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Level mobile banking review

Earn up to 1.5% cash back on purchases.

finder.com’s rating: 3.7 / 5.0

★★★★★

Level is a digital bank that launched its Level Mobile Banking account in February 2020. This account hooks you in with a cashback rewards debit card and minimal fees. But there’s no free plan. You’ll pay $5 a month for its Plus plan or $15 a month for its Premium plan.

From $5 per month

Fee

0.50%

APY

$0

Minimum deposit to open

Details

APY0.50%
FeeFrom $5 per month
Minimum deposit to open$0
Intro or bonus offerEarn up to 1.5% cash back on qualifying debit card purchases.
ATMsAny ATM that accepts Visa
ATM transaction fee$0
ATM fee rebatesLevel refunds up to five ATM fees a month and up to $4 per reimbursement.
Foreign transaction fee0%
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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

This digital mobile banking account from Level is sure to turn heads. It offers unlimited cash back on purchases, early direct deposits and minimal fees. If you’re looking for a modernized checking account that’s packed full of features that help you manage your money, then this is the account for you.

But it’s missing some key banking features that can’t be overlooked. As of February 2020, you can’t deposit checks or cash and you can’t send or receive wire transfers. Plus, there’s no free plan to use Level. Expect to pay $5 a month for the Plus membership or $15 a month for the Premium membership.

How much does Level cost?

Level offers two plan options:

PlanMonthly feeAPYCash back rewardsATMsFeatures
Level Plus$50.5% APY1.0% cash back on online and signature-based purchases
  • $500 ATM withdrawal limit
  • 3 ATM reimbursements a month (up to $4 per reimbursement)
  • Limited merchant perks (additional cash back opportunities)
  • Cash advances
  • Message-based customer support
Level Premium$150.5% APY1.5% cash back on online and signature-based purchases
  • $1,000 ATM withdrawal limit
  • 5 ATM reimbursements a month (up to $4 per reimbursement)
  • Exclusive merchant perks (more cash back opportunities)
  • Cash advances
  • Phone and message customer support

How do I open a Level Mobile Banking account?

Level claims it takes less than two minutes to sign up for its Mobile Banking account through its mobile app or website.

Here’s how to sign up through its website:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the official Level website, click Get Started.
  3. Enter your email, password and click Agree & Continue.
  4. Enter your name and phone number and click Continue.
  5. Enter your residential address and click Continue.
  6. Follow the prompts to verify your identity and set up your account.

Eligibility

If you meet these eligibility requirements, you can open a bank account with Level:

  • At least 18 years old
  • US citizen or resident
  • US residential address
  • Social Security number
  • Government-issued photo ID

Required information

You should have these items on hand when you go to open your Level Mobile Banking account:

  • Full name
  • Date of birth
  • US residential address
  • Social Security number or Tax Identification number
  • Government-issued photo ID number
  • Phone number
  • Email address

What are the benefits of a banking account with Level?

The Level Mobile Banking account comes with standard features like $250,000 in FDIC insurance, mobile banking and numerous other perks:

  • Interest bearing. While the account is interest bearing, you’ll only earn 0.5% APY on your total account balance.
  • Unlimited cash back. Earn up to 1.5% cash back on qualifying debit card purchases.
  • Minimal fees. You won’t pay a fee for overdrafts, foreign transactions and ATMs.
  • Early direct deposit. Get your paycheck up to two days earlier than your coworkers.
  • 24/7 customer support. Customer support is available at any time. But you can only reach customer service via message with the Plus plan. To contact Level via phone, you’ll need to upgrade to the Premium plan.
  • Digital wallets. Supports Apple Pay and Google Pay.

What should I look out for?

Although this account has a laundry list of perks, there are a few drawbacks to watch out for:

  • No free plan. There are currently no free plans with Level. You’ll pay $5 a month for the Plus plan or $15 a month for the Premium plan.
  • Cash advance requirement. To be eligble for cash advancements, you need to receive at least $500 in direct deposits for two consecutive months.
  • ATM refund and withdrawal limit. Unlike other banks that offer unlimited ATM reimbursements, Level only refunds up to five ATM fees a month depending on your membership and up to $4 per reimbursement. You also can’t withdraw more than $500 from an ATM each day as a Plus member and can withdraw up to up to $1,000 as a Premium member.
  • No joint accounts. You can only have one name to the account, so you can’t open it with a family member or significant other.
  • No check or cash deposits. Level doesn’t currently have a way for you to deposit cash or checks into your account, but it’s working on a remote deposit capture feature for its mobile app.
  • No wire transfers. As of February 2020, you can’t send or receive wire transfers, but Level is working on releasing this feature.

If you want an account that gives you easy access to your money, you’ll want to keep looking. As always compare your options when considering a checking account.

Level’s ATM network and fees

Level doesn’t have an ATM network and doesn’t charge any ATM fees. Instead, you can use your Level Debit Card at any ATM worldwide that accepts Visa. If an ATM operator charges you a fee, Level will reimburse three fees a month for up to $4 per fee if you’re a Plus member and up to five fees is you’re a Premium member.

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How do I deposit or withdraw my money?

As of February 2020, there are only a few ways to access your money. But Level is looking to roll out features for remote check deposits and wire transfers later this year.

Deposits

  • Direct deposit
  • Third-party services such as Venmo, Paypal or Zelle
  • ACH transfer from another bank

Withdrawals

  • ATM using your debit card
  • Cash back at a merchant
  • Third-party services such as Venmo, Paypal or Zelle
  • ACH transfer to another bank

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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