- Overall bank rating
- Pros and cons
- Savings
- Checking
- CD
- How LendingClub works
- Is LendingClub trustworthy?
- LendingClub vs. Axos
- LendingClub vs. Quontic
- Frequently asked questions
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How LendingClub bank accounts compareLendingClub Rewards Checking Account
The bottom line: LendingClub has a solid rewards checking account; it lets you earn 1% cash back on qualified debit card purchases if you have $2,500 in your account. Its savings rate is on par with the best high-yield savings accounts right now. If you prefer in-person banking, though, LendingClub probably won't be the best choice for you.
Overall bank rating
| Feature | Personal Finance Insider (rating out of 5) |
| Savings | 4 |
| Checking | 4.25 |
| CD | 3.75 |
| Trustworthiness | 3.5 |
| Total | 4 |
Pros and cons
| Pros | Cons |
|
|
LendingClub High-Yield Savings Account
LendingClub High-Yield Savings Account Start saving LendingClub Bank, FDIC Insured Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)4.65%
Minimum Deposit Amount$100
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free ATM card included
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Interest compounds monthly
- Online banking institution with 1 branch in Boston, Massachusetts
- Earn 4.65% APY regardless of your account balance
- Interest compounded monthly, deposited monthly
- Member FDIC
The LendingClub High-Yield Savings Account is an excellent option if you are looking for an account with no monthly service fee and that offers an ATM card. You'll also earn a much higher interest rate than the average savings account.
Compare Today's Savings Rates
Read Insider's guide to the best savings accounts »
LendingClub Rewards Checking Account
LendingClub Rewards Checking Account Start banking LendingClub Bank, FDIC Insured Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksFeesno monthly service fee
Annual Percentage Yield (APY)0.00% to 0.15%
Minimum Deposit Amount$25 to open, $2,500 to earn interest and 1% cash back on purchases
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn 1% cash back on credit purchases if you have at a $2,500 balance on your account
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn interest on your checking account
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Receive your paycheck 2 days early
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited refunds on out-of-network ATM fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection is available that lets you link to another account
- con icon Two crossed lines that form an 'X'. $25 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Must have $100,000 in your account to earn the highest APY
- con icon Two crossed lines that form an 'X'. $25 non-sufficient funds charge
- con icon Two crossed lines that form an 'X'. $5 daily overdraft fee after the 5th straight day of a negative balance
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
LendingClub has a solid rewards checking account; it lets you earn 1% cash back on qualified debit card purchases if you have $2,500 in your account.
Product Details- Online banking institution with 1 branch in Boston, Massachusetts
- Earn 1% cash back on all credit purchases if you have at least $2,500 in your account
- Earn 0.00% APY if you have an account balance of $0.00 to $2,4999.99
- Earn 0.10% APY if you have an account balance of $2,500 to $99,999.99
- Earn 0.15% APY if you have an account balance of $100,000 or higher
- Access to over 325,000 surcharge-free ATMs through the NYCE, SUM and MoneyPass ATM networks
- Interest compounded monthly, paid monthly
- Member FDIC
The LendingClub Rewards Checking Account is a well-rounded checking account. It has no monthly service fee and access to over 325,000 surcharge-free ATMs worldwide through NYCE, SUM, and MoneyPass ATM networks. You can also receive your paycheck 2 days early.
If you can maintain at least $2,500 in your account, you can earn 0.10% annual percentage yield (APY) and score 1% cash back on unlimited signatured-based purchases. If you want to earn the highest APY, you'll need to have an account balance of $100,000 or higher.
LendingClub CD
LendingClub CD Start saving On LendingClub's website Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.00% to 5.00%
Minimum Deposit Amount$2,500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard CD terms
- con icon Two crossed lines that form an 'X'. $2,500 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- con icon Two crossed lines that form an 'X'. Standard-to-high early withdrawal penalties
- Online banking institution with 1 branch in Boston, Massachusetts
- Terms for online CDs range from 6 months to 5 years
- $2,500 minimum opening deposit
- Early withdrawal penalty will depend on the amount deposited and term chosen
- Interest compounded and deposited monthly
- Member FDIC
LendingClub CDs range from six months to five years. LendingClub offers competitive interest rates. However, if you're worried about the standard-to-high early withdrawal penalties, then you may want to open a CD elsewhere.
How LendingClub works
LendingClub is a personal loan provider and online banking institution. LendingClub has one branch located in Boston, Massachusetts. Through NYCE, SUM, and MoneyPass ATM networks, you can have access to over 325,000 surcharge-free ATMs worldwide.
Customer service is available through FAQs, live chat, email, or phone. You can talk to a customer service representative or use live chat Monday through Friday from 8:30 a.m. to 12 a.m. ET, or Saturday through Sunday from 8 a.m. to 8 p.m. ET.
The LendingClub mobile app has a 4.4 out of 5 rating on the Apple store and a 3.8 out of 5 rating on the Google Play store.
LendingClub Bank is FDIC insured, so individual accounts are protected up to $250,000 and joint accounts are secured up to $500,000.
LendingClub Bank trustworthiness and BBB rating
The Better Business Bureau provides ratings based on how businesses deal with customer complaints and issues. LendingClub Corporation has an A+ rating from the BBB.
In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and told them they were approved for a loan even when they weren't.
LendingClub vs. Axos Bank
Choosing between LendingClub and Axos Bank may depend on which features you prioritize in a rewards checking account.
The LendingClub Rewards Checking Account allows you to earn 1% cash back on an unlimited number of signature-based purchases, but you'll need to maintain an account balance of $2,500 or more.
In comparison, Axos Bank lets you earn up to $2,000 in cash back per month on signature-based debit card transactions, but you'll need to maintain an average daily balance of at least $1,500. Otherwise, you'll get 0.50% in cash back for the month if your balance is below $1,500.
If you want a rewards account that offers a high interest or requires a lower minimum account balance, then Axos Bank will offer more of what you are looking for.
Axos Bank may also be a better option if you're searching for a money market account. LendingClub Bank doesn't offer one.
LendingClub vs. Quontic Bank
LendingClub and Quontic Bank have solid rewards checking accounts. LendingClub allows you to earn cash back on an unlimited amount of purchases if you keep at least $2,500 in your account.
Meanwhile, Quontic Bank lets you earn 1.50% cash back on up to $2,000 in debit card purchases per day. If you don't want to deal with maintaining a specific minimum balance to earn cash back, then you'll prefer Quontic Bank.
Quontic also might be an appealing choice if you looking for a CD with a low minimum opening deposit. You'll only need $500 to get a Quontic Bank CD.
See Insider's list of the best savings accounts »
Frequently asked questions
What is LendingClub? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.LendingClub is a personal loan provider and online bank.
Is LendingClub safe? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.LendingClub is FDIC-insured. Up to $250,000 per depositor is safe in LendingClub bank accounts.
Is Radius Bank now LendingClub? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.LendingClub acquired online bank Radius Bank in February 2021. LendingClub offers new accounts, which have similar features and offerings to Radius Bank's accounts.
Is LendingClub good for high-yield savings? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Lendingclub is featured in our best online high-yield savings account guide.
LendingClub's savings account offers a competitive interest rate that's higher than what you would find at most brick-and-mortar and online banks right now. The LendingClub High-Yield Savings Account pays 4.65% annual percentage yield (APY). It also doesn't charge monthly service fees and offers a free ATM card.
Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ5yau6W1zaCapa2SYq%2BiuspmqZ6umZrE