LendingClub Bank Review 2021

Published July 2021 by Matthew Goldberg

AT A GLANCE
4.3

Bankrate Score

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ATM fee refunds

Digital Leader

No monthly fees

LendingClub Bank is a great option for people looking for competitive yields, low fees and ample ATM access at a digital-first institution.

  • Checking
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    4.6
  • Savings
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    3.4
  • CDs
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    4.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Overall

    4.3

    Bankrate Score

    LendingClub Bank is an FDIC-insured online bank. It was known as Radius Bank when 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.

    • There are no monthly fees on many of the bank’s products.

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

    • Checking accounts let you receive a direct deposit up to two days before you’d receive it at traditional banks.

    What we don't

    • The savings account requires $25,000 to earn the top APY.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    LendingClub Bank offers a couple of checking accounts. The Rewards Checking account is the premier checking account with LendingClub Bank. You only need $100 to open this type of account. You will earn 1 percent cash back on signature-based purchases each month and you can earn some interest on your balance if you deposit at least $2,500.

    LendingClub Bank also offers access to thousands of ATMs in the bank’s partner ATM network. LendingClub Bank charges no ATM fees and it refunds fees incurred at out-of-network ATMs.

    LendingClub Bank’s checking accounts let you receive a direct deposit up to two days sooner than you would at a traditional bank.

    What we like

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

    • The Rewards Checking account pays 1 percent cash back no signature-based purchases.

    • It lets you use all thousands of ATMs for free.

    What we don't

    • You will need to deposit at least $2,500 to earn some interest.

    • You’ll need at least $100,000 to earn the top-tier APY.

    Savings accounts

    3.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    You only need $100 to open the account, making it accessible for many. There are no monthly account fees either.

    The LendingClub Bank High-Yield Savings account offers two APYs depending on the account balance. To earn the highest APY offered, you will need to deposit $25,000 or more.

    What we like

    • There are no monthly fees.

    • You only need $100 to open the account.

    What we don't

    • The APYs are lower compared to top-yielding banks.

    • You must have at least $25,000 to earn the top APY.

    CD rates

    4.5

    Bankrate Score

    LendingClub Bank offers nine different term CD lengths, ranging from three months to five years. But only three of these terms (one-year, 18-month and its three-year CD) were available online, during our review.

    All three of the CDs available online have the same APY. But they all also have a low minimum deposit requirement of $500.

    What we like

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

    • LendingClub Bank offers three of the more popular terms online.

    What we don't

    • The three-month, six-month, nine-month, two-year, four-year and five-year CDs aren’t available online.

    • LendingClub Bank doesn’t reward you with a higher yield for longer-term CDs.

    Bank experience

    As a digital leader, LendingClub Bank offers lots of tools and features to help you manage your money, including a mobile app to deposit checks, access budgeting tools, pay bills and much more.

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

    Customer service representatives are available via phone or live chat Monday through Friday from 8:30 a.m. to midnight Eastern, as well as on Saturday and Sunday from 8 a.m. to 8 p.m.

    About LendingClub Bank

    LendingClub Bank is an online bank that has its main office in Lehi, Utah. LendingClub Bank offers lots of tools and features to help you manage your money, including budgeting tools. It is known as a digital leader.

    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 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. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has 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 is on the organization’s training and finance committees. 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