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LendingClub Rewards Checking account review

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

finder.com’s rating: 4.4 / 5.0

★★★★★

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.

$0 per month

Fee

Up to 0.15%

APY

$100

Minimum deposit to open

Details

APY0.15% on balances of $100,000+
0.10% on balances of $2,500 to $99,999.99
Fee$0 per month
Minimum deposit to open$100
ATMsOver 37,000 free ATMs
ATM transaction fee$0
ATM fee rebatesUnlimited automatic ATM surcharge rebates for ATM fees other banks charge you
Out-of-network ATM fee$0
Overdraft fee$25

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

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.

How do I open a LendingClub Rewards Checking account?

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

  1. Select Apply now.
  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 APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
Bonus
HSBC Premier Checking
0.01% on balances of $5+
$0
Free to use at all ATMs in the US
$0
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
$10
55,000+ free Allpoint ATMs worldwide
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Bonus
BMO Harris Smart Money™ Account
N/A
$25
Unlimited transactions at 40,000+ ATMs nationwide
$3
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.
Citi Priority Checking
Finder Rating: 3.4 / 5: ★★★★★
Bonus
Citi Priority Checking
N/A
$30,000
70,000+ fee-free ATMs in the U.S.
$2.50
Earn up to $2,000 when you open an eligible account and complete required activities.
Secure online banking and access to cash with one of the largest networks of fee-free ATMs in the US.
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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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