You can now save with a 2.1% APY with the newly launched Level

The latest challenger bank announced it will offer an industry-leading APY on deposits and 1% cash back on eligible purchases.

The high-yield savings market is growing more competitive. With startups like Betterment, Varo and Wealthfront all entering the scene, the consumer may be wealthy with choices. A new entrant into the foray is challenger bank startup Level, which is offering one of the highest annual percentage yields currently available for a savings account.

At a glance:

• • No minimum balances
  • 2.1% APY
  • 1% cashback on “signature-based” credit purchases with a $1,000 minimum monthly direct deposit balance
  • No fees and three ATM fee reimbursements per month
  • Mobile app available for iOS and Android with modest account management tools, but no goal-setting or expense planning tools
  • Not FDIC-insured, but backed by FDIC-insured Evolve Bank & Trust

Level comes from the same team that made Zero, a debit-card like credit card that allows users to set hard limits on the amount of credit that’s available. Zero is useful for customers who are afraid of overspending. Level offers a 2.1% APY, 1% cashback on debit card purchases and no fees.

The bank’s 2.1% APY requires no minimum balance, distinguishing it from most high-interest savings accounts. The 1% cashback, however, is only applicable for accounts with a minimum monthly direct deposit of $1,000 and only applies to point-of-sale purchases processed as “credit” instead of “debit.”

These features may help market the service to the millennial market. “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,” Level founder and CEO Bryce Galen, said, per the company’s announcement.

It is not known at this time if the APY will stay at 2.1% or if it will change in the future. Future features of Level will be the ability to integrate the platform with Apple Pay and Google Pay. The Apple Pay integration is expected by the end of April. Level can also be integrated with Venmo and Square Cash, though cashing out from Venmo to Level is not yet available.