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LendingClub CDs review

Open an account with a low minimum deposit, but interest rates are disappointing.’s rating: 2.4 / 5.0


LendingClub CDs lets you buy into a CD term for a year or more with as little as $500. But while most banks generally incentivize you to lock your money away longer in exchange for a higher rate, LendingClub offers the same interest rate of 0.1% APY no matter the term. That means its CDs have one- to five-year terms with interest rates below the national average.


1-year APY


3-year APY


5-year APY


Star rate2.1
1-year APY0.5%
18-month APY0.5%
2-year APY0.5%
3-year APY0.5%
4-year APY0.5%
5-year APY0.5%
Early withdrawal penalty60 days interest for terms of 3 to 6 months
180 days interest for terms of 7 to 9 months
365 days interest for terms of 10 + months
Minimum deposit to open$500
Interest compoundingVaries

Review by

Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

LendingClub CDs is best if you want to open a CD without committing to the industry’s standard $1,000+ opening deposit and can part with your cash for a year or more. If you open a term for 12 months or more you’ll only need a deposit of $500.

But its interest rates are lower than what you’ll find at other banks and credit unions. Unlike banks that offer higher rates the longer you keep your money, LendingClub CDs earn 0.1% for all CD terms.

Also, although LendingClub advertises CD terms from three months to five years, you can only open a one-year, 18-month, or three-year CD online at this time. If you want a CD offering more terms and higher rates, consider a Quontic Bank CD. Depending on the term, you’ll earn rates as high as 1.2% APY and you only need $500 to get started.

How do I open a LendingClub CDs?

Apply only for a one-year, 18-month, or three-year CD at this time following these eight steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Choose Apply Online.
  3. Elect whether you want to open a new account or move forward with an existing application. Select Continue.
  4. Navigate to Certificates of Deposit in the menu bar and choose a CD option. Hit Apply Now.
  5. Complete the form with your name, email address and phone number, then choose Continue.
  6. Fill out your address. Hit Continue.
  7. Enter your birth date, Social Security number and a promo code, if applicable. Then create a security phrase and verify your US citizenship or residency.
  8. Fund your new LendingClub CDs account with at least $500 using an ACH transfer or debit card.


Apply for a CD when you meet the following requirements:

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

Required information

When you’re ready to apply, have the following information on hand:

  • Full name
  • Email
  • Phone number
  • Address
  • Date of birth
  • Social Security number

Funding options

When you’re ready to fund your CD, you’ll need to initiate a bank transfer or input your debit card info.

Benefits of a LendingClub CDs

In addition to automatic renewals, a LendingClub CDs offers the following perk:

  • Low investment minimums. With only a $500 deposit, invest in a CD with a 12-month or longer term. But all CD terms under a year require a $1,000 deposit.

3 things to watch out for

In addition to early withdrawal penalty fees, you’ll want to keep the following in mind before you apply for a CD with LendingClub CDs.

  1. Lateral interest rate. LendingClub CDs only offers one APY for all CD terms. While 0.1% APY for a three-month CD may be higher than the national average, it’s not as competitive as some online banks. And it’s significantly underwhelming for a five-year term.
  2. Severe early withdrawal penalties. If you want to access your cash before the term is up, you’ll pay a hefty penalty. For example, you’ll pay one years’ worth of interest on all CD terms one year or longer. Early withdrawal penalties may reduce your principal if the fee is more than what you’ve earned.
  3. Limited CD terms. Although the LendingClub website advertises other CD terms, you can only apply for a one-year, 18-month or three-year CD at this time.

If you want a CD offering higher rates, you’ll want to keep looking. As always, compare your options when considering a CD.

Compare with other CDs

Use this table to compare other CDs by rate and minimum opening deposit.

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.

Compare up to 4 providers

How do I cash in a CD?

When your LendingClub CDs matures, you have a seven-day grace period to withdraw or transfer funds and change the term without paying a fee. If you don’t make changes at the end of the grace period, the money is rolled over into a new CD with the same term.

How to contact LendingClub customer service?

Ask questions about your LendingClub CDs account 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 customer service rep via live chat any day of the week.
  • Submitting its Ask a Question form to receive a reply within one business day.

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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