LendingClub Bank Review 2022
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At a glance
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LendingClub Bank is an option for consumers looking for an online bank that offers competitive yields, low fees and ample ATM access.
Highlights
- ATM Fee Refunds
- Digital Leader
- No Monthly Fees
Overall
LendingClub Bank is an FDIC-insured online bank 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 a solid option.
Pros
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LendingClub Bank offers a competitive yield on its high-yield savings account.
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The bank charges no monthly fees on many of its products.
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Checking account holders with direct deposit can receive their paychecks up to two days early.
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LendingClub Bank’s Rewards Checking account doesn’t have overdraft fees.
Cons
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You’ll need at least $2,500 to open a CD. Other online banks have a much lower opening deposit requirement.
LendingClub Bank bank products
LendingClub Bank savings overview
The account offers two APYs, depending on account balance. To earn the highest APY, a balance of $2,500 or more is required.
Pros
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There are no monthly fees.
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Only $100 is needed to open the account.
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You can make your opening deposit using a debit card.
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You can get an ATM card for your High-Yield Savings account.
Cons
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Some banks don’t require a minimum opening deposit.
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LendingClub doesn’t have a savings option for children under age 18.
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 and live chat 8:30 a.m. to midnight Eastern time, Monday-Friday, and 8 a.m. to 8 p.m., on weekends.
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.
Review methodology
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.
