LendingClub Bank Review: A Solid Checking Account and More

GOBankingRates Score

Quick Take: LendingClub Bank provides checking, savings, and CD accounts as well as loans, for consumers and businesses. The bank is strictly online, with no physical branch locations, so customers will need to be comfortable with transacting all of their business online. The bank has $3.36 billion in assets.
  • ATM Fee Rebates
  • Early Direct Deposit
  • Cash Back
  • Fees
How did we calculate this?

LendingClub Bank offers a suite of products to meet most customers’ needs. Like with any bank, there are advantages and disadvantages to their offerings. Here are the pros and cons.


  • Rewards Checking Account pays interest.
  • 1% unlimited cash back on debit card purchases online and in-person with a signature.
  • Early direct deposit is available.


  • $25 non-sufficient funds charge
  • Mobile app is not highly rated.

Overview of LendingClub Bank

LendingClub Bank is an online bank that provides banking services with some very attractive options. Its Rewards Checking account was selected as one of GOBankingRates’ Best Checking Accounts of 2022.  LendingClub Bank was also named one of the Best Online Banks of 2022 and included on GOBankingRates’ list of Top 100 Banks of 2022.

LendingClub Bank Product Details

Its name might lead you to believe that LendingClub Bank focuses on loans, but it offers much more than that. Its checking, savings and CD accounts are robust, with features that many consumers expect, and others that are refreshing to find. Here’s an overview of their checking, savings and CD products.

LendingClub Bank Checking Account

LendingClub’s Rewards Checking account charges no monthly fee and has just a $100 minimum deposit. It comes with a debit card that earns you an unlimited % back on online transactions and on transactions that you sign for in person. There are no ATM fees, and customers get rebates on the fees charged by other banks. When you sign up for direct deposit you can be eligible to receive your paycheck up to two days early.

LendingClub’s Rewards Checking account pays interest, which is becoming more common for an online bank. Account holders earn 0.10% APY when their balance is $2,500 – $99,999.99. If it’s more than that, they earn 0.15% APY.

GOBankingRates has rated LendingClub Bank’s Rewards Checking account among the Best Checking Accounts of 2022.

LendingClub Bank Savings Account

LendingClub Bank’s savings account pays interest from the first dollar. The High-Yield Savings account pays 0.50% APY on balances up to $2,499.99, and 0.85% APY on balances of $2,500 and up. There are no monthly service fees, and you can open a savings account with a minimum of $100. A debit card is available at no charge.

LendingClub CD Accounts

LendingClub Bank offers CDs for terms ranging from three months to five years. The minimum deposit to open a CD and earn interest is $1,000 for CDs with terms up to nine months. For terms of one year or more, the minimum opening deposit and balance to earn interest is $500. All CDs have an APY of 1.30%.                          

Best Features of LendingClub Bank

These are some of the key features of LendingClub Bank, which were used in scoring this year’s review.

ATM Access and Fee Rebates

LendingClub Bank does not charge any fees for ATM use at any of the over 325,000 ATMs in the NYCE, SUM and MoneyPass ATM networks. It also refunds the fees that other banks charge LendingClub customers. And it’s automatic — at the end of the month, LendingClub adds up the fees you have been charged and credits your account.

Early Direct Deposit

LendingClub will credit your direct deposit to your Rewards Checking account as soon as your employer submits their payroll files to the Federal Reserve Bank. This can be up to two days before your actual payday.

Cash Back

When you use your LendingClub debit card to make online purchases or to make in-person purchases that you sign for, you can earn 1% cashback. There’s no limit to the amount of cashback you can earn, and it’s not specific to certain merchants. You do, however, have to maintain a $2,500 balance or have $2,500 per month in direct deposits into your account.


The checking, savings and CD accounts at LendingClub Bank do not have monthly fees, and the minimum opening deposits are reasonable at $100 for a checking or savings account, and $500 to $1000 for a CD, depending on the term. They do, however, charge a $25 fee for insufficient funds, so if you’re concerned about bounding a check, you should consider overdraft protection.

Mobile Banking Experience

The mobile app for LendingClub Bank has relatively low ratings. For Apple, the app is rated 3.4, and for Android, it’s 4.0. An online bank needs to have a solid app, so this is definitely a drawback.

Editor’s Favorite

The combination of features in the LendingClub’s Rewards Checking account, including early direct deposit, cash back on debit card purchases, and interest, make it a winner. Add in the fact that they rebate ATM fees charged by other banks, and that there are no monthly account maintenance fees, and you have a solid checking account that will help you make the most of your money.

LendingClub Bank vs. Competitors

There are other banks, both online and brick-and-mortar, which have some of the features offered by LendingClub Bank, but few banks have all of them. You might find an online bank that rebates ATM fees, but it may not provide cash back on your debit card purchases. Likewise, some banks will not have monthly maintenance fees, but they may not pay interest on their checking accounts.

LendingClub Bank vs. Chime

Chime is a financial tech company that offers banking services and offers a no-fee, no-minimum balance ‘spending’ account but you don’t earn cashback on your debit card purchases. Chime also provides overdraft protection but does not offer savings or CD accounts, or loans.

LendingClub Bank vs. Ally Bank

Ally Bank has an interest-bearing checking account that pays 0.10% APY on any balance up to $15,000. Above that, Ally customers earn 0.25% APY. And they offer investment products. What Ally does not provide that LendingClub does is cash back on debit card purchases.

LendingClub Bank vs. Wells Fargo

If you want to consider a brick-and-mortar bank, Wells Fargo has 7,200 branches and 13,000 ATMs nationwide. They also have a highly rated mobile app — Apple users give it 4.8 out of 5 stars and Android users give it 4.7 out of 5 stars. What you won’t find is a bare-bones checking account that pays interest, or cash back on your debit card purchases.

Final Take

LendingClub Bank’s checking account offers a robust set of features and can help you make the best use of your money. For the best combination of features for a checking account, LendingClub Bank should be on the list of banks to consider.

LendingClub Bank FAQ

Here are the answers to some of the most frequently asked questions about LendingClub Bank.
  • Is LendingClub Bank FDIC insured?
    • Yes, LendingClub Bank is FDIC insured, which means your deposits are insured up to $250,000.
  • What is LendingClub?
    • LendingClub is a peer-to-peer lending marketplace that connects borrowers with investors to provide personal loans. LendingClub acquired Radius Bank to become LendingClub Bank, which offers banking products like checking, savings and CD accounts.
  • Does LendingClub Bank offer overdraft protection?
    • Yes, LendingClub Bank customers can link up to three accounts to prevent overdrafts in the event there is not enough money in your checking account to cover a check or debit transaction.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 12, 2022.

Editorial Note: This content is not provided by LendingClub Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by LendingClub Bank.

Lending Club: Rates from 5.99% to 35.96%* APR. Best APR is available to borrowers with excellent credit.

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About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

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