NEW YORK—A number of startups are taking on big banks with new apps that offer modern, mobile banking experiences, innovative features and reduced or even zero fees.
Entering this now-crowded market is Level, a challenger bank and banking app with advantages like 1% cash back on debit card purchases, 2.1% APY on deposits, early access to paychecks and no fees.
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, Tech Crunch said.
“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. Today, there are several of these sorts of banking services to choose from. In the U.S., for example, there’s Simple, Ally, Chime, Varo, N26, Current, Space, Step, Stash, Empower and others,” Tech Crunch noted.