Digital Banking > Best Digital Bank
MoneyLion is a leading digital bank that created America’s most powerful financial membership designed to help people save, invest and grow. MoneyLion's membership offers access to banking, investing, credit-building, rewards, loans and financial wellness services in a single, integrated platform.
MoneyLion was created with a focused goal of providing people with the most valued banking experience in the world. Since its launch in 2013, MoneyLion has amassed more than five million members and has earned its customers' trust with new mobile banking and managed investment services. From a single mobile app, users can get a 360-degree snapshot of their financial lives and have access to personalized tips and tools to build and improve their credit and achieve everyday savings.
By creating a financial destination that aggregates banking, investing, credit-building, rewards, loans and financial wellness products into a single point of access -- as well as using AI and machine learning to personalize and simply finances -- MoneyLion is forever change the way people engage with their finances.
MoneyLion's suite of digital banking tools were designed to alleviate the high fees typically associated with traditional banks. MoneyLion members benefit from zero-fee checking accounts, a debit card with more rewards, and access to over 55,000 fee-free ATMs across the US. MoneyLion also offers members instant cash advances with 0% APR. These cash advances, up to $250, will provide users with immediate resources to address their financial needs, with no fees attached.
In 2018, MoneyLion helped members avoid over $7.2 million in traditional banking fees, generated over $12 million in cash back rewards and helped 70% its members increase their credit scores by 30 points.
In 2019, MoneyLion’s bank membership has grown at an annualized rate of >1,000% with respect to both accounts and daily average transactions.