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Level launches upgraded mobile banking app

Thursday 20 February 2020 11:15 CET | News

US-based challenger bank Level has launched a mobile banking app offering 1% cash back on debit card purchases, 2.1% APY on deposits, and free access to paychecks.

The banking service is the latest from the same team behind the “debit-style” credit card called Zero, aimed at millennials who want the benefits of credit without the potential for overspending. Similar to Zero, Level also targets a younger demographic — in this case, those who no longer see the need for physical banks, when a bank account, useful app and debit card is all they need.

Level takes on these rival challenger banks, too, by offering a higher 2.10% APY on its FDIC-insured deposits, without requiring a minimum balance. The company notes that’s 35x the national average, based on US bank balances with a less than USD 100,000 balance.

It also snags a feature popular with credit card users, by offering 1.0% unlimited cash bank on debit card spending. This cashback applies to both signature-based and online purchases, and is paid out on accounts that have at least a USD 1,000 monthly direct deposit. Level also offers early access to user’s paychecks. For customers with a direct deposit, Level will make the funds available based on when they are received, which could be up to two days early.


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Keywords: Level, upgraded product, challenger bank, US, neobank, cashback, debit account, deposits, United States, North America
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech