In 2021 Radius was acquired by Lending Club and marked the first-ever regulated bank in the US to be acquired by a fintech company. This acquisition has allowed LendingClub Bank to expand its services and products. During the acquisition, the company had around $1.5 B of diversified assets1, and it currently offers progressive banking services with various products for individuals, companies, and government entities. The Lending Club Bank has been recognized for its innovative products and excellent reputation in the banking industry.
How the Bank Works
The Lending Club Bank is primarily an online banking organization focused on personal loans. Lending Club is a digital service provider supported by MoneyPass2, SUM, and NYCE ATM networks giving users access to over 330,000 ATMs globally without surcharge. The bank offers reliable customer support through phone calls, emails, live chat, and FAQs on its website. The bank offers very competitive interest rates with earning potential. The checking and savings accounts have rates greater than the US average.
Users can manage all their accounts online on a desktop computer or using a smartphone. The bank offers a reliable app for mobile users and comprehensive cards and digital products for modern consumers.
LendingClub Bank Accounts
Lending Club Bank accounts come with appropriate cards depending on the type of account. You can use all the cards without fees at SUM and MoneyPass ATMs globally. Using the cards with other ATMs outside these networks is possible, but you should expect to pay some fees. All the accounts come with comprehensive online banking features. For example, users can deposit their checks using their mobile phones to take a picture of checks. The Lending Club mobile app also allows users to turn their debit cards on or off depending on their needs.
Users can set up many different alerts, restrictions on transactions, limits, analytics, and other useful features each account offers. Now, let’s see what they offer individually.
Essential Checking Account
Their essential checking account has a $10 minimum deposit and a $9 monthly fee that can’t be waived. Users also get a mobile check deposit limit of $2,000 throughout ten days and a daily limit set at $1,000. Account owners get a debit card with a $250 daily limit lasting only during the first month, and after 30 days have expired, the limit is doubled. Debit card limits include transactions like Pay a Friend, payments, and withdrawals. It’s a good option for kids or people who want to introduce more discipline in their banking habits.
Rewards Checking Account
The rewards checking account has a $100 minimum deposit, and you need to carry a balance of at least $2,500 to get a 0.10% APY3 on that amount. Users can earn up to 0.15% APY but only if they carry a balance of at least $100,000. When you use the debit card to make purchases, this account lets you earn cash back set at 1%. People who want this account need to get a debit card and eStatements and apply for the online banking program.
Certificates of Deposit
Certificates of deposit allow clients to save money in a structured way with guaranteed returns. Clients have to open and fund their certificates of deposit and wait until the end of the term to get their money. No amount can be withdrawn earlier without a penalty, and you can’t make new deposits. The lowest term is one year with 2% APY, and you can get a maximum of 5 year-long terms with 3% APY.
High-yield Savings Account
This high-yield savings account gives users one of the best online savings interest rates you can find on the market. There are no monthly fees, and the account is entirely free. However, you will have to make a minimum deposit of $100. To get the fixed 1.26 APY, you must have at least $0.01 on your account.
Frequently Asked Questions