Level Checking-Savings Hybrid Account With .50% APY + $35 Signup Bonus

Update 10/2/20: Looks like they increased the debit card cash back rate from 1% to 1.5% for signature/online transactions. Also, they are now showing on Swagbucks with 3,500 ($35) if you signup for Premium or Plus level (you’d have to do that anyway to get the debit and other benefits). Hat tip to reader Kyle

Update 3/19/20: rate being reduced to .50% APY on 3/20/20.

Original Post:

Level Bank offers 2.10% APY checking account, along with the potential to earn 1% cash back on the linked debit card, and also offers ATM reimbursements. The Account has no monthly fees or foreign transaction fees. Level is an arm of Zero Financial which you may remember from their debit-style credit card which offers 3% cash back when you spend $100,000 annually.

Direct Link to Level Bank

Level 2.10% APY Account

Direct Link to Level Bank

The most interesting thing is the substantial 2.10% APY rate offered on the checking account. The rate is highly competitive even among high-yield savings accounts, and certainly for a checking account. We only have to wait and see if they maintain a rate which is at the top of the pack or if this is a sort of teaser/startup rate.

As is the case with some other fin-techs, they are essentially trying to roll the checking and savings account into one, something quite convenient. SoFi and Wealthfront have similar products.

1% Cashback on Debit

Level offers 1% cashback on signature and online debit card purchases, not on PIN purchase. One important caveat: you need to have a monthly $1,000 $2,500 direct deposit in order to be eligible for the debit card cash back.

As soon as your Level Debit Card transactions post, your cash back will become available for redemption. Can be redeemed as often as you’d like.

Other Account Details

  • No monthly fees.
  • No foreign transaction fees.
  • No overdraft fees, no maintenance fees, no minimum balance fees.
  • ATM Reimbursement: Level does not add-on any ATM fee. Moreover, if you use your Level Debit Card and the ATM owner charges you a fee, they’ll reimburse you for those fees, up to three (3) times a month and up to $4 per reimbursement.
  • Level itself is not a legal bank; they offer banking services through partnership with Evolve Bank & Trust, Member FDIC. Evolve Bank & Trust holds all deposits in the Level Bank Account and is the issuer for the Level Debit Card, pursuant to a license from Visa U.S.A. Inc.
  • Funds FDIC insured up to $250,000.
  • U.S. government-issued photo identification is required to apply for Level. Accepted forms of identification include drivers license, passport, work permits issued by the U.S. Citizenship and Immigration Services (USCIS), or ID cards. You must have a physical address in one of the 50 U.S. states to apply for Level.
  • Cash or check deposits are not currently accepted.

Our Verdict

I’m really impressed by their 2.10% APY rate, and there’s no minimum needed to get the rate. Other than the high-yield savings rate, there are a few other parts of this account which some might find interesting. Some people might have creative uses for the 1% debit cashback and the lack of ATM and foreign transaction fees is noteworthy.

Without check deposit and bill pay capabilities I don’t see how this can realistically be used as a checking account; I wouldn’t be surprised if they add that at some point. Regardless, this might be another good high-yield savings vehicle. We’ll add it to our List of Best Savings Account Rates.

Hat tip to reader Aaron

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Bertrand
Bertrand

Has anyone tried to churn this? I did the Coinout offer (see below), and I’m curious whether it would be possible to close my account and open another to do the Swagbucks offer.

Victoria
Victoria

I completed this offer via the coinout app instead for $40. All I did was pay $5 for one month of the plus membership to trigger the bonus. Pays to PayPal, bank account or Amazon gift card. Will likely cancel the subscription before the month is up. I decided to sign up this way because Swagbucks is always risky. I linked a joint bank account though, so I had to submit a copy of my bank account statement for manual review.

Bertrand
Bertrand

Thanks for the tip! I had never used Coinout, but I downloaded the app, found the Level offer and opened an account. My $40 went to pending almost immediately, to be posted within 5 days, all that was required was to pay the fee for the first month ($5). Assuming the bonus posts as promised, I would recommend this over the Swagbucks option.

Bertrand
Bertrand

To follow up here, my $40 posted today, and I immediately cashed it out to Paypal. That’s four days from opening my account to receiving the payout – much quicker than Swagbucks. Going forward when Coinout has comparable offers to Swagbucks, I’ll likely be using Coinout.

Victoria
Victoria

Awesome, glad it worked out for you. Coinout doesn’t have nearly as many offers as Swagbucks, but I have never had a problem with cashback not posting as promised with Coinout. Swagbucks is definitely riskier.

Bertrand
Bertrand

Just tried to apply and, to echo a comment below, it does indeed look like they got rid of the free account – they force you to sign up for either Plus ($5/mth) or Premium ($15/mth). Which means that in order to meet the terms of the Swagbucks deal, which requires you to “upgrade” your account, you’d have to sign up for a Plus account and then upgrade to Premium. Not sure if they’d charge you for each, but you’re looking at at least a $15 charge. In addition, it sounds like the 3500 Swagbucks are pending for 31 days, and there’s language in the offer which says “Cancellations may have their reward reversed” so closing prior to having the Swagbucks post, in order to avoid being charged for a second month, might risk having them revoked. In short, it doesn’t seem like the Swagbucks deal is still worth doing.

Dillo
Dillo

I dont think that the whole “upgrade” part of the terms matters. I signed up straight for the Plus plan and SB tracked.

Bertrand
Bertrand

Good to know, thanks. I would still recommend doing this through Coinout per Victoria’s post above.

Cardi G
Cardi G

Please provide all of the following items to complete the review of your application:

Photo of your unexpired U.S. government-issued ID — such as a driver’s license or passport
Cell phone bill dated within the last 30 days in PDF format (must show your phone number)
Proof of address dated within the last 30 calendar days in PDF format — such as a bank statement or utility bill (must show your full name and residential address)
Photo of your Social Security card

Fuck you Level.. I’m not sending you my Social Security card by e-mail.. fucking idiot bank.. I hate when fintech companies pull this stuff

Davis
Davis

Applied on 9/29 through Swagbucks as a free user. Added $5 yesterday. Messaged support today to get upgraded to Plus for $5. Got an email later today saying my Swagbucks are pending for 31 days via Shop. Will downgrade account in a few days.

Brian
Brian

Anyone know if there is a hard pull ?

Also, is this just a debit card or is it the same silly approach that the zero card took where it was a hybrid credit / debit card and you never knew when a purchase was approved ?

1 more , with the zero card transferred funds took forever to clear and become available. Is it better with this card ?

Thanks

DMitri
DMitri

Has anyone tried funding cash app with the debit card and seeing if it triggers cash back?

LB
LB

that means I can use this debit card to pay for citi credit card and still ear 1.5%? really nice I have to say…

GradCashGrab

No because they clawback any financial related purchases

P
P

There’s a 15 dollar or 5 dollar monthly fee recurring and charged to the debit card you’re required to add

Kyle ❤️

Hey Chuck looks like they are offering 1.5% cash back on pin transactions. Also found this offer on inbox dollars for $30 profit. Could be on SB or My points as well but I’m at work so no time to check. https://www.inboxdollars.com/discover-offer?id=15287

Cardi G
Cardi G

Kyle ❤️ I checked Inbox Dollars is it true that the minimum cashout is $100???? I had $105 in my Inbox Dollar account.. $100 from the Vuse vapor thing and $5 sign up.. but it’s showing minimum cashout is $100 now.. probably not worth getting the $30 of points if I can’t cash out until $100. Chuck

Kyle ❤️

I cashed out for $25 two days ago

Kyle ❤️

Just checked mine and it says it’s a $10 minimum to cash out.