LendingClub began as a peer-to-peer lender in 2006. Since its acquisition of Radius Bank in 2021, it has expanded from offering loans to offering deposit accounts such as checking, savings and CD accounts. The bank operates entirely online.
We at the MarketWatch Guides team will break down LendingClub’s bank accounts and reputation to help you decide if it’s the right bank for you.
- The MarketWatch Guides team rates LendingClub 4.3 out of 5 stars for its deposit accounts with competitive annual percentage yields (APY) and no fees.
- The bank offers a checking account, a savings account and certificates of deposit (CD) with higher rates than much of the competition.
- Its minimum deposit and minimum balance requirements tend to be higher than at other banks.
- LendingClub is best for people who want an online bank with high returns, few fees and perks such as debit card rewards and ATM fee reimbursements.
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SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
Unfortunately, we didn’t find any offers for you.
Learn more about the best savings accounts.
LendingClub Bank at a Glance
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LendingClub started in 2007 as a fintech marketplace, where it focused on issuing loans. In 2021, it acquired Radius Bancorp and its online subsidiary, Radius Bank, and became the fintech marketplace bank it is today. In the fourth quarter of 2023, LendingClub’s assets totaled $8.8 billion, according to its 2023 annual report.
LendingClub offers personal, business and commercial banking services. Consumers can also refinance auto loans, take out personal loans, debt consolidation loans or credit card consolidation loans and finance healthcare costs with LendingClub. All LendingClub deposit accounts are insured through the Federal Deposit Insurance Corp. (FDIC), and accounts can be managed through online and mobile banking.
Lack of fees: There are no overdraft or monthly service fees associated with deposit accounts.
ATM reimbursements: LendingClub’s checking account offers unlimited out-of-network ATM fee reimbursements.
High APYs: Deposit accounts earn competitive interest rates well above the national average.
Account perks: Eligible checking account holders can earn 1% cash back on debit card purchases.
No branch locations: LendingClub doesn’t have any physical branch locations.
Higher minimum deposits: The minimum deposit requirements for CDs and savings accounts are higher than others on the market.
Balance requirement to earn interest: Checking accounts with less than $2,500 don’t earn interest.
Our LendingClub Bank Ratings
We give LendingClub Bank 4.3 out of 5 stars after looking into categories including its branch availability, account fees, interest rates and customer support. LendingClub’s checking account earns the highest score, but its savings account, CDs and banking experience also receive high marks.
Here’s how the company scores in each of these factors:
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Flip Card
LendingClub
*Ratings are determined by our editorial review team. Learn more about our scoring methodology.
LendingClub: Who It’s Best For
Curious if LendingClub is right for you? Here are some of the people we think LendingClub would serve best:
People Looking for Debit Card Rewards
There aren’t too many debit cards that offer rewards. But people who can keep a $2,500 average monthly balance or receive at least $2,500 in direct deposits at LendingClub can earn 1% cash back on signature-based debit card purchases.
People Who Want High Returns on Savings
LendingClub has a high-yield savings account and fixed-term CDs, all of which offer competitive APYs. People may want to consider a LendingClub CD if they have at least $2,500 (the minimum required to open an account) and can afford to wait until the maturity date to access the funds.
But if they need more frequent access to their savings or can’t meet the $2,500 minimum requirement, the high-yield savings account offers a high rate on all balance tiers and only a $100 minimum opening deposit.
LendingClub Bank Accounts
LendingClub’s personal banking products include an interest checking account, a high-yield savings account and fixed-rate CDs.
| LendingClub Bank Account | APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| Rewards Checking | 0.00% for balances of $2,499.99 and below 0.10% for balances of $2,500 to $99,999.99 0.15% for balances of $100,000 or more | $25 | $0 |
| LevelUp Savings | 4.50% with $250+ deposits per month, or 3.50% | None | $0 |
| CDs | 3.40% to 4.45% | $2,500 | $2,500 |
LendingClub Bank Checking Accounts
We rate LendingClub’s checking account option 4.5 stars. It only offers one checking account, a Rewards Checking account, which doesn’t have a monthly service fee. To open an account, a $25 minimum deposit is required. While you won’t need to maintain a minimum balance to keep the account open, you’ll need at least $2,500 in the account to earn interest.
The Rewards Checking account offers interest and cash back — with stipulations. If you’re able to maintain a minimum balance of at least $2,500 each month, you’ll meet the qualifications for earning interest and cash back.
To earn the account’s best interest rate, you’ll need to maintain a balance of at least $100,000. You can also qualify to earn cash back on debit card purchases if you receive at least $2,500 in recurring, qualifying direct deposits.
In addition to no monthly maintenance fee, this top online checking account doesn’t charge:
- Overdraft fees
- Incoming wire transfer fees
- In-network ATM fees (at SUM and MoneyPass ATMs)
- Out-of-network ATM fees
It also offers unlimited ATM fee reimbursements charged by out-of-network ATMs and the ability to deposit cash at eligible MoneyPass ATMs. Plus, you’ll get 25 free paper checks and a debit card upon request. However, LendingClub doesn’t offer support for Zelle.
We give LendingClub’s savings account option 4.4 stars. It only offers one type of savings account, a high-yield savings account, which has no monthly maintenance fee. While $100 is required to open an account, there’s no minimum balance requirement to earn interest.
LendingClub’s LevelUp Savings offers a competitive APY that’s more than 10 times the national average savings account rate of 0.50%. You can earn 4.50% APY with $250 or more in deposits each month; otherwise, you’ll earn 3.50%.
This account also comes with a free ATM card. LendingClub doesn’t charge fees for using one of its in-network ATMs — which include SUM and MoneyPass networks — or for using out-of-network ATMs. However, out-of-network ATMs may still charge their own fees.
LendingClub’s LevelUp high-yield savings account earns 4.50% APY with $250 or more in monthly deposits, which is steady from the rate at the same time last week. Over the last quarter, LendingClub’s savings account APY has changed 2 times.
| Date | LendingClub Savings Account APY | National Average Savings APY |
| Today (March 5, 2025) | 4.50% | 0.83% |
| Last Week | 4.50% | 0.83% |
| Last Month | 4.50% | 0.83% |
LendingClub CDs
We score LendingClub CDs 4.3 stars. It offers standard, fixed-rate CDs with terms ranging from six months to five years. All CDs require a $2,500 minimum deposit and minimum balance.
| LendingClub Bank CD Term | APY* | Early Withdrawal Penalty |
|---|---|---|
| 6-month CD | 4.00% | 90 days of simple interest |
| 10-month CD | 4.45% | 90 days of simple interest |
| 1-year CD | 3.75% | 90 days of simple interest |
| 18-month CD | 3.50% | 180 days of simple interest |
| 2-year CD | 3.50% | 180 days of simple interest |
| 5-year CD | 3.40% | 180 days of simple interest |
LendingClub offers one type of CD in several term options. Its six-month CD, one-year CD and 18-month CD currently offer its highest CD rates, but its longer-term options still earn more than double the national average interest rates.
Early withdrawal penalties may apply for early withdrawals before a CD’s maturity date. Withdrawals from CDs with terms of one year or less will incur a penalty of 90 days of simple interest. CD terms over one year are subject to a penalty of 180 days of simple interest.
| Term | APY Today | APY Last Week | Changes Over Last Quarter |
| 6 months | 4.00% | 4.00% | 1 time |
| 1 year | 3.75% | 3.75% | 2 times |
| 18 months | 3.50% | 3.50% | 2 times |
| 2 years | 3.50% | 3.50% | 2 times |
| 5 years | 3.40% | 3.40% | 1 time |
LendingClub Bank Reputation and Customer Satisfaction
LendingClub is accredited with the Better Business Bureau (BBB) and has an A+ rating. Likewise, LendingClub has received a rating of 5 out of 5 stars from BauerFinancial, a bank and credit union analyzing firm.
However, LendingClub’s mobile app has mixed reviews. While the App Store has 4.3 out of 5 stars based on more than 2,500 reviews, its Google Play app is rated 3.3 out of 5 stars, based on more than 1,600 reviews. Many negative customer reviews cite issues with the app’s design and functionality.
LendingClub Bank vs. Other Top Banks
LendingClub’s savings account pays more interest than any of the savings accounts from Chase, Wells Fargo and Bank of America. However, LendingClub can’t compete with them in terms of branch access.
Online banks such as Ally Bank and SoFi Bank offer slightly lower savings account APYs, but both banks provide a wider selection of financial services such as individual investing.
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
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| Our Rating | |||||
| Savings APY | 3.50% | 3.70% | 0.01% | 0.01% | 0.01% |
| 1-Year CD APY | 3.75% | 3.90% | 0.01% | 2.00% | 0.03% |
| Number of Branch Locations | Online Only | Online Only | 4,700 | 4,600 | 3,800 |
| Number of ATM Locations | More than 40,000 | 43,000 | 15,000 | 11,000 | 15,000 |
| Available Deposit Products | Checking, Savings, CDs | Checking, Savings, CDs, Money Market | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs |
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| Savings APY | 3.50% | 3.70% | 0.01% | 0.01% | 0.01% |
| 1-Year CD APY | 3.75% | 3.90% | 0.01% | 2.00% | 0.03% |
| Number of Branch Locations | Online Only | Online Only | 4,700 | 4,600 | 3,800 |
| Number of ATM Locations | More than 40,000 | 43,000 | 15,000 | 11,000 | 15,000 |
| Available Deposit Products | Checking, Savings, CDs | Checking, Savings, CDs, Money Market | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs |
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
The Bottom Line: Is LendingClub the Right Bank for You?
LendingClub’s deposit accounts, which are FDIC-insured, can be a good choice for many consumers. Its checking account, high-yield savings account and CDs offer competitive APYs and don’t charge monthly, ATM or overdraft fees. Its checking account also offers debit card rewards to eligible account holders. If branch access isn’t a priority, LendingClub Bank can be worth consideration.
Learn More About LendingClub
See how LendingClub stands out in our roundups of the best financial institutions and deposit products available today:
- #5 on Best Online Banks
- #6 on Best Online Checking Accounts
- #7 on Best Checking Accounts
FAQ: LendingClub Bank Reviews
Yes, LendingClub Bank is considered trustworthy since it is FDIC-insured up to the maximum legal limit of $250,000 per depositor and per account category. But according to a 2018 lawsuit filed by the Federal Trade Commission (FTC), which LendingClub agreed to settle, the bank allegedly charged personal loan borrowers hidden fees, despite telling customers it wouldn’t.
LendingClub isn’t shutting down, but it did end its peer-to-peer (P2P) Notes lending program in 2020. The program allowed customers to make fractional investments on other customers’ loans. LendingClub stated that it retired its Notes program when it acquired Radius Bank because “offering Notes under a banking framework wasn’t economically practical for the company.”
Some of the downsides of LendingClub include that it doesn’t have bank branches, its CDs have high opening deposit requirements and its checking account requires a high balance to earn interest.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
