Advertiser disclosure
LendingClub Bank Review 2022
Member FDIC
MMA
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
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. (Note: Effective May 16, 2022, LendingClub no longer requires a $2,500 minimum balance to earn the top yield.)
Savings accounts
4.9
Bankrate Score
Member FDIC
Savings account
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. Update May 16, 2022: LendingClub no longer requires a $2,500 minimum balance to earn its best yield.
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. (Note: Effective May 16, 2022, LendingClub no longer requires a $2,500 minimum balance to earn the top yield.)
Checking accounts
4.7
Bankrate Score
Member FDIC
Checking account
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.