Updated September 28, 2026 · VaultCue Editorial Team
Fi Money vs Step
Fi Money
Higher score in this comparison
Step
What sets them apart
| Compare | Fi MoneyReviewSee alternativesSee alternatives | StepReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | ₹0 | $0 |
| Deposit protection | EU DGS up to EUR 100,000 | FDIC up to USD 250,000 |
| Licence type | Payment institution | Not confirmed |
| Currency conversion fee | 0% | Not confirmed |
| Local account details | Not confirmed | Us ACH |
| Transfer fee | Not confirmed | Small fee for Instant Transfer to a linked debit card |
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- Fi Money scores higher overall: 8.9 vs 8.8.
- Fi Money is available in 1 more country.
- Support channels: only Step offers Phone.
- Pricing model: only Fi Money offers Low FX.
- Features: only Fi Money offers Digital only.
- Features: only Step offers Free ATM.
Our verdict on each
Fi Money
Fi Money charges a monthly fee of INR 0 and a currency conversion fee of 0%, a pairing that sits at the sharp end of the everyday account market. It suits people who want easy access savings on digital only terms, and less so anyone who needs support beyond email, chat and help centre.
Step
Step suits teens and students in the US who want a free everyday account and easy access savings, with an overall score of 6.3. Costs sit at $0 a month and savings run at 3% variable, but that rate waits on a status earned by card spending or qualifying direct deposits.
Score breakdown
| Area | Fi Money | Step |
|---|---|---|
| Cost | 9.4Higher | 9.3Monthly fee of $0 on a no monthly fee model, with free atm for ATM withdrawals. |
| Offer | 9.2 | 9.4Higher |
| Trust | 8.2Higher | 8.1 |
How they place
| Ranking | Fi Money | Step |
|---|---|---|
| Savings accounts | 404 of 1420 | 490 of 1420 |
Every fact side by side
| Fact | Fi Money | Step |
|---|---|---|
| Audience | Not confirmed | Teen |
| Pricing model | No monthly fee, Low FXCovers more | No monthly fee |
| Features | Digital only | Free ATM |
| Legal entity | Money International | Step Financial LLC |
| Headquarters | Belgium | United States |
| Founded | Not confirmed | 2020 |
| Support channels | Email, Chat, Help centre | Chat, Email, Phone, Help centreCovers more |
Savings
| Fact | Fi Money | Step |
|---|---|---|
| Headline rate | Not confirmed | 3% |
| Rate type | Not confirmed | Variable |
| Minimum deposit | Not confirmed | $0 |
| Access terms | Existing accounts: log in to the Federal Bank FedMobile app; new savings accounts cannot be opened through the Fi app | No savings minimums; 3.00% on savings requires Step Black status, earned by spending $500 with the Step Card or $300 in qualifying direct deposits each calendar month |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Fi Money | Step | Median |
|---|---|---|---|
| Currency conversion fee | 0%below the median | Not confirmed | 0.5% |
Median across 377 listed accounts.
Pros and cons
Fi Money
Pros
- A monthly fee of INR 0 and a conversion fee of 0% put Fi Money at a rank of 1 among 500 brands, and 1 among 312 brands for conversion.
- Deposits sit under EU DGS up to EUR 100,000, and the savings account is easy access so the balance stays reachable.
- The pricing model is no monthly fee and low fx, with day to day help over email, chat and help centre.
Cons
- New savings accounts are opened outside the Fi app, so existing customers reach the balance through the Federal Bank FedMobile app.
- Support runs on email, chat and help centre only, so there is no phone line for urgent problems.
- The account is digital only, so branch and counter service are ruled out.
Step
Pros
- Monthly fee of $0 on a no monthly fee account
- Savings rate of 3% variable with a minimum deposit of $0
- free atm means no ATM charge when you need cash
Cons
- The full savings rate is tied to a status earned by card spending or qualifying direct deposits, so an inactive month earns less
- Small fee for Instant Transfer to a linked debit card for an Instant Transfer to a linked debit card
Who each suits
Fi Money
Who it suits
- People who want an easy access savings account with a monthly fee of INR 0 and a conversion fee of 0%.
- Existing Federal Bank FedMobile app users who want their savings balance in the same place as their everyday banking.
Who should look elsewhere
- Anyone after a card and credit product rather than savings, where AXI Card lists a monthly fee of €0.
- People who want a dealing platform or a payments wallet, where XTB charges a monthly fee of €0 and Skrill charges €0.
Step
Who it suits
- Teens in the US building their first account
- Students who keep a direct deposit in place to keep the better savings rate
Who should look elsewhere
- bunq and bunq Spain Bank Account, where a euro account serves a euro market rather than a US teen account
- Pixpay FR, which charges a monthly fee of €3.99
Current offers
Step
Current offer
Bonus
Cashback on Step Card purchases with Step Black: Up to 10% cashback on purchases with select Step Black Partners, and unlimited 1% cashback on everything else
Requires Step Black enrollment; Step Black is an earned status available at no cost and full status is earned by meeting qualifying activity thresholds each month
Source, checked September 26, 2026
Bonus
Step savings reward: 3.00% on your savings balance (cash rewards, not interest)
Step Black is an earned status available at no cost; full status is earned by meeting qualifying activity thresholds each month; percentage is variable and may change
Source, checked September 26, 2026
Country by country
| Country | Fi Money | Step |
|---|---|---|
| Belgium | Yes | No |
| India | Yes | No |
| United States | No | Yes |
Questions about each
Fi Money
What does it cost to keep a Fi Money account?+
The monthly fee is INR 0 and the currency conversion fee is 0%, so neither common charge adds anything to the cost. Fi Money ranks 1 among 500 brands for the monthly fee and 1 among 312 for conversion.
Is my money protected and who regulates Fi Money?+
The legal entity is Money International, registered in Belgium, and it holds a payment institution licence listed as PSD_PI BE_NBB!0475445104. It appears on the BE_NBB register and the European Banking Authority payment services register. Deposits are covered by EU DGS up to EUR 100,000, which protects savings up to the scheme limit.
Step
How much does a Step account cost each month?+
The monthly fee is $0 and the account follows a no monthly fee model, so there is nothing to pay simply for holding it. Cash handling is covered by free atm, so withdrawing at an ATM costs nothing either. The one charge to watch is Small fee for Instant Transfer to a linked debit card to a linked debit card.
What interest do I get on savings?+
The headline savings rate is 3% and it is variable, so it can move rather than being locked. The minimum deposit is $0, which means you can start small. Savings are easy access, so you can take money out without giving up a fixed term.
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Fi Money
Step