The Step app is a FREE banking app that allows parents to set up a “sponsored” or “custodial” account for their teens.
Additionally, new Step users get rewarded with $1 credited to their step account! (they keep changing this amount. Sometimes it’s $1, sometimes it’s $3.)
They recently seem to have rebranded slightly from Step Next Generation Banking, to Step – Teen Banking, but their service is still the same.
Their primary selling point is that it allows parents to easily set up a custodial bank account and transfer money to their kids, but adults can use it for their banking needs too.
It’s a VERY simple app and the whole point of the app is to make it easier for parents to give their kids a taste of financial freedom and the convenience of having their own bank card, without having bank fees or having to waste time with annoying money transfers.
Using their service also helps develop a credit history, so that’s a huge plus as well.
Or you can request money from another Step user by tapping the “Request” button, which functions the exact same way as sending money.
Making Money By Referring People To Step
The Step Squad
The Step Squad is simply an affiliate program for people who have actually tried the app and gotten a few successful referrals.
By joining the Step Squad, you get $2 per referral instead of $1, but there are a few minimum requirements to join.
To become a Step Squad member, you must:
These requirements are fairly easy to achieve, so you should definitely try to make it happen if you’re attempting to make money from Step.
Regular referrals are nice, but it just makes sense to make double the amount per referral.
Being a content marketer, I’m always on the lookout for ways to make money from apps like this. That’s literally what my job is.
Most apps, including the Step app, will pay users to refer other users. This kind of monetized user acquisition model is VERY effective at building a brand’s user base.
For evidence of that, look at what happened to the Zynn app recently. Within a month, their app rose to the top of the apple store, and became #7 on the google play store, making us content marketers a very decent amount of money in the process.
Step probably won’t blow up quite as fast as Zynn did, because it’s payout is only $3 per referral, BUT you’d be surprised at how willing people are to try out an app for a few dollars.
All anyone has to do is use your Step referral link to sign up and open an account.
It’s really simple and easy, so give it a try.
Like Zynn though, no-one knows how long their referral program will last! (Zynn recently cancelled theirs) So try to take advantage of it while you can, although Step may have better luck keeping their referral program around because of the low reward amount.
Most people assume “I can’t get people to sign up for stuff!”, but it’s really not all that difficult.
If you’d like to learn more about how it’s done, we have a really in-depth article about how to make money online that you should check out.
Edit: I believe they have changed their referral system a little recently.
It seems like now, they are only allowing teen sponsored accounts to get new referral links, but your old links still work even if you’re using a parent account.
However, they also seem to have added the ability to earn money through surveys about their service, but I haven’t been given one yet, so I don’t know how that part works.
Connecting Your Step Card To Google Pay
The Step app makes it really easy to connect to Google Pay.
Once you have set up a Step debit card, a button to connect your account to Google Pay appears on your home screen, and a few taps later you’re done.
Is Step Banking Legit?
Yes! The Step app is legit. I’ve had the Step Banking app for months now, and while I DID have some minor issues downloading the app when it was brand new, as far as I can tell that issue is resolved and everything is working as intended!
Is Step Banking a Scam?
No. Their company is legitimate, and they pay out the $3 referral bonus immediately. In the last few months I haven’t seen anyone who uses it complaining about getting scammed or having any major issues.
With that being said, any time you do ANYTHING involving your child and their finances, you should always try to make sure you read the fine print for yourself, just to be super safe to protect the kids!
It’s on YOU to make sure your kids learn how to manage their finances responsibly, BUT the Step app is here to help with that a little.
Is the Step Card a debit card or credit card?
Step USED to behave more like a credit card, but they have recently changed their service to be a regular debit card.
This is good news for you, especially if you open sponsored accounts for your children, since you (and them) can only spend the amount that’s on the card.
This means you won’t have to worry about paying your balance down each month anymore, and according to Step, you can build credit history while using your card!
How does Step make money?
Step makes money from merchant banks in the form of “interchange fees”, which is just a fancy way of saying that when you use your card, the bank receiving the money charges the merchant some sort of tax for processing the payment.
Step receives a small portion of that fee, which allows them to make their service free for you.
Is Step available in my country?
Step is only available to U.S. residents, but it is accepted anywhere that accepts Visa. So if you travel outside of the U.S. you’ll still be able to use it in most places around the globe.
Does Step have any transfer limits?
The only transfer limits Step has is a $1,000 daily transfer limit, and you can only deposit a total of $10,000 into your step account.