moneylion bank
moneylion card
  • Free online account
  • Early paycheck
  • Zero ATM fees at Allpoint
  • Price protection
  • Rewards on spending
  • $250 fee-free overdraft
  • $19.99 /mo Credit Builder Plus
  • $1,000 Credit Builder loan
  • ETFs investing

MoneyLion review

MoneyLion is a digital banking platform founded in 2012 that has been offering financial subscriptions and memberships since 2018. MoneyLion, based in New York, offers banking, personal finance, and investment services for a monthly subscription fee, leading many to refer to it as the ‘Netflix of finance.’ As of current, MoneyLion checking accounts are insured just as any other US bank. However, investment accounts are not yet FDIC insured and come with no bank guarantee. 

How to open MoneyLion bank account

As with apps like MoneyLion, the sign-up process for MoneyLion has been made as quick and easy as possible. All you need to sign up is a smartphone or another device that can connect to the internet, along with a valid form of identification. Head to or download the app from the App Store or Google Play, enter some personal information and an email address. MoneyLion will then validate your identity and have your account up and running within minutes. Signing up to MoneyLion is free. However, some of their financial products have fees, and their membership program is available for a monthly subscription fee. 

Review of MoneyLion monthly plans for customers

MoneyLion offers a ‘Core’ zero-fee checking account as a standard for their users, but beyond that, MoneyLion offers customers the MoneyLion Plus membership for an added monthly fee. The free ‘Core’ membership comes with no overdraft fees, fraud protection tools, cashback rewards, managed investing, and more. The MoneyLion Plus membership currently costs $19.99 per month; however, MoneyLion has recently stated that they aim to cut the price of this membership to make it more accessible. This membership allows customers to earn back their monthly fee with Lion’s Share payout feature and log onto the app daily and spending every day with the MoneyLion debit card.

moneylion monthly plans

How to add funds to MoneyLion account

MoneyLion is a digital bank, which means that they have no physical branches. This means that at the moment, there is no way to make cash or check deposits into your MoneyLion account. The easiest way to add funds to your MoneyLion account is to set up a direct deposit, and you can link your MoneyLion account to another bank account to make quick transfers. MoneyLion is also currently working on a mobile check deposit feature to allow users to cash checks using their phone cameras.

MoneyLion app

The MoneyLion app is a significant part of the financial service they offer, and the app works great for this purpose. Visually, the app looks clean and sleek, making each feature easy to access and understand. Despite also having a website, the MoneyLion app offers lots of extra features that aren’t available on the web browser version, so customers will benefit more by downloading the app. The app’s homepage offers personalized tips and alerts designed to help customers better manage their finances. MoneyLion uses data from any linked bank accounts, credit cards, mortgages, and more to make this information as accurate as possible. The MoneyLion app also has a handy feature that alerts users when paying more for their bills than other similar users, encouraging you to find the best deals. The app also sends notifications to alert users to upcoming loan payments, helping customers stay on track.

Savings, loans, and cashback

MoneyLion does not offer a specified savings account; however, it does provide a MoneyLion investment account and automated features designed to help customers save. Firstly, the MoneyLion app encourages users to budget their spending and helps them stick to it with notifications and alerts. Next, it enables users to set up an automated monthly deposit into their MoneyLion investment account, allowing them to make savings before spending it. The service offered by MoneyLion prioritizes turning customer financial goals into a reality, helping them save while also not charging bank fees.

MoneyLion offers a Personal Loan, with the minimum loan amount of $500. The MoneyLion loan comes with a fixed interest rate that starts at 5.99% APR, and the minimum loan term is one year. The minimum credit score to be applicable for a personal loan is 640, making this a useful option for borrowers who currently have a lower credit score. 

All MoneyLion users are welcome to take advantage of their Cashback Rewards program. The app has a ‘Rewards’ tab that allows you to link your MoneyLion debit and credit cards. They offer an exact list of eligible merchants, including a wide array of popular shops, cafes, and restaurants, and are continually updating this list with exciting new deals. Each cashback percentage depends on the merchant, but you will automatically receive your cashback reward once you spend with an eligible merchant.

MoneyLion for travel

MoneyLion aims to be transparent when it comes to fees, and this is no different when it comes to using your MoneyLion debit or credit card overseas. However, MoneyLion still charges international payments and withdrawals fees, which may not be ideal for frequent travelers. MoneyLion currently charges a $2.50 fee for using an out-of-network ATM, and those using their debit card abroad can expect to pay a 0.8% transaction fee.

MoneyLion review. Conclusion

  •  MoneyLion is a hub for saving, investing, and borrowing, allowing customers to overview, manage, and access all of these services in one convenient place 
  •  The Core membership is available for free with no fees
  •  MoneyLion loans are easy to access for those with less-than-stellar credit scores
  •  Expansive cashback rewards program

Overall, this review shows that MoneyLion will appeal to a range of potential customers, especially those familiar with the neo banking scene, and are keen to try a new service that offers saving, borrowing, and investing in one place. MoneyLion will also appeal to people looking for a quick loan turnaround, and their convenient service also helps customers pay their loans back on time. MoneyLion is continuing to improve its service and offer new features rapidly, allowing new customers to benefit from the latest innovations in fintech.