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LendingClub Bank Review 2022

Updated November 15, 2022
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.4 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 4.9 stars out of 5

About Bankrate Score

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Overview

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
Compare offers
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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

  • 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 overdraft fees.

Cons

  • 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

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.

The account offers two APYs, depending on account balance. To earn the highest APY, a balance of $2,500 or more is required.

Pros

  • Checkmark

    There are no monthly fees.

  • Checkmark

    Only $100 is needed to open the account.

  • Checkmark

    You can make your opening deposit using a debit card.

  • Checkmark

    You can get an ATM card for your High-Yield Savings account.

Cons

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

  • LendingClub doesn’t have a savings option for children under age 18.

Current Savings Rate
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 4.4 stars out of 5
InfoHover for more
$0
Min balance for APY

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

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.