How to Switch Banks in Less Than 5 Minutes

For one reason or another, are you fed up with your bank to the point where you find yourself wondering how to switch banks entirely? If you’re asking this question, it’s probably a sign that your bank isn’t serving your financial needs the way it should be.

The truth is, a bank is supposed to empower you to make smart money moves and help you feel confident about your finances. If this isn’t the case, then it’s time to call it quits. Switching banks is easy, and we can help you navigate the process. 

Step 1: Why Are You Changing Banks?

Start by pinpointing what is making you switch banks in the first place. What made banking with your old bank so difficult? What are you looking for in a new bank? Once you know what banking features are most important to you, you’ll be better positioned to find an alternative that actually suits your needs. 

Some of the most common reasons people choose to switch banks include:

  • Too many fees
  • Dated technology
  • No perks
  • High interest rates
  • Limited features
  • Not enough ATMs
  • High minimum balances
  • Bad customer service

Step 2: Find a Better Bank

Now that you know what kind of bank you are looking for, it’s time to search for the bank that offers the features most important to you. If accessible branches are important to you, start by looking at different banks in your area.

It’s possible you won’t like what the traditional banks in your area have to offer. If that’s the case, look into digital banks. Digital banks offer the same – and oftentimes even more – banking services that traditional banks offer. 

The main difference is that you won’t need to walk into a physical location to manage your accounts. You can stay updated by going online, talking to someone over the phone and with mobile banking. 

Have you considered banking with MoneyLion? 

MoneyLion is revolutionizing digital banking with its RoarMoney account and the powerful MoneyLion app. You’ll have access to many of the same features traditional banks offer and even more!

You can invest, borrow money, and even get interest-free advances on your next paycheck. All these features can be quickly and easily accessed through MoneyLion’s mobile app. Like all the best banks, money that’s deposited into your RoarMoney account is always FDIC-insured. 

Step 3: Download the MoneyLion App

Does it sound like MoneyLion is a good match for what you’re looking for? Opening an account and getting started is simple. Just follow these steps. 

  • Download the MoneyLion app onto your mobile device. You can find a link to it here. Once it’s downloaded, follow the instructions to open a RoarMoney account.
  • Add funds to your new account by linking your old bank account and making a quick, free transfer in the app. You can also head into one of the 90,000 retail locations that offer Reload@theRegisterTM service from Green Dot® to add cash into your account. 
  • Activate your virtual card by calling 801.736.2453. You’ll be able to start using your virtual card right after it’s been activated to shop online, in your favorite apps, over the phone, or anywhere mobile payment is accepted (just add it to your digital wallet). 
  • Receive your MoneyLion Debit Mastercard in the mail! Once you add funds to your RoarMoney account, we’ll mail you a physical card too. You should receive your new debit card in the mail in 10 business days or less. 
  • Remember to set up direct deposits into your new RoarMoney account (you can even link government benefits). Once you do, you will get your checks up to 2 days early!

Step 4: Enjoy the Perks!

Now that you’ve open a RoarMoney account, added money, set up direct deposits and activated your virtual and physical cards – you’re all set to start enjoying the perks that come with a RoarMoney account. Here are some of our favorite benefits. 

Get Paid 2 Days Early

When you set up direct deposits, you can receive your paycheck or benefits check up to 2 days earlier. The days of waiting around for your bank to process your paycheck are over!

Cashback Rewards Debit Card

MoneyLion gives you cashback rewards when you use your debit card at top online merchants through the app. You’ll also receive cashback rewards just by shaking your phone after every purchase of $10 or more! 

Price Protection

Did you just purchase an item only to find it selling for a lower price? With your MoneyLion Debit Mastercard, you can request a refund for the difference if you find a cheaper price within 90 days of your eligible purchase. You won’t have to worry about overpaying. 

Instant Virtual Debit Card

Your virtual debit card works just like a regular debit card. You can use it for purchases made online, over the phone and even through mobile pay. Once, you’ve created an account, can use your virtual card instantly — just activate it and add funds! 

Financial Heartbeat

It’s always important to actively monitor your account for good financial health. MoneyLion makes it easier by measuring your savings, spending, insurance needs and credit score with Financial Heartbeat. Just open the MoneyLion app and swipe to the end of your mobile cards until you see the animated heart icon. It’s like Apple Health for your wallet!

Step 4: Level Up Your Account

If you’re enjoying MoneyLion’s financial perks, why not upgrade your account to receive even more benefits? Here are some ways you can get the most out of your finances. 

Credit Builder Plus Account

MoneyLion’s Credit Builder Plus membership is designed to help people boost their credit scores. If you have little to no credit or even a low credit score, you’ll be able to borrow up to $1,000 at a competitive APR and watch your credit grow at the same time. MoneyLion reports to all three credit bureaus so as long as you’re making your payments on time, your score will go up!

Managed Investing

Opening an investment account is one tried and proven way to grow your wealth over time. MoneyLion offers quality personalized investment portfolios catered to your financial goals and risk level. You can opt into auto-investing and pick a set amount to invest consistently – which will help you stay on top of your investments and grow your account. 

The best part? There are no minimums and no management fees. You can learn more auto investing with MoneyLion here

The Best Bank for Your Finances  

The right bank should be helpful and make you feel positive about reaching your financial goals. Don’t settle for anything less than the best when it comes to banking. 

MoneyLion is leading the category of digital banking because of its unique benefits. It’s also a safer lending alternative when you need cash quickly and inexpensively when you  use Instacash instead of payday loans. 

MoneyLion can uplift you and your finances to the next level! Download the MoneyLion app and get started on your financial future.