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Home » Banking » Bank Reviews » LendingClub Banking Review: Many Financial Products At One Online Bank

LendingClub Banking Review: Many Financial Products At One Online Bank

Updated: December 9, 2022 By Robert Farrington

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

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LendingClub Bank Review

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 Bank

Quick Summary

  • Competitive online banking products (and app-based products) 
  • One of the few banks that offers interest-earning checking 
  • Online business bank accounts for small businesses
OPEN AN ACCOUNT

LendingClub Banking Details

Product Name

LendingClub Banking

Min Deposit

$25

Monthly Fees

$0

APY

3.60%

Promotions

None

Table of Contents
What Is LendingClub Banking?
What Do They Offer?
Rewards Checking
Savings
CDs
Business Checking
How Does LendingClub Banking Compare?
Are There Any Fees?
How Do I Open an Account?
Is My Money Safe?
How Do I Contact LendingClub?
Is It Worth It?

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 3.60% APY. Like Rewards Checking, High-Yield Savings requires $100 to open and does not have a monthly fee.

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.

All of their CDs require a $2,500 minimum to open. Those numbers also coincide with the minimum balance required to earn the listed APY. 

See how they compare to the best bank CDs here. 

Business Checking

LendingClub offers one of the best online business checking accounts - the Tailored Checking Account. This account requires you to have a $500 minimum balance in your account to have the $10 monthly maintenance fee waived. You must have $100 minimum to open an account.

Plus, you'll earn 1.50% APY on balances up to $99,999.99 and 0.10% APY on account balances after that. 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% cash back on all purchases.

Open a Business Tailored Checking Account here >>

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
LendingClub Bank Comparison
LendingClub Bank Comparison: CIT Bank
LendingClub Bank Comparison: Axos Bank

Rating

Top Savings APY

3.12%

4.20%

0.61%

Interest-Earning Checking

Cashback Checking

Business Checking

Business Savings

No, but Tailored Checking accounts  earn up to 1.00% APY (for balances up to $100K)

Cell
OPEN ACCOUNT
READ THE REVIEW
READ THE REVIEW

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

  • Rewards checking
  • High-yield savings
  • CDs
  • Business checking

Minimum Deposit

  • High-yield savings: $0
  • CDs: $500 to $1,000
  • Business checking: $100

APY

Up to 3.60%

Maintenance Fees

  • $0
  • For business checking: $10 monthly fee unless you have a minimum balance of $500

NSF/Stop Payment Fee

$0

Daily Overdraft Fee

$5 until overdraft has been repaid (not charged on Rewards Checking)

Wires (Domestic)

  • Incoming: $10
  • Outgoing (Consumer): $20
  • Outgoing (Business): $18

Wires (International)

  • Incoming: $10
  • Outgoing: $40

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
  • Interest Rates
  • Fees and Charges
  • Customer Service
  • Ease of Use
  • Tools and Resources
  • Products and Services
Overall
4.2

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
  • Open An Account
Robert Farrington
Robert Farrington

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.

Editor: Clint Proctor

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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