Full review
LendingClub Customized Check
It offers a host of business-friendly features, including easy cash deposits, cash back on debit card purchases, unlimited automatic ATM fee rebates, and more. Plus, you'll also get:
1.50% APY on balances up to $100,000, and 0.10% APY on balances thereafter
.
Ten
), but it can be avoided if your average monthly balance is $.
500
The bank's ACH transfer limits are a bit low, especially for new customers, but the limits increase once your business account balance reaches a certain threshold.
LendingClub Customized Check
Perfect for small business owners who:
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You want a high-yield business checking account.
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You can keep $
500
Waive account balance
Ten
Pay the monthly fee to activate your cashback rewards.
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You will need to deposit cash from time to time.
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Do not make frequent wire transfers.
Mercury Business Bank Account
Domestic and international wire transfers for deposits and withdrawals are free. Mercury is a business cash management account with a Treasury option that allows you to earn up to 5.43% APY at the time of writing.
LendingClub Customized Check
At a glance
|
Monthly fee: |
$
Ten waived if average monthly balance is $ 500 . |
|
Minimum opening deposit requirements: |
|
|
Annual interest rate: |
1.50% Balance up to $100,000 and 0.10% This applies to all future balances. |
|
transaction: |
Unlimited. |
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Bonus: |
none. |
How to open it
LendingClub Customized Check
Business Account
LendingClub Customized Check
Accounts are opened entirely online through the bank's website or mobile app. To be eligible, you must be over 18 years old, a U.S. citizen or permanent resident, and have a valid U.S. address. To be eligible, your business must have a digital presence (website or social media).
What you need to open an account
LendingClub Customized Check
We ask for information about you, your business, and other business owners.
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personal information: Names, home addresses, phone numbers, emails, dates of birth, and Social Security numbers of the primary account holder and any business owners who own at least 25% of the company.
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Business Information: Company name, address, web presence, phone number, entity type (LLC, corporation, etc.), industry, Employer Identification Number (EIN). You'll need to note the date your company was formed and where it's registered. Also, answer questions about estimated daily and monthly ACH and wire transfers.
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Required documents: This will vary depending on the type of business, but may include articles of incorporation, a certificate of incorporation, a Doing Business As (DBA) document, a partnership agreement, etc.
You'll also need to link an existing bank account or debit card to deposit funds into your new account, which is pending approval.
Once you submit your application, it usually takes 2-5 business days for it to be reviewed, and once you're approved by LendingClub, you'll be able to log into online banking or download the mobile app to set up and manage your checking account.
Your LendingClub business debit card will arrive within 7-10 days, or you can contact customer service to request additional cards for your employees.
where
LendingClub Customized Check
Stands out
Easy cash deposit: LendingClub is one of only a handful of online business checking accounts that offer fee-free cash deposits. Account holders can deposit cash when they need it at participating MoneyPass and SUM network ATMs without extra charges. There's no monthly limit on cash deposits (something most brick-and-mortar business banks do), but individual ATMs may limit the amount you can deposit at one time.
1.50% APY on balances up to $100,000, and 0.10% APY on balances thereafter
Available in your LendingClub business account. If you don't want a separate business savings account or don't want to be limited by the typical transaction limits of those accounts,
LendingClub Customized Check
Lending Club offers the opportunity to earn interest on your business funds, and if you prefer a dedicated savings account, Lending Club has its own Business Savings option (3.60% APR as of this writing), which is
LendingClub Customized Check
account.
🤓 Geek Tips
If you want to earn more interest and don't need features like checking or a debit card, consider a business savings account. Our top picks are
4.00%
There is no monthly fee.
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 step further to ensure its business checking account customers don't pay ATM fees. First, LendingClub doesn't charge fees when you go outside of its ATM network, and the bank will automatically reimburse you for any ATM fees charged by third-party banks or ATM operators anywhere in the world (although international currency conversion and transaction fees do apply).
500
that's all.
where
LendingClub Customized Check
insufficient
500
exempt
Ten
Unlock monthly service fees and debit card rewards
LendingClub Customized Check
Account. This is a fairly low bar, but a bar nonetheless. Business owners looking for the perks of no strings or fees should
Grasshopper Business Current Account
high APY (up to
2.25%
) and get 1% back on eligible debit card purchases.
LendingClub Customized Check
Accounts have a $10,000 daily limit on deposits and withdrawals of ACH transfers. After 30 days of account opening, limits may be increased if certain balance thresholds are reached (more information here). If these transfer limits are an issue for your small business,
Blue Vine Business Check
This free online account has much more generous ACH limits than LendingClub, allowing up to $20,000 per ACH transfer. Bluevine does not limit the number of transfers per day, but does have monthly caps, with wire and ACH transfers up to $100,000 in any 30-day period.
LendingClub Customized Check
The account has hefty transfer fees: $18 (domestic), $40 (international). Instead, consider a business checking account with free transfers, such as:
Mercury Business Bank Account
Mercury doesn't charge fees for international or other wire transfers, and businesses with large deposits can also open a Mercury Treasury account to earn the highest yields on excess working capital, though Mercury doesn't accept cash deposits.
Relay Business Check
The account accepts cash deposits at compatible AllPoint ATMs, has no deposit fees, and low transfer fees of $5 (domestic) and $10 (international). Relay Business Checks customers can:
Relay Business Savings
Set up automatic transfers to your account and earn interest:
You can earn 1% APY on balances under $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 over $1 million.
