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Level mobile banking review

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Earn 1% cash back on purchases with minimal fees.

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 zero fees. But as of February 2020, you can’t deposit cash or checks and you can’t send or receive wire transfers.

$0

Monthly fee

0.50%

APY

$0

Minimum deposit to open

Details

APY0.50%
Monthly fee$0
Minimum deposit to open$0
ATMs2,300,000 worldwide ATM's that accepts Visa
ATM transaction fee$0
ATM fee rebatesLevel refunds three ATM fees a month and up to $4 per reimbursement.
Foreign transaction fee0%

Expert review

Cassidy Horton

Review by


Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

This brand new digital mobile banking account from Level is sure to turn heads. It offers unlimited cash back on purchases, early direct deposits and zero 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. But Level plans to release these features as soon as possible.

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. You’ll earn 1% cash back on qualifying debit card purchases when you have at least $1,000 in monthly direct deposits.
  • Minimal fees. You won’t pay a fee for monthly maintenance, minimum balances, 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.
  • Apple Pay and Google Pay coming soon. You can use your debit card with Apple Pay as early as April 2020 and with Google Pay sometime after that.

What should I look out for?

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

  • ATM refund restrictions. Unlike other banks that offer unlimited ATM reimbursements, Level only refunds three ATM fees a month and up to $4 per reimbursement.
  • 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 deposits. Level doesn’t currently have a way for you to deposit checks into your account, but it’s working on a remote deposit capture feature for its mobile app.
  • No cash deposits. As with most online-only banks, Level doesn’t accept cash deposits of any kind.
  • No wire transfers. As of February 2020, you can’t send or receive wire transfers, but Level is working on releasing this feature.
  • Low ATM withdrawal limit. You can’t withdraw more than $300 from an ATM each day and debit card purchases are capped at $5,000 a day.

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.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Chase Total Checking
$0
Access to 16,000 ATMs and nearly 4,900 branches nationwide
$2.50
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
BBVA Online Checking
$25
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$3
A full-service account with convenient, surcharge-free access to two massive ATM networks, plus a $200 signup bonus when you meet deposit requirements
Aspiration Spend & Save Account
$10
Fee-free ATM withdrawals at Allpoint ATMs
$0
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
Chime Spending account
$0
38,000 fee-free ATMs nationwide
$2.50
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
N26
N26
$0
Fee-free ATM withdrawals at Allpoint ATMs
$0
A digital bank account with no hidden fees, no minimum account balance and no maintenance charges.
Axos Bank Rewards Checking
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
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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 official Level website and click Get Started.
  2. Enter your email, password and click Agree & Continue.
  3. Enter your name and phone number and click Continue.
  4. Enter your residential address and click Continue.
  5. 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

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

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