Digital Wallet: What it is & Finding the Right One for You

Tired of flipping back and forth between your banking and budgeting apps? Checking up on your financial situation sometimes means losing lots of your time and 10 percent of your phone’s battery in one sitting.

It may be time to get a digital wallet. Why not take advantage of a one-stop-shop for everything you need to manage your finances? We’ll cover the full suite of features you get when you open a digital wallet with MoneyLion, America’s most powerful digital bank. 

What is a Digital Wallet?

A digital wallet is a cell phone app that gives you a complete look at your finances, all in one convenient place. You can take care of all of your daily money management tasks without having to go between multiple apps.

Digital wallets offer tools like MoneyLion’s Financial Heartbeat that allow you to track your spending, manage your money, make transfers and more from a single app. This eliminates the need for multiple apps on your phone or computer and saves both time and hard drive space.

Some digital wallets also provide services that go beyond day-to-day money management. It used to be common to only see checking and savings account balances on your wallet. Now, many wallets can also check your credit score or allow you to transfer money. The best wallets even give you access to investing tools, like Money’s managed investment account

You may have between four and five different apps on your phone, all connected to an individual savings account, checking account or credit monitoring service. When you choose a digital wallet, you’ll only need to remember a single login.

What Does the Best Digital Wallet Have?

There are now more digital wallets available than ever before. Unfortunately, not every digital wallet is of equal quality, and some have more features than others. Here are some of the things you should look for when you decide on a wallet.  

Checking, Savings, and Credit All in One Place

You probably have two separate bank accounts: a checking account and a savings account. Checking accounts give you fast access to your money, and they’re designed for use almost every day. Savings accounts hold your money for the long term. 

One of the best ways to manage your money is by dividing your checking and savings or investing accounts. You can spend your checking balance between pay periods, only dipping into your savings or investments in an emergency. Choosing a digital wallet that allows you to view your accounts in the same place gives you a total picture of how much money you have.

It can also prevent you from an overdraft on your checking account, as well as keep you on track toward your savings and investing goals. Of course, overdraft fees are a non-issue with a Zero-Fee Checking account from MoneyLion. Look for a digital wallet like MoneyLion that allows easy transfers between your accounts too. 

Track Your Spending and Bills

Do you know how much money you spend on restaurants every month? How many streaming services are you subscribed to — and how much you’re paying for each of them? Whether you earn $100 a day or $100 an hour, a budget is a good idea.

Your digital wallet can help you formulate a budget and balance both spending and savings. A good digital wallet will allow you to see how much time you have until your next payday and how much money you have left in your budget for different spending categories.

The best digital wallets don’t just show you how much you’re spending where. They also help you keep up with bills and expenses as well. Look for a digital wallet like MoneyLion that alerts you to bill due dates. This will allow you to avoid expensive late penalties and even improve your credit score over time if you’re paying back a loan or credit card. MoneyLion even offers 0% APR Instacash advances, so you can top your account off in a hurry if a bill is coming due.

Credit Score Services

Financial health doesn’t just mean managing your money between paychecks. Keep track of payments and watch your credit score. A great credit score can unlock future opportunities, so look for a digital wallet that allows you to view your score.

You may also want to look for a digital wallet that offers you access to your credit reports for the most convenient option. The best digital wallet will also help you increase your score by offering tips and a more concrete plan to improve your score.

Beware: Not every “free” credit score is actually free. Some digital wallet providers advertise “free credit scores” but make you apply for a credit card with high interest rates to get them.

An Intuitive and Easy-To-Operate Mobile App

With all of these features and more, it can be easy for a digital wallet to become cluttered and hard to understand. Look for a digital wallet that offers you easy access to your money and more with a clean, intuitive design. The best digital wallets are available on both iPhone and Android devices. When you download a digital wallet, look for clearly labeled tabs and sections. If you’re having trouble understanding what’s where, you might want to consider another option.

If you’re a visual learner, you may also want to look for a digital wallet that uses the power of graphic design to help you analyze your spending habits. Some, like MoneyLion, include a “credit meter” that tells you how close to the ideal score you are and bar graphs that show you where you’re spending your free income. There is an endless number of ways that digital wallet manufacturers use graphics to make financial health more fun.

Managing Your Expenses with MoneyLion’s Digital Wallet

MoneyLion offers a digital wallet that offers unique perks and great features, and here are the details. 

Zero-Fee Checking and Debit

Forget high-fee checking accounts. MoneyLion offers checking accounts with no bank fees, no hidden fees, and no costs to open an account. You’ll also get a premium black debit card to access your money when you open an account with MoneyLion. 

Managed Investing

Everyone has future financial goals. Whether you’re saving up for a new car or you’re getting ready for retirement, investing allows your money to grow over time.

However, if you’ve never invested your money before, the entire process can be intimidating and confusing. MoneyLion offers managed investing through its MoneyLion digital wallet. Create your account, choose your risk tolerance and schedule your deposit. MoneyLion’s financial experts will handle the rest and put your money to work for you. 

0% APR Cash Advances and 5.99% APR Loans

Need a loan? You can get a MoneyLion Credit Builder Plus membership with fast access to 5.99% APR Credit Builder Loans. Just a few taps means that your money instantly deposits into your account.

Paying back your personal loan on time can also increase your credit score. Seventy percent of MoneyLion members who paid back their personal loan said their credit score went up. 

MoneyLion also offers instant access to cash advances at 0% APR, so you can get cash in a hurry to pay a bill or enjoy a well-deserved night out!

Cashback Rewards

MoneyLion believes that cashback rewards aren’t just for credit cards. A MoneyLion digital wallet and MoneyLion Visa Debit Card will give you access to rewards like cash back and gift cards at your favorite stores. 

Credit Monitoring

Trying to increase your credit score? MoneyLion can give you a hand with credit tracking and advice. Check your score anytime without lowering your numbers right from the app. 

Fraud Protection

If you lose your card or someone steals it, you can put a freeze on your account through the MoneyLion app. You’ll also have access to 24/7 fraud protection and real-time alerts. These features help you catch instances of fraud before they become bigger (and more expensive) problems.

Get Your Finances in Order with MoneyLion

A digital wallet is a convenient way to hold all of your information in one place. But it can also be a learning tool to help you budget better and increase your credit score. After you open your digital wallet, take advantage of any budgeting and bill alert features you have access to. Over time, you may see your credit score rise — and you’ll likely notice you have more money at the end of each week.

Are you ready to get on the path to a healthier financial future? There’s never been an easier or better time to open an account with MoneyLion. Download the app from the Google Play or Apple App store today and propel yourself (and your money) forward.

Disclosure

MoneyLion Checking Account provided by, and MoneyLion Visa® Debit Card issued by, Lincoln Savings Bank, Member FDIC. Terms and conditions apply.

Investment advisory services provided by ML Wealth, LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Broker-Dealer may charge a $0.25 withdrawal fee, among other fees. Funded accounts are subject to administrative fee of $1 per quarter.

Current Credit Builder Plus membership required for Credit Builder Plus loan eligibility; the $19.99 monthly fee will be withdrawn from your linked bank account.  All loans with an Annual Percentage Rate of 5.99% are made by either exempt or state-licensed subsidiaries of MoneyLion Inc. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account managed by ML Wealth, LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into a money market cash management or FDIC bank sweep vehicle, and may generate interest at prevailing market rates.  You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan, and so long as your Credit Builder Plus membership payments are current. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states.Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.

A Credit Builder Plus loan may or may not improve your credit score. Credit scores are the result of your personal credit practices.

Cash advance requires current membership in Credit Builder Plus ($19.99 monthly fee) or Instacash with Banking ($9.99 monthly fee) membership programs. Instacash with Banking monthly fee is waived for members who connect and maintain recurring eligible direct deposits into their MoneyLion Checking Accounts. All Credit Builder Plus and Instacash with Banking members are automatically eligible to access either $25 or $50 of cash advance, depending on creditworthiness.  Members can increase their cash advance limit to up to $250 by connecting and maintaining recurring eligible direct deposits into their MoneyLion Checking Accounts and after up to three consecutive direct deposits have cleared, or at MoneyLion’s discretion. See Membership Agreement and Cash Advance FAQs for more information.

Stop wasting money on fees ✋

Save BIG MONEY by switching to Zero-Fee Checking from MoneyLion! No hidden fees, no overdraft fees, no minimum balance requirements. No BS! And you'll love the sweet perks like cashback and fraud alerts.