Updated September 28, 2026 · VaultCue Editorial Team
Nequi vs Step
Nequi
Step
Higher score in this comparison
Nequi vs Step: the differences
| Compare | NequiReviewSee alternativesSee alternatives | StepReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | COP 0 | $0 |
| Transfer fee | Free (GRATIS) to send to Nequi or Bancolombia accounts/deposits, to other banks via ACH, and by QR | Small fee for Instant Transfer to a linked debit card |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
| Currency conversion fee | 3% | Not confirmed |
| Currencies | 2 | Not confirmed |
| Local account details | Not confirmed | Us ACH |
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Key differences
- Step scores higher overall: 8.8 vs 8.5.
- Founded is lower at Nequi: 2015 vs 2020.
- Support channels: only Nequi offers Community.
- Support channels: only Step offers Email.
- Audience: only Nequi offers Business, Freelancer.
Our verdict on each
Nequi
Nequi suits Colombian adults who want everyday spending and an insured savings balance in a single free account, not readers who need a long currency list. The monthly fee is COP 0, and currency conversion at 3% is the only charge that adds up.
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 | Nequi | Step |
|---|---|---|
| Cost | 8.2The monthly fee is COP 0 and transfers are free, but conversion at 3% is well above the everyday-accounts median 0.22%. | 9.3HigherMonthly fee of $0 on a no monthly fee model, with free atm for ATM withdrawals. |
| Offer | 9.1 | 9.4Higher |
| Trust | 8.4Higher | 8.1 |
How they place
| Ranking | Nequi | Step |
|---|---|---|
| Savings accounts | 582 of 1420 | 490 of 1420 |
| Student, teen and kids accounts | 178 of 273 | 152 of 273 |
Every fact side by side
| Fact | Nequi | Step |
|---|---|---|
| Audience | Teen, Business, FreelancerCovers more | Teen |
| Pricing model | No monthly fee | No monthly fee |
| Features | Free ATM | Free ATM |
| Legal entity | Nequi S.A. Compania de Financiamiento | Step Financial LLC |
| Headquarters | Colombia | United States |
| Founded | 2015Lower | 2020 |
| Support channels | Phone, Chat, Help centre, Community | Chat, Email, Phone, Help centre |
Money transfer
| Fact | Nequi | Step |
|---|---|---|
| Exchange rate markup | 3% | Not confirmed |
| Delivery time | Within 24 hours | Not confirmed |
| Payout methods | Bank, Cash pickup, Wallet | Not confirmed |
| Fee to send 1,000 | COP 0 | Not confirmed |
Savings
| Fact | Nequi | Step |
|---|---|---|
| Headline rate | Not confirmed | 3% |
| Rate type | Variable | Variable |
| Minimum deposit | Not confirmed | $0 |
| Access terms | Nequi savings account for Colombian natural persons over 18, unlimited balance and no transaction cap, one savings account per user, deposit insured by FOGAFIN | 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 | Nequi | Step | Median |
|---|---|---|---|
| Currency conversion fee | 3%highest quarter | Not confirmed | 0.5% |
| Currencies | 2lowest quarter | Not confirmed | 5 |
Median across 536 listed accounts.
Pros and cons
Nequi
Pros
- Deposits are insured by FOGAFAN, and the balance is unlimited with no transaction cap.
- The account kind is easy access and the savings rate is variable.
- Money can go to a bank, a cash pickup point or a wallet, per bank, cash pickup and wallet.
Cons
- Currency conversion costs 3% with a markup of 3%, above the everyday-accounts fee median of 0.22%.
- Only 2 currencies are supported, against an everyday-accounts median of 9.
- A single savings account per user, and only Colombian natural persons can open it.
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
Nequi
Who it suits
- Colombian adults who want savings and everyday spending in a single free account with insured deposits
- People in Nequi's core audience of teen, business and freelancer, from teens to freelancers
- Freelancers in Colombia who take payouts to a bank, a cash pickup point or a wallet, per bank, cash pickup and wallet
Who should look elsewhere
- Readers who hold many currencies: Nequi covers 2 and charges 3% to convert, so Skrill is the one to compare
- Anyone earning or saving in euros rather than pesos, since Plazo ES is priced in euros with a monthly fee of €0
- Readers who want a payment wallet rather than an insured savings balance, since PayPal Colombia also has a $0 monthly fee
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
Nequi
Current offer
Bonus
Tienda Virtual Nequi: Walaky cashback: Up to 7% money back
Devolucion de plata on digital purchases at Walaky through Tienda Virtual Nequi
Source, checked September 26, 2026
Bonus
Tienda Virtual Nequi: Clevercel cashback: Up to 4% cashback
Devolucion de plata on digital purchases at Clevercel through Tienda Virtual Nequi
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 | Nequi | Step |
|---|---|---|
| Colombia | Yes | No |
| United States | No | Yes |
Questions about each
Nequi
What does Nequi cost to keep each month?+
The Nequi savings account carries a monthly fee of COP 0, so there is no standing charge for Colombian adults. Transfers to Nequi or Bancolombia accounts, to other Colombian banks by ACH and by QR are free, with a transfer fee of COP 0.
Is my money protected in a Nequi savings account?+
Deposits in the Nequi savings account are insured by FOGAFIN, and the account kind is easy access. The balance is unlimited with no transaction cap, and the account is open to Colombian natural persons with a single savings account per user.
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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Nequi
Step