Step is now offering a 5% rate on its savings accounts, an even higher rate than Apple recently offered with its savings account offered through Goldman Sachs. There are no monthly fees and no minimum balance requirements, but there is a maximum deposit of $250,000 – the same as Apple. However, there’s a catch. To secure that 5%, users must set up a monthly direct deposit of $500 or more from a payroll provider or employer. Step is targeted towards teens and young adults, so the direct deposit requirement could be a barrier to getting new accounts.