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LendingClub Bank Review 2024

Updated May 29, 2024
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
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CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 4.9 stars out of 5

About Bankrate Score

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), but there’s a slightly higher deposit amount than you might find at other banks.

Highlights

  • ATM Fee Refunds
  • No Monthly Fees
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 6/25/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/25/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 6/25/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

LendingClub Bank is an FDIC-insured online bank formerly known as Radius Bank until it was acquired by LendingClub in February 2021. Consumers looking for an online bank that offers competitive yields, low fees and ample ATM access might consider LendingClub Bank to be a solid option.

Pros

  • Checkmark

    LendingClub Bank offers a competitive yield on its high-yield savings account.

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    LendingClub Bank’s Rewards Checking account doesn’t have NSF (nonsufficient funds) fees or overdraft fees.

  • Checkmark

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

Cons

  • You’ll need at least $2,500 to open a CD. Other online banks have a much lower opening deposit requirement.

  • Other banks have higher-yielding 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 banking products

4.9
Rating: 4.9 stars out of 5
Bankrate Score

LendingClub Bank savings overview

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.

Technically, LendingClub’s High-Yield Savings account has four rate tiers, but regardless of your balance, you currently earn the same competitive APY on all tiers.

Pros

  • Checkmark

    There are no monthly fees.

  • Checkmark

    Only $100 is needed to open an account.

  • Checkmark

    Savers will enjoy the competitive APY being offered.

  • Checkmark

    You can make your opening deposit using a debit card.

Cons

  • Some banks don’t require a minimum opening deposit.

  • LendingClub charges a $35 fee for expedited delivery of ATM/debit cards.

  • 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
    National average APY
    How do we get this data?
    Info
Current Savings Rate
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 6/25/2024
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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**
Stop Payment $25

*There’s only a $10 monthly maintenance fee for tailored checking 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. The iOS mobile app is highly-rated, while the Android app has middling reviews. 

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.

Lightbulb

Bankrate staff insights

“I chose Lending Club 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.”

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

Featured customer reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.

ZamZam92
Apr 1, 2023
Are high yield savings accounts like Lending Club, legit?
I’ve had an account with LendingClub for about a year now and I’ve parked all my emergency savings in it. I’ve had no issues at all. It’s kinda surprising to me that more people don’t recommend them. Their app is ok too.
via Reddit
SweetTeaRex92
Apr 1, 2022
I have had so many technical errors
They have really good perks, but I can never log into my account. I have had to call their customer service line over 4 times. I've never dealt with a more broken net code for a bank.
via Reddit

Our editor's take

LendingClub offers yields much higher than many big institutions, and you don’t have to jump through hoops to get that competitive APY. Many consumers remain at big banks, which they’ve been at for a long time, without realizing there are much higher yields easily available elsewhere. 

Persistent technological issues can bog down your banking experience, especially at online-only institutions. Customers with persistent issues like these within the website or mobile app should attempt troubleshooting with their bank. If the issue persists, it may be worth examining your hardware, in case that’s the root cause of the problem. 

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.

How LendingClub compares to other banks

Compare different account types offered by LendingClub Bank. Annual percentage yields (APYs) shown were updated between June 18, 2024 and June 24, 2024.

Selected bank
LendingClub Bank savings account
LendingClub Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info
Most comparable
SoFi savings account
SoFi Logo
Member FDIC
Bankrate score
Rating: 5 stars out of 5
5.0
Info
Read review
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Bankrate score
Info
Read review
APY
Info
5.00% 4.60%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
Info
$1,250 $1,150
LendingClub Bank offers a High-Yield Savings Account that has a top-tier APY. You’ll only need $100 to open this account, and it doesn’t charge any monthly service fees. SoFi Bank has a competitive annual percentage yield on its savings account. You’ll need to open both a checking and savings account at SoFi. And setting up a direct deposit is required to earn the bank’s top APY.
  • LendingClub Bank offers a savings account with a very competitive yield.
  • You only need a minimum of $100 to open a LendingClub savings account.
  • There are no monthly fees.
  • SoFi offers a competitive annual percentage yield on its savings account.
  • SoFi Bank’s savings account doesn’t have a monthly service fee.
    N/A
  • Some other banks don’t require a minimum opening deposit for their savings accounts.
  • Accounts can only be opened online.
  • You can’t only open a savings account at SoFi – you need to open both a checking and savings account.
    N/A
APY offering:
5.00%
5/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Great
5/5
Info
APY offering:
4.60%
5/5
Info
Minimum balance to earn interest:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Great
5/5
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

LendingClub vs. SoFi

Both LendingClub and SoFi are online-only banks and similar in that they charge little to no fees and offer high yields on their deposit accounts. However, SoFi doesn’t offer certificates of deposits. If that’s what you’re primarily in the market for, or you want to have one bank for all of your deposit accounts, LendingClub may be the better choice. 

LendingClub FAQs

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.