LendingClub Business Checking: 2024 Review (2024)

Full Review

LendingClub Tailored Checking

shines thanks to a slew of business-friendly features, including easy cash deposits, cash back on debit card purchases and unlimited automatic ATM fee refunds. And the cherry on top:

1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that

.

Given that package of perks, it’s easy to see why

LendingClub Tailored Checking

is rated near the top of our picks for best business checking accounts.

The account does have a few catches and caveats, to be sure. There is a monthly fee ($

10

), but it can be avoided with an average monthly balance of $

500

. And while the bank’s cap on outgoing ACH transfers is a bit low — particularly for new customers — it increases as your business account hits certain balance thresholds.

LendingClub is an online bank with corporate offices in multiple states, but no public branches. However, unlike some online business checking accounts, LendingClub does not use a third-party financial institution to provide its banking services and is directly insured by the Federal Deposit Insurance Corp.

Does your business make frequent outgoing wire transfers? LendingClub charges high fees for outgoing wire transfers: $18 (domestic) and $40 (international). But the Mercury Business Bank Account offers free incoming and outgoing wire transfers (domestic and international). Mercury is a business cash management account with a Treasury option that earns up to 5.43% APY, as of this writing.

LendingClub Tailored Checking

accounts are opened entirely online via the bank’s website or mobile app. 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. Your business also needs a digital presence (website or social media) to qualify.

What you need to open an account

The online application for

LendingClub Tailored Checking

asks for information about you, your business and any other business owners.

You also will need to link an existing bank account or debit card in order to fund your new account, pending approval.

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 receive your LendingClub business debit card within seven to 10 days — and you can contact customer service to request additional cards for employees.

Easy cash deposits: Only a handful of online business checking accounts allow fee-free cash deposits — LendingClub is among them. Account holders can deposit cash as needed at participating ATMs in the MoneyPass and SUM networks for no additional charge. While there is no monthly cap on cash deposits (something most brick-and-mortar business banks implement), individual ATMs may limit how much you can deposit at any given time.

High APY: You can earn

1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that

with your LendingClub business account. If you don’t want a separate business savings account — or don’t want to be limited by those accounts' typical transaction limits —

LendingClub Tailored Checking

still offers you the chance to earn interest on your business funds. And if you do want a dedicated savings account, LendingClub has its own business savings option (with 3.60% APY, as of this writing) that's only available to customers with a

LendingClub Tailored Checking

account.

No ATM fees anywhere: LendingClub is part of the MoneyPass and SUM networks, giving account holders access to more than 40,000 ATMs nationwide. But LendingClub goes a few steps further to ensure business checking customers don’t pay ATM fees. For starters, LendingClub doesn’t charge any fees if you venture outside of its ATM networks. And the bank will automatically reimburse you for ATM fees by third-party banks and ATM operators — anywhere in the world (international currency exchange and transaction fees still apply, though).

Earn cash back with your debit card: You can 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 LendingClub debit card — provided you maintain an average monthly balance of $

500

or more.

Account minimum required to access perks: You need to maintain an average monthly balance of at least $

500

to waive the $

10

monthly service fee and unlock debit card rewards on your

LendingClub Tailored Checking

account. While that is a rather low bar to clear, it is still a bar. Business owners looking for perks with no strings or fees should consider Grasshopper Business Checking Account, a free business checking account that has a high APY (up to

2.25%

) and earns 1% back on qualified debit card purchases.

Low cap on ACH transfers:

LendingClub Tailored Checking

accounts have a $10,000 per day cap on incoming and outgoing ACH transfers. That limit can increase after the account is open for 30 days, assuming you hit certain balance thresholds (learn more here). If those transfer caps are a deal breaker for your small business, consider Bluevine Business Checking. This free online account has far more lenient ACH limits than LendingClub — you’re allowed up to $20,000 per ACH transfer. Bluevine doesn’t limit how many transfers you can make each day, but there is a monthly cap: up to $100,000 per 30-day period for outgoing wire and ACH transfers.

High wire fees: Businesses that rely on wire transfers — especially international wires — may want to steer clear of

LendingClub Tailored Checking

. The account charges high outgoing wire transfer fees: $18 (domestic) and $40 (international). Instead, consider a business checking account with free wire transfers, like Mercury Business Bank Account. Mercury doesn’t charge for wire transfers, international or otherwise, and businesses with high deposits can also open a Mercury Treasury account to earn top-rate yields on excess operating funds. Mercury doesn’t support cash deposits, though.

Another option for wire transfers: Relay Business Checking. This account accepts cash deposits at compatible AllPoint ATMs, has free incoming wires and low outgoing wire transfer fees: $5 (domestic) and $10 (international). Relay Business Checking customers can also open a

Relay Business Savings

account and leverage automatic transfers to earn interest:

Earn 1% APY on balances of less than $50,000; 1.5% APY on balances between $50,000 and $250,000; 2% APY on balances between $250,000 and $1 million and 3% APY on balances of more than $1 million.