Traditional banking institutions have been around for centuries, giving consumers a place to safely store their money, conduct business, and take out loans and other financial products. These institutions can include local banks, credit unions, or national chains.
In recent years, however, the advent and adoption of Neobanks — or digital-only financial technology (fintech) companies, most of which do not hold a bank charter — has grown exponentially, with these challenger banks quadrupling¹ their total global assets between 2017 and 2020 alone. Now, consumers have more options to choose from than ever, depending on their banking needs!
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
What Traditional Banks Typically Offer
The traditional banking model has been the standard for ages (quite literally). While the specifics can vary from one institution to the next, traditional banks typically provide a brick-and-mortar banking experience with a mix of financial products. This gives customers access to in-person services that they may not have with online-only institutions, like depositing cash with a teller or personally applying for a loan. Traditional banks may also offer some form of online access to products and services, via their website and/or a mobile app.
Does Your Bank Meet All of Your Needs?
While traditional banks are the standard model, they can sometimes feel outdated. Many consumers might stick with traditional banks out of habit, lack of confidence with online-only accounts, or they may think that the switch will involve a difficult process. But it’s important that the traditional or neobank you choose is actually the right fit for you and your unique financial needs.
Here are some things to consider when deciding whether your current bank meets your needs:
Fees. Some banking institutions offer account types based on a minimum balance which could determine the cost of maintenance fees for checking and/or savings accounts. RoarMoney is offered for a monthly fee of $1 with no hidden fees. The few fees they do have can be viewed here.
Products. Traditional and neobanks offer a combination of deposit accounts, loans, lines of credit, investment portfolios, financial advisory services, and accessibility features… but you could be unlikely to find all of these in one place. Fintech companies providing similar products and services can give you access to what you uniquely need, often with the convenience of a mobile-first approach. Plus, with products like RoarMoney, you can even get access to things like higher cash advance limits² and paychecks up to 2 days early*.
Customization. Traditional banks may have a few different accounts to choose from, but it may feel like they offer the same products, services, and features to all customers. Neobanks can offer a hyper-personalized experience instead, tailored to their consumers’ individual needs.
Neobank is a relatively new term, used to describe online-only financial technology companies that partner with banks (or use their own bank charter) to offer a wide range of advanced products and features, with a mobile-first approach. They typically offer similar capabilities of traditional banks — such as customer support and top-end security — but with added benefits and technology that heightened convenience and flexibility for a personalized banking experience.
These financial technology companies offer a wide range of products and services that can be managed from anywhere in the world. Since they operate on an online-only and tech-focused model, they also have the ability to roll out new products and services fast, without having to shut down access for multiple days.This puts users at the forefront of tech innovation and development. Many of these fintech companies give users the ability to share feedback, so they can build new or enhanced experiences for customers.
What is RoarMoney?
RoarMoney is an all-in-one mobile banking account that is offered to consumers through the MoneyLion mobile app. It’s everything you’d want from your account and so much more like:
Getting paid up to 2 days early*
Earning up to $500 in cashback on everyday purchases³
A full suite of tools to manage your spending, pay your bills and move money in and out within minutes.
Plus, through the MoneyLion Marketplace, RoarMoney customers can easily shop for loans, insurance, credit cards and debt consolidation offers provided by MoneyLion partners, conveniently all in one place.
While a select few of these features may be offered by traditional banks, MoneyLion brings all of them into one place for RoarMoney account holders, with an easy online platform.
Why RoarMoney may be the account you’ve been looking for:
RoarMoney makes it easy to manage your money with features that allow you to pay, send, and withdraw your money in minutes vs. days.
The RoarMoney account opens a gateway to additional benefits and other financial products and services Moneylion offers for both your immediate and future needs.
Strapped for cash or facing an unexpected expense, and need cash now? RoarMoney with qualifying recurring direct deposit gives you access to a 0% APR cash advance of up to $1,000². You can also get paid up to 2 days early*.
Want to start planning for the future? RoarMoney allows you to earn up to $500 cash cash back³ into an investment account on everyday purchases⁴. Plus, you can enable round ups to automatically round up your everyday purchases⁴ MoneyLion Debit Mastercard® or RoarMoney virtual card, once you reach $5 in round ups, the funds get transferred into an Investment account⁵ or to purchase Bitcoin⁶. MoneyLion also gives you the option to enable round ups on your linked external cards.
Looking for offers with competitive rates on personal loans, student loan refinancing or auto insurance? With MoneyLion’s comprehensive Marketplace, you can shop for offers from MoneyLion partners on any of these financial services you may need all within the app***.
Interested in signing up for a RoarMoney all-in-one mobile banking account?
RoarMoney is offering up to $55 bonus** when you sign up for a RoarMoney℠ account and add qualifying recurring direct deposit through the MoneyLion app! Click here to get your code!
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, MoneyLion does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/. MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
*With direct deposit faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
² Increased Instacash limit with Safety Net requires recurring direct deposit into RoarMoney account. Instacash is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.
³ Shake 'N' Bank and other Rewards are subject to terms and conditions, see here. Rewards are an optional service offered by MoneyLion.
⁴ Round Ups is subject to terms and conditions. This optional service is offered by MoneyLion. You may be required to have certain MoneyLion accounts to use this feature.
⁵ 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 disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
⁶ Cryptocurrency transaction and custody services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC. When you enable MoneyLion Crypto, you must also agree to the Zero Hash LLC and Zero Hash Liquidity Services LLC terms and conditions and enable your Zero Hash account. Cryptocurrency balances are not covered by FDIC or SIPC insurance. Services may not be available in all states. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero.
Zero Hash LLC is licensed to engage in Virtual Currency Business by the New York State Department of Financial Services.
The cryptocurrency assets in your Zero Hash account are not held at MoneyLion or Pathward. Pathward and MoneyLion are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither MoneyLion, nor Pathward, is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Services may not be available in all states.
**Promotion is subject to Terms and Conditions and runs from 10/31/22 through 12/31/22.. This promotion is sponsored by MoneyLion Technologies Inc. See Terms and Conditions here.
***This optional offer is not a Pathward product or service nor does Pathward endorse this offer.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content.