Step Offering a 5% rate on its Savings Accounts

By Melody Brue, Patrick Moorhead - May 20, 2023

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.

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Mel Brue is vice president and principal analyst covering modern work and financial services. Mel has more than 25 years of real tech industry experience in marketing, business development, and communications across various disciplines, both in-house and at agencies, with companies ranging from start-ups to global brands. She has built a unique specialty working in technology and highly regulated spaces, such as mobile payments and finance, gaming, automotive, wine and spirits, and mobile content, ensuring initiatives address the needs of customers, employees, lobbyists and legislators, as well as shareholders. 

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Patrick founded the firm based on his real-world world technology experiences with the understanding of what he wasn’t getting from analysts and consultants. Ten years later, Patrick is ranked #1 among technology industry analysts in terms of “power” (ARInsights)  in “press citations” (Apollo Research). Moorhead is a contributor at Forbes and frequently appears on CNBC. He is a broad-based analyst covering a wide variety of topics including the cloud, enterprise SaaS, collaboration, client computing, and semiconductors. He has 30 years of experience including 15 years of executive experience at high tech companies (NCR, AT&T, Compaq, now HP, and AMD) leading strategy, product management, product marketing, and corporate marketing, including three industry board appointments.