Roar Money is a checking account, but not from a traditional bank

Roar Money is a checking account offered through a mobile app, not a physical bank branch. The account is issued by Megalith Bank, a bank chartered to offer deposit accounts. You get a debit card, direct deposit, bill pay, and the ability to write checks — the core features of a checking account — but you manage everything through your phone rather than visiting a location.

The main difference from a traditional bank checking account is how you interact with it. There is no branch to walk into, no teller to speak with, and no paper statements mailed to your home unless you request them. Everything happens in the app: checking your balance, transferring money, depositing checks by taking a photo, and setting up direct deposit.

Roar Money is designed for people who are comfortable managing money on a phone and want a straightforward checking account without monthly fees or minimum balance requirements. It is one option among several app-based checking accounts available today.

Key Takeaways

  • Roar Money functions as a full checking account with a debit card, direct deposit, and bill pay, issued by Megalith Bank.
  • You access and manage the account entirely through a mobile app rather than through a bank branch or website.
  • There are no monthly maintenance fees and no minimum balance requirement to open or keep the account.
  • Your deposits are insured up to $250,000 through FDIC protection, the same as deposits at a traditional bank.
  • You can deposit checks by photographing them in the app, but you cannot deposit cash without visiting a partner location or ATM.

How Roar Money works as a checking account

When you open a Roar Money account, you receive a debit card in the mail within 7 to 10 business days. You can use this card to withdraw cash at ATMs, make purchases at stores, and pay bills online. The account number and routing number work the same way as any other checking account — you can set up direct deposit with your employer, receive government payments, or have other deposits sent directly to the account.

The app itself is where the checking account functions live. You can see your balance in real time, review transactions as they post, transfer money to other accounts you own, and send money to other people through features like Zelle (if available on your version of the app). You can also set up bill pay to schedule payments to companies and individuals, though this feature may vary depending on when you opened your account.

Check writing is available, though it is less common with app-based accounts. If you need to write a check, you can request checks through the app, and they will be mailed to you. This takes longer than swiping a debit card, so most people use the card or digital transfers for everyday spending.

Fees and costs you should know about

Roar Money charges no monthly maintenance fee, no minimum balance fee, and no overdraft fees. This is one of its main selling points compared to traditional banks, which often charge $10 to $15 per month for checking accounts or require you to keep a certain amount of money in the account at all times.

There are some costs to be aware of, though they are not automatic. If you use an out-of-network ATM (an ATM not owned by Roar Money's ATM network), you may be charged a fee by that ATM's owner. Roar Money does not charge you for using their network, but the other bank's ATM may charge $2 to $3. You can avoid this by using ATMs in their network, which includes thousands of locations.

If you need a wire transfer, cashier's check, or other specialized banking service, Roar Money may charge a fee or may not offer the service at all. Before you open the account, think about whether you will need services beyond basic checking — debit card use, direct deposit, bill pay, and check deposits.

FDIC protection and your money's safety

Your money in a Roar Money account is protected by FDIC insurance, which means the federal government guarantees your deposits up to $250,000 if Megalith Bank fails. This is the same protection you have at any traditional bank. You do not need to do anything to get this protection — it is automatic when you open the account.

The app itself uses encryption to protect your login information and transactions, similar to what traditional banks use. You should still follow basic security practices: use a strong password, do not share your login details, and check your account regularly for unauthorized transactions.

How Roar Money compares to a traditional bank checking account

The biggest practical difference is access. A traditional bank has physical locations where you can deposit cash, speak to a person, and handle complex transactions in person. Roar Money has none of these. If you need to deposit cash, you will have to find a partner location (which varies by region) or use a cash-to-card service at certain retailers. If you have a question or problem, you contact customer service through the app or by phone rather than walking into a branch.

The cost difference is significant. Traditional banks often charge monthly fees ($10 to $15 is common) or require a minimum balance ($500 to $2,500 depending on the bank). Roar Money charges neither. If you keep a small balance or do not want to pay monthly fees, Roar Money is cheaper.

The speed of some transactions is faster with Roar Money. Depositing a check by taking a photo in the app is quicker than driving to a bank branch. Transfers between accounts happen when ready in the app. However, some transactions take longer — getting a cashier's check or wire transfer may require calling customer service and waiting, rather than handling it in person.

Who should and should not use Roar Money

Roar Money works well if you are comfortable using a mobile app for banking, rarely need to deposit cash, and want to avoid monthly fees. It is a good fit for people who get paid through direct deposit, pay most bills online or with a debit card, and do not need to visit a bank branch often.

Roar Money may not be the right fit if you frequently deposit cash, prefer to handle banking in person, need services like wire transfers or cashier's checks regularly, or do not have a smartphone. It is also not ideal if you need a physical location nearby for deposits or customer service conversations.

Some people use Roar Money as a second account alongside a traditional bank account. For example, you might use Roar Money for everyday spending and keep a traditional bank account for cash deposits or in-person services. There is no rule against having both.

How to open a Roar Money account

To open a Roar Money account, you read the app on your phone and follow the sign-up process. You will need to provide your name, date of birth, Social Security number, and address. The app will verify your identity, which usually takes a few minutes. Once approved, your account is open when ready, and you can start using it right away.

Your debit card arrives in the mail within 7 to 10 business days. Until it arrives, you can use your account number and routing number to set up direct deposit or receive transfers. You can also use a temporary digital card in the app to make online purchases before your physical card arrives, depending on your account type.

You do not need a minimum deposit to open the account. Some people open it and leave it empty until their first direct deposit arrives. Others transfer money from another account to start using it when ready.

Frequently Asked Questions

Can I deposit cash into a Roar Money account?

Not directly through the app. You can deposit cash at partner locations or certain retailers that offer cash-to-card services, but these are not available everywhere. If cash deposits are important to you, a traditional bank or credit union may be a better choice. Check Roar Money's website to see if partner locations exist in your area before opening an account.

What happens if I lose my debit card?

You can freeze or cancel your card when ready in the app. A replacement card will be mailed to you, usually within 7 to 10 business days. Until it arrives, you can use your account number for online purchases or transfers, or request a temporary digital card if available.

Can I overdraft my Roar Money account?

Roar Money does not allow overdrafts, which means transactions will be declined if you do not have enough money in your account. This protects you from overdraft fees, but it also means you cannot spend money you do not have. Some people prefer this; others prefer the flexibility of overdraft protection.

Is Roar Money the same as a savings account?

No. Roar Money is a checking account designed for frequent transactions and everyday spending. A savings account is designed to hold money and earn interest. Roar Money does not pay interest on your balance. If you want to save money and earn interest, you would need a separate savings account at Roar Money or another bank.

What if I have a problem with my account?

You can contact Roar Money customer service through the app or by phone. Response times vary, but most issues are handled within one business day. Because there is no physical branch, all support happens remotely through the app, phone, or email.