MoneyLion Bank Review 2024 [Instacash, Personal Loans & More]

Updated On: 07/25/2023 is reader-supported. When you buy via links on our site, we may earn an affiliate commission at no cost to you.

In today's world, where financial services are readily available at our fingertips, it's essential to choose the right bank that aligns with our unique financial needs.

MoneyLion Bank is a popular option for those looking for an all-in-one banking solution that offers numerous features and benefits.

In this MoneyLion Bank review, we will take a closer look at MoneyLion Bank and assess its strengths, weaknesses, and overall value proposition.

Whether you're looking to open a new account or switch to a new bank, this review will provide you with all the information you need to make an informed decision.

What Is MoneyLion Bank?

What Is MoneyLion Bank?

MoneyLion is a comprehensive financial platform that offers a range of services to help people better manage their finances.

It was founded in 2013 and has since grown to become one of the leading digital banks in the US. MoneyLion offers banking, investing, and credit monitoring, all accessible through its user-friendly mobile app.

The platform provides a variety of tools and resources designed to help users better understand their financial situation, make informed decisions, and improve their credit scores.

MoneyLion also offers a rewards program where users can earn cashback rewards for purchasing with their MoneyLion debit card.

Overall, MoneyLion aims to provide a holistic approach to personal finance, making it easier for users to achieve their financial goals.

Opening A MoneyLion Bank Account

The process of opening a MoneyLion bank account is straightforward and can be completed entirely through the MoneyLion mobile app.

The first step is to download the app and create an account by providing personal information such as your name, address, social security number, and date of birth.

Next, you will need to choose the type of account you want to open - either RoarMoney or MoneyLion Checking. After that, you can link an external bank account to fund your MoneyLion account.

To comply with federal regulations, MoneyLion will verify your identity by requesting a photo of your government-issued ID and a selfie.

Once you complete this step, you will need to wait for approval, which can take a few minutes to a few days.

After approval, you can start using your MoneyLion bank account to deposit and withdraw funds, pay bills, and make purchases using your MoneyLion debit card.

Here Are The Steps To Open A MoneyLion Bank Account:

  • Download the MoneyLion app- The first step is to download the MoneyLion app from the App Store or Google Play Store and create an account by providing your email address, password, and other basic information.
  • Choose the type of account- Once you have signed up for a MoneyLion account, you will be prompted to select the type of account you want to open. MoneyLion Bank offers a variety of accounts, including checking accounts, savings accounts, and investment accounts.
  • Provide personal information- To open an account, you must provide some personal information, including your name, address, Social Security number, and date of birth.
  • Verify your identity- MoneyLion Bank uses advanced technology to verify your identity. You may be asked to provide a photo ID, take a selfie, or answer security questions to confirm your identity.
  • Fund your account- Once your account is approved, you can fund it by linking a bank account or by depositing a check using the MoneyLion app.

What Does MoneyLion Bank Offer?

What Does MoneyLion Bank Offer?

MoneyLion offers a comprehensive suite of financial products and services designed to help users better manage their finances. Here are some of the key offerings available through MoneyLion.

  • Banking- MoneyLion Bank provides various banking services, including checking accounts, savings accounts, and debit cards. With a MoneyLion checking account, users can easily manage their money, pay bills, and receive direct deposits.
  • Investing- MoneyLion also offers investment accounts, including self-directed investment accounts, automated investment accounts, and retirement accounts. Users can invest in various assets, including stocks, ETFs, and mutual funds.
  • Loans- MoneyLion offers personal loans with competitive rates and flexible repayment terms. Users can apply for a loan through the MoneyLion app and receive funds before the next business day.
  • Credit monitoring- MoneyLion provides users access to their credit score and credit report. Users can also receive personalized recommendations to help improve their credit scores.
  • Rewards program- MoneyLion offers a rewards program where users can earn cashback rewards for making purchases with their MoneyLion debit card.

How Does Money Lion Bank Works?

The bank operates entirely online, which means that all transactions are done through the MoneyLion mobile app or website.

MoneyLion Bank offers two types of accounts: RoarMoney and MoneyLion Checking.

RoarMoney is a full-service checking account that offers cashback rewards and no hidden fees, while MoneyLion Checking is a free checking account that offers limited features.

Both accounts come with a MoneyLion debit card that can be used for purchases and ATM withdrawals.

Account Creation

To get started with MoneyLion, customers need to download the MoneyLion app and create an account. The app uses industry-standard security measures like encryption to protect customer data during account creation.


Once the account is created, customers can fund their account by linking their bank account or debit card. MoneyLion uses secure payment processing to ensure that customer transactions are safe and secure.

Financial Products

MoneyLion uses integrations to offer various financial products and services to customers. These include:

  • Checking Accounts: MoneyLion partners with Lincoln Savings Bank, an FDIC-insured bank, to offer checking accounts to its customers. To give customers access to their account information, such as balance and transaction history, MoneyLion uses APIs to provide real-time updates.
  • Savings Accounts: MoneyLion provides savings accounts in partnership with FDIC-insured banks and uses APIs to help customers transfer funds between their MoneyLion account and savings account.
  • Credit Builder Loans: MoneyLion offer credit builder loans, which are designed to help customers establish or improve their credit score. The loan proceeds are deposited into the customer's MoneyLion account.
  • Investment Accounts: They offer investment accounts, including a robot-advisory service that invests in a portfolio of ETFs based on the customer's risk tolerance. MoneyLion facilitates the investment process and provides customers with real-time portfolio information.
  • Credit Monitoring: Their mobile application provides credit monitoring services to customers. The app uses algorithms to track changes to the customer's credit score and provide alerts about potential fraud.


MoneyLion uses APIs and other integrations to offer a rewards program to customers. Customers can earn points for using the app and participating in various activities.

The points can be redeemed for cash-back rewards, gift cards, and other perks.

Is MoneyLion Bank Safe?

Is MoneyLion Bank Safe?

MoneyLion is neobank that is subject to all of the same laws and regulations as any traditional bank. The company complies with banking regulations and has taken additional security measures to ensure customer data remains secure.

MoneyLion bank offers satisfactory safety measure like:

  • FDIC Insurance: MoneyLion Bank is an FDIC-insured bank, meaning deposits are insured up to $250,000 per depositor, per account ownership category. This provides an additional layer of protection to customers in the event of bank failure.
  • Secure Encryption: MoneyLion uses industry-standard encryption technology to protect customer data and transactions. Encryption ensures that any information transmitted between the bank and the customer is scrambled and cannot be intercepted by unauthorized parties.
  • Multi-Factor Authentication: To access their accounts, MoneyLion Bank customers must use multi-factor authentication. This involves providing two or more forms of identification, such as a password and a code sent to their phone. The purpose is to add an extra layer of security and prevent unauthorized access to accounts.
  • Regulatory Compliance: As an FDIC-insured bank, MoneyLion Bank must comply with strict regulations and undergo regular examinations to ensure its financial stability. The bank is also subject to oversight from other regulatory bodies, such as the Consumer Financial Protection Bureau (CFPB).

RoarMoney: MoneyLion Checking Account With Full Suite Of Perks

RoarMoney is a full-service checking account that offers several benefits, including no hidden fees, cashback rewards, and a high-yield savings account.

RoarMoney customers can earn up to 12% cashback rewards for eligible purchases, such as gas, groceries, and dining out.

The account also offers a high-yield savings account that pays an annual percentage yield (APY) of up to 2.00%. RoarMoney customers can use their MoneyLion debit card to withdraw cash from over 55,000 ATMs worldwide.

MoneyLion Checking: MoneyLion Base Account

MoneyLion Checking is a free checking account that offers limited features but is ideal for customers who want a basic checking account without monthly fees.

MoneyLion Checking customers can use their debit card to withdraw cash from over 55,000 ATMs worldwide, and the account also offers early access to direct deposits.

How Does MoneyLion Bank Generates Revenue?

How Does MoneyLion Bank Generates Revenue?

MoneyLion Bank makes money through its membership program, which includes access to these various services.

MoneyLion Plus is the company’s flagship product and provides customers with tools to help them get in control of their finances.

It also offers features such as budgeting tools and automated savings plans.

MoneyLion Instacash: Get Cash Advance With 0% APR

MoneyLion Instacash is a 0% APR cash advance service that allows you to borrow up to 30% of your recurring cash direct deposit per pay cycle with no credit check.

You can get up to $250 instantly to cover an unexpected expense or to bridge the gap until your next paycheck.

MoneyLion Instacash also offers advances up to $500 per pay period, and you can increase this amount to 15% of your paycheck.

With MoneyLion Instacash, there are no interest or credit checks required, so you can get the money you need without worrying about additional fees or long-term debt.

My Verdict On MoneyLion Bank Review

My Verdict On MoneyLion Bank Review

In my honest opinion, MoneyLion Bank offers a unique and valuable approach to online banking services.

It goes beyond just a normal checking or savings account by providing tools for credit monitoring, investing, rewards program, and loans options; making it a super flexible all-in-one financial platform.

I appreciate the easy-to-use mobile app and online interface that allows for quick access to finances any time of the day.

With zero-fee checking, cash back rewards, and direct deposit arrangements like early paycheck access, MoneyLion is certainly set up to cater for everyday banking needs securely whilst on the go.

Please note every individual's needs are unique - so even though MoneyLion has wonderful features, always ensure they align with your financial habits before committing.

If you're looking for a comprehensive digital bank that can handle all aspects of your personal finance while offering extras like credit-building loans and investments opportunities, MoneyLion definitely merits serious consideration.

FAQs Regarding MoneyLion Bank

Is MoneyLion A Legit Bank?

Yes, MoneyLion is a legitimate bank associated with Lincoln Savings Bank. It offers various personal finance services, including loans up to $1,000 with 0% APR. 

Can I Get Money Instantly From MoneyLion?

Yes, you may be able to get money instantly from MoneyLion through its Instacash service. 

What Fees Does MoneyLion Bank Charge?

MoneyLion Bank has a no-fee policy, meaning there are no monthly maintenance fees, minimum balance requirements, or ATM fees at over 55,000 Allpoint ATMs worldwide.

Does MoneyLion Bank Offer Interest On Savings Accounts?

Yes, MoneyLion Bank offers competitive interest rates on its savings accounts, currently up to 0.30% APY.

Does MoneyLion Bank Offer Loans?

Yes, MoneyLion Bank offers personal loans with competitive rates and no origination fees. The bank also offers credit builder loans to help customers improve their credit scores.


In conclusion, after conducting a thorough MoneyLion Bank review, we found that it offers a solid option for those seeking an online bank with unique features.

The bank's zero-fee policies, cashback rewards, and investment opportunities make it a tempting option for anyone looking to maximize their finances.

Additionally, MoneyLion Bank's mobile app is user-friendly and allows for easy account management.

While the interest rates may not be the highest available, the benefits of being a MoneyLion Bank customer outweigh this factor.

Overall, MoneyLion Bank provides a competitive and innovative banking experience that is well worth considering for those looking to manage their money with ease.

Michael Restiano

I support product content strategy for Salt Money. Additionally, I’m helping develop content strategy and processes to deliver quality work for our readers.

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