How To Open a Bank Account Online

Too many banks, budget, and investment apps on your phone? Toggling back and forth can get confusing and frustrating! What if there was a one-stop shop to do your banking without having to go into a bank? Enter MoneyLion. 

MoneyLion is one of the world’s most innovative finance and technology companies. Featuring a mobile banking membership that is flexible and changing the way America does banking! Before we toot our own horn, let’s take a look at a few key elements when choosing where to put your hard-earned money. 

Choosing A Bank That Fits Your Needs

Here is a list of a few things you may want to consider before choosing an online banking system that works best for you! 

Free or Low-Cost

Most traditional banks require monthly fees and a certain amount continuously held in your account. MoneyLion has two banking options to choose from, Core and Credit Builder Plus. Core is a zero fee membership with user perks like no-fee checking and managed investing. Want to level up? A Credit Builder Plus membership is a $19.99/month membership that includes a Lion’s Share Loyalty Program, access to credit builder loans, and 0% APR paycheck advances. 

Available ATMs

Say Bye, Bye to those pesky ATM fees! With a MoneyLion premium black debit card, you’ll have access to over 55,000 free ATMs, zero overdraft fees, no minimum balance, or maintenance fees. 

Investing

There are many investing apps out there, but MoneyLion investing is built right into the banking app. Both Core and Plus come with a fully managed investment account that allows you to step up your financial game. You can customize your portfolio based on your preferences with no minimum investment. Set up your account up with Auto Investing with recurring deposits or invest any amount at any time. 

Fraud Protection

As technology advances, there comes a greater responsibility to protect your personal information. With a MoneyLion account, you can be sure that your information is secure and protected with 24/7 fraud protection with SHAZAM. They are a fraud management service powered by FICO Falcon using state-of-the-art technology. With real-time alerts, you can lock and unlock your card directly through the app or call directly. This service comes free with all MoneyLion accounts.  

Cash Advances

A Cash Advance is a short term cash float typically issued by a credit card or loan company. The loan must be paid back in full, and most often the company will charge an interest fee or a flat rate of around $10 depending on the amount borrowed. Should you choose to open an account with MoneyLion, you can borrow up to $250 Instacash with zero interest and no required fees!

Customer Service

The best banks can be reached in multiple ways. First, head over to the MoneyLion FAQ page to find answers without waiting. From there, you can fill out an online support form or call the customer service number that is open 7 days a week (certain holidays may not apply).  

Setting Up Your Account

Creating a new bank account online may seem a little bit like living in the matrix. Below we have compiled a step-by-step guide to ease you into the banking of the future. 

Step 1 – Register

Create your login for your new banking account by supplying a few personal pieces of information such as full legal name, email address, address, and create a secure password.  

Step 2 – Membership

What are you looking to do more of with your new banking account? Start investing? Boost your credit score? Create your custom membership by answering a few simple questions and you are on your way! 

Step 3 – Investing 

With MoneyLion, every member gets a fully managed investment account. Are you open to taking a risk that may yield big results? Or are you looking to minimize your risk and keep things stable? With MoneyLion, you can customize your investment portfolio to your level of comfort. You can add a few dollars each week or choose to Auto Invest a set amount. No amount of money is too little to get started!  

Step 4 – Legal 

Like with any bank, you are obligated to sign a few disclosures. These documents contain information about e-signatures, daily limits for ATM, terms and conditions, and privacy policies. You may request physical copies of these documents at any time at no cost to you.

Step 5 – Loans

Choose which types of loans you would like to unlock based on your preferred MoneyLion membership. Having a Credit Builder Plus membership offers loans up to $1,000 with competitive APRs. If you set up a direct deposit, you can borrow from $50-$250 in Instacash. Looking for more? MoneyLion also offers loan partners to broaden your options. 

Online Banking Is The Future!

The dreaded process of banking and investing is something of the past! Choose an all-in-one platform that helps you build wealth. Download the MoneyLion app on Google Play or Apple App today to get your financial future started!