RoarMoney checking account review: An online account with perks 

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RoarMoney checking accounts at a glance

Physical locations None
Getting started Simple — no minimum balance required. Download the app and enter basic identification information.
Monthly service fee $1 monthly administrative fee
Overdraft fees None, but transactions are declined if they would overdraw your account
Other fees Fees for out-of-network ATM withdrawals, adding funds via external debit card, foreign transactions and paying a bill with a paper check
How to deposit Direct deposit, transfer between linked accounts, transfer from an external bank account, mobile check deposit, cash deposits at certain Green Dot locations, MoneyLion cash advances
How to withdraw/pay RoarMoney virtual card, debit card, ATM, over-the-counter cash withdrawal
Notable feature Safety Net program: Receive paychecks up to two days early with direct deposit, access 0% APR cash advances up to $1,000 with InstaCash, and use Round Ups that let members round up transactions and transfer the difference into an investment account.

RoarMoney is an online checking account with unique perks. RoarMoney’s banking partner is MetaBank, so qualifying deposits are FDIC-insured.

Plus, the company offers ways to save money. For instance, your account’s debit card comes with a “price protection” program, which offers refunds on eligible purchases up to $250 if you find a lower price within 90 days (up to four times per year). It also offers roundups, which let you round up credit or debit transactions to the nearest dollar and move that difference into an investment or cryptocurrency account.


5 things to know about a RoarMoney checking account

Here are some other important things to know about banking with RoarMoney.

1. Online banking

RoarMoney doesn’t have physical locations, but it does offer fee-free access to more than 55,000 ATMs in the Allpoint network and around-the-clock customer service.

2. Low-fee checking

RoarMoney doesn’t offer free checking, but its fees are minimal. All accounts are charged a $1 monthly administrative fee. RoarMoney also charges a fee when you use ATMs that are not in network or send a paper check with its optional bill pay service.

The company also charges fees for foreign transactions and for using a debit card from a different financial institution to add money to a RoarMoney account.

3. Safety Net

RoarMoney comes with a suite of features called Safety Net. Members must have at least one repeating direct deposit to access Safety Net. (Members who use direct deposit also can receive paychecks up to two days early.)

After two direct deposits, you can also access a feature called InstaCash that allows you to take 0% APR cash advances of up to $1,000.

You’ll have to select “Use Safety Net” in the app and follow the prompts to access InstaCash or investment accounts.

4. Investment options

RoarMoney is part of the MoneyLion investment platform. Investment accounts have no minimum balance and no management fees. You can invest in fully managed accounts based on your personal risk tolerance and interest, such as technology innovation or socially responsible companies.

RoarMoney customers have the option to use auto-investing features as well.

5. Surprise rewards

RoarMoney also has a feature called Shake ‘N’ Bank, which gives surprise rewards for purchases over $10, up to five times the value of your purchase and a maximum of $500, simply for shaking your phone.

­In addition, RoarMoney offers cash back rewards for purchases from retailers including Walgreens, Sam’s Club and DoorDash.

How do I pay with RoarMoney?

There are several ways you can use RoarMoney to pay. A RoarMoney virtual card is available once you open an account. You can use it to pay online or by phone or load it to a digital wallet for touch-free paying.

You can also use RoarMoney to make payments with your debit card. Plus, once you fund your account, you will get a MoneyLion Debit Mastercard.

If you make large purchases frequently, you should be aware that some purchase and withdrawal methods have limits. For instance, you can only withdraw $510 from an ATM every 24 hours.

What bank is RoarMoney?

RoarMoney is a mobile checking solution from MoneyLion. MoneyLion is not a bank; it is a financial technology company.

Not sure if RoarMoney is right for you? Consider these alternatives.

  • Charles Schwab: The Schwab Bank High Yield Investor Checking account is worth a look if you want a no-maintenance fee account with access to a Schwab One brokerage account.
  • Acorns: Acorns is worth considering if you want to connect your checking account with an investment account. But it does come with a monthly fee.

About the author: Renee A Butler is an experienced writer and consultant who helps explain complex ideas simply. For more than 15 years, she has been a leader in financial management, business strategy, and marketing. Butler has worked… Read more.