LendingClub Banking Review: Checking, Savings and CDs

Jul 14, 2021

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Overall bank rating

LendingClub Bank

at LendingClub Bank, Member FDIC

  • Savings

  • CD rates

  • Checking

  • Banking experience

  • Overdraft fees


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 solid rates on its savings account and certificates of deposit.

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.


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


  • Only one physical branch location.

Full review

LendingClub High-Yield Savings


Member FDIC


 NerdWallet rating 
With $0 min. balance for APY
Learn more

at LendingClub Bank

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

The LendingClub High-Yield Savings account is competitive with other online banks' savings rates; it has an APY of 1.26% on all balances.

LendingClub CD
LendingClub CD


Member FDIC


 NerdWallet rating 
1-year APY
3-year APY
5-year APY
Minimum deposit

The minimum opening deposit for LendingClub certificates of deposit is $2,500.

The bank's CD rates are strong, including 2.75% on 3 year CDs and 2.95% on 5 year CDs.

LendingClub Rewards Checking
LendingClub Rewards Checking


Member FDIC


 NerdWallet rating 
Monthly fee
With $2,500 min. balance for APY

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.

Banking experience


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


NerdWallet rating 

As of early February 2022, LendingClub no longer charges overdraft and nonsufficient funds fees. All transactions that would otherwise cause customers to overdraw their accounts will be declined unless they force post (for subscription services, for example).


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.