Update 9/4/24: Opening this requires a tradeline.
Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: Yes, $500+
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit:None listed
- Expiration date: Sept. 30, 2024
Contents
The Offer
- Step App is offering a $200 bonus when you open a new checking account and complete the following requirements:
- Receive a direct deposit of $500+ and receive a $200 bonus
- Receive a direct deposit of $150-$499 and receive a $100 bonus
The Fine Print
- Offer available to new users only. To receive the bonus: 1) Open a new Step account, which is subject to approval on or before 11:59 pm PT Sept. 30, 2024; and 2) Have a single direct deposit made to this account within 30 days of account opening. Direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments are not considered a direct deposit. Direct deposit $149 and under, not eligible for bonus. If between $150-$499, eligible for $100. If $500 or more, eligible for $200.
- Max reward up to $200 based on direct deposit amount.
- Funds will be deposited in your Step Account, if open and in good standing, within 30 days following the eligible direct deposit.
- User must have made a minimum of $20 in settled card purchases within 30 days of account opening to receive payout.
- Offer is non-transferable, cannot be combined with other offers and is subject to change at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees
Early Account Termination Fee
Unsure if there is any EATF.
Our Verdict
Step is a bank account geared toward younger customers building credit and is available to anyone of all ages. Previously there was a $100 bonus via Swagbucks, that is no longer being offered but this $200 bonus is significantly better anyway. Banking services provided by Evolve Bank & Trust so that might be a concern for some readers. Bonus says non transferable, but looks to be open to everybody? I suspect this bonus won’t last long so if you’re interested sign up sooner than later. Will add this to our list of the best bank bonuses.
Hat tip to reader CB
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Besides $500 direct deposit do we also need to make 20 purchase to receive this bonus?
User must have made a minimum of $20 in settled card purchases within 30 days of account opening to receive payout
I used https://step.com/limited-time-offers this link from DoC post. How could it become referral?
since I already opened step account, I will do the DD offer. Not going to open that card though and hope i get the bonus of 200$.
this is bad promo on their part to not include that card details in promotion header.
All users can receive the 3% reward on funding. Only new users can get the direct deposit and referral rewards.
Do you have links for the terms of the different offers. Thanks!
LEGOProBuilder
The terms are here: https://step.com/limited-time-offers
Do they show up on your Chex Report?
I just opened this account. Why do I see “Your $50 reward is pending. $50 will be deposited into your account once you receive a direct deposit within 30 days of sign up”?
I used Doc link with $200 promo, entered my phone number, got text message and installed the app by SMS link.
That’s the referral offer at https://step.com/limited-time-offers. It should stack with the $200 promo.
I’ve got email “Get up to a $200 bonus…” after signing up. So I should be safe to make a wise DD? Their CS is not good.
Yes. You’ll also need to use their secured credit card.
Direct deposit $149 and under, not eligible for bonus. If between $150-$499, eligible for $100. If $500 or more, eligible for $200. Max reward up to $200 based on direct deposit amount. Funds will be deposited in your Step Account, if open and in good standing, within 30 days following the eligible direct deposit. User must have made a minimum of $20 in settled card purchases within 30 days of account opening to receive payout. https://web.archive.org/web/20240904211206/https://step.com/limited-time-offers
Based on the FAQ you’d need to opt-in for it report to credit bureaus but support seems to be saying (see comments below) it reports automatically after any purchase so they likely changed it so that there is no way to opt-out of credit reporting. https://web.archive.org/web/20240908225409/https://help.step.com/en/articles/6079272-how-does-step-help-to-build-my-credit-history
How do we go about stacking it?
I just contacted support to see if the $50 Referral offer & the $200 DD offer stack. The representative said that “If you sign up with the referral code, they will not be eligible for the promotion of earning $200 on their first direct deposit, as offers cannot be combined”.
I got the same response.
How does a new tradeline without a hard pull affect credit scores? I don’t churn credit cards, so hard pulls aren’t a thing on my report, but I’ll be in the market for a new car in the next few months and don’t want this to lead to a higher interest rate
Been using Step since March 2024. No hard pull but it’s reported as a secured card to all 3 CB.
This app is designed for teens with little to no credit history.
Just saw all the bad links. I opened with them yesterday using real phone number and email. Should I worry?
Reading through comments below, Where are people seeing that this account would result in a new trade line / credit line and/or hard pull? Not seeing discussion of that anywhere in the direct link to offer, or do you only see it once you are about to submit the application?
https://www.doctorofcredit.com/step-app-200-bonus-with-direct-deposit/#comment-1905878
“…it’s reported as a secured card to all 3 CB.”
Thank you definitely gonna stay away!