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LendingClub Rewards Checking account review

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LendingClub Rewards Checking
4.4
★★★★★
Finder score
Fee
$0 per month
APY
Up to 0.15%
Minimum deposit to open
$25

Our verdict

Earn up to 0.15% APY and 1% cash back with this online-only checking account.

The LendingClub Rewards Checking account is best for those looking for interest, cashback rewards and unlimited ATM reimbursements.

Some checking accounts only offer one type of reward. But this account earns its name as a true “rewards” checking account by offering two methods of earning some extra dough. Get up to 0.15% interest on your unused cash plus 1% cashback on qualifying debit card transactions for the purchases you’d make anyway.

But to start earning cash back and interest, you’ll need to keep a balance of at least $2,500. Plus you could find higher rates at other banks like OnJuno that offer up to 5% in cashback rewards and 1.20% APY when you set up direct deposits totaling at least $500. But if you typically find yourself at an ATM, LendingClub Rewards Checking account might be a better choice as OnJuno doesn’t provide unlimited reimbursements.

Pros

  • Cashback on debit card purchases.
  • No monthly fee.
  • Early direct deposit.
  • Unlimited ATM reimbursements.
  • Financial management tools.

Cons

  • Limited branches
  • Low interest
  • Minimum balance requirements
  • Overdraft fees

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask a question

The LendingClub Rewards Checking account gives you the opportunity to earn 1% cash back on everyday purchases and up to 0.15% interest on your money depending on your balance. The account also offers tools to help you keep your budget and financial growth on track. But you’ll need to keep at least $2,500 in your account to start earning interest and rewards.

Details

Features

Annual Percentage Yield (APY) 0.15% on balances of $100,000+
0.10% on balances of $2,500 to $99,999.99
Fee $0 per month
Minimum deposit to open $25
ATMs Over 37,000 free ATMs
ATM transaction fee $0
ATM fee rebates Unlimited automatic ATM surcharge rebates for ATM fees other banks charge you
Out-of-network ATM fee $0
Foreign transaction fee 0.9%
Overdraft fee $25

How do I open a LendingClub Rewards Checking account?

Sign up for a LendingClub Rewards Checking account in nine steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Choose Apply Online.
  3. Select whether you want to open a new personal account or continue with an existing application. Select Continue.
  4. Choose the account you want to open and hit Apply Now.
  5. Enter your name, email and phone number, then select Continue.
  6. Fill out your address. Choose Continue.
  7. Input your birth date, Social Security number and any special promotional code. Then create a security phrase and confirm you’re a US citizen or resident.
  8. Select your bank and then sign in so that you can transfer at least $100 into your new LendingClub account. Or use your debit card to transfer funds.
  9. Submit your information to open the account.

Eligibility

Open a LendingClub Rewards Checking account when you meet these requirements:

  • At least 18 years old
  • Valid Social Security number
  • Valid bank account
  • US citizen or resident

Required Information

  • Full name
  • Email address
  • Phone number
  • Residential and mailing addresses
  • Date of birth
  • Social Security number
  • Bank information or debit card to fund the account

5 benefits of a LendingClub Rewards Checking account

In addition to its online and mobile banking access, you’ll receive your first check order for free and the following perks:

  1. Cashback on debit card purchases. Receive 1% cashback on all online or signature-based debit card transactions when you keep an average monthly balance of $2,500 or more.
  2. No monthly fee. You won’t have to worry about paying a monthly service fee.
  3. Early direct deposit. If you sign up for direct deposit, you’ll get your paycheck up to two days early.
  4. Unlimited ATM reimbursements. While you can choose to access your cash from over 37,000 free ATMs, LendingClub will also refund any out-of-network ATM fees at the end of each month.
  5. Financial management tools. Set a budget and track your spending, debt and net worth through the mobile app’s financial dashboard.

4 things to look out for

The LendingClub Rewards Checking account comes with several benefits, but it also has its drawbacks:

  1. Limited branches. LendingClub only has one branch office in Boston, so anyone outside the area relies on its online banking options.
  2. Low interest. You’ll only earn 0.1% interest on balances from $2,500 to $99,999.99 and 0.15% on balances over $100,000. There are other interest-bearing checking accounts — like Ally Bank Interest Checking — that earn interest in balances as low as $1.
  3. Minimum balance requirements. You must either maintain a $2,500 average balance in the account or receive a total monthly deposit of $2,500 to qualify for cashback rewards. To start earning interest, you’ll also need at least $2,500 in the account.
  4. Overdraft fees. You’ll pay $25 each time a transaction puts your account with a negative balance and $5 for every day you are in overdraft after the first five days.

LendingClub’s ATM network and fees

The LendingClub Rewards Checking account is an online account with two full-service LendingClub ATMs in Boston, Massachusetts. If you can’t make it to an in-network location, LendingClub is a member of the MoneyPass and SUM surcharge-free ATM networks. So you can use your debit and ATM card at more than 37,000 ATMs for free.

But if you incur a fee at any ATM worldwide, LendingClub will reimburse you for the fees at the end of the month. However, it doesn’t cover international exchange fees.

LendingClub’s reviews and complaints

Although LendingClub was founded in 2007, it didn’t start offering banking products until 2021, so reviews about its checking accounts are few and far between. LendingClub is accredited by the Better Business Bureau (BBB) and holds an A- rating. It averages a 4.55 out of 5-star rating based on 1,651 reviews and a Trustscore of 4.8 out of 5 stars from 3,238 reviews as of April 2022.

Customers rave about its effortless application process and helpful customer service. But some reviewers aren’t happy with LendingClub’s high loan interest rates and fees.

Compare LendingClub Rewards Checking with other checking accounts

Use this table to compare other checking accounts by monthly fee, ATMs and features.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Member FDIC.
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
The Cash App Cash Card lets you pay for goods and services both online and in stores using your Cash App balance. Enjoy features like ATM access, direct deposit, instant discounts at select stores and a customizable card.
Axos Bank Rewards Checking
Finder Score: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$50
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by June 30th, 2024, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting deposit and spending requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
Chime® Checking Account
Finder Score: 4.8 / 5: ★★★★★
Chime® Checking Account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
Current
Finder Score: 4.6 / 5: ★★★★★
Bonus
Current
$0 per month
$0
4.00% on balances of $0.01 to $2,000
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
Earn 4% bonus on the first $2,000 in each savings pods. Also get budgeting tools, early direct deposit and up to 15x cashback points. All with no monthly fee or opening deposit requirement. Member FDIC.
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How do I deposit or withdraw my money?

Despite being an online-only account, LendingClub offers a multitude of ways to access your cash:

Deposit options

  • Mobile check deposit
  • Direct deposit
  • Free transfer from another bank account
  • Wire transfer
  • By cash or check at a MoneyPass Deposit-Taking ATM or NYCE Shared Deposit ATM

Withdrawal options

  • ATMs
  • Free external transfer to other bank accounts
  • Mobile wallet
  • Mobile bill pay
  • Mobile payments to individuals
  • Wire transfer

How to contact LendingClub customer service?

If you need assistance with your LendingClub Rewards Checking account, get help 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.
Live chatting with a customer service agent any day of the week through its website.
Completing the Ask a Question online form for a reply within one business day.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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