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 | 4.0 | ||
Savings | 4.0 | ||
Checking | 4.0 | ||
Customer Service | 4.5 | ||
Mobile App | 3.5 | ||
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
- What Is LendingClub Bank?
- Fees
- Pros and Cons
- LendingClub Bank Account Options
- Features and Extras
- How It Compares
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.
LendingClub Bank Fees
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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.
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.
Pros
- 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
Cons
- 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
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.
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.
Rewards Checking
- Earn 1.00% cash back on purchases when you use your LendingClub debit card.
- Earn 0.15% APY on balances of $100,000 & up.
- Earn 0.10% APY on balances of $2,500–$99,999.99.
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.
5. Business Tailored Checking
Tailored Checking - Business Banking
- $100 minimum opening deposit
- No monthly service fee for balances over $500
- Unlimited ATM fee rebates worldwide
- Monthly Fee: $10 (can be waived by maintaining a $500 balance)
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]
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
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
BMO Harris Smart Advantage™ Account - $300 Cash Bonus
Open a new BMO Harris Smart Advantage™ Account online and get a $300 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months. Conditions apply.
U.S. Bank Smartly® Checking and Standard Savings - Up to $400 Bonus
Complete these steps within 90 days of opening your new Bank Smartly checking account online to earn $300:
- Enroll in online banking or the U.S. Bank Mobile App
- Complete two or more direct deposits of $5,000 or more
- Complete 10 or more debit card purchases totaling at least $100
Earn $100 when you open a new Standard Savings account, by June 20, 2023, complete deposit(s) of $15,000 or more by July 13, 2023 and maintain a total account balance of $15,000 until October 13, 2023.
Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account
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.
References
- ^ "2018 Best of FinxTech Awards Winners Announced": LendingClub, 2018.
- ^ "Radius Won the Celent Award": LendingClub, 2017.
- ^ LendingClub Bank. Fees, Retrieved 3/1/2022
- ^ LendingClub Bank. Personal Overdraft Protection Program Agreement, Retrieved 3/1/2022
- ^ LendingClub Bank. Mobile Wallets, Retrieved 3/1/2022
- ^ LendingClub Bank. Finance Tools, Retrieved 3/1/2022
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
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