MoneyLion Bank Review 2023: (The Complete Guide)
MoneyLion is a digital banking platform founded in 2013 that’s been offering financial subscriptions and memberships since 2018. The company is headquartered in New York City and also has offices in New Jersey and San Francisco.
MoneyLion’s mission is to make it easier for customers to manage their money via technology that allows them quick access, real-time insight into their spending behavior, and more.
MoneyLion has grown quickly since its start in 2013, recently catching the attention of investors like Goldman Sachs and DST Global who led a $70 million Series C financing (with participation from existing investors General Catalyst, GV, and Ribbit Capital).
The MoneyLion Bank is a relatively new concept that allows customers to build and maintain their own bank accounts. While the company does offer several features its customers may find valuable, it requires them to subscribe to financial services, which come with recurring fees. Unfortunately, it’s not possible for consumers to determine what those costs will be until they are billed.
MoneyLion offers a suite of services that customers can subscribe to as a member. Financial subscriptions include Identity Protection, Real-time Fraud Monitoring & Alerts, and Real-time Spending Analysis.
Pros & Cons Of MoneyLion
- Easy to sign upFree to maintain
- Finance Tracker
- Credit Building
- Financial subscriptions
- Loose structure
- Unclear fees
- Subscription-based services
- Limited amount of products
- Easy to sign up: The company’s website notes that it takes as little as three minutes to open a MoneyLion account.
- Free to maintain: Despite the financial subscription model, MoneyLion does not charge any monthly or annual fees.
- Finance Tracker: MoneyLion offers MoneyLion Visa Rewards cards that customers can use to build their financial profile and help them better understand their spending behavior.
- Credit Building: MoneyLion provides customers with a credit score that is updated daily to help them monitor their investment in their financial wellness.
- Convenient: The bank offers an array of services from your phone, computer, or via a text message. MoneyLion also provides customers with dedicated customer service via phone, email, or text.
- Safe: MoneyLion’s Identity Protection service includes identity theft resolution, including resolution of third-party cases.
- Financial subscriptions: Customers may not be comfortable signing up for financial subscriptions that come with recurring fees. On the other hand, many of these services—such as spending analytics and identity protection—may prove very useful to certain individuals looking for more control over their finances.
- Loose structure: The company does not have brick-and-mortar branches for customers to visit or speak with someone directly.
- Unclear fees: The company’s pricing model is a bit ambiguous, with fees “based on offers and promotions available.” In other words, it's not clear what the cost will be.
- Subscription-based services: While MoneyLion does not charge any monthly or annual fees, it does require customers to be subscribed to at least one financial membership.
- Limited amount of products: As is the case with most banks and credit unions, MoneyLion does not offer everything its customers may want or need.
Is MoneyLion Safe & Secure?
MoneyLion provides its customers with several safety features that help keep their information secure, including encryption technology and security alerts.
MoneyLion also scans customers’ credit reports every four months to detect fraud and offers a full suite of Identity Protection products. In addition, MoneyLion uses the latest technology to protect against unauthorized access.
Who Is Eligible For MoneyLion?
MoneyLion does not have a minimum age requirement for its accounts, but anyone under the age of 18 must get a parent or guardian to open one on their behalf. In addition, MoneyLion does not have a monthly minimum balance requirement.
Who Is MoneyLion Bank Best For?
MoneyLion is best for individuals who are on a budget and like to follow their spending behavior closely. Additionally, MoneyLion users must be okay with subscribing to financial services that come with recurring fees.
The bank offers an array of services from your phone, computer, or via text message. MoneyLion also provides customers with dedicated customer service via phone, email, or text. Customers can enroll in MoneyLion’s financial subscriptions to build their financial wellness.
MoneyLion customers who are looking for more control over their finances may appreciate the value of the bank’s services, but those who feel they can manage their own money without third-party subscriptions may not be as excited. It is also important to note that most financial products, such as credit cards, are issued by the bank’s partner institutions.
Is MoneyLion Worth It?
MoneyLion offers a convenient and secure bank account with some good features. However, the confusing terms make it hard to determine whether this is the best fit for you or not.
However, if you are looking for a convenient way to manage your spending and maybe get alerted when someone tries to use your credit card without your permission, MoneyLion could be the right bank for you. Just remember that financial subscriptions don’t protect you from overdraft fees or other fees that banks typically charge.
Whether you’re looking to improve your credit score, earn rewards on your purchases, or simply maintain a healthy level of personal finance, MoneyLion has something for you.