• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • How To Find The Best Student Loans And Rates
        • Best Private Student Loans Of May 2022
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Places To Refinance Student Loans In May 2022
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2022: Still One Of The Best Online Brokers
        • M1 Finance Review
        • TD Ameritrade Review
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 15 Best Side Hustles You Can Start Earning With Now
        • Side Hustle Ideas: 50+ Ways To Make Money Fast
        • 100+ Real And Honest Ways To Make Money In College
        • 80 Ways To Make Money From Home (In Your Pajamas)
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 35 Passive Income Ideas You Can Use to Build Real Wealth
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • How to Create Streams of Passive Income on a Limited Budget
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • Best High Yield Savings Accounts Of May 2022
        • Best Money Market Accounts Of May 2022
        • 10 Best Free Checking Accounts In May 2022
        • The Best Bank CD Rates Of May 2022
        • 10 Best Business Checking Accounts In May 2022
        • The Best Online Banks Of May 2022
        • 5 Best Credit Unions Nationwide of May 2022
        • Best College Student Checking Accounts In May 2022
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • The Best Credit Monitoring Services
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
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: March 23, 2022 By Robert Farrington

Tweet
Share
Share
Pin
Email

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. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

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 Logo

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

Up to 0.60% APY

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 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.

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 Logo
CIT Bank Logo 2019
Axos Bank logo

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
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: $0

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)

  • 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.

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.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Primary Sidebar

Featured Bank Reviews

>  CIT Bank (recommended)
>  Discover  (recommended)
>  Barclays
>  Chime
>  Chase Bank
>  American Express Savings
>  Axos Bank
>  Quontic Bank

More On Banking

  • 10 Best Free Checking Accounts In May 2022
  • The Best Online Banks Of May 2022
  • The Best Bank CD Rates Of May 2022
  • Best Money Market Accounts Of May 2022
  • Best High Yield Savings Accounts Of May 2022
  • Best High-Yield Checking Accounts Of May 2022
  • The Best Bank Bonus Offers
  • The Best Business Checking Accounts

Footer

Banking

  • 10 Best Free Checking Accounts In May 2022
  • The Best Online Banks Of May 2022
  • The Best Bank CD Rates Of May 2022
  • Best Money Market Accounts Of May 2022
  • Best High Yield Savings Accounts Of May 2022
  • Best High-Yield Checking Accounts Of May 2022
  • The Best Bank Bonus Offers
  • The Best Business Checking Accounts

Investing

  • Best Online Stock Brokers In 2022 (According To Readers)
  • Best Brokerage and Investing Bonus Offers In May 2022
  • The Best Places To Open An HSA (Health Savings Account)
  • 5 Best Investing Apps With Free Stock Trading
  • How To Buy Stocks Online For Free
  • The Best Robo-Advisors Of 2022
  • The Best Self-Directed IRA Providers
  • The Best Traditional And Roth IRA Accounts Of 2022
  • Comparing The Most Popular Solo 401k Options
  • Top 3 Automatic Investment Apps Of 2022

Student Loans

  • Best Places To Refinance Student Loans In May 2022
  • Best Private Student Loans Of May 2022
  • How To Find The Best Student Loans And Rates
  • Best Student Loan Refinancing Bonuses And Promotional Offers

Insurance

  • The Top 10 Online Life Insurance Companies
  • The Ultimate Guide To Renters Insurance – Everything You Need To Know
  • The Cheapest Car Insurance For College Students

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2022 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz