LendingClub Banking Review: Checking, Savings and CDs

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Overall bank rating

LendingClub Bank

at LendingClub Bank, Member FDIC

  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

4.5

NerdWallet rating 

The bottom line:

After acquiring Radius Bank and rebranding it with its own name, LendingClub offers an excellent checking account with perks including ATM fee rebates and cash back. It also offers deposit-taking ATMs for easy cash deposits and a solid savings rate. However, its CD rates aren't competitive with other online banks.

 

Best for: Online banking customers who use a debit card often, want to earn a high yield, and don't mind getting support online or by phone.

Pros

  • One checking option has cash back rewards and pays interest.
  • Unlimited ATM fee reimbursements.
  • High savings rate.
  • Free checking and savings accounts available.

Cons

  • Extended overdraft fee of $5 per day, which not every bank charges.
  • CD rates are relatively low.

Full review

LendingClub High-Yield Savings

at LendingClub Bank, Member FDIC

5.0

NerdWallet rating 

at LendingClub Bank, Member FDIC

APY

0.60%

With $2,500 minimum balance

You need only $100 to open a LendingClub High-Yield Savings account, and there are no monthly fees.

The APY is competitive with other online banks' savings rates. The LendingClub High-Yield Savings account has an APY of 0.60% on balances of $2,500 or more. It drops to 0.05% APY on balances under $2,500.

LendingClub Rewards Checking

at LendingClub Bank, Member FDIC

5.0

NerdWallet rating 

at LendingClub Bank, Member FDIC

Monthly Fee

$0

APY

0.10%

With $2,500 minimum balance

With the Rewards Checking account, you can earn unlimited 1% cash back on all other signature-based purchases in stores and online (at store checkouts, you select “credit” instead of "debit"). If your balance hits $2,500, a 0.10% annual percentage yield kicks in. If you have $100,000 or more, the rate becomes 0.15% APY.

LendingClub Rewards Checking has no monthly fee and no minimum balance requirement after the $100 to open an account.

LendingClub is part of a network of thousands of MoneyPass and SUM-branded ATMs, and the bank doesn’t charge fees for using non-network ATMs. On top of that, LendingClub issues monthly refunds — with no cap — on fees charged by non-network ATM owners. That includes ATMs abroad, though you still might be subject to international exchange fees.

LendingClub CD

LendingClub CD

2.0

NerdWallet rating 
1-year APY

0.10%

3-year APY

0.10%

5-year APY

0.10%

Minimum Deposit

$500

LendingClub sets a low barrier to getting a CD at $500 on terms a year or longer. It’s $1,000 for terms shorter than a year.

The bank, however, offers fairly low CD rates, including 0.10% on 3 year CDs and 0.10% on 5 year CDs.

Banking experience

4.5

NerdWallet rating 

LendingClub offers online chat support and a phone line that operates with extended hours during the week and on weekends, as well as and support via Twitter. Some online banks don’t have ways to deposit cash into your account, but LendingClub lets you deposit cash at any ATM in the NYCE network.

Though the banking provider has one financial center in Boston, you should expect to do all your banking online. Both the LendingClub Android and iOS app versions have good user reviews.

Overdraft fees

4.0

NerdWallet rating 

There’s no fee to have money transferred from a linked checking, savings or money market account if you overdraft. You can also link a personal line of credit, but you’ll have to pay some interest.

Overdrafts are expensive, however. LendingClub charges $25 for each paid or returned item. There’s also a daily overdraft fee. After the fifth calendar day that you leave your account in the negative, you’ll be charged $5 a day.

LendingClub High-Yield Savings

at LendingClub Bank, Member FDIC

5.0

NerdWallet rating 

at LendingClub Bank, Member FDIC

APY

0.60%

With $2,500 minimum balance

You need only $100 to open a LendingClub High-Yield Savings account, and there are no monthly fees.

The APY is competitive with other online banks' savings rates. The LendingClub High-Yield Savings account has an APY of 0.60% on balances of $2,500 or more. It drops to 0.05% APY on balances under $2,500.

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.