You need a MoneyLion membership to open a checking account with them

MoneyLion does not offer a standalone checking account. Every checking account they issue comes as part of a paid membership plan. If you want a MoneyLion checking account, you must pay for membership — there is no way around this requirement.

The membership tiers range from about $1 to $14 per month depending on which plan you choose. Each tier includes the checking account plus other features like investment tools, credit monitoring, or cash-back rewards. You cannot separate the checking account from the membership itself.

This is different from banks that let you open a checking account for free and then charge you only if you want premium features. MoneyLion's model bundles the account into the membership cost from day one.

Key Takeaways

  • MoneyLion checking accounts are only available to members paying for one of their membership plans, starting at around $1 per month.
  • You cannot open a MoneyLion checking account without also paying for membership in the same month.
  • The membership cost is separate from any overdraft fees or other account charges you may incur.
  • If you want a checking account without any membership requirement, you will need to use a different bank.

The three MoneyLion membership tiers and what each includes

MoneyLion offers three membership levels: Basic, Plus, and Premium. Basic is the lowest cost and includes the checking account, debit card, and access to their financial tools. Plus and Premium add features like higher cash-back rates, investment accounts, and credit monitoring, but all three tiers include the checking account.

The exact price of each tier changes periodically and may vary based on promotions. You should check MoneyLion's website directly for current pricing rather than relying on a price quoted elsewhere. Some people also get discounts if they sign up through certain partner offers or during promotional periods.

The key point: whichever tier you choose, you are paying for membership, and the checking account comes with it. There is no tier that is just a checking account with no membership cost.

What happens if you cancel your membership

If you stop paying for your MoneyLion membership, your checking account does not automatically close, but you lose access to most of the features that come with it. You can still withdraw money that is already in the account, but you typically cannot use the debit card or make new transactions through the account.

MoneyLion may also charge you a fee if your account sits inactive for a long period, or they may close it themselves after a certain amount of time. The exact policy depends on MoneyLion's current terms, which can change. Before you cancel, contact MoneyLion directly to understand what happens to your account balance and how long you have to access it.

Alternatives if you want checking without membership fees

Many banks and online banks offer checking accounts with no monthly fee and no membership requirement. Options include Ally Bank, Charles Schwab, Chime, and most traditional banks like Chase or Bank of America, which offer free checking tiers alongside their premium accounts.

These banks let you open a checking account, use a debit card, and pay bills without paying anything monthly. Some offer perks like cash-back or interest on your balance, but none of them require you to buy a membership to have the account itself.

If the MoneyLion membership cost is a barrier for you, exploring these alternatives may save you money, especially if you do not need the investment tools or credit monitoring that MoneyLion bundles into its plans.

How to open a MoneyLion checking account if you decide to join

To open a MoneyLion checking account, you first choose which membership tier you want and sign up for it. During the signup process, MoneyLion will ask for your personal information, Social Security number, and proof of identity. They will also run a soft credit check and check your banking history through ChexSystems or Early Warning Services.

Once your membership is active, your checking account opens automatically. You will receive a debit card in the mail within one to two weeks. In the meantime, you can usually start using the account for transfers and bill pay through the MoneyLion app.

The entire process typically takes a few business days from the time you complete your application to the time your account is ready to use.

Fees and charges beyond the membership cost

The membership fee is not the only cost you may face. MoneyLion can charge overdraft fees if you spend more than you have in your account, out-of-network ATM fees if you withdraw from an ATM that is not in their network, and wire transfer fees if you send money to another bank.

Some of these fees may be waived depending on which membership tier you have. For example, higher tiers sometimes include a certain number of free out-of-network ATM withdrawals per month. Check the fee schedule for your specific tier to understand what you might owe beyond the membership cost.

Frequently Asked Questions

Can I try MoneyLion for free before paying for membership?

MoneyLion does not offer a free trial of their checking account. You must pay for membership to open the account. However, some promotional offers may reduce the first month's cost or waive it entirely, so check their website for current offers before you sign up.

What if I want to cancel my membership after one month?

You can cancel your MoneyLion membership at any time. Your checking account will remain open, but you will lose access to the features that came with membership. You can still withdraw your money, but you should contact MoneyLion to understand their policy on inactive accounts before you cancel.

Does MoneyLion report to the credit bureaus?

MoneyLion does not report checking account activity to credit bureaus. However, if you use their credit-building or lending products as part of a higher membership tier, those may be reported. Check the terms for your specific tier to see what gets reported.

Can I use MoneyLion checking if I have bad credit or no credit history?

MoneyLion does not base membership on your credit score. They check your banking history through ChexSystems, which tracks account closures and overdrafts, not credit. If you have been flagged in ChexSystems, you may be denied, but a low credit score alone will not stop you from opening an account.