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With unlimited ATM fee reimbursements and the ability to earn interest, the LendingClub Tailored Checking account provides benefits similar to those offered with products. For small-business owners, however, this online business checking account stands out because it offers account holders unlimited transactions, debit card rewards, as well as convenient digital banking tools — including bill pay, integrated invoicing and accounting reports.
As of July 2021, LendingClub Tailored Checking has been rebranded from its former name — Radius Tailored Checking — as part of LendingClub's acquisition of Radius Bank.
LendingClub Tailored Checking is an online-based account designed specifically for small-business owners. Although LendingClub is an online bank, the company has four proprietary ATMs in Boston, as well as two locations there, in addition to the former Radius Bank corporate office. LendingClub also has a Small Business Administration lending office in Chicago.
So unlike some online business checking accounts — that have banking services actually provided by other financial institutions — the Tailored Checking account is provided by LendingClub directly.
To open a Tailored Checking account, you’ll complete an online application on the LendingClub website and provide information about you, your business and any other business owners. Before submitting your application, you also will need to link an existing bank account or debit card in order to fund your new account, pending approval.
To be eligible, you must be at least 18 years old, a U.S. citizen or permanent resident and have a valid U.S. address.
Once you’ve submitted your application, the review process generally takes anywhere from two to five business days. After you receive approval from LendingClub, you’ll be able to log in to online banking, as well as download the mobile app, to set up and manage your checking account.
You’ll also receive your LendingClub business debit card within seven to 10 days — and you can contact customer service to request additional cards for employees.
Unlimited transactions: With the LendingClub business checking account, you receive unlimited fee-free transactions, including deposits, ACH payments, ATM transactions and account transfers. This also includes the ability to deposit cash fee-free at participating MoneyPass and NYCE ATMs — a feature not offered by all online-based business checking accounts.
Earns interest: As long as you maintain a balance of $5,000 or more, you can earn 0.10% APY on your LendingClub business account. And, if you don’t have the funds — or don’t want to be limited by the Federal Reserve’s six-per-month transaction limit — for a separate business savings account, LendingClub’s Tailored Checking still offers you the chance to earn interest on your business funds.
Fee-free ATM access: LendingClub doesn’t charge any ATM fees, regardless of the ATM you use. Although LendingClub offers in-network ATM access through the MoneyPass and SUM networks, it doesn't charge fees for out-of-network ATM-use. In fact, the Tailored Checking account includes unlimited rebates for ATM fees that you incur from other banks worldwide (although international currency exchange fees aren't covered) — a perk not offered by all online-based business checking accounts.
Debit card rewards program: The LendingClub business checking account gives you the ability to earn an unlimited 1% cash back on online and signature-based credit transactions (where you select credit instead of debit at an in-store point of sale terminal) made with your debit card — provided you maintain an average monthly balance of $5,000 or more.
Digital banking tools: With LendingClub business checking, you receive access to online and mobile banking tools that allow you to manage your finances regardless of location. Using these tools, you can pay bills, make deposits, send transfers, add and manage users and order physical business checks.
In addition to these features, Tailored Checking stands out from competitors with Autobooks — the integrated invoicing and online payment software included with your account. Autobooks gives you the ability to create and send invoices, accept payments from customers, monitor invoice and payment activity, as well as generate balance sheet and general ledger reports.
Account minimum required to access perks: Although technically the LendingClub business checking account doesn't have a minimum balance requirement — in other words, you won’t face a penalty fee for your balance dropping below a certain threshold — you do need to be able to maintain a balance of $5,000 to access many of the benefits this account has to offer. If you can’t regularly maintain a $5,000 balance, you won’t be able to earn interest on your account, access the debit card rewards program or waive the $10 monthly maintenance fee.
Low APY: With this LendingClub business account, you’ll earn 0.10% APY on your balance of $5,000 and higher. That said, although it’s impressive to find an online-based, interest-earning business checking account, this account actually offers a low APY compared with similar alternatives.
As just one example, Axos Bank’s Business Interest Checking account has comparable features — $100 minimum opening deposit, $5,000 minimum balance required to waive a $10 monthly fee, unlimited domestic ATM fee reimbursements — with a much higher APY. The Axos account earns APY on a tiered-structure, with rates ranging from 0.81% to 0.10% based on your balance.
Additional fees: On top of the monthly maintenance fee, LendingClub charges certain service fees associated with the use of your Tailored Checking account. You’ll pay a $25 fee for incidents including stop payments, returned items, and nonsufficient funds, as well as wiring fees — which vary depending on whether the wire is incoming or outgoing and domestic or international.
Although these types of service fees are standard among business checking accounts from brick-and-mortar banks, many online-based competitors are able to offer fewer fees, particularly when it comes to incidental fees.