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Level Deposit Account Review

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Founded in 2020, Level offers interest-bearing, deposit accounts through a convenient mobile app. Located in Walnut Creek, California, Level is a DBA of Zero Financial, Inc. Funds in the Level account are held through Evolve Bank and Trust and insured by the FDIC.1
 
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How is Level rated?

Breakdown

4.8/5
Account Features
4.8/5
Fees and Restrictions
4.8/5
Support, Reputation, and Financials

Overall Rating: 4.8 / 5 (Excellent)

Level positions itself as an upstart in the banking industry. The company offers low-fee accounts. Level account holders aren't subject to overdraft fees, foreign transaction fees, or other common fees that banks charge. They also offer high-percentage cash back rewards on many types of online or signature-based purchases—basically anything you don't use a PIN to purchase with your Level debit card. Here's how they put it: "Other banks can pay more. They just don't."

With a host of money-saving features and a deposit interest rate that is twelve times the national average2, Level presents an excellent value proposition, particularly for customers who maintain a high balance and make a lot of online signature-based purchases.

Level Account Features

Account Features - 4.8 / 5

With Level, it's not just about what they do—for example, offer interest-bearing deposit accounts at well-above-average rates and rewards you with cash back on a wide range of purchases. It's also about what they don't do, like charge all kinds of fees and put a lot of restrictions on your banking activity.

The Level mobile app is available to both iOS and Android users. The app integrates with both

Apple Pay® and Google Pay™ for a touchless experience.

Level also offers one feature we expect will be popular with a lot of users: when you sign up for direct deposits, Level can make those deposits available to you up to two days early.5

Types of Checking Accounts
Online Deposit Account
Interest Bearing Deposit Account
Methods of Deposits
Online Transfer
Direct Deposit
Integration with Other Online Accounts
External Banks
No-Fee ATM
Reimbursement for Domestic ATMs
Reimbursement for International ATMs
ATM Locations
Level does not charge ATM add-on fees. If the ATM operator charges a fee, Level will reimburse those fee(s). That's pretty extensive coverage.
Branch Offices
Level does not have a physical office. It doesn't offer the kinds of services you'd typically need to visit a physical branch to access, such as investment counseling or safe deposit boxes.

Interest (APY)

Level offers a very favorable 0.50% APY interest rate on its deposit accounts.2
Integration with Mobile Payment Services
Venmo
PayPal
Apple Pay
Google Pay
Card Blocking
Yes
Pay Bills Online
No
Bank Checks
No
Mobile App
Yes

Bonus Features

Level offers generous cash back allowances on your online and signature-based purchases. You'll have access to a network of over 23 million ATMs. The Level debit card comes with the Visa Zero Liability policy which states that you won't be held responsible for unauthorized charges.6

Level Fees and Restrictions

Fees and Restrictions - 4.8 / 5

Level prides itself on being transparent about fees. With no overdraft fees, minimum balance fees, or in-network ATM fees, the company does a great job of living up to that promise. Level simply charges a monthly membership fee.

While Level does not charge for ATM withdrawals, you may be charged by the ATM operator. If you decide to use it, Level will not assess any add-on fees of its own. The company will reimburse you for any ATM charges three times a month for Plus members, and five for Premium.3
Maintenance Fee
The company offers two levels of paid membership: Plus for $5 per month, or Premium for $15 per month.
Minimum Balance
You don't need to maintain a minimum balance with a Level account.
Minimum Monthly Deposit
There is no minimum monthly deposit required with your Level account.
Minimum Number of Transactions
There is no minimum number of transactions associated with a Level account.

Level Support, Reputation, and Financials

Support, Reputation, and Financials - 4.8 / 5

Level's customer service department is open for business Monday through Saturday. You can contact customer service via phone, email, or through the bank's mobile app.

Level is a DBA (consumer-facing brand) of Zero Financial, Inc., which receives a B+ rating from the BBB. Neither Level nor Zero Financial, Inc. is rated by Trust Pilot.

We should probably mention that Level isn't actually a bank itself. It's a financial technology company that offers banking services. Account deposits are held by Evolve Bank and Trust, an FDIC-insured institution. That's not unusual nowadays. While Level was founded in 2020, the company was established in 2015 and it's bank partner, Evolve Bank and Trust, Member FDIC has been around since 1925.
BBB Total Complaints
2
BBB Resolved Complaints
2
Date Collected
2020-08-26
Year Founded
2015
Live Help 24/7
No
Customer Support Hours
Monday - Friday 6 AM- 6 PM PT Saturday 8 AM - 5 PM PT

Contact Methods

  • Phone
  • Email

Company Profile

Full Name
Level Deposit Account
Company Website
https://levelbank.com
Headquarters
1220 Oakland Blvd. Suite 350, Walnut Creek, CA, 94596

Disclaimers

1 Level Bank Account deposits are insured up to $250,000 by Evolve Bank & Trust, Member FDIC.

2 Annual Percentage Yield (APY) is accurate as of November 13, 2020 and subject to change after account opening. No minimum balance required to open an account. Balance must be at least $0.01 to earn interest. Level Bank Account APY is 12x 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 November 13, 2020, at fdic.gov/regulations/resources/rates.

3 Use any ATM worldwide that accepts Visa and we’ll reimburse you the ATM operator fee up to the number of times advertised per calendar month, up to $4 per reimbursement.

4 Receive cash back with monthly Qualifying Direct Deposit for online and signature-based debit card purchases. Avoid direct deposit requirements by upgrading your account to a Plus or Premium membership. Learn more in the Level Bank Account Agreement. Receive cash back rate for online and signature-based debit card purchases. No direct deposit requirement.

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 You will not be held responsible for unauthorized transactions if you use reasonable care in protecting your card from loss or theft; and you promptly report the loss or theft to Level.

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