LendingClub Bank Review 2024

Checking

The bank’s primary checking account is the LendingClub Bank Rewards Checking. Rewards Checking accounts—with an average balance of $2,500 or more per month or that receive total monthly qualifying direct deposits of $2,500 or more—earn 1% cash back on debit card purchases.

LendingClub Rewards Checking offers:

• Free checking accounts (free debit card, free online banking, no minimum balance)
• Minimum opening deposit of $25
• No monthly maintenance fees or minimum deposit requirements
• No overdraft fees
• Ability to earn interest: Rewards Checking account earns 0.10% APY on balances of $2,500 to $99,999.99 and 0.15% APY on balances of $100,000 or more
• No ATM fees and unlimited ATM fee rebates, if another bank charges you an ATM fee

Like many of the best checking accounts, LendingClub also offers early direct deposit. If you sign up to have your paycheck directly deposited into your LendingClub Bank checking account—depending on when your employer makes the funds available—you may be able to get your money up to two days earlier than your scheduled payday. This can help your cash flow.

LendingClub checking accounts are FDIC-insured, so your money is safe. They’re protected up to the current FDIC limit of $250,000 per depositor, per account ownership type.

Savings

LendingClub offers its High-Yield Savings account, which currently delivers a 5.00% APY on all balances. That puts it on par with other leading high-yield savings accounts and the best online savings accounts.

There are no monthly service fees or minimum balance requirement for this account. You can get a free ATM card to access your savings account with no ATM fees. These are features to look for in top savings accounts. A $100 minimum deposit is required to open a high-yield savings account.

CDs

The LendingClub Certificates of Deposit have terms that range from six months to five years. You’ll need at least $2,500 to open a CD here. The maximum deposit is $250,000.

LendingClub’s CD rates are comparable to the best CD rates. You’ll get the highest rate with a one-year or 18-month CD. Those CDs are currently paying 5.30% and 5.00%, respectively.

If you decide to get a CD with LendingClub, beware of early withdrawal fees. If you take your money out of the CD before the term is up, a penalty applies. The penalty will be an amount equal to the amount of simple interest earned to date on the amount withdrawn.

In addition to personal checking and savings accounts, LendingClub offers other banking products, including:

• Personal loans
• Business loans
• Auto refinancing
• Medical loans and patient financing
• Business checking accounts
• Cash management accounts
• Institutional checking accounts
• Institutional savings accounts
• Institutional loans

LendingClub personal loans can be used to fund a variety of expenses. Some of the things you could use them for include debt consolidation, moving expenses, emergency expenses, funeral costs, home improvements and wedding expenses.

You can borrow up to $40,000 with a LendingClub personal loan, and it’s easy to check your rates online. Once approved, funding is fast and there are no prepayment penalties if you decide to pay your loan off early.

LendingClub doesn’t offer home mortgage loans, home equity loans, HELOCs or refinance loans. You won’t find auto purchase loans or credit cards here, and there are no student loan or student loan refinancing options either.

The bank’s Rewards Checking account, which earns cash back and interest, is possibly the bank’s most interesting feature. It can be hard to find a truly “free” checking account nowadays, let alone one that pays interest and offers cash back rewards: 0.10% APY on balances of $2,500 to $99,999.99 and 0.15% APY on balances of $100,000 or more, plus 1% cash back rewards on everyday debit card purchases (after meeting minimum balance or direct deposit requirements).

Another interesting feature is the LendingClub Marketplace, a tool built into the mobile app that lets customers connect with LendingClub partners to get financial products and services such as homeowners insurance, life insurance, personal loans and more. LendingClub Marketplace partners include Credible (prequalified rates for student loans and student loan refinancing), Ladder (for life insurance) and Booking.com (offering 6% back on travel when booked through Booking with your debit card).

LendingClub Bank offers several online and mobile banking solutions to let you access and manage your account on the go, 24/7, from any device or location.

You can use the LendingClub mobile app to conduct a wide range of everyday banking tasks and transactions, including to:

• Deposit checks
• Check your balances
• View, browse and search transactions
• Manage your finances: set budgets, see your spending, track trends
• Transfer funds between accounts
• Pay bills to businesses or make payments to friends

The LendingClub mobile banking app earns 4.3 stars on the App Store and 3.3 stars on Google Play.

The LendingClub debit card is compatible with mobile wallets, including Apple Pay, Google Pay and Samsung Pay.

LendingClub customer service can be reached—by phone (800-242-0272) or via live chat—Monday through Saturday, 8:00 a.m. to 8 p.m. ET. Customers also can reach out via email or by secure online or mobile message.

LendingClub is essentially fee-free, as there are no monthly maintenance fees or ATM fees associated with LendingClub’s personal checking and savings accounts. Customers can also receive ATM fee rebates when using another bank’s machine. However, there are some transaction fees.

LendingClub Transaction Fees

Fee Type	Fee
Abandoned Property	$50 per account
Canadian Item Collection	$7
Expedited ATM Card	$35
Expedited Debit Card	$35
Foreign Item Collection	$30
Stop Payment	$25
Outgoing Domestic Wire Transfer	$20
Outgoing Domestic Wire Transfer (Business Customers)	$18
Outgoing International Wire Transfer	$40
Monthly Maintenance Fee	$0 for Rewards Checking; $10 for Business Tailored Checking Accounts with balances less than $500
Currency Conversion	0.20% of the transaction amount
Cross Border Transaction	0.90% of the transaction amount

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LendingClub IRA Fees

If you have an IRA with LendingClub or plan to open one, there are additional fees to be aware of.

Fee Type	Fee
Annual Fee (Custodian – ISTC)	$40
Annual Fee (Custodian – Strata)	$100

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SoFi Bank Review

4.1

Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.

Products

Checking, savings, loans, credit cards, insurance

Fees

No monthly maintenance fees or overdraft fees

ATM Network

55,000+ Allpoint ATMs nationwide

Learn More

On SoFi's Website

Checking, savings, loans, credit cards, insurance

No monthly maintenance fees or overdraft fees

55,000+ Allpoint ATMs nationwide

Pros & Cons

• No minimum balance to open
• No fees for overdrafts or account maintenance
• Receive direct deposits up to two days early
• Impressive APY
• Extensive ATM network and cash back at select retailers

• No branch locations
• Only banking product is a combined checking and savings account

LendingClub takes an innovative approach to banking. In terms of its fee structure and the interest rates offered on deposit, it’s a stand out among other top online banking options.

Some online banks simply provide a good place to stash your savings and get a high APY. But LendingClub offers a more extensive list of products and services that can suit a broader range of financial goals. If you want the comprehensive one-stop-shop banking services of a traditional bank, but with the convenience and tech-driven innovation of an online bank, LendingClub Bank is worth considering.

Upstart vs. LendingClub

Upstart is a fintech company that provides loans for a wide range of uses. For example, you could get a loan to consolidate credit card debt or refinance an existing auto loan.

You can borrow slightly more with Upstart vs. LendingClub. Loan limits max out at $50,000 and $40,000 respectively. Like LendingClub, Upstart charges no prepayment penalty should you decide to pay your loan off early.

Upstart doesn’t offer any banking products or services. It’s purely a lending platform.

SoFi vs. LendingClub

SoFi offers a comprehensive range of banking products and services. You could open a checking and savings account, apply for mortgage refinancing, invest or even buy insurance.

In terms of how the checking and savings accounts compare, these products are combined at SoFi. So you can’t open one without the other. SoFi banking benefits include no monthly fees, a competitive APY on balances and the opportunity to get paid up to two days early with direct deposit.

SoFi offers personal loans up to $100,000. You can also get private student loans from this lender, or you can refinance existing student debt.

FTC vs. LendingClub Settlement

In August 2022, the Federal Trade Commission announced it would send approximately $9.7 million in payments to eligible LendingClub borrowers who were charged hidden fees. That was the second distribution following the FTC’s decision to sue LendingClub. The bank agreed to pay a total of $18 million in settlement funds to injured consumers.

The lawsuit settlement centered on LendingClub’s fees for lending only, not banking. However, it’s always important to consider any legal actions filed against a bank prior to opening an account.

Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.