MoneyLion launches One premium banking membership

By Milan Rojan

MoneyLion has launched MoneyLion One, a premium financial membership designed to provide consumers with banking, savings, investing and identity protection tools through a single subscription. The new offering has aimed to help customers improve financial wellbeing by combining everyday banking benefits with personalised financial insights.

Tim Hong, Global Head of Financial Wellness Technology at Gen, said: “Our vision for MoneyLion One is to make premium banking tools accessible to everyone through one powerful membership – helping more people build healthier, stress-free financial lives.”

The membership has provided users with 1% daily cashback on qualifying debit card purchases, fee-free managed investing and identity theft protection powered by LifeLock. A high-yield savings account offering 3.64% APY is expected to be introduced later this summer. Members will also receive identity restoration support, no international transaction fees and protection covering up to $25,000 for stolen funds and up to $1 million for legal and expert assistance in eligible identity theft cases.

MoneyLion has positioned the membership as an accessible alternative to premium banking services traditionally offered to higher-income customers. Customers who set up monthly direct deposits of at least $500 can access the membership at no additional cost, while others can subscribe for $9.99 per month.

The platform was designed to monitor income, spending, bills and cash flow continuously, using advanced algorithms to provide personalised financial recommendations before potential financial issues arise. The company said the service aims to help users manage their finances proactively rather than reacting to unexpected expenses.

MoneyLion said the launch has marked the first phase of a broader financial platform strategy, with additional products and services expected to be introduced as it expands its financial wellness ecosystem.