Press Releases — Feb 19, 2020

level: no-fee challenger bank with an industry-shattering 2.10% apy and 1% unlimited cash back on debit card purchases launches to the public

New FDIC-insured digital bank account challenges traditional banks with feature-packed offering and design-forward mobile app

SAN FRANCISCO, CA — February 19, 2020 ​Level​ – a new challenger bank and mobile banking app that provides next-level banking for modern consumers – today announced the public release of the Level Bank Account, topping the rankings as the highest-APY deposit account according to Bankrate.com. From the founders of Zero​ (which has raised $35M to date from investors including New Enterprise Associates (NEA), SignalFire, Eniac Ventures, and Nyca), who pioneered the “Debit-style” credit card curbing consumer overspending habits, Level brings a market-leading customer experience and economics to an even broader audience. Level outpaces competitors with an industry-leading 2.10% APY1​ on FDIC-insured deposits​​2​​, 1.0% unlimited cash back on debit card spending with $1,000 monthly direct deposit, which applies to signature-based and online purchases​​3​​, no fees or minimum balance requirements​​4, and the ability to get paid two days early​5​​.

Level also includes reimbursement of ATM fees worldwide, up to three times per month, up to $4 per reimbursement, and 24/7 California-based customer support. To get Level, visit ​​levelbank.com​ and apply in less than 2 minutes, or apply via the Level app, available in the App Store foriOS and Google Play Store for Android.

With a mission to provide banking that puts the customer first, Level offers:

  • 2.10% APY​1​ on FDIC-insured deposits​2​, with no minimum balance requirement – 35x the national average6
  • 1.0% unlimited cash back on debit card spending with $1,000 monthly direct deposit, applies to signature-based and online purchases​3
  • No fees – no monthly, overdraft, foreign transaction or add-on ATM fees, and no minimum balance requirement​4
  • Get paid two days early – funds available from your direct deposit up to two days earlier than many other banks​5
  • Reimbursement of ATM fees worldwide, up to 3 times per month, up to $4 per reimbursement
  • 24/7 California-based customer support

“Level was built to challenge the status quo in banking and put an end to the era of big banks holding people’s money while giving them no interest, a clunky app experience, and frustrating customer service,” shared Bryce Galen, Founder and CEO of Level.​ “Level is able to give customers dramatically betterrewards and interest, a design-forward app, and superior customer support. Our goal is to revolutionize the way people engage with their finances on a daily basis.”

Level provides users a seamless banking experience via its app that streamlines their banking with all the best features in one location. Customers can process requests and track spending directly from their phones, as well as:

  • Stay on top of all purchases, refunds and transfers with real-time notifications, colorful merchant logos, transaction maps and more all in the app
  • Redeem cash back as soon as qualified purchase transactions settle in Level users’ accounts. They can then swipe up and redeem as often as they like
  • Scheduled transfers allow customers to stay ahead of the game – set up and manage free one-time or recurring bank transfers
  • Instantaneously lock your debit card or change your PIN with just a couple taps

“Level is the ultimate option for those who don’t want to make any sacrifices when it comes to their own money,” added ​Joel Washington, Founder and COO of Level​. “If you’re one of the hundreds of millions of Americans who have wondered whether there’s a better alternative to what antiquated big banks offer, I’m excited to introduce you to Level. It’s time that banks actually keep up with customer wants and needs, not the other way around.”

Additional media assets can be found in this Dropbox.

About Level
Level​ is Next Level Banking. Earn unlimited 1.0% cash back on spend3​ and 2.10% APY on deposits​1​, enjoy fee-free banking and reimbursement of ATM fees worldwide4​, get your paycheck 2 days early​5​, and relax knowing your money is secure in an FDIC-insured account. To keep up with ​Level​, get in touch on Twitter​, ​Facebook​, ​Instagram​. To learn more, see the Level FAQ​ and Level Bank Account agreement.

1 ​Like any interest-bearing bank account, Annual Percentage Yield (APY) is dependent upon different factors like the Federal Reserve, which means it may change. However, we’ll always work our hardest to deliver the highest rates we can. No minimum balance is required to open an account. Actual interest and cash back earned is subject to terms and conditions outlined in the Level Bank Account Agreement.

2​ Deposits FDIC-insured up to $250,000 through Evolve Bank & Trust, Member FDIC.

3​ 1.0% unlimited cash-back on Qualified Purchases is available to everyone initially and continues as long as the customer receives direct deposits of $1,000 or more in their Level Bank Account every 31 days. Qualified Purchases include online and signature-based purchases and exclude non-signature-based purchases, foreign transactions, account transfers, cash equivalents and other similar transactions. Signature-based purchases can be made in stores by selecting "credit" rather than "debit" at the point-of-sale.

4​ There are no fees charged by us. If you use the Level Debit Card at an ATM, the ATM owner may charge you a fee that will be disclosed to you. We will reimburse you the ATM operator fee up to 3 times a month, up to $4 per reimbursement.

5 ​Direct deposit and earlier availability of funds depends on timing of payer’s submission of deposits. We generally post such deposits on the day they are received, which may be up to 2 days earlier than the payer’s scheduled payment date.

6​ Level Bank Account APY is 35x the national rate, which is a simple average of rates paid by U.S. depository institutions on balances < $100,000 in interest checking accounts. The national rate was calculated and published by the FDIC as of February 3, 2020 at fdic.gov/regulations/resources/rates.