LendingClub review July 2024: checking, savings, CDs, and more

Launched in 2007, the San Francisco-based financial technology (fintech) company started as an online lender. It has issued more than $90 billion in loans since its inception. In 2021, LendingClub acquired Radius Bancorp, which allowed the fintech to add banking services to its existing loan portfolio. LendingClub Bank’s headquarters is in Lehi, Utah. The company has over 1,000 employees and four total offices, with additional locations in Boston and New York.

LendingClub is an online-only bank with no physical branch locations. Its total assets at the end of Q1 2024 were $9.2 billion, up from $8.8 billion at the end of the prior quarter.

All rates and fees are current as of July 17, 2024, and are subject to change. 

LendingClub

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with as little as $100
CD rates:	Earn up to 4.20% annual percentage yield (APY)

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Pros and Cons

Pros

• No monthly fees for both checking and savings accounts
• All ATM surcharge fees are reimbursed for out-of-network transactions
• 1% cash back bonus on checking
• Solid APY earnings on both savings and CD accounts

Cons

• No physical branch locations
• $2,500 required to open a CD
• Limits on ACH transfers, mobile check deposits, and debit card daily transactions based on account age or account balance
• APY on checking is very low compared to other fintech checking accounts

Who is LendingClub good for?

LendingClub is a good choice for people who do not mind doing all of their banking online and through ATMs. It is also suitable for customers looking for cash back benefits on checking and a solid APY yield on savings regardless of balance. The checking and savings accounts have no monthly fee or minimum balance requirement outside the funds required to open the account.  Finally, it is good for people who regularly withdraw funds from ATMs. In addition to free withdrawals from in-network ATMs, LendingClub refunds ATM surcharge fees out of network at the end of each statement cycle.

Who shouldn’t use LendingClub?

If you prefer to visit a brick-and-mortar bank, LendingClub isn’t the right choice for you. Also, if you do not maintain a monthly balance of $2,500 or receive at least $2,500 in direct deposits each month, you will not be eligible for the 1% cash back bonus.  You will need $2,500 to open a certificate of deposit, which is higher than some other online CD providers. Finally, there are relationship tiers based on the length of time the account is opened or the balance in the account. These tiers impact limits on automated clearing house (ACH) transfers, mobile check deposits, and debit card daily limits.

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LendingClub rates and products

LendingClub offers a free checking account, with only a $25 opening deposit required. The bank also offers a free savings account and CDs ranging from six months to five years in length.

Checking accounts 

LendingClub’s Rewards Checking is a free checking account with no monthly fees. It is the only checking option the bank offers. You can earn 1% cash back on qualifying purchases made on your debit card as long as you either maintain a monthly balance of $2,500 or receive at least $2,500 in qualifying direct deposits. You also earn 0.10% APY on balances between $2,500 and $99,999.99 and 0.15% APY on balances of $100,000 and greater.

While you get great perks with LendingClub’s checking, it does not offer a checking account sign-up bonus.

The bank has five customer tiers, each determined by either the age of the account or the balance in all LendingClub accounts. New accounts have daily limits of $5,000 in incoming and outgoing ACH transfers, $20,000 in mobile check deposits, and $500 in debit card transactions. Those increase as the account ages and balances increase.

LendingClub uses the MoneyPass and SUM ATM networks. Customers can deposit cash at ATMs in the network that accept deposits. Out-of-network surcharge fees, except for international exchange and service fees, are reimbursed at the end of each billing cycle.

Savings accounts

While LendingClub only offers one savings account, it is one of the top high-yield savings accounts on the market. While the bank lists tiers for its savings, each of those tiers currently earns 5.00% APY on all balances with no cap and no minimum.

Daily limits for incoming and outgoing ACH transfers, mobile check deposits, and debit card transactions are the same as the top three tiers for LendingClub’s checking product (Preferred, Elite, and Reserve). LendingClub charges no monthly fees and has no minimum balance requirement other than the $100 required to open the account. Transfers between your checking and savings account are free.

For more information on high-yield savings accounts and what you need to know before opening a new account, check out our primer on high-interest savings accounts.

LendingClub savings rates compared to current top rates*

While LendingClub is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Certificates of deposit

LendingClub offers CDs in six lengths ranging from six months to five years. Rates range from 4.00% APY to 5.15% APY. The minimum deposit, regardless of CD length, is $2,500. This is higher than some of its online banking competitors. Nevertheless, LendingClub offers one of the best CD rates on the market.

There is an early withdrawal penalty based on the principal amount of the certificate, the rate, the length of the term, and the amount of the withdrawal. CDs with a term of one year or less require a 90-day simple interest penalty, while CDs with a term of greater than one year have a 180-day simple interest penalty.

Interest earned during the term can be withdrawn monthly. The CD will renew automatically on its maturity date. Customers must notify LendingClub in writing before or within a 10-day grace period after the maturity date to cancel the automatic renewal.

Other services LendingClub offers 

LendingClub offers customers several other banking products, including:

• Personal loans: The staple of LendingClub’s original product offerings, you can get up to a $40,000 personal loan. It takes minutes to apply. You can choose the amount you want to borrow and the rate, term, and payment options that work best for your situation. Approval may require additional documentation, which you will submit directly through the LendingClub website. Once approved, funds are sent directly to creditors or deposited into your checking account.
• Specialized loan products: In addition to its standard personal loan product, LendingClub also offers auto refinancing and patient care financing.
• Small business products: LendingClub offers business checking, which is free if you maintain a monthly balance of at least $500. The bank also offers small business and Small Business Administration (SBA) loans. Companies can invest in loans LendingClub has issued by agreeing to purchase those loans through Institutional Investing and LCX products.

Online banking

As an online-only bank, LendingClub offers personal digital banking products and services, including online banking and mobile apps. The app allows you to view both your bank accounts and loan products. You can even apply for lending products directly through the app.

The app also allows you to deposit checks, set up bill pay, move money between accounts, and get 24/7 credit monitoring. Incoming and outgoing money transfers are handled directly by the app. Wire transfers can be initiated by calling (800) 242-0272. Elite and Reserve tier customers can send domestic wires directly from the mobile app.

The LendingClub platform and customer support 

LendingClub’s online banking is accessible through both desktop and mobile apps. The mobile app is called “LendingClub: Banking and More” and can be found in both the Apple App Store and Google Play. It has a rating of 4.3 stars on the Apple App Store out of 2,500 ratings, and 3.4 stars on Google Play out of more than 1,600 reviews.

LendingClub’s website has an online Help Center with answers to the most frequently asked questions (FAQs). If you cannot find the answer on the bank’s website, you can call them toll-free Monday through Saturday from 8 a.m. to 8 p.m. Eastern time. You can also send inquiries via mail to post office Box 55063, Boston, MA 02205-5063. The bank also lists phone numbers for telephone banking, to report a lost or stolen debit card, and to activate a debit or ATM card. 

Is LendingClub secure?

The LendingClub mobile app includes biometric authentication to provide additional security and uses 256-bit encryption to ensure data protection. The bank states on its website that it does not store personal or account information on your device. LendingClub also monitors online and mobile banking transactions for potential fraud.

LendingClub is a member of the Federal Deposit Insurance Corp. (FDIC) and accounts include FDIC insurance up to $250,000. 

LendingClub user reviews

LendingClub reviews are mixed. The website Deposit Accounts gives LendingClub 1.5 stars out of 5 based on 28 reviews. Only four of the 28 reviews included written details of the rating. Two of those reviews were positive, and two were negative. Positive reviewers had almost no problems with LendingClub and were pleased with the APY rates offered. Negative reviews had issues during the account funding process and were unhappy with transfer limits.

On WalletHub’s website, LendingClub is rated 4.6 stars out of 5 based on more than 4,000 reviews. However, those reviews include customers of the lending product as well. There are only around 50 reviews for the checking product, with a rating of 3.6 out of 5. Around five written reviews are included, and only one of those was written in the last year.

Compare LendingClub alternatives

LendingClub	Laurel Road	Alliant Credit Union
Top savings APY	Top savings APY	Top savings APY
5.00%	5.15%	3.10%
Top checking APY	Top checking APY	Top checking APY
0.15%	0.00%	0.25%
Top CD APY	Top CD APY	Top CD APY
4.20%	N/A	5.15%
Other services	Other services	Other services
Personal loans Specialized loan products Business checking Business loans Investing products	Personal loans Credit cards Student loans Mortgages	Auto loans Alliant Signature Card Alliant Platinum Card Financial guidance Uniform Transfers to Minors Act (UTMA) custodial account
Learn more	Learn more	Learn more
View offer at LendingClub	View offer at FIona	View offer at Alliant

Is LendingClub right for you?

If you don’t mind an online-only bank for your banking needs, LendingClub Bank is a great option. Both its checking and savings accounts are free with no minimum balance requirements. You can earn cash back and interest with the checking product with a solid APY return on its savings. CDs also earn a decent return. You also get fees refunded from out-of-network ATMs. Customers who want a higher APY rate on checking or prefer to bank at a physical location should choose an alternative.

Frequently asked questions