Level, a San Francisco-based neobank startup, has launched with an industry leading 2.1% APY and cashback debit card, marking the latest entry in the growing market of fintechs. 

Level, the business name of Zero Financial, reimburses ATM fees, provides 1% cashback on debit card purchases, charges no fees and also allows customers to get paid two days early before a direct deposit, according to a press release.

"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," Bryce Galen, founder and CEO of Level, said in the release. "Level is able to give customers dramatically better rewards and interest, a design forward app and superior customer support."

Accounts are FDIC insured up to $250,000 through Evolve Bank & Trust. 

Cover image: Level