MoneyLion is not a bank—it's a financial technology company that partners with banks to offer accounts

MoneyLion itself does not hold your money or issue accounts. The company is a fintech platform that connects you to banking services provided by actual banks. When you open a MoneyLion account, your deposits are held at one of their partner banks, depending on which product you choose and where you live.

The partner banks change over time as MoneyLion's business relationships shift. Currently, MoneyLion accounts are typically held at Customers Bancorp (through its subsidiary Customers Bank) or Megalith Bank, depending on the account type. If you already have a MoneyLion account, you can find out which bank holds your deposits by logging into the app or contacting MoneyLion support directly.

This structure matters because your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank, per account category. Since MoneyLion is the interface you use but a separate bank holds the actual funds, your money is protected the same way it would be at any traditional bank.

Key Takeaways

  • MoneyLion is a fintech company, not a bank, and your money is held at partner banks like Customers Bank or Megalith Bank depending on your account type.
  • Your deposits receive FDIC insurance protection up to $250,000 because they are held at actual banks, not at MoneyLion itself.
  • You can find out which bank holds your specific account by checking the app or contacting MoneyLion customer support.
  • The partner bank relationship may change over time, so it is worth confirming periodically if you need to know the exact institution.

How MoneyLion's partnership structure works

MoneyLion operates as a middleman between you and the banking system. You download the app, create an account through MoneyLion's interface, and manage your money through their platform. Behind the scenes, MoneyLion has agreements with one or more banks to actually hold customer deposits and process transactions.

This is a common model in fintech. The company handles the user experience, customer service, and features you see in the app, while the bank handles the core banking functions: holding deposits, processing transfers, issuing debit cards, and maintaining compliance with banking regulations. You benefit from MoneyLion's interface and features, and the bank provides the legal and regulatory foundation.

When you transfer money into your MoneyLion account, it goes to the partner bank's account in MoneyLion's name. When you spend using a MoneyLion debit card or transfer money out, the bank processes that transaction. The FDIC insurance applies to the bank holding the funds, not to MoneyLion as a company.

Which MoneyLion products use which banks

MoneyLion offers several account types, and not all of them may use the same partner bank. The company's main products include a checking account (sometimes called a cash account), a savings account, and investment or credit-building features. The checking account is typically the one held at a partner bank and covered by FDIC insurance.

If you have a MoneyLion checking account, your deposits are held at the partner bank. If you use MoneyLion's investment features or credit-building products, those may operate differently and may not carry the same FDIC protections. The easiest way to confirm which bank holds your specific account is to open the app, go to account settings or account details, and look for bank routing number or bank name information. You can also call MoneyLion support and ask directly.

MoneyLion's partnerships have changed in the past and may change in the future as the company evolves. If you are concerned about which bank holds your money, check your account details now rather than assuming it is the same as it was a year ago.

FDIC insurance and what it covers

Because your MoneyLion account is held at an FDIC-insured bank, your deposits are protected up to $250,000 per depositor, per bank, per account category. This means if the partner bank fails, the FDIC will reimburse you for your deposits up to that limit. This protection is automatic—you do not need to do anything to activate it.

The $250,000 limit applies per account category. If you have both a checking account and a savings account at the same bank, each is insured separately up to $250,000. If you have multiple accounts at different banks, each bank's deposits are insured separately. Since MoneyLion's deposits are held at a specific partner bank, your MoneyLion account counts toward that bank's limit, not toward a separate MoneyLion limit.

FDIC insurance does not cover investment products, cryptocurrency, or credit-building features if MoneyLion offers those separately. It covers only deposits held in checking and savings accounts at the partner bank. If you use MoneyLion for other services, read the terms carefully to understand what protections apply.

How to verify your bank and account details

To find out which bank holds your MoneyLion account, open the MoneyLion app and navigate to your account settings or account information section. Look for fields labeled "bank name," "routing number," or "institution name." The routing number is a nine-digit code that identifies the bank. You can also search that routing number online to confirm which bank it belongs to.

If you cannot find this information in the app, contact MoneyLion support through the app's help section or by phone. Have your account number ready. MoneyLion's support team can tell you immediately which bank holds your deposits and can answer questions about FDIC coverage.

If you are moving money to or from your MoneyLion account, you may need the routing number and your account number. These are the same pieces of information you would use for any bank account, and MoneyLion will provide them when you request a transfer or set up direct deposit.

What happens if MoneyLion closes or changes banks

If MoneyLion goes out of business, your money does not disappear. Your deposits remain at the partner bank, and the FDIC insurance protects them. You would likely be able to access your account through the partner bank directly, or the bank would help you move your money to another institution. The bank is required by law to maintain your deposits and allow you to withdraw them.

If MoneyLion switches to a different partner bank, the company typically notifies customers in advance. Your existing deposits may be transferred to the new bank, or you may be given the option to move them yourself. Either way, your FDIC insurance continues to apply because the deposits remain at an FDIC-insured bank.

Changes like this are rare, but they do happen in fintech. If you receive a notice from MoneyLion about a bank change, read it carefully and follow any instructions. If you do not receive clear information, contact MoneyLion support and ask what happens to your existing deposits and whether your FDIC coverage changes.

Frequently Asked Questions

Is my money safe in a MoneyLion account?

Yes, as long as your balance is under $250,000. Your deposits are held at an FDIC-insured bank and are protected by federal insurance. MoneyLion itself does not hold the money, so the company's financial health does not affect your deposits. The bank holding your money is what matters for safety.

Can I use my MoneyLion account like a regular bank account?

Yes. You can deposit money, withdraw it, set up direct deposit, pay bills, and transfer funds just as you would with a traditional bank account. The main difference is that you manage it through the MoneyLion app rather than a bank's website or branch. The underlying account is still a real bank account held at a real bank.

What if I need to contact the bank directly instead of MoneyLion?

You can contact the partner bank directly if you need to, though most customers handle everything through MoneyLion. If you have the routing number and account number, you can reach the bank's customer service line. However, for most issues, MoneyLion's support team can help you faster because they manage the account relationship.

Does MoneyLion charge fees?

MoneyLion's fee structure depends on which account type you use. Some accounts are free, while others may charge monthly fees or fees for certain services. Check the app or MoneyLion's website for current pricing, as fees can change. This is separate from any fees the partner bank might charge, though most partner bank fees are waived for MoneyLion accounts.

What if I want to move my money to a different bank?

You can transfer money out of your MoneyLion account to any other bank at any time. Use the transfer or external account feature in the app to move funds. You can also set up direct deposit to a different bank if you want your paycheck to go elsewhere. There is no penalty for leaving MoneyLion, though you may lose access to MoneyLion-specific features.