Updated July 8, 2022

LendingClub Bank Review

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LendingClub Bank (formerly Radius Bank) offers high yield savings and checking accounts. So what's the catch? Read on to see if this online bank is worth it.

Overall Score






Customer Service


Mobile App

5-point scale (the higher, the better)

Pros and Cons

  • No monthly service fee
  • Checking rewards
  • ATM fee rebates
  • Early direct deposit
  • High minimum balance for rewards
  • Low savings APY

Bottom Line

Good free online bank with rewards, if you can maintain $2,500 balance

LendingClub Bank, formerly Radius Bank, offers a variety of banking products and impressive features.

No-fee rewards checking, high-yield savings, loans, and much more.

But can LendingClub Bank live up to its hype?

In this review, learn the pros and cons of LendingClub Bank, including extra features, fees, and how it compares to the big banks.

What Is LendingClub Bank?

LendingClub Bank is an online bank. It offers checking accounts, savings accounts, trusts, CDs, loans, credit cards, business checking accounts, and business loans.

In 2020, LendingClub acquired Radius Bank, making it the first time a U.S. regulated bank was acquired by a fintech company.

Radius Bank dates back to 1987 and had $1.4 billion in assets at the time of acquisition. As a leading, tech-savvy online bank with impressive awards, Radius was the ideal way for LendingClub to enter the banking world.

Fun fact: Radius's collection of impressive tech awards made it an attractive partner for LendingClub. They won the 2018 FinXTech Startup Innovation and EverFi Financial Capability Awards and the 2017 Celent Model Bank Product Innovation Award.[1][2]

LendingClub Bank Fees

© CreditDonkey

Checking Account Fees
Here are some fees to be aware of for the checking accounts at LendingClub Bank:[3]

  • $0 monthly service fee for Rewards Checking
  • $9 monthly maintenance fee for Essential Checking
  • $5.00 service fee per month for accounts with no activity for 12 consecutive months
  • Expedited debit card fee of $35.00
  • Returned item charge of $25.00

Savings Account Fees
The only fee you need to worry about with the High-Yield Savings account is for expediting an ATM card. You'll be charged $35.00.

CD Fees
If you withdraw your money from a CD before the term is up, you'll be penalized 365 days' worth of simple interest.

Does LendingClub Bank use ChexSystems?
LendingClub Bank uses ChexSystems. But they also offer a "Second Chance" checking account—their Essential Checking Account. You can be approved even if you have a poor record on ChexSystems, but you will have a monthly maintenance fee of $9.

Pros and Cons

Need the quick takeaway? Review these pros and cons to see if LendingClub is right for your finances.


  • No ATM fees from LendingClub Bank
  • Personal finance tools to help you track and analyze your spending habits
  • Cash back rewards and interest-bearing checking accounts with two options to choose from
  • No minimum deposit required once you've opened your accounts, except for CDs
  • Get paid early: Receive your paycheck as early as Wednesday on pay week when your employer submits payroll files to the Federal Reserve


  • Balance requirements for earning interest are high compared to other online banks
  • Essential Checking account has a high monthly maintenance fee of $9.00
  • Limited to 1 CD option when you are applying online

What is the LendingClub Bank routing number?
LendingClub bank routing number: 211075086

LendingClub Bank Account Options

LendingClub Bank rivals the big traditional banks when it comes to their variety of products, features, and services. Check out what they offer below to see if LendingClub Bank is right for you.

1. High-Yield Savings

LendingClub Bank offers a high-yield savings account with no monthly service fees. It takes just $100 to open. Once you've opened the account, there is no minimum balance to maintain. You can even get a free ATM card and enjoy no ATM fees from LendingClub.

To earn interest on your balances, you'll have to keep a certain balance in your LendingClub High-Yield savings account.

Applying for a high-yield savings account is easy. It takes about 3 minutes and you'll just need your Social Security number and a $100 opening deposit.

See how much your savings account can earn in our round-up of the best high-yield savings accounts.

2. Rewards Checking

LendingClub Bank's rewards checking account not only earns interest on your balance, it also gives you cash back on purchases.

You'll need $25 to open the account, but there are no minimum balance requirements after that. Here's what you can expect:

  • No monthly maintenance fees
  • First order of checks is free
  • Free debit card
  • No ATM fees
  • Unlimited rebates for fees charged by other banks

The Rewards Checking account also lets you receive your direct deposit up to two days early.

You can earn 1.00% cash back on all qualifying signature-based purchases each month with your LendingClub Rewards Checking account. In order to qualify, you must :

  • Keep an average balance of at least $2,500 each month or
  • Have direct deposits totaling $2,500 or more each month

You'll also earn interest on the balance of your rewards checking account if you meet the minimum balance requirements.

3. Essential Checking

LendingClub offers an Essential Checking account for those who cannot qualify for their other checking options.

If you have some negative marks from prior bank accounts, Essential Checking is a great second-chance option to help you build a better banking record.

After you have 12 months of positive banking history with your Essential Checking account, you may be able to upgrade to a Rewards Checking account.

While there isn't a minimum balance requirement, you will have a monthly service fee of $9.00. The following limits also apply:

  • $500 daily debit card limit
  • $1,000 daily check deposit limit
  • $2,000 ten-day check deposit limit

4. Certificates of Deposit

LendingClub Bank offers CDs that are FDIC-insured. You can choose from several term options, from 3 months to 5 years. However, LendingClub Bank only offers a 1 year term when you are applying online.

The minimum deposit required to open a CD is $2,500.

Before opening a CD, make sure you can commit to the term length. If you need to withdraw your money before the CD term is up, you'll pay fees equal to 365 days of simple interest.

5. Business Tailored Checking

You only need $100 to open the account and you'll get unlimited transactions. That means you won't pay penalties, upcharges, or fees for using the account. Plus, you won't pay ATM fees worldwide.

Applying for a Tailored Business Checking account online only takes a few minutes. Once you're approved, you'll receive a free business debit card and have access to free bill pay. Plus, your account is FDIC-insured.

LendingClub Bank Features

In addition to their accounts, LendingClub provides several handy features for the full banking experience.

Overdraft Protection
LendingClub Bank offers two ways to protect against overdrafts. First, you can link up to 3 accounts to your LendingClub Bank account to cover the difference if you're overdrafted.

You can also apply for a line of credit from LendingClub Bank. If approved, you'll have a credit limit that you can automatically tap into if your checking account balance falls below zero.[4]

Mobile App
Using the LendingClub Bank mobile app, you can:

  • Deposit checks
  • Send money to family and friends
  • Manage your accounts
  • Set transaction restrictions and spending caps
  • Turn your debit card on and off
  • Set security alerts

LendingClub Bank is also compatible with mobile wallets. Add your debit card to Apple Pay, Samsung Pay, or Google Pay accounts for faster and safer checkouts.[5]

Download the LendingClub Bank app: App Store, Google Play Store

Money Management Tools
LendingClub Bank partners with several companies on their Marketplace to help you better manage your money. Here are a few companies you can expect to see:

  • Ladder offers simplified life insurance
  • Credible helps with loan refinancing

Financial Dashboard
LendingClub Bank's integrated financial dashboard gives you the best tools to manage your finances. You'll be able to see all your LendingClub Bank accounts and you can link external accounts.

Once you capture all your spending in one place, you can create budgets, analyze your spending habits, experiment with different debt repayment strategies, and more.[6]

How It Compares

Bottom Line

LendingClub Bank is a great online bank offering several high-yielding accounts for you to choose from. Checking accounts that offer interest and cash back are very rare. But LendingClub lets you take advantage of both, plus a High-Yield savings account.

Look into how LendingClub Bank stacks up against your current bank to see if it's right for you.


  1. ^ "2018 Best of FinxTech Awards Winners Announced": LendingClub, 2018.
  2. ^ "Radius Won the Celent Award": LendingClub, 2017.
  3. ^ LendingClub Bank. Fees, Retrieved 3/1/2022
  4. ^ LendingClub Bank. Personal Overdraft Protection Program Agreement, Retrieved 3/1/2022
  5. ^ LendingClub Bank. Mobile Wallets, Retrieved 3/1/2022
  6. ^ LendingClub Bank. Finance Tools, Retrieved 3/1/2022
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