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LendingClub Bank Review 2025

Updated January 31, 2025
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At a glance

Overview

LendingClub Bank is a good option for consumers looking for an online bank that offers competitive yields and low fees. LendingClub also offers a good range of certificates of deposit (CDs).

Highlights:

ATM Fee Refunds No Monthly Fees
4.6
Rating: 4.6 stars out of 5
Bankrate Score
Info Icon

CDs

Rating: 4.4 stars out of 5
4.4 /5

Checking

Rating: 4.8 stars out of 5
4.8 /5

Savings

Rating: 4.5 stars out of 5
4.5 /5
4.4
Rating: 4.4 stars out of 5
Customer Score
Info Icon
See all 48 consumer reviews Arrow Right Icon
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info Icon
As of 5/25/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Member FDIC
Savings Account
4.20
%
APY
APY
Info Icon
As of 5/25/2025
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 5/25/2025
Rating: 4.6 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: Get up to a $300 Cash Bonus. See site for details.

Overall

LendingClub offers a wide array of deposit accounts, ranging from CDs and high-yield checking and savings accounts. LendingClub accounts generally charge small fees, and those who are primarily looking for broad ATM access will find the online bank to be a good choice, as it provides unlimited ATM rebates from fees charged by ATM providers.

Pros

  • Checkmark Icon

    LendingClub Bank offers a top-tier APY on its high-yield savings account and certificates of deposit.

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    You can earn 1 percent cash back with LendingClub Bank’s Rewards Checking account.

Cons

  • Other banks have higher-yielding checking accounts.

CTA We want to know what you think about LendingClub

We want to know what you think about LendingClub

Do you have experience with LendingClub? Let us know your thoughts.

LendingClub Bank products

LendingClub Bank LevelUp Savings account

4.5
/5
Rating: 4.5 stars out of 5
SCORE BREAKDOWN
APY offering:
3.40%
Rating: 4 stars out of 5
4/5
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Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
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Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Great
Rating: 5 stars out of 5
5/5
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Pros

  • Checkmark Icon

    There is no minimum deposit requirement to open the LevelUp Savings account.

  • Checkmark Icon

    LendingClub does not charge monthly fees on its account.

  • Checkmark Icon

    Savers can easily earn a very competitive APY by making a $250 monthly deposit.

  • Checkmark Icon

    The account comes with a free ATM card.

Cons

  • To earn the LevelUp rate, you need to deposit at least $250 each month into your savings account. If you miss a monthly cycle, you will earn a lower standard APY.

Rate history for LendingClub's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

LendingClub Bank
APY
APY
Info Icon
National average APY
How do we get this data?
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LendingClub Bank certificates of deposit

4.4
/5
Rating: 4.4 stars out of 5
SCORE BREAKDOWN
APY offering:
4.10%
Rating: 4 stars out of 5
4/5
Info Icon
Minimum deposit:
$500.00
Rating: 5 stars out of 5
5/5
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Range of term lengths:
6 mos – 5 yrs
Rating: 5 stars out of 5
5/5
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Early withdrawal penalty:
Good
Rating: 4 stars out of 5
4/5
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Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
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Offer IRA CDs:
No
Rating: 0 stars out of 5
0/5
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Pros

  • Checkmark Icon

    Rates range from decent to competitive.

  • Checkmark Icon

    LendingClub offers all the most common terms of CDs.

  • Checkmark Icon

    CDs can be opened online.

Cons

  • LendingClub doesn’t offer a no-penalty CD.

Rate history for LendingClub's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

LendingClub Bank
APY
APY
Info Icon
National average APY
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How do we get this data?
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LendingClub Bank Rewards Checking account

4.8
/5
Rating: 4.8 stars out of 5

Pros

  • Checkmark Icon

    The Rewards Checking account pays interest and charges no fees.

  • Checkmark Icon

    The Rewards Checking account pays 1 percent cash back on signature-based purchases, which is solid for a checking account.

  • Checkmark Icon

    You can use thousands of ATMs for free, and LendingClub provides unlimited ATM rebates from fees charged by ATM providers.

Cons

  • The requirements to earn cash back can be cumbersome.

  • Other banks have more competitive checking account yields.

  • You need a balance of at least $2,500 to begin earning interest and $100,000 to earn the top APY.

How LendingClub compares to other banks

Compare different account types offered by LendingClub Bank. Annual percentage yields (APYs) shown were updated between May 18, 2025 and May 24, 2025.

Selected bank
LendingClub Bank savings account
LendingClub Bank Logo
Member FDIC
Bankrate score
Rating: 4.5 stars out of 5
4.5
Info Icon
Most comparable
Ally Bank savings account
Ally Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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3.40% 3.60%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
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$1,700 $1,800
LendingClub Bank offers a LevelUp Savings account that rewards you with a top yield when you make deposits totaling at least $250 per statement cycle. The account has no monthly service fees and no minimum balance required to earn interest, though your savings rate can vary if you don't meet the $250 requirement in a given month. Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM.
  • There is no minimum deposit requirement to open the LevelUp Savings account.
  • The account has no monthly fees.
  • Savers will earn a highly competitive APY with LendingClub Bank.
  • Ally Bank offers a competitive yield on its Online Savings Account.
  • Ally Bank has savings tools, such as Surprise Savings where Ally Bank looks at your linked checking account for savings opportunities.
    N/A
  • To earn the LevelUp rate, you need to deposit at least $250 each month into your account.
  • If you miss a monthly cycle, you will earn a lower, but still high-yielding standard rate.
  • As an online-only bank, LendingClub's savings account can only be opened online.
  • Ally Bank doesn’t offer ATM access directly from its savings account.
  • Some other online banks offer a higher yield than Ally Bank.
    N/A
APY offering:
3.40%
4/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Great
5/5
Info Icon
APY offering:
3.60%
4/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
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Bankrate does not currently track additional product details for this bank.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fee None*
Out-of-network ATM fee None
Excessive transaction fee None**

*There’s only a $10 monthly maintenance fee for Tailored Checking business accounts with average monthly balances less than $500.

**Other withdrawal limits may apply, including a limit on how much you may withdraw at an ATM from your deposit account.

Customer experience

Digital 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. LendingClub’s mobile app is highly rated by both iOS and Android users. 

Customer service hours. Customer service representatives can be reached by phone and live chat from 8 a.m. to 8 p.m. ET, Monday through Saturday.

Bankrate staff insights

Info Icon

“I chose LendingClub to open a HYSA because it was easy to make an account and fairly simple to connect my other accounts so I can move money easily between them,” said a Bankrate staff member with a LendingClub account. “There's no fee, and the minimum balance is low, so it's a great place to open a HYSA for the first time.”

“When I opened the accounts, it initially put in double the amount of funds that I initially wanted to and I was able to resolve that issue very quickly with their customer service. Overall, I definitely recommend LendingClub’s LevelUp Savings account.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

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The above images were last updated on Jan. 22, 2024.

Video overview: Easy app transfers

Thumbnail title card, "Bankrate staff User diary"

All rates, features and offers shown in the media on this review were accurate at the time they were procured, but may have changed since recording. The content may also contain views and opinions that do not reflect those of Bankrate.


Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

LendingClub Bank customer reviews

CTA LendingClub Bank has 48 reviews

LendingClub Bank has 48 reviews

Dive into community reviews below and see what others think about LendingClub Bank.

4.4 Star Icon
48 ratings
Info Icon
Score breakdown
5 stars
56%
4 stars
35%
3 stars
4%
2 stars
4%
1 star
0%
Score by category
Overall Rating 4.4 / 5
Competitiveness of APY 4.4 / 5
Amount of fees 4.4 / 5
Customer support 4.4 / 5
Website / Mobile app 4.5 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about LendingClub Bank.
Search Icon
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Anonymous account holder
March 25, 2025
Although my accounts are newer, my all-around experience has been great. The fees for accounts are good, customer service is great, and mobile or apps are also always in working order
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 25, 2025
The mobile app is easy to download and use. I didn't need to contact customer service that often, but when I did, it was okay experience with a typical hold and wait time.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 7, 2025
Lendingclub bank has offered great support and offers great deals.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 7, 2025
My overall experience with LendingClub Bank has been positive, offering competitive deposit products with attractive interest rates and useful features. The customer service team is responsive, knowledgeable, and efficient in resolving inquiries. The digital experience, including both the website and mobile app, is seamless, featuring an intuitive interface, smooth navigation, and essential banking functionalities like mobile check deposits, bill pay, and easy transfers. Additionally, the convenience of online banking allows easy access to funds and account management from anywhere. With a strong focus on security and user-friendly technology, LendingClub Bank provides a reliable and convenient digital banking experience and I recommend it to all.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 2 / 5
Website / Mobile app 3 / 5
Anonymous account holder
March 7, 2025
It’s the best with options for changes and growth as well as a digital experience service that is untouchable
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 6, 2025
My overall experience with LendingClub Bank has been positive. The deposit product features offer competitive rates making it a solid choice for savings. Customer service is decent though there is room for improvement in response times. The digital experience including the website and mobile app is user friendly and efficient ensuring smooth transactions and account management. Convenience is good though better ATM access would enhance the overall experience.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 6, 2025
I wish they offered more cashback categories.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 5, 2025
It has been great. I recommend this company.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
March 4, 2025
Excellent customer service.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 4, 2025
They offer low or no monthly maintenance fees, which is a significant advantage over traditional brick-and-mortar banks. Often offers very competitive Annual Percentage Yields on its Yes - Savingss, particularly the Level Up Yes - Savings to maximum amount.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5