Logo

Pick a Business Checking Account with these Services

2 min read
GettyImages-1150419000 sized compressed

Every small business needs its own checking account. At a minimum, it can help you keep your funds separate for bookkeeping and taxes purposes. But that’s not all a business checking account can do to help make running your business easier.

The first thing to look for when choosing a new bank account are the basic services offered. Here are some criteria to look for when choosing the best account with the right services for you and your business:

1. Strong Online and Mobile Banking Platforms As a small business owner, you’re probably working untraditional hours and often on the go. Having a bank with efficient online and mobile banking platforms allows you to run your business from anywhere, anytime. Key account management features to look for include the ability to make mobile check deposits, internal and external wire transfers, payments to businesses or individuals, etc. – all online or via the app. For an extra benefit, specific banks like Radius provide small businesses with a free debit card and a Radius card app so (find an account that allows you to keep your business’ debit card on a mobile wallet so) that you’re never left having to charge your personal card for a business transaction.

2. Financial Management Tools Along with the ability to run a free credit score, it’s important to have tools to gain a holistic view of your financial health. Find an account with Personal Financial Dashboard capabilities that can link and aggregate all your business, personal, loan, and investment accounts from different financial institutions into one online dashboard. From there, track spending habits, set budgets, assess your net worth, and monitor your finances without having to rely on multiple websites or apps – or waste time doing it manually.

3. No fees Common fees you’ll run into with business accounts are a cash deposit limit, limit of total deposits, or withdrawals including online transfers, and bill payments. Your transaction volume can add up fast, especially if you make a lot of sales each month. So, it’s best to find a bank with no hidden fees that offers unlimited transactions and no penalties or upcharges.

4. Offer APYs Chances are, your business checking account will always house a significant amount of money. If it’s going to sit in your account, you might as well make money from it. Look for a bank that offers an Annual Percentage Yield (APY) for business checking accounts. This will allow you to earn interest and grow your money, which can then be dispersed back to your business. If you’re looking for a business checking account that offers all of these services and more, take a look at Radius’ “Tailored Checking” account. You can earn a competitive rate, unlimited transactions and no hidden fees (including free ATMs worldwide) – all while banking from easy-to-use online and mobile banking platforms.

You May Also Like

Related Resource Center
Starting a new business is exciting—and so is making money from your venture. But where will you put all your earnings and how will you pay your vendors?
Sep 18, 2022
8 min read
How to Open a Business Bank Account
With the Coronavirus still lingering here in the US, your 2020 Thanksgiving probably looks a little different than it has in years past. With many states still urging residents not to travel this holiday season, families are instead hunkering down and keeping gatherings to a minimum. When planning your meal this year, why not support a local business. Not quite sure how? Take a look at these 4 simple ways that can help make a difference in your community.
Nov 18, 2020
3 min read
small-were-open
No matter what type of online business you manage, your Ecommerce business deserves the very best when it comes to banking. You might first think of opening a business checking account with your local community bank, where you might already have a personal account opened.
Nov 15, 2020
3 min read
tiny-ecommerce-e1605662870554
You finally did it! You got your business up and running, all of that time spent planning has paid off and you are now a real business owner. You might not think opening a business checking account is a priority, but the earlier you open one, the easier your life will be down the road.
Jul 21, 2020
4 min read
GettyImages-671328436-2-1
When you start a business – whether you’re a jewelry maker selling your wares on Etsy, or a startup founder ready to break through to the next level – one of the first questions that arises is: should I incorporate as a business? Most businesses begin as a sole proprietorship. If you don’t incorporate, you are, by default, a sole proprietor. Legally, that means that you and your business are not separate entities, wherein your business is taxed at the same rate as you are personally and, if your business is sued or carries debt, your personal assets are not protected. Separating yourself from your business by incorporating or forming a Limited Liability Corporation (LLC) puts up safeguards and protects against losses from business liability. There are other advantages as well.
Jul 2, 2019
2 min read
small-business-owner-food-truck-1024x683-compressed-1
Related Impact
From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce StackitTM from LendingClub Bank—a new browser extension that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.
Nov 13, 2022
2 min read
blog header stackit 765x430 v1-1
Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals.
Oct 2, 2022
5 min read
LendingClub Rewards Checking Nationally Certified as Trusted, Afforda
Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.
Apr 19, 2022
2 min read
Illustration of large number 4 and letter M made up of colorful, tiny illustrations of ethnically diverse people
In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank. 
Mar 6, 2022
less than a minute read
Blog-post
LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.  
Jan 2, 2022
2 min read
Man in blue button up shirt and glasses smiling
Related FAQ's
We offer several ways for you to make your monthly auto loan payment, so you can choose the method that works best for you. A statement will be mailed to you every month that shows the payment amount and due date.
Nov 29, 2023
less than a minute read
LendingClub provides a year-end statement that summarizes your account activity, including how much interest you’ve earned and information regarding Notes tied to loans that have been charged off.
Jun 7, 2023
less than a minute read
Applying for a lending product is fast, easy, and confidential.
Jun 7, 2023
less than a minute read
Adding creditors to your balance transfer loan is easy.
Jun 7, 2023
3 min read
To qualify for a lending product with LendingClub Bank, you must...
Jun 7, 2023
less than a minute read
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
Sep 6, 2023
4 min read
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
Mar 21, 2023
3 min read
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment. 
Mar 21, 2023
4 min read
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
Feb 7, 2023
3 min read
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
Feb 4, 2023
3 min read

LendingClub Bank and its affiliates (collectively, "LendingClub") do not offer legal, financial, or other professional advice. The content on this page is for informational or advertising purposes only and is not a substitute for individualized professional advice. LendingClub is not affiliated with or making any representation as to the company(ies), services, and/or products referenced. LendingClub is not responsible for the content of third-party website(s), and links to those sites should not be viewed as an endorsement. By clicking links to third-party website(s), users are leaving LendingClub’s website. LendingClub does not represent any third party, including any website user, who enters into a transaction as a result of visiting a third-party website. Privacy and security policies of third-party websites may differ from those of the LendingClub website.

Savings are not guaranteed and depend upon various factors, including but not limited to interest rates, fees, and loan term length.

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,584 for a term of 36 months, with an interest rate of 10.29% and a 6.00% origination fee of $1,190 for an APR of 14.60%. In this example, the borrower will receive $18,663 and will make 36 monthly payments of $643. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states.

For Personal Loans, APR ranges from 9.57% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2024 and are subject to change without notice.

Checking a rate through us generates a soft credit inquiry on a person’s credit report, which is visible only to that person. A hard credit inquiry, which is visible to that person and others, and which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person. Credit eligibility is not guaranteed. APR and other credit terms depend upon credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and credit usage and history.  

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. ​Deposit accounts are subject to approval. Only deposit products are FDIC insured.

“LendingClub” and the “LC” symbol are trademarks of LendingClub Bank.

© 2024 LendingClub Bank. All rights reserved.