Deal has ended, view more bank account bonuses by clicking here.
Update 9/4/24: Opening this requires a tradeline.
Offer at a glance
- Maximum bonus amount:Â $200
- Availability:Â Nationwide
- Direct deposit required:Â Yes, $500+
- Additional requirements:Â None
- Hard/soft pull:Â Soft
- ChexSystems: Unknown
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:None listed
- Expiration date:Â 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
Fees update sent via email today:
We’re reaching out to let you know that we’re updating our Terms of Service, Privacy Policy, and fee structure. The upcoming change in fees will not affect users on Step Black, which can be unlocked for free by setting up a qualifying direct deposit. The updated terms are posted here and will go into effect on July 17th, 2025.
Here are some of the updates you’ll see:
Summary of fee changes:
Fee TypeCurrentNewDebit Card Funding Fee$0.50 < $20, no fee ≥ $201.99% (min $0.99)Bank Transfer Fee$0.50 < $20, no fee ≥ $20$0.99 < $20, no fee ≥ $20ATM Fee (Out of Network)$2.50$3.00Instant Cash Out Fee1.75% (min $0.35)2% (min $0.99)EarlyPay Late Fee$5.00
If you have any questions, please email us at [email protected].
Thank you,
—The Step Team
Anyone else close their account but Step hasn’t reported the account closed to the credit bureaus?
FYI you can close account in app by going to Profile -> Edit Account Information -> Close Account
Rep confirmed no 1099 will be issued for this bonus
did these idiots do a hard check?. anyone received notification?
Just got an alert on my credit report today.
Has anyone successfully closed this account with no EATF?
Any termination fees ?
FYi…they are trying to only pay me $50 claiming there was a referral ans after their CSR confirmed my eligibilty. Absolutely stay way from this joke of a firm
I used wise for the DD. Now they emailed me to prove that it’s my DD and to show them a paystub. Is that even legal?
Has enough time passed yet, where anyone can tell if after closing this account that your credit score came back up again?
Another month passsed and my credit score went back to normal. For me, my score went down 30-40 points 1 month after opening and then bounced back a month later. I think if I close this account it will dive again, so I’ll just leave it open. Maybe they will have a good referral bonus in the future.