LendingClub Banking Review: Checking, Savings and CDs
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Overall bank rating
4.5
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
- CD rates are relatively low.
Full review

Savings
Member FDIC
5.0
/5 NerdWallet ratingat 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 0.85% on all balances.

Checking
Member FDIC
5.0
/5 NerdWallet ratingWith 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.

CD
Member FDIC
2.0
/5 NerdWallet ratingLendingClub 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 ratingLendingClub 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
4.5
NerdWallet ratingAs 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).

Savings
Member FDIC
5.0
/5 NerdWallet ratingat 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 0.85% on all balances.

Checking
Member FDIC
5.0
/5 NerdWallet ratingWith 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.

CD
Member FDIC
2.0
/5 NerdWallet ratingLendingClub 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.
4.5
NerdWallet ratingLendingClub 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.
4.5
NerdWallet ratingAs 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).
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.