LendingClub Overview

                By                    Caitlyn Moorhead

  • Overview

  • Features

  • Competitors

  • Checking Accounts

  • 4.9

  • Saving Accounts

  • 4.9

  • CD Accounts

  • 4.8

  • Banking Experience

  • 4.8

Pros

  • Rewards account pays interest
  • Free checking and savings accounts
  • High rates for savings accounts and CDs

Cons

  • Only one physical branch
  • High fees
  • Mobile app is not highly rated

Key Features

Here is a closer look at some of the features that make LendingClub Bank stand out.

LendingClub Checking Account

LendingClub’s Rewards Checking account charges no monthly fee and has just a $25 minimum deposit. It comes with a debit card that earns you an unlimited 1% cash back on online transactions and on transactions that you sign for in person. There are no ATM fees, and customers get rebates on the fees charged by other banks. When you sign up for direct deposit you can get your paycheck up to two days early. LendingClub will credit your direct deposit to your Rewards Checking account as soon as your employer submits their payroll files to the Federal Reserve Bank.

The Rewards Checking account also pays interest, which is becoming more common for online banks. Account holders earn APY when their balance is $2,500 to $99,999.99. If it’s more than that, they earn APY.

LendingClub Savings Account

LendingClub’s savings account pays interest from the first dollar. Its High-Yield Savings account pays . There are no monthly service fees, and you can open an account with a minimum of $100. An ATM card is available at no charge.

LendingClub CD Accounts

LendingClub Bank offers CDs for terms ranging from six months to five years. The minimum deposit to open a CD and earn interest is $2,500.

Rates range and go up to for a five-year term.                 

LendingClub Banking Experience

The combination of features in LendingClub’s Rewards Checking account, including early direct deposit, cash back on debit card purchases and interest, make it a winner. Its name might lead you to believe that LendingClub Bank focuses on loans, but it offers much more than that. Its checking, savings and CD accounts are robust, with features that many consumers expect, and others that are refreshing to find.

Add in the fact that it rebates ATM fees charged by other banks, and that there are no monthly account maintenance fees, and you have a solid account that will help you make the most of your money.

Mobile App

Users have given the LendingClub app 4.4 out of 5 stars on the App Store and 3.8 out of 5 stars on Google Play. For an online bank, the reviews from users haven’t always been positive, but it does seem to have shown improvement over the last year. 

Customer Service

LendingClub provides phone service to customers when you call 1-800-242-0272 between the hours of 8:30 a.m. to 12:00 a.m. EST during the week and 8:00 a.m. to 8:00 p.m. EST on weekends.

You can also submit an email request or use the Live Chat function on its website.

LendingClub Bank vs. Competition

Both online and brick-and-mortar banks have some of the features offered by LendingClub Bank, but few banks have all of them. You might find an online bank that rebates ATM fees, but it may not provide cash back on your debit card purchases. Likewise, some banks will not have monthly maintenance fees, but they may not pay interest on their checking accounts.

LendingClub vs. Ally

Ally Bank has an interest-bearing checking account that pays up to APY depending on your balance. LendingClub customers earn a maximum of APY. And Ally also offers investment products.

What Ally does not provide that LendingClub does is cash back on debit card purchases.

LendingClub vs. Wells Fargo

If you want to consider a brick-and-mortar bank, Wells Fargo has over 4,000 branches and 12,000 ATMs nationwide. It also has a highly-rated mobile app. Apple users give it 4.8 out of 5 stars and Android users give it 4.7 out of 5 stars.

What you won’t find is a checking account that pays interest or cash back on your debit card purchases.

Final Take

LendingClub Bank’s checking account offers a robust set of features and can help you make the best use of your money. For the best combination of features for a checking account, LendingClub Bank should be on your list of banks to consider.

Cynthia Bowman contributed to the reporting for this article.

  • Yes, LendingClub is an online and neobank. It provides checking, savings and CD accounts, as well as loans, for consumers and businesses.

  • Yes, LendingClub Bank is FDIC-insured and all accounts are covered up to the standard $250,000.

  • No, LendingClub as a whole is not shutting down but in 2020, LendingClub acquired Radius Bank and announced that it would be shutting down just its peer-to-peer lending platform.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 6, 2022.

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