MoneyLion offers a savings account and investment tools, not a checking account
MoneyLion is a financial app that lets you save money, invest in stocks and crypto, and borrow against your own savings. It does not offer a checking account with a debit card, check-writing, or the standard payment features you get from a bank or credit union checking account. If you need a place to receive paychecks, pay bills by check, and make everyday purchases with a debit card, MoneyLion alone will not do that job.
MoneyLion's main product is a savings account paired with a brokerage account for investing. The app also offers a credit-building loan product called MoneyLion Credit Builder, which lets you borrow small amounts (usually $500 to $5,000) and repay them over time to build your credit history. None of these products replace a checking account.
If you are looking for a checking account, you need to open one at a bank, credit union, or online bank separately. MoneyLion can work alongside a checking account at another institution, but it cannot be your only account if you need to receive direct deposits or write checks.
Key Takeaways
- MoneyLion is a savings and investment app, not a checking account, and does not issue a debit card or accept direct deposits.
- You can use MoneyLion to save money, invest in stocks and crypto, and build credit through its loan product, but you will need a separate checking account for everyday banking.
- MoneyLion Premium is a paid membership tier that unlocks higher savings rates and investment tools, but it does not change the fact that the app is not a checking account.
- If you want both a checking account and investment tools in one place, you may find better options at online banks or brokerages that offer both products.
What MoneyLion actually offers
MoneyLion's core product is a savings account where you can deposit money and earn interest. The rate varies depending on market conditions and whether you have a paid membership. The app also includes a brokerage account that lets you buy and sell stocks, exchange-traded funds (ETFs), and cryptocurrencies like Bitcoin and Ethereum.
The third major product is MoneyLion Credit Builder, a small-dollar loan designed to help you build credit history. You borrow money (which MoneyLion holds in a savings account on your behalf), make monthly payments, and the payment history gets reported to credit bureaus. This is useful if you have no credit history or are rebuilding after missed payments, but it is not a checking account feature.
MoneyLion also offers a cash-back rewards program on certain purchases and a financial planning tool that tracks your spending and suggests ways to save. These are add-on features, not checking account services.
Why MoneyLion is not a checking account
A checking account has specific features that MoneyLion does not provide. A checking account lets you receive direct deposits from your employer, write checks to pay bills or people, and use a debit card to make purchases and withdraw cash at ATMs. MoneyLion has none of these.
You cannot set up direct deposit to MoneyLion. Your employer will not accept a MoneyLion account number as a place to send your paycheck. You cannot write checks from MoneyLion. You cannot get a debit card from MoneyLion to use at stores or ATMs. If you need any of these features, you must open a checking account elsewhere.
MoneyLion is designed as a savings and investment tool that sits alongside your checking account, not as a replacement for it. Think of it as a place to put money you want to grow, not a place to manage your day-to-day cash flow.
How to use MoneyLion with a checking account
If you want to use MoneyLion, you will need a checking account at a bank or credit union. You receive your paycheck in your checking account, then transfer money from your checking account to MoneyLion when you want to save or invest.
The transfer process is straightforward. MoneyLion lets you link your checking account using your bank's login credentials or by providing your account and routing numbers. Once linked, you can move money between your checking account and MoneyLion in one to three business days, depending on your bank.
This two-account setup means you manage two separate logins and two separate balances. Some people find this inconvenient; others prefer keeping their everyday spending money separate from their savings and investments.
MoneyLion Premium and what it changes
MoneyLion offers a paid membership called MoneyLion Premium that costs money per month (the exact price varies). Premium membership unlocks higher interest rates on your savings account, lower fees on certain investments, and access to more advanced investing tools.
Premium does not add checking account features. You still cannot receive direct deposits, write checks, or get a debit card. Premium only changes the rates and tools available within the savings and investment products that already exist. If you need a checking account, Premium will not provide one.
Checking account alternatives that include investing
If you want a single account that works as both a checking account and an investment platform, you have other options. Some online banks and brokerages offer both products under one login.
Fidelity offers a checking account with a debit card and direct deposit, plus a full brokerage account for stocks, ETFs, and mutual funds. Charles Schwab offers similar features. Wealthfront and Betterment are investment platforms that also offer checking-like features, though they are primarily designed for automated investing rather than everyday banking.
These alternatives let you receive paychecks, pay bills, and invest in one place. The trade-off is that they may have higher minimum balances or different fee structures than MoneyLion. Compare the features and costs of each to see which fits your needs.
When MoneyLion makes sense for you
MoneyLion works well if you already have a checking account elsewhere and want a separate place to save and invest. It is useful if you want to automate your savings (the app can move money from your checking account on a schedule) or if you want to invest small amounts without opening a full brokerage account.
MoneyLion also makes sense if you want to build credit through its Credit Builder loan product. If you have no credit history or are rebuilding after damage, the small-dollar loan with credit reporting can help you establish a track record of on-time payments.
MoneyLion does not make sense as your only account. If you do not have a checking account yet, open one at a bank or credit union first. Then, if you want to use MoneyLion for savings and investing, link it to your checking account.
Frequently Asked Questions
Can I get direct deposit to MoneyLion?
No. MoneyLion does not accept direct deposits from employers. You must receive your paycheck in a checking account at a bank or credit union, then transfer money to MoneyLion if you want to save or invest it.
Does MoneyLion give you a debit card?
No. MoneyLion does not issue a debit card. You cannot use MoneyLion to make purchases or withdraw cash at ATMs. You need a separate checking account with a debit card for those transactions.
Can you write checks from MoneyLion?
No. MoneyLion does not offer check-writing. If you need to pay someone by check, you must use a checking account at a bank or credit union.
Is MoneyLion safe for storing money?
MoneyLion's savings account is held at partner banks that are insured by the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 are protected if the bank fails. Money you invest in stocks or crypto is not FDIC-insured and carries investment risk.
What happens if I only use MoneyLion and no other bank account?
You will not be able to receive paychecks, pay bills by check, or make everyday purchases. You need a checking account at a bank or credit union to handle those basic banking tasks. MoneyLion is a supplement to a checking account, not a replacement.