MoneyLion's Checking Account Requires Their Membership Plan
You cannot open a MoneyLion checking account without being a MoneyLion member. The checking account is bundled with membership — you do not get one without the other. When you sign up for MoneyLion, you are signing up for both the membership service and the checking account together as a package.
MoneyLion is not structured like a traditional bank where you can walk in and open just a checking account. Instead, it operates as a membership-based financial service. The membership includes the checking account, but also includes other features like budgeting tools, credit monitoring, and access to their lending products. You pay for the membership, and the checking account comes as part of that membership.
This is different from banks like Chase or Bank of America, where you can open a checking account without paying any membership fee. With MoneyLion, the membership cost is what you are paying for, and the checking account is included in that cost.
Key Takeaways
- MoneyLion checking accounts are only available to people who are MoneyLion members, and membership is required to open the account.
- MoneyLion membership includes the checking account plus other services like budgeting tools and credit monitoring, all bundled together.
- You will need to pay MoneyLion's membership fee to access the checking account — there is no free checking-only option.
- If you want a checking account without paying a membership fee, you may want to explore traditional banks or online banks that offer free checking.
What the MoneyLion Membership Includes
When you become a MoneyLion member, you get the checking account plus several other services. The membership gives you access to a budgeting dashboard where you can track your spending, see your credit score, and get recommendations based on your financial habits. You also get access to MoneyLion's lending products, which include personal loans and lines of credit.
The checking account itself functions like a standard checking account — you get a debit card, you can deposit checks, and you can transfer money. The account comes with FDIC protection up to the standard limits, which means your money is insured by the federal government if something happens to MoneyLion.
The membership also includes customer support, though the level and type of support can vary depending on which membership tier you choose. MoneyLion offers different membership levels, and the features and costs differ between them.
How MoneyLion's Membership Tiers Work
MoneyLion offers more than one membership level, and each level costs a different amount and includes different features. The basic membership tier is the least expensive option and includes the checking account. Higher tiers add more features and cost more per month.
The specific cost of each tier and exactly what features come with each one changes over time, so the amounts you see today may not be the same next year. When you visit MoneyLion's website or app, you will see the current pricing and what each tier includes. You can compare the tiers and choose the one that fits your needs and budget.
If you are not sure which tier is right for you, MoneyLion's customer support can walk you through the differences. You can also start with the basic tier and upgrade later if you want more features.
Why MoneyLion Structures It This Way
MoneyLion bundles the checking account with membership because the company makes money from the membership fee, not from checking account fees. Traditional banks often make money by charging overdraft fees, monthly maintenance fees, or minimum balance fees on checking accounts. MoneyLion does not rely on those fees.
Instead, MoneyLion's business model is based on the membership fee itself. The company uses that fee to pay for the checking account infrastructure, customer support, and the other tools and services included in the membership. This is why you cannot separate the checking account from the membership — they are sold as one product.
This structure can be an advantage if you want a checking account without worrying about overdraft fees or surprise charges. However, it means you are paying upfront for the membership, even if you only want the checking account and do not use the other features.
Alternatives If You Want Checking Without Membership
If you want a checking account but do not want to pay a membership fee, there are other options. Many online banks and traditional banks offer free checking accounts with no monthly fee and no minimum balance requirement. Banks like Ally, Charles Schwab, and many credit unions offer checking accounts this way.
Some of these banks also include budgeting tools or financial tracking features similar to what MoneyLion offers, though they are usually separate from the checking account itself. You would have the checking account for free and could choose to use their other tools if you want them.
The trade-off is that these banks may not offer the same lending products or credit monitoring that MoneyLion includes. If the lending products or credit features are important to you, MoneyLion's membership might still be worth the cost. If you just need a checking account, a free option from another bank might be a better fit.
What Happens If You Cancel Your Membership
If you cancel your MoneyLion membership, you lose access to the checking account. MoneyLion will close the account, and you will need to move your money elsewhere. This is an important thing to understand before you sign up — the checking account only exists as long as you are a member.
Before you cancel, you should transfer any remaining money out of the account to another bank. MoneyLion will give you time to do this, but you should not wait until the last minute. Once the account is closed, you will not be able to access it.
If you are thinking about canceling because you are unhappy with the membership cost or the features, it might be worth contacting MoneyLion's customer support first. They may be able to help you find a tier that works better for you, or they may have options you did not know about.
How to Sign Up for MoneyLion
To get a MoneyLion checking account, you sign up for MoneyLion membership through their website or mobile app. The sign-up process asks for basic information like your name, address, date of birth, and Social Security number. MoneyLion uses this information to verify your identity and check for fraud.
Once you complete the sign-up and are approved, the checking account is created automatically as part of your membership. You will receive a debit card in the mail, and you can start using the account right away through the app or online portal.
The entire process usually takes a few days from start to finish. You can start using the account through the app before your physical debit card arrives, if you need to move money quickly.
Frequently Asked Questions
Can I use MoneyLion's checking account if I cancel my membership later?
No. If you cancel your membership, MoneyLion closes the checking account. You will need to transfer your money to another bank before the account closes. The checking account only exists as long as you are a member.
Is there a free trial for MoneyLion membership?
MoneyLion sometimes offers trial periods or promotional pricing for new members, but this changes frequently. Check their website or app to see what offers are currently available. Any trial period will eventually end, and you will be charged the regular membership fee unless you cancel.
What if I only want the checking account and do not care about the other membership features?
You still have to pay for the full membership to get the checking account — there is no option to buy just the checking account. If the membership cost is more than you want to spend, you may want to look at free checking accounts from other banks instead.
Does MoneyLion's checking account have overdraft fees?
MoneyLion's overdraft policies vary depending on your membership tier and account history. Check the current terms on their website or ask customer support about overdraft fees before you sign up, since these policies can change.
Can I have a MoneyLion checking account and a checking account at another bank at the same time?
Yes. There is nothing stopping you from having a MoneyLion checking account and a checking account at another bank simultaneously. Many people do this to keep their money in multiple places or to have a backup account.