LendingClub Bank Review 2024
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
LendingClub Bank is a good option for consumers looking for an online bank that offers competitive yields and low fees. LendingClub also offers a good range of certificates of deposit (CDs), but there’s a slightly higher deposit amount than you might find at other banks.
Highlights
- ATM Fee Refunds
- No Monthly Fees
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Overall
LendingClub Bank is an FDIC-insured online bank formerly known as Radius Bank until it was acquired by LendingClub in February 2021. Consumers looking for an online bank that offers competitive yields, low fees and ample ATM access might consider LendingClub Bank to be a solid option.
Pros
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LendingClub Bank offers a competitive yield on its high-yield savings account.
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The bank charges no monthly fees on many of its products.
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Checking account holders with direct deposit can receive their paychecks up to two days early.
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LendingClub Bank’s Rewards Checking account doesn’t have NSF (nonsufficient funds) fees or overdraft fees.
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You can earn 1 percent cash back with LendingClub Bank’s Rewards Checking account.
Cons
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You’ll need at least $2,500 to open a CD. Other online banks have a much lower opening deposit requirement.
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Other banks have higher-yielding accounts.
LendingClub Bank banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 5/2/2024
LendingClub Bank savings overview
Technically, LendingClub’s High-Yield Savings account has four rate tiers, but regardless of your balance, you currently earn the same competitive APY on all tiers.
Pros
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There are no monthly fees.
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Only $100 is needed to open an account.
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Savers will enjoy the competitive APY being offered.
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You can make your opening deposit using a debit card.
Cons
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Some banks don’t require a minimum opening deposit.
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LendingClub charges a $35 fee for expedited delivery of ATM/debit cards.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
LendingClub BankAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
Fee | Charged? |
---|---|
Overdraft fee | None |
Non-sufficient funds fee | None |
Monthly maintenance fee | None* |
Out-of-network ATM fee | None |
Excessive transaction fee | None** |
Stop Payment | $25 |
*There’s only a $10 monthly maintenance fee for tailored checking accounts with average monthly balances less than $500.
**Other withdrawal limits may apply, including a limit on how much you may withdraw at an ATM from your deposit account.
Customer experience
Digital experience. LendingClub Bank offers lots of tools and features to help consumers manage their money, including a mobile app for depositing checks, accessing budgeting tools, paying bills and much more. LendingClub Bank also lets users link external accounts, create a budget and determine their net worth. The iOS mobile app is highly-rated, while the Android app has middling reviews.
Customer service hours. Customer service representatives can be reached by phone and live chat 8:30 a.m. to midnight ET, Monday-Friday, and 8 a.m. to 8 p.m. ET, on weekends.
The above images were last updated on Jan. 22, 2024.
Featured customer reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.
Our editor's take
LendingClub offers yields much higher than many big institutions, and you don’t have to jump through hoops to get that competitive APY. Many consumers remain at big banks, which they’ve been at for a long time, without realizing there are much higher yields easily available elsewhere.
Persistent technological issues can bog down your banking experience, especially at online-only institutions. Customers with persistent issues like these within the website or mobile app should attempt troubleshooting with their bank. If the issue persists, it may be worth examining your hardware, in case that’s the root cause of the problem.
About LendingClub Bank
LendingClub Bank is an online bank based in Lehi, Utah, that was known as Radius Bank until it was acquired by LendingClub Corp. in February 2021. It was renamed LendingClub Bank in July 2021.
How LendingClub compares to other banks
Compare different account types offered by LendingClub Bank. Annual percentage yields (APYs) shown were updated between April 25, 2024 and May 1, 2024.
Selected bank
LendingClub Bank savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
SoFi savings account
Bankrate score
5.0
Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
|
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5.00% | 4.60% | |
Minimum balance for APY
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$0.00 | $0.00 | |
Estimated earnings
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$1,250 | $1,150 | |
LendingClub Bank offers a High-Yield Savings Account that has a top-tier APY. You’ll only need $100 to open this account, and it doesn’t charge any monthly service fees. | SoFi Bank has a competitive annual percentage yield on its savings account. You’ll need to open both a checking and savings account at SoFi. And setting up a direct deposit is required to earn the bank’s top APY. | |
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N/A
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N/A
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APY offering:
5.00%
5/5
Minimum balance to earn interest:
$0.00
5/5
Monthly service fee:
$0.00
5/5
Minimum balance to avoid fee:
$0.00
5/5
Access to funds:
Great
5/5
|
APY offering:
4.60%
5/5
Minimum balance to earn interest:
$0.00
5/5
Monthly service fee:
$0.00
5/5
Minimum balance to avoid fee:
$0.00
5/5
Access to funds:
Great
5/5
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Bankrate does not currently track additional product details for this bank.
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LendingClub vs. SoFi
Both LendingClub and SoFi are online-only banks and similar in that they charge little to no fees and offer high yields on their deposit accounts. However, SoFi doesn’t offer certificates of deposits. If that’s what you’re primarily in the market for, or you want to have one bank for all of your deposit accounts, LendingClub may be the better choice.
LendingClub FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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