LendingClub P2P Investors Will Be Able to Transfer Funds to Founder Savings Account

| By:


LendingClubWhen Lending Club retires its peer-to-peer lending platform on December 31st, users will have the option to transfer their remaining funds to Radius Bank into something called a Founder Savings Account. The company acquired Radius Bank in February this year and has communicated that its efforts have been dedicated to this initiative.

As part of this shift, peers that were part of their soon-to-be discontinued platfrom will be eligible for a “Founder” Savings account.

“We will let you know of the interest rate at launch,” Lending Club’s FAQ says on the matter. “You can expect that it will be a compelling rate, as an exclusive way to thank our investors for their dedication to our community.”

At present, a standard “high-yield” savings account at Radius Bank earns up to .25% APY.

The company acknowledes that not everyone will want to become a banking customer. “If you don’t choose to open a Founder Savings account, your Notes account cash position will continue to build until you transfer those funds to another financial institution.”

Bankrate awarded Radius with the title of “Best online bank of 2020.”

Last modified: December 11, 2020

Category: p2p lending

Home p2p lending › LendingClub P2P Investors Will Be Able to Transfer Funds to Founder Savings Account


    Central Diligence Group

    Idea Financial

    Dedicated Financial GBC

    ROC Funding Group

    Avanza Capital

    Better Accounting Solutions

    CFG Merchant Solutions

    Unique Funding Solutions

    IOU Financial

    Spartan Capital

    One Percent Ventures

    Smart Business Funding

    Splash Advance

    CapFront

    Percent

    Banana Exchange

    South End Capital

    Meridian Leads

    Wynwood Capital Group

    Accord Business Funding

    Balboa Capital

    Hunter Caroline

    CAN Capital

    Lendora

    Liquidibee

    Arsenal

    The Smarter Merchant