MemoryBank vs. Step

Step and MemoryBank both aim at the next generation’s money, but from opposite ends. Step is a money app for teens and young adults: a secured Visa card that builds credit, savings rewards and stock and crypto investing. MemoryBank holds no money and has no card: it shows your child the long-term accounts the family already opened and explains what they own.

MemoryBank is

A read-only kids’ investment dashboard. You connect the UTMA, 529, custodial Roth IRA, Trump Account or savings account you already have at your brokerage, state plan or bank. Your child gets their own view of what they own and how it’s growing, with Penny, an AI money mentor, explaining it at their age. Nothing can be bought, sold or spent inside it.

Step is

An all-in-one money app for teens and young adults, now owned by Beast Industries. The Step Visa Card is a secured card that can’t be overspent and reports positive payment history once the user turns 18. Step also offers cashback and savings rewards (with Step Black status), peer-to-peer payments, and stock, ETF and crypto investing; under-18s need a parent’s permission to invest.

Side by side

	MemoryBank	Step
The main job	Show kids the real accounts their family already opened, and teach them what they own.	Give teens a card, savings and investing in one app, and help them build credit history.
Card	None. There is nothing to spend.	The Step Visa Card, a secured card that spends from the Step balance and builds credit history.
Where the money sits	At your brokerage, 529 plan or bank. MemoryBank never holds, receives or moves money.	In Step accounts at its partner banks; stocks and ETFs held by DriveWealth.
Can the kid trade?	No. No trading, transfers or withdrawals exist anywhere in the app.	Yes, with a parent’s permission under 18: stocks, ETFs and crypto, from $1 with fractional shares. Parents choose which risk levels are allowed.
Credit building	No.	Yes. Purchase history is reported to credit bureaus once the user turns 18 and verifies their account.
Accounts it shows	UTMA/UGMA, 529, custodial Roth IRA, Trump Account, brokerage and savings accounts at 10,000+ institutions through Plaid, including Schwab, Fidelity and Vanguard. Unlinkable accounts can be entered manually.	The user’s own Step spending, savings and investing accounts.
Financial literacy	Penny answers questions at your child’s age level (5 to 18+), every holding gets a plain-English story, a weekly recap teaches one money word at a time, plus 90+ free parent guides.	A Money 101 blog and in-app guidance.
Price	Free to start (up to 3 kids). Starter $6.99/mo (up to 3 kids, 3 linked accounts), Family $9.99/mo (up to 10 kids, 10 linked accounts). About two months free on annual billing.	No monthly subscription, account minimum or overdraft fees. Step Black status is earned through monthly card spending or direct deposits.
Best age range	Any age from the first account at birth; Penny adjusts from 5 to 18+.	Teens and young adults; the card and credit reporting are built for the years around 18.

The main job

MemoryBank

Show kids the real accounts their family already opened, and teach them what they own.

Step

Give teens a card, savings and investing in one app, and help them build credit history.

Card

MemoryBank

None. There is nothing to spend.

Step

The Step Visa Card, a secured card that spends from the Step balance and builds credit history.

Where the money sits

MemoryBank

At your brokerage, 529 plan or bank. MemoryBank never holds, receives or moves money.

Step

In Step accounts at its partner banks; stocks and ETFs held by DriveWealth.

Can the kid trade?

MemoryBank

No. No trading, transfers or withdrawals exist anywhere in the app.

Step

Yes, with a parent’s permission under 18: stocks, ETFs and crypto, from $1 with fractional shares. Parents choose which risk levels are allowed.

Credit building

MemoryBank

No.

Step

Yes. Purchase history is reported to credit bureaus once the user turns 18 and verifies their account.

Accounts it shows

MemoryBank

UTMA/UGMA, 529, custodial Roth IRA, Trump Account, brokerage and savings accounts at 10,000+ institutions through Plaid, including Schwab, Fidelity and Vanguard. Unlinkable accounts can be entered manually.

Step

The user’s own Step spending, savings and investing accounts.

Financial literacy

MemoryBank

Penny answers questions at your child’s age level (5 to 18+), every holding gets a plain-English story, a weekly recap teaches one money word at a time, plus 90+ free parent guides.

Step

A Money 101 blog and in-app guidance.

Price

MemoryBank

Free to start (up to 3 kids). Starter $6.99/mo (up to 3 kids, 3 linked accounts), Family $9.99/mo (up to 10 kids, 10 linked accounts). About two months free on annual billing.

Step

No monthly subscription, account minimum or overdraft fees. Step Black status is earned through monthly card spending or direct deposits.

Best age range

MemoryBank

Any age from the first account at birth; Penny adjusts from 5 to 18+.

Step

Teens and young adults; the card and credit reporting are built for the years around 18.

Step details are as described on Step's own website and help center in November 2026and can change; confirm current prices and features there before deciding. MemoryBank isn't affiliated with Step. Sources: Step for families, Investing with Step.

Which one fits your family

Choose Step if

You have a teen who is ready for a card and you want them building credit history before 18.
You want spending, saving and small investments in one free app.
Your teen gets paid and you want direct deposit and peer-to-peer payments.

Choose MemoryBank if

Your child is younger, or you want them to learn before they spend or trade.
The money you most want them to see is the 529, UTMA, custodial Roth or Trump Account you manage for them.
Your kids’ accounts live at different places and you want one view per child.
You don’t want a card, credit or crypto involved in how your child learns about investing.

They cover different years and different money. Step suits a teen’s spending money and first credit; MemoryBank shows the long-term accounts built up since birth, so a teenager can see both their pocket money and the savings that will be theirs.

Common questions

Is MemoryBank a Step alternative?

Not for cards or credit building. MemoryBank has no card, no spending and no credit reporting. It is a read-only dashboard for the investment accounts your child already has, with an AI money mentor that explains them at the child’s age.

Can Step show my child’s 529 or UTMA?

Step shows the accounts held in Step. MemoryBank connects to 10,000+ outside institutions through Plaid, including brokerages and banks, so a child’s 529, UTMA and custodial Roth can sit in one view.

Can kids invest in crypto in MemoryBank?

No. MemoryBank is read-only: no trading of any kind. Step offers stocks, ETFs and crypto, and under-18s need a parent’s permission to invest.

Is Step free?

As of November 2026, Step lists no monthly subscription, account minimum or overdraft fees. MemoryBank is free to start, with paid plans at $6.99 or $9.99 a month. Check each site for current terms.

Their money is growing. Let them see it.

Free to start. Connect the accounts you already have and give your kid their own view.

Try MemoryBank free See every feature

MemoryBank is not a brokerage. It cannot receive, keep or transfer securities, and it never holds your money.