LendingClub Bank Review 2022: Checking and Savings Accounts


LendingClub is one of the more interesting online banks we reviewed recently.First of all-it Yes Online banking, which means there are no physical branches, although this is no longer uncommon. LendingClub Bank is unique in that it is the first appropriate combination of FinTech and online banking.

LendingClub Bank actually started life as Radius Bank in 1987 and transitioned to online banking only in 2012, closing the physical store. LendingClub is also a fintech company that provides online personal loans. In 2020, LendingClub acquired Radius and renamed it LendingClub Bank. This acquisition marks the first acquisition of Bank of America by a fintech company and promises that LendingClub Bank will be able to provide the best of both worlds.

Today, LendingClub Bank offers a range of competitive online banking accounts and services, including a very attractive checking account option.

Is LendingClub Bank right for you? Please read it carefully to find out the answer.

LendingClub Bank Checking Account

LendingClub now offers one of our favorite checking accounts: reward checks. Unfortunately, if you are not eligible for it, you don’t have many other options.

LendingClub reward check

Best for earning cash back

main feature

  • No monthly fees or ATM fees
  • Able to earn interest through a checking account
  • Buy a debit card and get 1.00% cash back

LendingClub Bank Rewards Checking Account is a unique checking account, as long as you meet certain balance requirements, you can earn interest and cash back on purchases.

LendingClub reward check


The balance between US$2,500 and US$99,999.99 is 0.10% APY, and the balance of US$100,000 and above is 0.15% APY.

Monthly fee

not any

ATM access

37,000 free ATMs

Minimum starting balance

100 dollars

More information about LendingClub inspection

LendingClub Bank Rewards Checking Account provides a free checking experience for account holders, with a minimum starting balance of $100 and no monthly minimum balance requirement. The reasonable interest rate for this account is between 0.10% and 0.15% (depending on the balance), which is a nice bonus that many checking accounts don’t offer.

What’s more interesting is the cash back on this account-as long as your average monthly balance remains at $2,500 or more, or you receive at least that much direct deposit every month, you can earn it through a debit card 1.00% cash back for purchases. While maintaining an average balance of $2,500 may be a bit difficult for some people, the direct deposit standard is easier to implement, which makes it a compelling checking account option.

If you are not eligible for a reward check because of a low credit score, you can also check your Essential Checking account. This option is available to some customers and charged by LendingClub as a way to rebuild credit scores and improve personal finances.

Essential Checking accounts differ from Rewards Checking in several key ways. First, there is a service fee of 9 USD per month. Second, the daily limit for debit card transactions is $500, and the daily limit for check deposits is $1,000. As a result, after 12 months of establishing a positive bank history, you may be eligible to upgrade to a reward checking account.

LendingClub bank savings account

LendingClub Bank’s single savings account option offers very competitive interest rates, provided you meet the minimum balance requirement of $2,500. Below that, it is not so interesting.

LendingClub high-yield savings

Best for free savings

main feature

  • Up to 0.60% annual interest rate
  • Free ATM access
  • Low starting point balance

LendingClub high-yield savings accounts combine extremely competitive interest rates, no monthly fees, and low starting balances. The result is a savings account that is hard to make mistakes.

LendingClub high-yield savings


The balance below 2,500 USD is 0.05%, and the balance of 2,500 USD and above is 0.60%

Monthly fee

not any

ATM access

37,000 free ATMs

Minimum starting balance

100 dollars

More information about LendingClub savings

Frankly speaking, the LendingClub high-yield savings account is great. As long as your balance exceeds US$2,500, you can get an excellent annual interest rate of 0.60%, and you only need a minimum deposit of US$100 to get started. Most importantly, you can get a free ATM card without any fees, so you can easily get funds.

The only real problem we can single out is that accounts with a balance of less than $2,500 earn a much lower APY of 0.05%.In other words, some Smart savings strategy It should help you get balance right away.

Other LendingClub banking products

The other products of LendingClub are fairly standard. There is a CD option with a wide range of maturity lengths, and a series of expected personal loans. The most interesting is the personal financial options provided through cooperation with other institutions.

Certificate of Deposit (CD)

LendingClub Bank offers a series of CDs for long-term investments. The maturity ranges from 3 months to 5 years, and provides a full interest rate of 0.10% APY.

LendingClub CD account

Best for mid-term savings

main feature

  • Reasonable minimum balance
  • Stable interest rate
  • Choice of maturity length

LendingClub CDs all offer the same interest rate, regardless of maturity or balance. The main difference between the various CD accounts is the minimum deposit-$1,000 for nine months or less, and $500 for one year or more.

LendingClub CD account



Monthly fee

not any

Minimum starting balance

US$500 or US$1,000 (depending on the semester)

More information about LendingClub CD

CD differs from a standard savings account in several ways:

  • CD locks your funds in the account within the time limit.
  • Early withdrawal of funds is almost always punished.
  • The interest rate of the CD account is fixed during the term.

For these reasons, they are not necessarily the best general savings accounts. They are more suitable for situations where you know that your money has time to mature and make money.

The LendingClub CD option is great, but we believe that if you are already using LendingClub Bank and not as a standalone product, they are best used as an additional savings account.

personal loan

LendingClub also offers personal loan — In fact, this is the origin of the company name. LendingClub provides loans of up to $40,000 for credit card consolidation, balance transfer, debt consolidation, etc. The fee rate is fixed, and the funds can be in place in just a few days. Unfortunately, there are no small business loans available.

If you are already using LendingClub Bank and need to make a personal loan, it may make sense to keep things under one roof. In any case, there is certainly no harm in having this choice.

mobile bank

Mobile experience is important to any bank, but for online banking, it can make or break the experience. We are happy to report that LendingClub Bank’s application suite is excellent.

standard Mobile Applications It is easy to use and provides all the features you expect, including:

  • Check the deposit.
  • Available Balance.
  • Transaction history and search.
  • Transfer of funds.

There are also features to help you better manage your finances, set budgets, and track income or expenditure trends. finally, LendingClub market It is a tool built into the app that helps customers find financial products from LendingClub partners, including life insurance, student loan refinancing, and health savings accounts.

LendingClub Bank Review: Pros and Cons

Want to know if LendingClub Bank is right for you? Our pros and cons list can help you make a decision.


  • Earn cash back with Rewards Checking account-all debit card purchases can get 1.00% cash back, provided that you meet the minimum balance requirement.
  • Very competitive interest rates for high-yield savings accounts (with a reasonable minimum balance).
  • There is no monthly fee for any account.
  • ATMs inside the network do not charge ATM fees, and the refund of ATM fees outside the network helps to make up for the shortage of outlets.
  • Excellent mobile app and 24/7 online access.


  • There are no physical branches, like most online banks.
  • The interest rate of CD is average (0.10%).
  • Apart from high-yield savings and CD accounts, there are no IRAs or other savings options.
  • If your minimum balance is less than $2,500, the attractiveness of a high-yield savings account will decrease.

Frequently Asked Questions (FAQ) about LendingClub Bank

Have questions about LendingClub Bank? We have the answer.

Is LendingClub legal?

Absolutely! LendingClub has a good reputation for its online personal loan products. The company has reasonable requirements for new accounts and loan applications, and fees and other charges are transparent. In our search, we could not find anything that would trigger any red flags. In addition, LendingClub Bank was originally Radius Bank, which is a regulated physical bank.

Does LendingClub FDIC have insurance?

Yes, LendingClub is an FDIC insurance online bank. This means that any funds you deposit into LendingClub will provide each depositor with up to $250,000 in insurance. This is important if the bank fails for any reason, because it prevents the money in your checking or savings account from disappearing due to your own fault.

What is the history of LendingClub Bank?

LendingClub Bank began life as Radius Bank in 1987 and transitioned to online banking only in 2012, closing its physical stores. LendingClub is also a fintech company that provides online personal loans. In 2020, LendingClub acquired Radius and renamed it LendingClub Bank. This acquisition marks the first acquisition of Bank of America by a financial technology company.

Penny Hoarder writer Dave Schafer has been writing professionally for nearly a decade, covering topics ranging from personal finance to software and consumer technology.


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