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LendingClub Bank Review 2022

Published May 2022 by Matthew Goldberg

AT A GLANCE
4.4

Bankrate Score

bank-logo
TOP OFFER
1.26 % APY
Savings account
$ 0
Min. balance for APY
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ATM fee refunds

Digital Leader

No monthly fees

LendingClub Bank is an option for consumers looking for an online bank that offers competitive yields, low fees and ample ATM access.

  • Savings
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    4.9
  • Checking
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    4.7
  • CDs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    UFB Direct

    Member FDIC

    MMA

    1.66 % APY

    $ 0

    Min. balance for APY

    UFB Direct

    Member FDIC

    Savings account

    1.66 % APY

    $ 0

    Min. balance for APY

    Bask Bank

    Member FDIC

    Savings account

    1.61 % APY

    $ 0

    Min. balance for APY

    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

    TODAY'S SAVINGS RATES
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    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

    OTHER CHECKING OFFERS YOU MAY LIKE
    Citi

    Member FDIC

    Checking account

    0.01 % APY

    $ 50,000

    To open

    $ 50000

    To avoid fees

    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.