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Compare LendingClub products: Checking, Savings and CDs

An online fintech bank that offers a variety of bank accounts and loans.

Our pick for a LendingClub product: LendingClub Rewards Checking

$100

Deposit to Open

  • No monthly fee
  • Early direct deposit
  • Unlimited ATM reimbursements
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LendingClub has been around since 2007, making strides as a technology-driven platform offering peer-to-peer lending options. It now offers checking, savings and certificates of deposit accounts with solid interest rates. LendingClub offsets its lack of physical branch locations with free access to thousands of ATMs nationwide and unlimited ATM reimbursements.

Compare LendingClub products

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
LendingClub Tailored Checking
Finder Rating: 3.5 / 5: ★★★★★
LendingClub Tailored Checking
0.10% on balances of $5,000+
$100
Free ATMs worlwide + unlimited ATM fee rebates
$0
with Tailored Checking get free ATMs worldwide and unlimited penalty-free transactions.
LendingClub Rewards Checking
Finder Rating: 4.4 / 5: ★★★★★
LendingClub Rewards Checking
0.15% on balances of $100,000+
0.10% on balances of $2,500 to $99,999.99
$100
Over 37,000 free ATMs
$0
The LendingClub Rewards Checking account gives you the opportunity to earn 1% cash back on everyday purchases and up to 0.15% interest.
LendingClub Checking
Finder Rating: 4.9 / 5: ★★★★★
LendingClub Checking
0.10% on balances of $2,500 to $99,999.99
0.15% on balances of $100,000+
$10
500,000
$0
Free checking account, earn 1% cash back on everyday purchases.
LendingClub Essentials Checking
Finder Rating: 4 / 5: ★★★★★
LendingClub Essentials Checking
N/A
$0
No access to ATMs
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Compare up to 4 providers

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
LendingClub High-Yield Savings
Finder Rating: 3.8 / 5: ★★★★★
LendingClub High-Yield Savings
0.60%
0.05%
$0
$100
A free high-interest savings account with a $100 minimum deposit to open
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Compare up to 4 providers

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
LendingClub CDs
0.1%
on CDs of +

0.1% on CDs of +
0.1%
0.1%
LendingClub lets you buy into a CD term for a year or more with as little as $500.
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Compare up to 4 providers

What banking products does LendingClub offer?

Check out LendingClub’s vast array of personal and business banking products:

Checking accounts

  • LendingClub Rewards Checking. A free checking account that helps you earn unlimited 1% cashback on eligible online and signature-based debit card purchases.
  • LendingClub Essentials Checking. A second-chance checking account with a $9 monthly fee that can help rebuild your banking record.
  • LendingClub Tailored Checking. A no-fee account designed for small businesses with no fees on debit card transactions, ATM deposits or sending business checks. But you’ll see a $10 monthly maintenance fee if you don’t have an account balance of at least $5,000.

Savings accounts

  • LendingClub High-Yield Savings. A no-fee account that earns up to 0.6% APY depending on your account balance. But it comes with a $100 minimum opening deposit requirement.

Certificates of deposit

  • LendingClub CDs. Invest your cash for a fixed period of time from three months to five years and earn up to 0.1% APY with interest compounded and credited monthly. You’ll need either $500 or $1,000 to open a CD account, depending on the term.

Other banking products

  • Credit cards. Choose from a range of personal and business credit cards with competitive rates, low annual fees and rewards.
  • Personal loans. Borrow up to $40,000 at fixed interest rates from 8.05% to 35.89% APR. You’ll get fixed monthly payments with no prepayment fees or penalties.
  • Student loans. LendingClub partners with Credible to bring you private student loan options for both undergraduate and graduate students.
  • Yacht loans. Finance your yacht with flexible options, including fixed, adjustable and interest-only loans.
  • LendingClub options. LendingClub offers commercial real estate loans, small business and equipment financing, as well as yacht loans to yacht brokers and dealers.
  • SBA loans. LendingClub is a Preferred SBA Lender with loan sizes ranging from $400,000 to over $15 million.

How does LendingClub compare to other banks?

LendingClub is a full-spectrum fintech bank founded in 2007. Big names like Fast Company and CNBC have recognized it for being one of the top, most innovative companies for disrupting the lending industry with its online peer-to-peer lending marketplace.

It has helped over 3 million customers access financial products and services to help them reach their financial goals. But you’ll need to be comfortable with banking online or through an app.

Overall Banking

Pros

  • Unlimited ATM reimbursements. Enjoy unlimited ATM reimbursements on your Rewards Checking account or Tailored Checking account.
  • Cash deposits. Unlike most online banks, LendingClub allows you to make cash deposits. But not all of their ATMs accept cash. You’ll need to use a MoneyPass deposit-taking ATM or NYCE Shared Deposit ATM.

Cons

  • Limited in-person support. As a primarily digital bank, there’s no face-to-face customer support unless you stop by its one brick-and-mortar banking location in Boston, Massachusetts.
  • Minimum deposits. It’s not much, but most accounts require at least $100 at opening.

LendingClub reviews and complaints

While LendingClub’s banking division is still relatively new, its loan department is well-established and beloved. It currently holds a 4.8 out of 5-star rating on Trustpilot based on nearly 2,000 customer reviews. Also, LendingClub is accredited with the Better Business Bureau (BBB) and has a 4.44 out of 5-star BBB rating based on 1,054 customer reviews as of August 2021.

Customers enjoy the painless application process, quick funding for its loans and supportive customer service. Most complaints cite high loan interest rates and fees.

LendingClub customer service

Besides stopping by LendingClub’s cashless branch in Boston, Massachusetts, you can reach customer support by:

  • Calling 800-242-0272 on weekdays from 8:30 a.m. to 12:00 a.m. ET and weekends from 8 a.m. to 8 p.m. ET.
  • Chatting with a rep in real-time any day of the week through its website.
  • Completing the online form for a response within one business day.

Bottom line

LendingClub is a household name when it comes to loans. But since it acquired Radius Bank in February 2021, it has expanded its arsenal of financial products and services to include deposit accounts that boast low fees and competitive rates.

But you’ll need to be comfortable with online banking and virtual customer support. Plus you’ll need to meet its opening minimum deposit requirements to get started, which can range from $100 to $1,000 on personal deposit accounts.

Also, while its interest rates are competitive, they’re not the highest we’ve seen. If you’re after higher yield, shop around for other bank accounts.

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