’s your entire paycheck or just enough to qualify for that 4.00% boost every month.

To maximize your earnings, become a Step Black member and consider setting up a monthly direct deposit of $500 or more to your Step Account so that you don't pay the monthly fee. Consistent contributions, combined with the high 4.00% rate, can help your savings grow faster and reach your financial goals sooner.

All deposits made with Step Black Accounts are insured up to $1,000,000 by our bank partner, Evolve Bank & Trust, member FDIC. Standard Step Accounts are insured up to $250,000 by our bank partner. That means your family’s money is federally backed and safe, no matter what.

A 4.00% savings rate means that your money will grow faster compared to a standard savings account. If you start with $1,000 in your Step Savings Goal and don’t touch it for a year, you could earn $40 in interest. With regular contributions, your savings—and the interest you earn—can grow even more over time.

Banks are required to maintain minimum balances on an overnight basis to ensure they have enough funds for day-to-day activity. The federal funds rate is the target interest rate that U.S. banks pay one another to borrow or loan money overnight in order to meet the balance requirements. We’ve set our savings offer (4.00%) to be close to the Federal Funds Rate so that you can maximize your savings, but not every financial institution does this.