LendingClub Tailored Checking review
Earn 0.1% APY and 1% cashback with this business account, plus unlimited ATM rebates.
finder.com’s rating: 3.5 / 5.0
★★★★★LendingClub Tailored Checking, formerly known as Radius Tailored Checking, has some attractive features for businesses, including 0.1% APY and 1% cashback on all purchases. Also included are unlimited ATM reimbursements worldwide. But there are no physical branches, and you must maintain a minimum balance of $5,000 to earn interest and avoid the $10 monthly fee.
$10 per month
Minimum deposit to open
|APY||0.10% on balances of $5,000+|
|Fee||$10 per month|
|To waive the fee||No monthly maintenance fee with balances of $5,000 and up|
|Minimum deposit to open||$100|
|ATMs||Free ATMs worlwide + unlimited ATM fee rebates|
|ATM transaction fee||$0|
|ATM fee rebates||Unlimited automatic ATM surcharge rebates for ATM fees other banks charge you|
|Out-of-network ATM fee||$0|
Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Expert reviewLendingClub Tailored Checking stands out from other online business checking accounts because it accepts cash deposits, as long as you use one of their ATMs that accepts it. You also get unlimited ATM reimbursements and 1% cashback on all purchases.
Its 0.1% APY is competitive for a business checking account, but we’ve seen ones with higher rates and lower balance requirements. For instance, while the LendingClub Tailored Checking account offers 0.1% APY, you’ll only start earning interest when you have at least $5,000 in your account. Keeping this balance will also allow you to avoid paying the $10 monthly fee.
In comparison, a BlueVine Business Checking account offers 0.6% APY on balances up to $100,000. There’s also no monthly fee to worry about. But unlike LendingClub Tailored Checking account, you’ll pay $4.95 to make cash deposits and there are no cashback rewards.
How do I open a LendingClub Tailored Checking account?
It takes about 15 minutes to open a LendingClub Tailored Checking account.
- Go to the provider’s site and follow the steps to apply.
- Click Apply now.
- Select Business then Tailored Checking.
- Tap or choose Open online now, then enter your business name and select Get started.
- Enter your first name, last name and work email address, then choose Next.
- Depending on how many accounts you want to apply for, use the dropdown menu to select either 1 or 2, then tap or select Next.
- Enter a description of your company and your website address. Then certify that your business doesn’t operate in one of the prohibited industries, and select Next.
- Read and agree to the account disclosures and select Next.
- Enter your company information, your personal details, and add any other account owners or cosigners.
- Add a funding source to complete the application process.
To open a LendingClub Tailored Checking account, you must meet the following eligibility requirements.
- US resident or US resident alien
- At least 18 years of age
- Business owner
- $100 minimum deposit
Have the following information ready when opening your account. Any business partners who own at least 20% of the company must also provide these details.
- Full name
- Date of birth
- Social Security number
- Employee identification number or tax ID
- Business name
- Home address
- Business address
- Email address
- Mobile phone number
- Percentage of business ownership
4 benefits of LendingClub’s Tailored Checking accountLendingClub Tailored Checking has a few standout features you won’t find with most other business checking accounts.
- Competitive interest. While it’s not the highest APY we’ve seen for business checking accounts, it’s still competitive at 0.1% APY on balances above $5,000.
- Unlimited cashback. Get 1% cashback on all purchases with no limit.
- Unlimited ATM reimbursements. LendingClub doesn’t charge ATM fees and will reimburse any fees charged by ATM owners anywhere in the world.
- Accepts cash deposits. Most online banks don’t accept cash deposits, but you can deposit cash into your Tailored Checking account for free at qualifying MoneyPass and NYCE ATMs.
3 things to look out for
This account has a few drawbacks for your consideration before applying.
- Monthly fee. If your balance is below $5,000, you won’t earn interest and you’ll pay a $10 monthly fee.
- No physical branches. LendingClub exists entirely online, so you can’t visit a branch or meet with a banker in person.
- $100 opening deposit. You’ll need to deposit at least $100 to open this account, which is more than some other business checking accounts require.
If you’re after a free business checking account, you’ll want to keep looking. As always, compare your options when looking for a business account.
LendingClub’s ATM network and fees
LendingClub only has four of its own ATMs, all of which are in Boston, but you can use your debit card to withdraw cash for free at any ATM in the world. LendingClub doesn’t charge a fee for ATM withdrawals, but if you’re charged a fee by the ATM owner, it will reimburse you. However, it will not refund ATM fees for currency conversion.
LendingClub Tailored Checking reviews and complaints
LendingClub is accredited by the Better Business Bureau (BBB), which awards the bank with an A- rating based on its handling of 473 customer complaints in the past three years. Although there are no customer comments or complaints specifically about the Tailored Checking account, LendingClub earns an average rating of 4.44 out of 5 on the BBB’s website, based on more than 1,000 reviews.
On Trustpilot, LendingClub has an average rating of 4.8 based on nearly 2,000 customer reviews. Customers on both websites applaud LendingClub for its easy application process and helpful support specialists.
Compare LendingClub Tailored Checking with other business checking accounts
Compare other business accounts based on their fees, minimum opening deposits and ATM networks.
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How do I deposit or withdraw my money?
There are several ways to deposit and withdraw funds with this account.
- ATM deposit. Deposit cash at qualifying MoneyPass and NYCE ATMs.
- Mobile deposits. Use your mobile device and LendingClub’s app to deposit paper checks.
- Incoming ACH transfer. Fund the account from a linked checking or savings account.
- Incoming wire transfer. Accept domestic or international wire transfers for $10 apiece.
- ATM withdrawal. Use your debit card to withdraw funds for free at any ATM.
- Checkwriting. LendingClub can provide you with paper checks upon request.
- Outgoing ACH transfer. Send funds to a linked bank account at any time.
- Outgoing wire transfer. Wire money domestically for $18 or internationally for $40.
How to contact LendingClub customer service
There are five ways to contact LendingClub customer service.
- Call 800-242-0272 on weekdays from 8:30 a.m. to 12 a.m. ET and weekends from 8 a.m. to 8 p.m. ET.
- Chat with a representative via LendingClub’s website or app on weekdays from 8:30 a.m. to 12 a.m. ET and weekends from 8 a.m. to 8 p.m. ET.
- Send a secure message to a support specialist via a form on LendingClub’s website.
- Send a fax to 617-830-8555.
- Mail a query to PO Box 55063, Boston, MA 02205-5063.
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.