Use the Step app to help kickstart your teens understanding of personal finances!
Financial Literacy App For Teens
Step, is an online banking platform designed specifically to introduce teens to the world of banking. It’s partnerships include Mastercard, Evolve Bank and Trust and more. The company offers a, Step Card, a debit card that teens and their parents can link to a bank account online. The online account will provide a resources and up to date bank statements that can be access and supervised by parents. The product and app was created to service “the pre-banked population, which is comprised of approximately 75 million people under the age of 21 in the U.S” and is already waitlisted with more than 500,000 orders. More perks listed below. See the full story at Businesswire.com
- Deposits: Industry-leading interest on deposits at a current rate of 2.5% with round-up savings capabilities in an FDIC-insured account up to $250,000
- ATMs: Access to a network of 35,000 ATMs nationwide with no hidden fees or ATM fees
- Spending: Controlled spending limits, help building credit and fraud protection; Step offers Zero Liability Protection on all spending card purchases from unauthorized use with no overdraft fees
- Mobile: Real-time budgeting tools as well as transaction and balance tracking
- Parents: Ability to set limits and guidelines as well as visibility into spending
- Digital Cash: Send and receive money instantly on your phone; access it right away
Learn more about the Step financial literacy app for teens and Step Card at Step.com
Taking It A Step Further
Go ahead and set the account if you’re interested, just be sure to teach and practice good savings habits with your family. Take a look at our saving challenges to have some fun and start setting some goals!