LendingClub Banking Review 2025: Checking, Savings and CDs
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Overall institution rating
4.5
After acquiring Radius Bank in 2021 and rebranding it with its own name, LendingClub became a digital bank with a full line-up of deposit accounts, including a solid checking account with perks such as ATM fee rebates and cash back for some everyday purchases. The bank also offers free access to two nationwide shared ATM networks and competitive rates on its savings account and certificates of deposit.
Best for: Online banking customers who use an ATM card often, want to earn a high yield, and don't mind getting support online or by phone.
- No monthly fees.
- Competitive rates on savings account and CDs.
- ATM fee rebates.
- Competitive rewards checking account.
- No overdraft program.
- No branch access.
Full review
Full review
LendingClub
Certificates of deposit
LendingClub CD
3.9
/53.9
/51-year APY
3.75%
3-year APY
3.45%
1-year APY
3.75%
3-year APY
3.45%
5-year APY
3.40%
Minimum deposit
$500
Show details
Low minimum, decent rates. LendingClub certificates of deposit are available in terms ranging from six months to five years. The minimum opening deposit of $500 is low, and some rates are decent. However, long-term CD rates aren’t as competitive as what many other online banks offer.
» COMPARE: See our list of the best CD rates
See the list of LendingClub CD rates
6-month CD: 4.00% APY.
10-month CD: 4.00% APY.
1-year CD: 3.75% APY.
14-month CD: 4.25% APY.
18-month CD: 3.50% APY.
2-year CD: 3.50% APY.
3-year CD: 3.45% APY.
5-year CD: 3.40% APY.
Savings
LendingClub LevelUp Savings
4.7
/54.7
/5APY
4.40%
Bonus
N/A
APY
4.40%
Bonus
N/A
No monthly cost or minimums. There is no minimum amount required to open or maintain this account and no monthly fees.
Strong rate but there’s a catch. The savings rate is competitive with some of the best high-yield online savings rates. The APY is 4.40% for folks who deposit at least $250 in their account monthly, which is also known as a statement cycle or "Evaluation Period." If customers don't make those deposits, the rate is 3.40%, which is still really strong compared to most competitors. Note that many other high-yield savings accounts don’t require monthly deposits for their top APYs.
Checking
LendingClub LevelUp Checking
4.8
/54.8
/5Monthly fee
$0
APY
1.00%
With $2,500 min. balance for APY
Monthly fee
$0
APY
1.00%
With $2,500 min. balance for APY
Bonus
N/A
Show details
Limited scope for cashback rewards. With the LevelUpChecking account, you can earn 1% cash back on some signature-based purchases in stores and online (at store checkouts, you select “credit” instead of "debit"). The signature-based purchases have to be for groceries, gas or pharmacies (based on merchant codes), and you need to make at least one monthly direct deposit to receive cash back.
» See more options on our list of best rewards checking accounts
Earns decent interest. If your balance hits $2,500, a 1.00% annual percentage yield kicks in. Accounts with lower balances than $2,500 don't earn interest. Many checking accounts don’t have interest, so this is a rare perk.
No regular fees or minimums. LendingClub LevelUp Checking has no monthly fee and no minimum balance or minimum opening requirement.
Free ATM access in the U.S. and abroad. LendingClub doesn’t charge fees for using other banks’ ATMs for cash withdrawals. The bank issues 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 and might need to contact customer support if an international fee rebate doesn’t automatically get applied.
Customer experience
Informative website, extended phone hours. LendingClub offers phone support with extended hours during the week and on weekends (but not Sundays). Its website has an extensive FAQ section as well as live chat on certain webpages.The LendingClub apps earn high user ratings from iOS and Android users.
Overdraft fees
No coverage or fees. LendingClub doesn’t have an overdraft program, which typically means it declines transactions that would overdraft your account. This kind of system can help you not incur fees, but if you sometimes need to overdraw your account for an important transaction to go through, you can find accounts that charge either no fee or a low fee for that service. See our picks for best banks for overdrafts.
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). The ratings are incremented in tenths of a star.