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LendingClub Bank Review 2022

Published March 2022 by Matthew Goldberg

AT A GLANCE
4.4

Bankrate Score

bank-logo

ATM fee refunds

Digital Leader

No monthly fees

LendingClub Bank is an option for consumers looking for an online bank that offers competitive yields, low fees and ample ATM access.

  • Savings
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    4.9
  • Checking
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    4.7
  • CDs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Overall

    4.4

    Bankrate Score

    LendingClub Bank is an FDIC-insured online bank known as Radius Bank until it was acquired by LendingClub in February 2021.

    What we like

    • LendingClub Bank offers yields above the national average on its high-yield savings account.

    • The bank charges no monthly fees on many of its products.

    • The minimum deposit required to open a CD is low for most terms, compared with other banks.

    • Checking account holders with direct deposit can receive their paychecks up to two days early.

    What we don't

    • The savings account requires $2,500 to earn the top APY.

    Savings accounts

    4.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Only $100 is needed to open the LendingClub Bank High-Yield Savings account, making it accessible for many, and it charges no monthly account fees.

    The account offers two APYs, depending on  account balance. To earn the highest APY, a balance of $2,500 or more is required.

    What we like

    • There are no monthly fees.

    • Only $100 is needed to open the account.

    What we don't

    • A minimum $2,500 balance is needed to earn the top APY.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    LendingClub Bank's Rewards Checking account requires just $100 to open. Account holders earn 1 percent cash back on signature-based purchases when using a debit card by either maintained a $2,500 balance or depositing at least $2,500 each month.


    A $2,500 balance is required to earn interest on the account.


    LendingClub Bank also offers access to thousands of ATMs through the MoneyPass and SUM ATM networks. It charges no ATM fees and refunds fees incurred at out-of-network ATMs.

    LendingClub Bank’s checking accounts let customers receive their paychecks up to two days early, provided they have signed up for direct deposit.

    What we like

    • The Rewards Checking account pays interest and charges no fees.

    • The Rewards Checking account pays 1 percent cash back on "credit" purchases made with a debit card.

    • Thousands of free ATMs are available.

    What we don't

    • A minimum deposit of $2,500 is needed to earn some interest.

    • Keeping a monthly average of $2,500 or more in the account or receiving $2,500 or more in monthly deposits is needed to earn 1 percent cash back.

    • A minimum balance of $100,000 is required to earn the top-tier APY.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    LendingClub Bank offers nine different term CD lengths, ranging from three months to five years. But only three terms — one year, 18 months and three years — were available online, during Bankrate's review. All three CDs available online offer the same APY, but they also have the same low minimum deposit requirement: $500.

    Update March 22, 2022: LendingClub offers a single term, one-year CD that requires a $2,500 deposit and earns a competitive yield.

    What we like

    • The minimum deposit requirements for the CDs available online are low.

    • LendingClub Bank offers three popular terms online.

    What we don't

    • The bulk of LendingClub's CDs aren’t available online.

    • LendingClub Bank pays the same APY regardless the length of the CD term.

    Bank experience

    LendingClub Bank offers lots of tools and features to help consumers manage their money, including a mobile app for depositing checks, accessing budgeting tools, paying bills and much more.

    LendingClub Bank also lets users link external accounts, create a budget and determine their net worth.

    Customer service representatives can be reached by phone 5 a.m. to 5 p.m. Pacific time, Monday-Friday, and 8 a.m. to 5 p.m., Saturday and Sunday.

    About LendingClub Bank

    LendingClub Bank is an online bank based in Lehi, Utah, that was known as Radius Bank until it was acquired by LendingClub Corp. in February 2021. It was renamed LendingClub Bank in July 2021.

    Through its mobile app, LendingClub Bank offers financial tools to help consumers manage their money.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth