MoneyLife

Can You Have More Than One Bank Account?

By Grace Kilander

Think you need more than one bank account to manage all of your money needs? While having more than one bank account is possible, it might not be necessary! 

When searching for an account some bank accounts advertise decent perks with affordable costs, they might be lacking in rewards benefits, investing options and credit building opportunities. Narrowing down your search for the ultimate bank account can seem a bit discouraging. Fortunately, we’ve found the apex of bank accounts that offers everything you’d want wrapped up in an all-in-one mobile app. 

Why would you need multiple accounts?

There are many different reasons why someone might want multiple bank accounts. Maybe you want your children’s savings account separate from your own. Or you want to keep your side hustle money separate from your regular checking account. Some people have specific accounts for retirement or banks with perks like free ATM withdrawals

Whatever the reason may be, having your money all over can be confusing and inconvenient. Bouncing from app to app to manage your finances? What if there was a virtual bank offering nearly every banking service you need?

MoneyLion: the bank account with everything

Step into the future of banking with MoneyLion mobile banking! MoneyLion offers a collection of banking services from bank accounts to thematic investing portfolios. When you sign up for a RoarMoney account for $1/month you can handle most of your banking needs right within the mobile app. Keep reading to find out why MoneyLion is the premier online banking provider. 

Instant virtual card

Forgot your debit card at home? Need to open a new bank account for direct deposits? In a few minutes, you can open a RoarMoney bank account complete with a bank account and routing number instantly, along with a virtual card. Keep your RoarMoney card in your virtual wallet and get a physical card to keep on you as well.

Surcharge-free Allpoint ATMs

The rise of contactless mobile payment and virtual services is causing a shift in the way consumers receive and pay for services. The need to keep up with technology while providing a convenient, safe, and secure digital payment feature is one of MoneyLion’s top priorities. 

MoneyLion offers over 55,000+ surcharge-free AllPoints ATMs worldwide. Many of which offer contactless payment when you tap the contactless payment symbol and select your RoarMoney virtual card in your digital wallet. 

Budgeting tools

Need help budgeting efficiently? You can count on MoneyLion’s spend report tracker to assist you in keeping your spending on point by reviewing weekly updates organized by category. 

One of the best ways to reach your goals is by taking baby steps. Sometimes all you need is a little encouragement and guidance. The Financial Heartbeat tool helps you see what aspects of your financial journey that you are lacking with fun badges. Swipe through the MoneyLion mobile app to the last card to find the Financial Heartbeat heart icon. Your score is determined by the success of four areas: Save, Spend, Shield, and Score. The last icon, Strive, is your personal cheerleader who awards you points and badges for all your hard work. 

No hidden fees

Sick of getting hit with hidden fees or expensive services at your traditional bank? MoneyLion offers a cost-efficient approach to premium banking services. Most of our services are free or low-cost, but we will always be transparent about the little fees we do charge. 

Our services are offered in a la carte style, from no minimum fully managed investment portfolios to our revolutionary $19.99/month Credit Builder Plus membership with gives you access to lending while teaching you savings habits and building credit at the same time. Learn more about our competitive pricing here!

Rewards program

The boom of eCommerce and digital shopping is a trend that’s sticking around and we’re here for it! Now, it’s easier than ever to jump on your phone to order dinner, shop for groceries, and shop for gifts.  However, earning rewards usually requires ultra confusing apps or high-interest credit cards. 

That’s why we streamlined our mobile app to offer a convenient and desirable cashback rewards program without the use of credit cards. You can earn cashback with rotating online cashback deals from your favorite merchants or Shake ‘N’ Bank your way to cash. 

Not a fan of online shopping? Use your RoarMoney virtual card or MoneyLion Debit Mastercard on purchases of $10 or more and automatically be entered in a chance to win cash, trips, or ticket to events.

Cashback of the Month: Earn 2% cashback 

Get paid two days early 

Wishing payday would come sooner? No need to stress! Sign up for a $1/ month RoarMoney account, sync your direct deposit and get your money up to two days early! 

Price protection

Make a large purchase recently, only see a price drop soon after? Get a refund on eligible purchases within 90 days up to $1000 a year when you use your MoneyLion Debit Mastercard. 

FDIC safety and protection

Fear not the safety of your money when you bank MoneyLion. Our RoarMoney accounts are FDIC insured up to $250,000, feature a multi-factor authentication and if your card is lost or stolen, lock your card instantly through the mobile app.

Managed investment portfolio

One of the main reasons one might consider having different accounts is to add funds and govern your investments. At $1/month, you can start your fully managed investment portfolio right from your mobile MoneyLion app. Whether you prefer a casual low-risk approach, specific thematic investments, or aggressive approach–the choice is yours. 

Handle all your banking needs with one MoneyLion account

Virtual banking, saving, budgeting and investing, are just a few of MoneyLion’s army of finance tools. But, let’s not forget, the dreaded process of finding an affordable loan. Amongst, all your banking needs, MoneyLion offers Credit Builder Loans and 0% interest cash advances without a hard credit inquiry and same-day funding. No more comparing interest rates or excessive terms – just fair and honest banking.  

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Get paid up to 2 days early

Open a RoarMoney account to bank with no minimums, no hidden fees, no BS! And you'll love the perks like a contactless debit card, cashback, and fraud protection.