MoneyLion: Bank & Earn Rewards


Rating: 4.7	Downloads: 5,000,000+
Category: Finance	Offer by: MoneyLion Inc.

The MoneyLion Banking app is a digital banking platform offering accounts to build wealth while earning competitive rewards and cashback. It caters to everyday consumers seeking financial growth through innovative banking tools and referral programs, available to both beginners and experienced investors.

MoneyLion makes banking simple with instant access to high-yield interest, unique earning opportunities, and no hidden fees — providing a modern alternative to traditional banks that helps users achieve their financial goals efficiently.

App Features

Digital Banking Services: Seamlessly manage checking and savings accounts through a user-friendly interface, allowing transactions, transfers, and bill payments with just a few taps. This convenience saves time and reduces the need for in-person branch visits.
Competitive Rewards Program: Earn interest on deposits and receive cashback through lifestyle partnerships, creating passive income streams while you build your wealth. Many users report earning an average of $15/month purely from the rewards feature.
Mobile Referral System: Earn $50 for every successful referral who opens a MoneyLion account, creating a passive income opportunity built directly into the app experience. This encourages users to share their preferred banking solution.
Instant Deposit Option: Cut funds transit time dramatically by depositing checks via mobile camera, with cash typically available the very next business day unlike traditional banking methods. Perfect for unexpected income situations.
Financial Education Modules: Access personalized learning resources and market insights that help users improve financial literacy and make better banking decisions. Standalone worth $9.99/month appears in the Premium plans.
Credit Builder Tool (Pro): Use your existing mobile banking with MoneyLion as a pathway to improve credit history, with transaction data feeding proprietary credit-building algorithms — ideal for those building credit reports from scratch.

Pros & Cons

Pros:

High-yield savings accounts with no fees
Cashback through everyday banking activities
Flexible deposit processing times
Low minimum balance requirements

Cons:

Limited overdraft protection options
No physical branches available
Some account features bolted on via upsells
Potentially worse returns on high-yield CDs

Similar Apps

App Name	Highlights
BankSimple	Strong mobile focus and instant transfer features paired with straightforward fee structures.
YNAB	Exceptional budgeting tools integrated directly with financial accounts, emphasizing goal-based saving systems.
Marcus by Goldman	Better investment tools emphasizing wealth building over basic banking, though with limited returns.

Frequently Asked Questions

Q: How quickly is the MoneyLion: Bank & Earn Rewards app available via both iOS and Android stores?
A: New users can download and set up the app in less than 15 minutes, with account funding processed instantly once completed.

Q: Are there any hidden fees or unexpected costs with the savings account income program?
A: We maintain a policy of transparency with all fees clearly labeled in the app. No mandatory transaction fees, though a $2/month account maintenance fee applies to basic checking accounts.

Q: How does the referral program work and how long does it take to receive the $50 bonus?
A: When a successful referral opens an account using your unique link, you receive a $50 bonus directly deposited within 2 business days after their initial deposit is verified.

Q: Why are some users reporting delays on CD returns compared to competing products?
A: While daily compounding is a strong feature, our CD terms are noticeably longer than industry-standard offerings (minimum 12 months). This conservative approach prioritizes security over potentially higher early-access interest rates.

Q: Does the app integrate with third-party budgeting tools like Mint or Personal Capital?
A: Currently, no native integration exists. However, account analytics are visible for certified accountants and financial advisors during in-person consultations.