Updated October 14, 2026 · VaultCue Editorial Team
Step vs ubank
Step
Higher score in this comparison
ubank
What sets them apart
| Compare | StepReviewSee alternativesSee alternatives | ubankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | $0 | Not confirmed |
| Deposit protection | FDIC up to USD 250,000 | Not confirmed |
| Local account details | Us ACH | Not confirmed |
| Transfer fee | Small fee for Instant Transfer to a linked debit card | Not confirmed |
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Our verdict on each
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.
ubank
Ubank lists goal-oriented savings, Autosave, savings accounts and Shared Save accounts.
Score breakdown
| Area | Step | ubank |
|---|---|---|
| Cost | 9.3Monthly fee of $0 on a no monthly fee model, with free atm for ATM withdrawals. | Not confirmed |
| Offer | 9.4 | Not confirmed |
| Trust | 8.1 | Not confirmed |
How they place
| Ranking | Step | ubank |
|---|---|---|
| Savings accounts | 490 of 1420 | 1317 of 1420 |
Every fact side by side
| Fact | Step | ubank |
|---|---|---|
| Audience | Teen | Not confirmed |
| Pricing model | No monthly fee | Not confirmed |
| Features | Free ATM | Not confirmed |
| Legal entity | Step Financial LLC | National Australia Bank |
| Headquarters | United States | Australia |
| Founded | 2020 | 2008Lower |
| Support channels | Chat, Email, Phone, Help centre | Not confirmed |
Savings
| Fact | Step | ubank |
|---|---|---|
| Headline rate | 3% | Not confirmed |
| Rate type | Variable | Not confirmed |
| Minimum deposit | $0 | Not confirmed |
| Access terms | 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 | Not confirmed |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Step | ubank | Median |
|---|---|---|---|
| Monthly fee | $0at the median | Not confirmed | $0 |
Median across 144 listed accounts.
Pros and cons
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
ubank
Pros
- Ubank lists goal-oriented savings, Autosave, savings accounts and Shared Save accounts.
- The captured overview does not provide rates.
Who each suits
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
ubank
Who it suits
- Australia Ubank customers choosing goal-based, automatic or shared savings tools
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 | Step | ubank |
|---|---|---|
| Australia | No | Yes |
| United States | Yes | No |
Questions about each
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.
What has to be true for the full savings rate?+
The 3% rate depends on holding a status level, which is earned by spending with the Step Card or by qualifying direct deposits each calendar month. Keep that activity up and the account pays the headline 3%. Let the activity lapse and the return on your savings drops.
Is my money protected?+
Banking services are provided by Evolve Bank & Trust, Member FDIC, and deposits are covered FDIC up to USD 250,000. The cover is stated in US dollars, which matches how a US teen account is funded. The account itself is easy access, so withdrawals are not held for a notice period.
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Step
ubank