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3 Benefits of a Rewards Checking Account

No matter what point you are at in your life, being smart with your money is always important. Whether you choose to spend your money on just the necessities or decide to take your family on a lavish vacation, the money you have earned is helping you live the life you deserve. You should be sure though that wherever you are keeping your money, its helping you reach your goals.  A Rewards Checking account offers you a number of benefits free of charge to you to help you along the way.

A Rewards Checking account can be the perfect checking account for a the spender and the saver.

1. You can earn cash back by just swiping your card!

Spending your money may not feel good all of the time, however, with a Rewards Checking account the cash back you receive helps offset the lowering of your balance. Here you earn 1.00% cash back on every purchase you make with your debit card, as long as you have a minimum balance of $2,500 or are enrolled in direct deposit.1

Piggy bank on top of a car saving money

2. You are saving money, even when you don’t realize it!

With a Rewards Checking account you are saving money two ways. When you are out and about, there are a lot of times you might have to take out money at a local ATM that isn’t your banks. Our Rewards Checking account always reimburses your ATM fees, so you don’t have to stress over remembering to bring cash everywhere.2 As your money sits in your account, a Rewards Checking account also can earn up to 0.15% APY to help boost your account numbers.3

3. You may be less likely to overspend.

Many cash back rewards are only available through credit cards, which often incentivizes spending more money than you can afford. The benefit of receiving rewards with the use of your debit card is that you are only spending money you have in your checking account.

Don’t spend another day chasing after rewards with your old credit card and apply for a Rewards checking account today.

1 Rewards Checking is a free checking account with no monthly maintenance fee and no minimum balance requirement after $100.00 to open the account and is FDIC-insured up to the maximum allowed. The Debit Card Rewards Program (Cash Back Rewards) will provide 1.00% cash-back on all Qualified Purchases made by eligible Rewards Checking account holders if the account holder does any of the following; meet the requirements, is grandfathered in, or keeps an average balance of $2,500 or greater within the calendar month in their Rewards Checking Account, or receives total deposits of $2,500 or more in their Rewards Checking account via qualifying Direct Deposit within the month. Qualifying Direct Deposits are Automated Clearing House (ACH) credits, which may include payroll, pension or government payments (such as Social Security) by your employer, or an outside agency. LendingClub Bank, N.A. may require documentation to verify that credits are Qualifying Direct Deposits. To qualify for being grandfathered in, the account holder must have opened a Rewards Checking account before 9/4/2019. If all qualifying accounts are closed, the client will forfeit their eligibility to be grandfathered in. If grandfathered in, account holders may qualify for the Debit Card Rewards Program if they keep an average balance of $1,000 or greater within the month in their Rewards Checking Account, receive funds in their LendingClub Bank, N.A. account via qualifying Direct Deposit, or have an average combined balance of all Rewards Checking, LendingClub Hybrid Checking, and LendingClub High-Yield Savings accounts of $5,000 or more within the month. The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as LendingClub Bank, N.A. does not provide tax advice. Qualified Purchases include signature-based purchases made with a LendingClub Bank Debit Card tied to a Rewards Checking account enrolled in the Debit Card Rewards program. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and how the transaction is transmitted to LendingClub Bank, N.A. at the time of processing. We reserve the right to determine if a transaction was a Qualified Purchase, and to establish additional types of Qualified Purchases that could be made available in a variety of ways. Any goods or services purchased with the LendingClub Bank Debit Card that are returned or otherwise credited to your Account are not qualified purchases. Unlawful purchases and purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Cheques, gift cards, Cryptocurrency, Casino Chips, Peer to Peer Payments, prepaid debit cards, account openings, loan payments, or other cash equivalents) made with your LendingClub Bank Debit Card are not Qualified Purchases. We may require you to provide documentation to validate that certain purchases are Qualified Purchases. LendingClub Bank, N.A. reserves the right to modify or discontinue this program at any time. Your enrolled account must remain open, active, and in good standing to participate in the program, meaning: No NSF (non-sufficient funds) items during the preceding twelve calendar months in your checking account (regardless of the type of checking account). An eFunds check must show no negative history in the preceding twelve months and all monthly servicing fees must have been paid in full for the 12 preceding months. Radius Bank reserves the right to modify the description of “good standing” at any time. If you or the Bank closes your account for any reason before the end of the statement cycle, you will forfeit all rewards accrued through your linked Debit Card during that statement cycle.

2Get unlimited automatic ATM surcharge rebates for ATM fees other banks charge you. ATM surcharge rebates apply to cash withdrawals from a Rewards Checking or Champion Checking account using the LendingClub Bank debit card wherever it is accepted. LendingClub Bank, N.A. does not charge a fee for using another bank’s ATM. ATM fees will be rebated at the end of each statement cycle. Excludes international exchange fees. LendingClub Bank, N.A. makes its best effort to identify those ATM fees eligible for rebate. In the event that you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272. LendingClub Bank, N.A. reserves the right to modify or discontinue the ATM surcharge rebate program at any time.

3Annual Percentage Yield (APY) accurate as of 11/30/2021. Minimum amount to open account is $100.00. Rate tiers are as follows: 0.00% APY applies to balances of $0.01–$2,499.99, 0.10% APY applies to the entire balance on balances of $2,500.00-$99,999.99, and 0.15% APY applies to the entire balance of $100,000.00 or more. Rates may change after account is opened. Fees may reduce earnings.

About the author

Kathleen Barrett

As the Director of Marketing at LendingClub, Kathleen has had experience in the financial services industry for over ten years. Ten years ago, while working for a non-profit focused on helping consumers work their way to financial freedom, Kathleen found her passion for financial education. Her current role puts her at the forefront of online banking trends, allowing her to share her expert advice for your personal financial needs.