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LendingClub has a solid rewards checking account; it lets you earn 1% cash back on qualified debit card purchases if you have $1,000 in your account. Its savings account is also 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.
LendingClub Bank Interest Rates and Rewards
- LendingClub Rewards Checking Account: Earn 1% cash back on eligible purchases if you maintain a qualifying balance. Earn 0.15% APY if you have an account balance of $100,000 or higher.
- LendingClub LevelUp Savings Account: up to 4.75% APY
- LendingClub CD: 3.40% to 4.25% APY
LendingClub Rewards Checking Account
The LendingClub Rewards Checking Account is a well-rounded checking account. It has no monthly service fee and access to MoneyPass and SUM ATMs throughout the U.S. You can also receive your paycheck two 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 signature-based purchases. If you want to earn the highest APY, you'll need to have an account balance of $100,000 or higher.
LendingClub LevelUp Savings Account
The LendingClub LevelUp Savings Account is a high-yield savings account with an ATM card that offers high rates.
The LendingClub LevelUp Savings Account offers rates up to 4.75% APY, which is higher than most high-yield savings accounts. It's also a free savings account — it has a $0 minimum opening deposit, and it has no monthly service fee.
To earn the highest interest rate, you'll have to deposit at least $250 each month into your account. If you don't, you'll only earn 3.75% APY. This is still a high rate, but it's not as good as financial institutions with 5% interest savings accounts.
If you're not planning on making the LendingClub LevelUp Savings Account your primary savings account, it might not be worth the hassle.
LendingClub CD
LendingClub LendingClub CD 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.
About LendingClub Bank
LendingClub is a personal loan provider and online banking institution. LendingClub has one branch located in Boston. Through 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 4.7 out of 5 rating on the Apple store and a 4.8 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 Pros and Cons
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Is LendingClub Bank Trustworthy?
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.
LendingClub hasn't had any recent lawsuits.
How LendingClub Bank Compares
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 $1,000 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 lets you earn 1.00% cash back on up to $50 per statement cycle. 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 are looking for a CD with a low minimum opening deposit. You'll only need $500 to get a Quontic Bank CD.
LendingClub vs. BrioDirect
BrioDirect is an online division of Webster Bank that offers a high-yield savings account. The BrioDirect High-Yield CD pays 4.75% APY, and you only need to maintain $25 in your account to get the APY. To earn the highest interest rate on LendingClub's high-yield savings account you must deposit at least $250 each month into your account.
However, LendingClub is a better choice if you'd like to open multiple bank accounts. LendingClub has a checking account and CDs. BrioDirect only offers its high-yield savings account at this time.
LendingClub Bank Review FAQs
LendingClub is a personal loan provider and online bank.
LendingClub is FDIC-insured. Up to $250,000 per depositor is safe in LendingClub bank accounts.
LendingClub acquired online bank Radius Bank in February 2021. LendingClub offers new accounts, which have similar features and offerings to Radius Bank's accounts.
Lendingclub is featured as one of our best online high-yield savings accounts. Its 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 LevelUp Savings Account pays up to 4.75% annual percentage yield (APY). It also doesn't charge monthly service fees and offers a free ATM card.
Why You Should Trust Us: How We Reviewed LendingClub Bank
At Business Insider, we follow our bank rating methodology when reviewing banking products, including banks as a whole. When reviewing banks, we start by rating each banking product separately. We rate products on factors like interest rate, customer service, and monthly service fees. We give each factor a score from zero to five, then calculate a weighted average to determine our overall star banking. We use a scale of one to five stars.
Once we've rated each banking product, we average all of the bank's product scores together, along with the bank's ethics rating, to get the bank's final score.
