Move over Apple, Step launches 5% savings account

Step, the digital banking service geared toward teens and young adults, is now offering a 5% rate on its savings accounts.
With just 1 in 3 Americans having adequate savings for emergencies, Step is among dozens of startups, like Current, Greenlight, Super.com and Hyve, focused on helping people save.
There are no monthly fees and no minimum balance requirements on the Step accounts, and customers who open an FDIC-insured savings account with up to $250,000. However, to secure that 5%, users have to set up a monthly direct deposit of $500 or more from a payroll provider or employer.
“The direc

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