Radius, Now LendingClub, Bank Review – Forbes Advisor


When people talk about online banking, there is a lot of overlap between the terms “online banking” and “fintech”. Radius, which now operates under the name LendingClub Bank, aims to combine the best of conventional banking with the innovation of a fintech start-up. Boston-based and founded in 1987, Radius operated as a traditional brick-and-mortar bank until it closed its branches in 2012 and went completely digital.

Radius became a leading online bank and was acquired by LendingClub, a financial technology company that issues online personal loans. This is the first time that a fintech company has acquired a regulated US bank. The acquisition was announced on February 18, 2020 and closed on February 1, 2021, allowing Radius, now LendingClub Bank, to expand its product and service offerings.

At the time of acquisition, Radius held more than $ 1.4 billion in diversified assets. It is marketed as a progressive full-service bank that offers a full range of financial products and services to consumers, small and medium-sized businesses, and institutions (government entities, non-profit organizations, and unions). The bank has been recognized by the industry for its innovations.

If you’re looking for an online bank with a full range of offers, as well as great features and benefits (like 1.00% cash back back on daily purchases with your debit card), use this review to see how LendingClub Bank can support your financial goals.

This review focuses on the personal banking services offered by LendingClub Bank. Account details and Annual Percentage Returns (APY) are correct as of July 15, 2021.

Account Basics


The bank’s main checking account is its rewards account. Rewards chequing accounts — with an average balance of $ 2,500 or more per month or that receive a total of eligible monthly direct deposits of $ 2,500 or more — earn 1.00% cash back on card purchases of debt.

LendingClub Rewards Checking offers:

  • Free chequing accounts (free debit card, free online banking, no minimum balance)
  • Minimum opening deposit of $ 100
  • No monthly maintenance fees
  • Opportunity to earn interest: Rewards Checking account earns 0.10% APY on balances of $ 2,500 to $ 99,999.99 and 0.15% APY on balances of $ 100,000 and over
  • No ATM fees and unlimited discounts on ATM fees, if another bank charges you ATM fees

LendingClub also offers early direct deposit. If you sign up to have your paycheck deposited directly into your LendingClub Bank checking account, depending on when your employer makes the funds available, you may be able to receive your money up to two days earlier than your day. expected payroll. It can help your cash flow.

Some customers, who have less than perfect credit histories, may not be eligible for rewards verification. However, these customers may still be eligible for Essential Checking, which is available on a selective basis. LendingClub describes it as a second chance checking account to help clients rebuild their records and get a fresh start with their finances.

The Essential Checking account has a few different features of Rewards Checking:

  • $ 9 monthly service charge
  • Daily limit of $ 500 on debit card transactions
  • Mobile check deposit limit of $ 1,000 per day and $ 2,000 per 10 days
  • After 12 months of establishing a positive banking history with your Essential Checking account, you may be able to upgrade to Rewards Checking.


LendingClub offers its High Yield Savings Account, which currently offers 0.15% APY on balances of $ 2,500 to $ 24,999.99 and 0.25% APY on balances of $ 25,000 or more, which is considerably lower than major online high yield savings accounts. On the plus side, the bank’s savings account has no monthly service fees, no minimum balance requirements, and offers a free ATM card to access your savings account, with no ATM fees. . A minimum deposit of $ 100 is required to open a high yield savings account.

To help customers improve their savings habits, LendingClub offers its free Goalkeeper app, which allows you to set specific savings goals and automate your savings towards those goals. To use the Goalkeeper app, you must have a LendingClub current account.


LendingClub offers Certificates of Deposit (CDs) with terms ranging from three months to five years. For example, with a minimum balance of $ 500, you could get a one-year CD that would earn 0.10% APY. Short-term CDs, nine months or less, have a minimum balance of $ 1,000.

If you decide to buy a CD with LendingClub, beware of early withdrawal fees. If you withdraw your money from the CD before the end of the term, you could pay a penalty of up to 365 days of simple interest.

Distinctive features

The bank’s Rewards Checking account, which earns cash back and interest, is probably the bank’s coolest feature. It can be difficult to find a truly “free” checking account these days, let alone one that pays interest and offers cash back rewards: 0.10% to 0.15% APY, depending on your balance. account, plus 1.00% to 1.50% cash back rewards everyday. debit card purchases, after meeting minimum balance or direct deposit requirements.

Here’s another perk: If you refer a friend to become an eligible customer at LendingClub Bank, you will both receive a $ 50 bonus.

Another great feature is the LendingClubMarketplace, a tool integrated with the mobile app that allows customers to connect with LendingClub partners to obtain financial products and services such as home insurance, life insurance, personal loans, etc. LendingClub Marketplace Partners include Credible (prequalified rates for student loans and student loan refinancing), Ladder (for life insurance) and Booking.com (offer of 6% travel discount when booked through Booking with your credit card. debit).

Access on the move

LendingClub Bank offers several online and mobile banking solutions to allow you to access and manage your account on the go, 24/7, from any device or location.

You can use the LendingClub mobile app to perform a wide variety of daily banking tasks and transactions, including:

  • Check deposit
  • Check your balances
  • View, browse and search transactions
  • Manage your finances: establish budgets, view your expenses, follow trends
  • Transfer funds between accounts
  • Pay bills to businesses or make payments to friends

The LendingClub mobile banking app gets 4.5 stars on the App Store and 3.8 stars on Google Play.

The LendingClub debit card is compatible with mobile wallets, including Apple Pay, Google Pay, and Samsung Pay.

LendingClub customer service can be reached by phone (800-242-0272) or live chat, Monday to Friday, 8:30 a.m. to 12 p.m. ET, and Saturday to Sunday, 8 a.m. to 8 p.m. ET. Customers can also contact via email or secure online or mobile message. Social media support is available Monday through Friday, 8:30 a.m. to 8 p.m. ET.


  • Checking accounts earn interest and cash back (with minimum allowable balance or direct deposits)
  • No monthly fees
  • No ATM fees, plus fee discounts for using off-grid ATMs
  • 24/7 mobile and online access

The inconvenients

  • No physical location
  • No IRA
  • No mortgage or car loan

How does LendingClub Bank compare

Radius was an innovative financial services organization delivering creative banking solutions, combining the best of traditional banking and fintech innovation. It’s no surprise that LendingClub sees Radius as an attractive acquisition target.

Some online banks just offer a good place to store your savings and get a high APY. But LendingClub has a more comprehensive list of products and services that can suit a wider range of financial goals. If you want the full one-stop banking services of a traditional bank, but with the convenience and technological innovation of an online banking, LendingClub is worth considering.

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