LendingClub Banking Review

Pros Explained

• No monthly fees: There are no monthly maintenance fees on any of LendingClub Banking's personal deposit accounts, allowing customers to keep money in their pockets to earn interest.
• No ATM fees: LendingClub charges no fees at more than 325,000 ATMs across the U.S. through partner ATM networks. Customers also get unlimited ATM fee reimbursements for charges from other banks.
• Cash back on debit card purchases: Customers earn up to 1% cash back on select purchases made with a LendingClub debit card.

Cons Explained

• Large balance requirements to earn the highest rates: Rewards checking requires a $100,000 balance for its top interest tier. The high-yield savings account called LevelUp requires a deposit of $250 or more per month into the account to earn the highest interest tier.
• Rates aren't competitive with other online banks: LendingClub Baking's savings rates don’t compare well with what’s currently offered by the top online banks in the market.
• No physical branches: Having local bank branches is only a negative if you like the option of in-person banking, which isn’t possible with LendingClub.

Who Is LendingClub Banking Best For?

LendingClub Banking should appeal to individuals who are looking for full-service online and mobile banking. LendingClub is a great choice for people who:

• Like banking on the go
• Want to keep multiple accounts at the same bank
• Want to earn cash-back rewards for online and in-person debit card purchases
• Want to earn interest with both savings and checking accounts
• Want a monthly-fee-free banking experience

What Does LendingClub Banking Offer?

Even though it’s an online bank, LendingClub Banking offers an array of accounts and services reminiscent of a larger national bank. These include:

• Checking accounts
• Savings account
• Certificates of Deposit (CDs)
• Credit cards

Checking Accounts

LendingClub Banking has two main personal checking account offerings—Rewards Checking and Member Rewards Checking. There’s also a third option for customers who don’t meet the requirements for these two accounts.

Rewards Checking is the account that pays back customers in two ways. First, the account earns interest up to a 0.15% annual percentage yield (APY). Account-holders also get money back through cashback rewards. Online debit card and signature-based credit purchases with a LendingClub debit card earn up to 1.0% cash back.

Besides its earning potential, Rewards Checking gives you a solid checking account with fee-free ATM access and the chance to receive your direct deposited paycheck up to two days early. An account can be opened with a $25 initial deposit.

Customers who don’t meet the qualifications for Rewards Checking and Superhero Checking can open an Essential Checking account. Designed for individuals with less-than-perfect banking records, Essential Checking accounts have a $9 monthly service fee along with daily account limits:

• $250 daily debit card limit for the first 30 days and $500 thereafter
• $1,000 mobile check deposit limit
• $2,000 mobile check deposit limit per 10 days

Accounts have the potential to upgrade to another checking account with 12 months of positive banking history. Essential Checking is not an interest-bearing account.

Savings Account

LendingClub has two savings account options, a Standard LevelUp Savings account and a LevelUp Savings account. You can earn 4.75% with the LevelUp Rate by depositing $250 or more a month into your LevelUp account, which is competitive with the best high-yield savings accounts available. The Standard rate is 3.75% currently with no minimum deposit, with no monthly fees.

Customers can also request a complimentary ATM card to use with their savings account.

CDs

LendingClub Banking also offers CDs with term lengths ranging from six months to five years. Its rates are below par with the best CD rates found at other banks, which typically are more than a 5% APY.

The minimum deposit to open a CD is $2,500 for terms less than a year and $500 for terms one year or longer.

Credit Cards

LendingClub Banking offers multiple personal and business credit cards.

Personal Credit Cards

• Visa Max Cash Preferred Card
• Visa Real Rewards Card
• Visa Platinum Card
• Visa Secured Card

Business Credit Cards

• Visa Business Card
• Visa Smart Business Rewards Card
• Visa Business Cash Card
• Visa Business Real Rewards Card

Other Financial Products Offered by LendingClub Banking

LendingClub Banking also offers a wide range of other products and services:

• Trusts
• Student loans
• Personal loans
• Yacht loans
• Insurance
• Small business solutions
• Commercial solutions
• Institutional solutions

LendingClub Banking Customer Service

Customers can reach LendingClub Banking's support by phone (800-242-0272) or live chat seven days a week: Monday through Friday from 8:30 a.m.–midnight EST and Saturday and Sunday 8 a.m.–8 p.m. EST.

How to Bank With LendingClub Banking

To open an account with LendingClub Banking, visit its website or call customer service at 800-242-0272. You must meet the following requirements to open a deposit account through LendingClub:

• Be a U.S. citizen or legal permanent resident
• Be at least 18 years old
• Have a Social Security number
• Have a U.S. street address
• Have a U.S. bank account to fund your account

To open an account, you’ll need to provide personal information to verify your identity.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.