Updated September 28, 2026 · VaultCue Editorial Team
Mercado Pago vs Step
Mercado Pago
Higher score in this comparison
Step
What sets them apart
| Compare | Mercado PagoReviewSee alternativesSee alternatives | StepReviewSee alternativesSee alternatives |
|---|---|---|
| Headline rate | 105%Higher | 3% |
| Minimum deposit | R$0 | $0 |
| Access terms | Money usable at any time, no IOF, accrues daily on business days, no minimum balance | 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 |
| Monthly fee | R$0 | $0 |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
Same on both: Rate type (Variable), Account kind (Easy access).
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
- Mercado Pago scores higher overall: 9.3 vs 8.8.
- Mercado Pago is available in 2 more countries.
- Headline rate is higher at Mercado Pago: 105% vs 3%.
- Support channels: only Step offers Chat, Email.
Our verdict on each
Mercado Pago
Mercado Pago pays a headline rate of 105% on money that stays usable at any time, with a monthly fee of BRL 0 and a minimum deposit of BRL 0, which suits businesses and teens who want a balance that earns while it sits. The rate is variable, so the return can move.
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 | Mercado Pago | Step |
|---|---|---|
| Cost | 9.3A monthly fee of BRL 0 and a minimum deposit of BRL 0 on an easy access account. | 9.3Monthly fee of $0 on a no monthly fee model, with free atm for ATM withdrawals. |
| Offer | 9.2A headline rate of 105% on money that stays available, credited on business days with no minimum balance. | 9.4Higher |
| Trust | Not confirmed | 8.1 |
Where they rank in our lists
| Ranking | Mercado Pago | Step |
|---|---|---|
| Savings accounts | 150 of 1420 | 490 of 1420 |
| Student, teen and kids accounts | 44 of 273 | 152 of 273 |
Licences and countries
| Country | Mercado Pago | Step |
|---|---|---|
| United States | Not confirmed |
Additional countries for Mercado Pago: 3. Additional countries for Step: 1.
Every fact side by side
| Fact | Mercado Pago | Step |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | Mercado Pago Instituicao de Pagamento Ltda. | Step Financial LLC |
| Headquarters | Brazil | United States |
| Founded | Not confirmed | 2020 |
| Support channels | Help centre, Phone | Chat, Email, Phone, Help centreCovers more |
Everyday accounts
| Fact | Mercado Pago | Step |
|---|---|---|
| Currencies | 2 | Not confirmed |
| Audience | Business, TeenCovers more | Teen |
| Features | Digital only | Free ATM |
| Local account details | Not confirmed | Us ACH |
| Transfer fee | Free | Small fee for Instant Transfer to a linked debit card |
Money transfer
| Fact | Mercado Pago | Step |
|---|---|---|
| Delivery time | Instant | Not confirmed |
| Fee to send 1,000 | ARS 0 | Not confirmed |
Where each stands against the rest
| Fact | Mercado Pago | Step | Median |
|---|---|---|---|
| Headline rate | 105%highest quarter | 3%below the median | 3.25% |
Median across 658 listed accounts.
Pros and cons
Mercado Pago
Pros
- A headline rate of 105%, placed 1 of 473 on headline rate here.
- A monthly fee of BRL 0 and a minimum deposit of BRL 0, so nothing is listed to pay for holding the balance.
- Money stays usable at any time, accrues daily on business days, with no IOF charged on the balance.
Cons
- The rate is variable, so the return can move rather than being set in advance.
- Support runs on help centre and phone only, a narrower set of routes than a branch counter.
- The account is digital only, so there is nothing to visit in person.
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
Mercado Pago
Who it suits
- Businesses that park sales money in the account and want it to earn between payments.
- Teen users opening a first account: the audience is listed as business and teen and the minimum deposit is BRL 0.
- Anyone who needs a balance that can be spent on the same day it accrues interest.
Who should look elsewhere
- PayPal Colombia, listed at 3.3% on headline rate, for anyone who wants a far lower advertised figure.
- Readers who want a rate fixed in advance, since the rate here is variable. Plazo ES lists 24.19% and AXI Card Tarjeta y Credito 21.59% for a side-by-side check.
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
Mercado Pago
Current offer
Bonus
Cofrinhos yield 120% of CDI with Meli+: 120% of CDI on Cofrinhos
Active Meli+ subscription; Cofrinhos are part of the Mercado Pago account
Source, checked September 26, 2026
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 | Mercado Pago | Step |
|---|---|---|
| Argentina | Yes | No |
| Brazil | Yes | No |
| Mexico | Yes | No |
| United States | No | Yes |
Questions about each
Mercado Pago
What rate does Mercado Pago pay on the balance?+
The account pays a headline rate of 105%. The rate type is variable, so the figure can move rather than staying set for a term. Interest accrues daily on business days and the money remains usable at any time.
Is there a monthly fee to pay?+
The monthly fee is BRL 0 and the pricing model is no monthly fee, so there is no recurring charge to keep an eye on. Money also leaves without a listed charge, at ARS 0 per transfer.
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.
Other options to compare
Other matchups
Related by the facts
Mercado Pago
Step