MoneyLion Review

MoneyLion logo


9.0 rating

Bottom Line

MoneyLion provides a fresh look at what banking is evolving to in the 21st century. With intuitive personal finance tools, fully digital banking features, and an all-in-one approach, MoneyLion is an interesting mobile platform to consider.


  • Few fees
  • In-house robo-investor
  • Excellent customer service
  • Well-liked mobile app


  • No APY
  • No savings account
  • No physical branches

MoneyLion logo

Learn More

at MoneyLion

So, what is MoneyLion? MoneyLion is a finance app and all-in-one banking platform.

Headquartered in New York, MoneyLion Inc is a fintech company that aims to provide an accessible, low-cost banking alternative that allows all Americans to get ahead financially.

From its most exciting features to a detailed look at pricing, customer service, and more, you’ll walk away knowing whether or not MoneyLion is worth adding to your bank roster.

MoneyLion Products

Here are the current products offered by MoneyLion:


RoarMoney is MoneyLion’s sole checking account option. The account comes with a debit card, direct deposit, and built-in budgeting tools.

MoneyLion offers direct deposit up to two business days before your payday. You can also take advantage of price protection that will reimburse you up to four times a year if the price of a purchase you made drops within 90 days.

Another perk is debit card rewards that allow you to earn cashback on select online purchases. There’s even a nifty feature called Shake ‘N’ Bank, which pays out small rewards when you shake your phone after making a purchase of $10 or more.

RoarMoney comes with a low $1 monthly fee that’s waived if you have both an investment account and a Credit Builder Plus membership.

Unfortunately, there’s no savings aspect of the account, so you won’t have the chance to earn through an interest rate.

Investment Account

Since there’s no interest-bearing savings account, your best bet for growing your money is to open up a linked investment account.

The account is fully automated and maintained by a robo-advisor. You can set up automatic transfers into the account or manually add funds whenever you like.

The platform will invest your funds based on your financial goals and comfort level with risk. You can also tailor your portfolio to focus on investments that interest you, like tech or socially conscious companies.

There’s a $1 per month administrative fee for the account, but there are no minimum balance requirements.

MoneyLion Features

Mobile Banking

The MoneyLion app is a one-stop-shop for all of your banking needs. MoneyLion doesn’t have traditional brick-and-mortar bank locations, so all of your banking needs are taken care of digitally.

You can make deposits, move money between your checking and investment accounts, and use intuitive financial tools with the banking app.

The app is well-reviewed, with 4.5 stars in the App Store and 4.7 stars in the Google Play Store.

55,000 Free ATMs

MoneyLion is part of the Allpoint ATM network, so users have fee-free access to its 55,000+ ATMs throughout the US. However, if you have to use an out-of-network ATM, there’s s $2.50 ATM fee.

Cash Advances

InstaCash is a unique feature that lets you access 0% APR cash advances up to $250. The service is free aside from a $3.99 charge for instant access to the funds.

Otherwise, it’ll usually take 12 to 48 hours for the advance to hit your account.

Your qualifying deposits determine your InstaCash limit. Account-holders can request 30% (up to $250) of their recurring direct deposit amount per pay cycle.

For repayment, MoneyLion will automatically draw the funds owed from your account on the agreed-upon due date.

If your account balance is a little short to cover it, the app will take out a partial repayment and try again the following day until the advance is fully repaid.

Credit Builder Plus

Credit Builder Plus is MoneyLion’s personal loan platform designed for building your credit score. APRs range from 5.99% to 29.99%, depending on the current state of your credit.

The loan application is simple, and borrowers can request up to $1,000. There’s no hard credit check involved, so you won’t have to worry about your score dropping when you apply.

Here’s how it works:

Once you select your loan amount and receive approval, a portion of the funds will be immediately available, while the rest sits in a Credit Reserve account.

You can set up easy, automatic loan payments over 12 months and MoneyLion reports each on-time payment to all three major credit bureaus. The app even takes care of credit monitoring through the duration of repayment with weekly credit score updates.

Once the loan is paid back in full, you’ll get access to the remaining funds in the Credit Reserve account, which you can use however you like.

Credit Builder Plus membership comes with a hefty fee of $19.99 per month. Fortunately, this fee is avoidable if you enroll in the Lion’s Share Loyalty Program (more on that below). You’ll also get the $1 RoarMoney monthly fee waived.

Lion’s Share Loyalty Program

The Lion’s Share Loyalty Program is MoneyLion’s reward system that pays you back for a more involved relationship with the platform.

You’ll need a RoarMoney account, an investment account, and a Credit Builder Plus membership to qualify.

The program is broken into four tiers — Platinum, Gold, Silver, and Bronze. Your tier is determined by how often you use your debit card and how frequently you log in to the app.

Here’s there breakdown of the requirements and payouts of each tier:

  1. Platinum ($19.99 payout): 20+ purchases of $10 or more, 20+ days with logins per month
  2. Gold ($10 payout): 10 to 19 purchases of $10 or more, 15 to 19 days with logins per month
  3. Silver ($5 payout): 5 to 9 purchases of $10 or more, 10 to 14 days with logins per month
  4. Bronze ($2 payout): 1 to 4 purchases of $10 or more, 5 to 9 days with logins per month

Considering the pricey fee that comes with Credit Builder Plus, this program should only be looked at as a way to avoid the $19.99 charge.

It’s highly advisable to ensure you qualify for Platinum status before enrolling in Credit Builder Plus.

MoneyLion Fees

Overall, MoneyLion operates an affordable platform with low, transparent pricing.

Standard banking charges like low balance, transfer, and foreign transaction fees don’t show up, and MoneyLion is upfront about the fees that it does have.

Here’s a look at the costs you should be aware of:

Membership Fees

Both RoarMoney and the MoneyLion investment account come with a monthly fee of $1 each.

This is a lower monthly charge than most big banks, and the only way around it is to enroll in Credit Builder Plus, which comes with a monthly fee of $19.99.

Fortunately, that fee is also avoidable through the Lion’s Share Loyalty Program, but you’ll have to meet the Platinum tier requirements to offset the cost.

​ATM Fees

MoneyLion offers fee-free ATM access at Allpoint locations but charges a $2.50 fee for out of network ATM use.

This fee is on top of whatever the ATM charges, and MoneyLion doesn’t offer reimbursement, so be sure to stick to Allpoint ATMs whenever possible.

Getting Started

Signing up for MoneyLion’s financial products is easy, and you can do so in the app. To open a RoarMoney account, download the MoneyLion app and set up your account.

Once MoneyLion verifies your identity with your Social Security Number, date of birth, and address, you can link a bank account or set up a direct deposit for initial funding.

MoneyLion accounts are available to anyone living in the US aged 18 or older.


At the time of this writing, the only promotion is a referral program that boosts your InstaCash limit.

If your referral signs up for a RoarMoney account, InstaCash, or Credit Builder Plus, you’ll get a $50 increase in your cash advance limit that lasts for two weeks.

Each successful referral within the two weeks will extend the time that the bonus is available.

This isn’t the most exciting bonus out there, but keep checking back as signup bonuses tend to come and go.


MoneyLion is backed by Metabank, which is an FDIC-insured financial institution. As such, all of your deposits are protected up to $250,000.

As for digital security, MoneyLion offers multi-factor authentication, contactless payments, and constant monitoring for unauthorized purchases. You can also lock your debit card directly from the app at any time if it is compromised.

Customer Service

When you need a hand with your account, you can take advantage of resources on or right in the app.

The online help center has a ton of FAQs to guide you toward what you need, along with options to get in touch with someone.

MoneyLion’s chat function is available 24/7 and assists you with either a chatbot or a live agent

The call center (888-704-6970) is open 8 am to 7 pm Eastern Time on weekdays, and 8 am to 4:30 pm on Saturdays.

For less urgent issues, you can opt to send an email, and responses generally arrive within two business days.

Overall, customer support is an area where MoneyLion stands out, as it boasts an average customer review score of 4.6 stars on TrustPilot.

Pros & Cons


  • Few fees
  • In-house robo-investor
  • Excellent customer service
  • Well-liked mobile app


  • No APY
  • No savings account
  • No physical branches
  • High fee for Credit Builder

Alternatives to MoneyLion

For those who want a tech-forward bank, where you can earn interest, there are a few alternatives to check out.

Neobanks like Chime, Revoult, and Monzo offer high-yield account options, plus a ton of other digital features.

It’s also worth looking into chartered online banks like Ally and Axos, who provide a more traditional selection of banking products within the digital space.


Is MoneyLion legit?

Yes. MoneyLion is legit, and it’s FDIC-insured through its partner bank, Metabank. MoneyLion is relatively new but has built up an impressive user base since its inception in 2013.

Is MoneyLion safe?

Yes, MoneyLion is a safe online platform. Between FDIC insurance and digital security measures, you should be in good hands.

How long does MoneyLion take to deposit?

Direct deposits arrive in your account up to two days before your employer’s payday. For all other deposits, it could take up to two days for the funds to be fully available.

Is MoneyLion Right For You?

In true neobank fashion, MoneyLion provides a fresh look at what banking is evolving to in the 21st century. With intuitive personal finance tools, fully digital banking features, and an all-in-one approach, MoneyLion is an interesting mobile platform to consider.

The main benefits of MoneyLion are consistent with the digital banking industry as a whole — you’ll get top-tier tech, few fees, and excellent customer service.

That said, the elephant in the room is MoneyLion’s lack of a high-yield savings APY, which is a watermark of digital banking.

Overall, MoneyLion is a solid option if you prefer to earn through automated investing rather than an interest rate.

However, it’s still a good idea for new MoneyLine customers to supplement its financial services with an external savings account.

Now that you know what’s up for grabs with MoneyLion, you’re on the right track. And remember, banks should work for you and not the other way around.