When it comes to online banking, LendingClub has been making a splash over the last few years. They have been focused on offering top-notch online checking options, and recently started offering really competitive online business banking products.
However, LendingClub Bank 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 suited for everyone.
Learn more if LendingClub Checking is right for you in our LendingClub Bank review below!
- Competitive online banking products (and app-based products)
- One of the few banks that offers interest-bearing checking
- Online business bank accounts for small businesses
LendingClub Bank Details
Up to 0.15% APY
What Is LendingClub Bank?
LendingClub Bank 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 Bank, while still maintaining some of the best online banking options available to consumers.
What Do They Offer?
LendingClub Bank 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.
They also have solid app-based checking accounts for both consumers and businesses.
LendingClub offers one main consumer checking account: Rewards Checking. It earn interest, does not have a monthly fee, and requires $100 to open. It also comes with unlimited ATM rebates. Your first order of checks is free. The account also comes with early direct deposit, which makes funds available early, assuming the payer supports this feature.
Rewards Checking doesn’t earn interest until you have a balance of $2,500. At that point, the account will earn interest up to $99,999.99. Above $100,000, the account earns even more!
For rewards, you earn unlimited 1.00% cash-back on signature-based purchases each month.
There are also two savings account products: LendingClub High-Yield Savings and Rewards Checking. The Rewards Checking is basically the same as the Rewards Checking mentioned above. There are a few more differences between the savings accounts products than checking products. Both products require $100 to open and do not have a monthly fee.
See how they compare to the top high yield savings accounts here.
LendingClub High-Yield Savings has two interest tiers:
- Lower APY on balances of $2,500 to $24,999.99
- Higher APY on balances of $25,000 and up
You get six preauthorized transactions per statement period. ATM withdrawals are free at ATMs displaying the SUM logo.
The Rewards Checking also has two tiers of interest earnings:
- Lower APY on balances of $2,500 to $99,999.99
- Higher on balances of $100,000 and up
Unlike LendingClub High-Yield Savings, there are no transaction limits with this account. You also earn 1.00% cash-back on signature-based purchases. ATMs worldwide are free.
LendingClub Bank 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.
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 checking account! You can earn interest 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 1.00% on all purchases.
The only drawback for the Tailored Checking account is that the business and personal products have to separate apps and you can't connect your accounts easily. If you plan to do all your banking (both personal and business), it's a little tedious to have two different apps and logins to manage.
Here's how LendingClub Business Tailored Checking compares to other top banks:
Up to 0.15%
38,000 Free ATMs
LendingClub Bank 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.
Lending Club's customer service is available by phone, chat, and email.
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 accounts 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.
- NSF is $25 per item.
- Stop Payment is $25.
How Do I Open an Account?
Visit https://lendingclub.com to open an account online.
Is My Money Safe?
Yes — LendingClub Bank uses 256-bit encryption and is FDIC-insured.
Is It Worth It?
LendingClub Bank Review
Fees and Charges
Ease of Use
Tools and Resources
Products and Services
LendingClub Bank is a full service online bank that offers competitive personal and business products.
- Free interest-bearing checking account
- Top-notch business checking account
- Mobile-first banking
- Rates could be better, it’s not a true savings account
- If you need to deposit cash, it can be difficult
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.