
When it comes to online banking, LendingClub has been making a splash over the last few years. They've been focused on offering top-notch online checking options, and recently started offering really competitive online business banking products.
However, LendingClub Banking is an online and app-based bank that was previously known as Radius Bank. This could work well for you. But it may not be suitable for everyone.
LendingClub Banking is continually named to our list of best free checking accounts. And they're also on our list of best business bank accounts.
Learn more if LendingClub Checking is right for you in our LendingClub Banking review below!
LendingClub Banking Details | |
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Product Name | LendingClub Banking |
Min Deposit | $25 |
Monthly Fees | $0 |
APY | Up to 0.60% APY |
Promotions | None |
What Is LendingClub Banking?
LendingClub Banking is an online bank but does have one branch, which is located in Boston, MA. It was previously known as Radius Bank. Radius was founded in 1987 and was acquired by LendingClub in 2021.
Since the acquisition, LendingClub has rebranded Radius Bank as LendingClub Banking. However, it still maintains some of the best online banking options available to consumers.
What Do They Offer?
LendingClub Banking serves personal, business, and institutional clients. It has a full suite of financial products that include checking, savings, CDs, loans, mortgages, insurance, credit cards, and more. In this article, we’ll focus on their checking and savings products.
Savings
LendingClub High-Yield Savings accounts earn up to 0.60% APY. Like Rewards Checking, High-Yield Savings requires $100 to open and does not have a monthly fee.
LendingClub High-Yield Savings has two interest tiers:
- 0.05% APY on balances of $0.01–$2,499.99
- 0.60% APY on balances of $2,500 and up
You get six preauthorized transactions per statement period. A free ATM card is also available.
See how they compare to the top high yield savings accounts here.
CDs
LendingClub Banking offers several CDs that range from three-month to five-year terms.
The three-, six-, and nine-month CDs require $1,000 to open. The one-year CD and up require $500 to open. Those numbers also coincide with the minimum balance required to earn the listed APY.
Business Checking
LendingClub offers one of the best online business checking accounts - the Tailored Checking Account. This account is top notch in that it doesn't have any monthly fees, and doesn't have any minimum balance requirements. Also, unlike many business accounts, it doesn't have any transaction limitations.
Plus, to really make it a top-notch account, it pays interest on your deposits. You'll earn 0.10% APY on account balances over $5,000. That makes it competitive with even the best business savings accounts.
You also get cash-back debit with Tailored Checking as well. You earn unlimited 1% cashback on all purchases.
How Does LendingClub Banking Compare?
LendingClub is one of the most well-rounded online banks that you'll find today. It's unusual to find so many excellent personal and business banking products available under one (online) roof.
That being said, there are a few other banks that are able to compete with LendingClub. The table below shows how it compares to two other top online banking options.
Header | ![]() | ![]() | ![]() |
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Rating | |||
Top Savings APY | 0.60% | 0.90% | 0.61% |
Interest-Earning Checking | |||
Cashback Checking | |||
Business Checking | |||
Business Savings | No, but Tailored Checking accounts earn up to 0.10% APY | ||
Cell |
Are There Any Fees?
While there aren't any monthly fees, the accounts do have certain service charges. Here are a few of the more common fees:
- There is a Daily OD (overdraft) fee of $5 per day for all accounts other than Rewards Checking that remain negative after an overdraft has occurred. The fee starts on the 5th day of the month after an overdraft.
- If you don’t use your checking account for 12 months, you’ll incur a $5/month Dormant Service Charge.
- Stop Payment is $25.
- Domestic wires are $10 incoming and $20 outgoing
LendingClub Banking allows you to link up to three accounts to pull funds from in the case of an overdraft. You can also apply for an overdraft line of credit.
The overdraft feature is not enabled automatically. You must fill out a PDF form and send it to LendingClub before the feature is available to you. Note that if an overdraft pulls from your savings account and causes its balance to fall below zero, the savings account can incur a maintenance fee.
How Do I Open an Account?
You can visit the Lending Club website to open an account online.
Is My Money Safe?
Yes — LendingClub Banking uses 256-bit encryption and is FDIC-insured.
How Do I Contact LendingClub?
LendingClub provides daily customer service support to its banking customers via phone, live, chat, or secure message. Its customer service hours are Mon–Fri: 8:30 AM-12:00 AM (ET) and Sat–Sun: 8:00 AM–8:00 PM (ET).
To get in touch with LendingClub by phone, you'll call 800-434-0330. You can visit this page to send a message. LendingClub has a remarkable 4.8/5 rating on Trustpilot our of over 2,000 reviews and is rated A- by the Better Business Bureau (BBB).
Is It Worth It?
LendingClub Banking offers a large suite of financial products for a near purely online bank. It offers some of the best free online checking accounts and it's savings accounts rates are competitive. But if you're looking for a bank that offers in-person support at local branches, you’ll want to look elsewhere.
LendingClub Banking FAQs
Let's answer a few of the most common questions that we hear about LendingClub Banking.
Does LendingClub Banking support cash deposits?
Yes, customers can deposit cash at any LendingClub Bank ATM, MoneyPass, or NYCE® Shared Deposit Program ATM.
Does LendingClub Banking work with mobile wallets?
Yes, debit cards can be loaded on to Apple Pay®, Google Pay™, and Samsung Pay®.
Are there any credit cards offered by LendingClub Banking?
Yes, the company offers one credit card, but it's only available to business owners.
Does LendingClub Banking give bonuses to new customers?
No, LendingClub is not currently offering cash bonuses on any of its banking products.
LendingClub Banking Features
Account Types |
|
Minimum Deposit |
|
APY | Up to 0.60% |
Maintenance Fees | $0 |
NSF/Stop Payment Fee | $0 |
Daily Overdraft Fee | $5 until overdraft has been repaid (not charged on Rewards Checking) |
Wires (Domestic) |
|
Wires (International) |
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Branches | None (online-only bank) |
ATM Availability | 325,000+ in-network ATMs that are part of the NYCE®, SUM and MoneyPass® ATM networks. Unlimited out-of-network ATM fee reimbursements at domestic ATMs |
Remote Check Deposits | Yes |
Cash Deposits | Yes |
Customer Service Number | 800-434-0330 |
Customer Service Hours | Mon–Fri: 8:30 AM-12:00 AM (ET) Sat–Sun: 8:00 AM–8:00 PM (ET). |
Mobile App Availability | iOS and Android |
Bill Pay | Yes |
FDIC Certificate | 32551 |
Promotions | None |
LendingClub Banking Review
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Interest Rates
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Fees and Charges
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Customer Service
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Ease of Use
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Tools and Resources
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Products and Services
Overall
Summary
LendingClub Banking is a full-service online bank that offers competitive personal and business products.
Pros
- Free interest-bearing checking account
- Top-notch business checking account
- Mobile-first banking
- Unlimited ATM fee rebates
Cons
- CD rates are mediocre
- $2,500 balance required to earn interest on checking or to receive the highest APY on savings

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.