Step: who holds your money
Step is not a bank. Step says customer money is held at Evolve Bank & Trust, with insurance reaching customers as pass-through FDIC insurance at the partner bank, subject to the app's recordkeeping. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Step is not itself a chartered bank, and customer money sits at Evolve Bank & Trust, which has letter C. FDIC insurance reaches customers through the partner bank, provided Step’s records identify each customer. The coverage limit is $250,000 per depositor, per insured bank, for each account ownership category. This information reflects Step’s disclosure as of September 5, 2026.
Partner banks
- Evolve Bank & TrustFDIC #1299 · program bank40.7%above the insured limitC44.6
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
Step is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust, Member FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
step.com · as of September 5, 2026