Skip to Main Content

LendingClub Bank Review 2024

Updated January 22, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

On This Page

At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
Caret Down

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, low fees and ample ATM access. LendingClub also offers a good range of certificates of deposit, but there’s a slightly higher deposit amount than you might find at other banks.

Highlights

  • ATM Fee Refunds
  • No Monthly Fees
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.25
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.

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.

LendingClub Bank banking products

4.9
Rating: 4.9 stars out of 5
Bankrate Score
Invest Rate
5.00% APY
Info
Loan
$0 minimum deposit to open

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.

  • Checkmark

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

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
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/22/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

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 8:30 a.m. to midnight ET, Monday-Friday, and 8 a.m. to 8 p.m. ET, on weekends.

Caret Down

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

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

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.