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LendingClub Bank has a high-yield savings account and rewards checking account.
LendingClub; Alyssa Powell/Insider
The bottom line: The LendingClub Rewards Checking Account is a solid rewards checking account; it lets you earn 1% cash back on credit purchases if you have $2,500 in your account. However, if you want a variety of online CD options, other banks can offer stronger products.
Overall bank rating
FeatureInsider (rating out of 5)Savings4Checking4.25CD3.75Trustworthiness3.5Total4
Pros and cons
ProsCons
Checking account earns interest and lets you get cash back on credit purchases
ATM card included with a savings account
Can receive paycheck up to two days early
Need to reach certain qualifications to earn the highest APY for the savings and checking accountsNeed to have $2,500 in your checking account to get cash-back perkLimited CD term options
LendingClub High-Yield Savings Account
The LendingClub High-Yield Savings Account is a good option if you are looking for an account with no monthly service fees and that offers an ATM card. You’ll also earn a much higher interest rate than the average savings account.
LendingClub Rewards Checking Account
The LendingClub Rewards Checking Account is the online bank’s most appealing account option. The account has no monthly services fees and access to over 325,000 surcharge-free ATMs worldwide through NYCE, SUM, and MoneyPass ATM networks. You can also receive your paycheck 2 days early.
If you can maintain at least $2,500 in your account, you can earn 0.10% APY and score 1% cash back on unlimited purchases. If you want to earn the highest APY, you’ll need to have an account balance of $100,000 or higher.
LendingClub Certificate of Deposit
LendingClub Certificate of Deposit range from one year to five years. LendingClub offers competitive interest rates. However, if you’re worried about the standard-to-high early withdrawal penalties, then you may want to open a CD elsewhere.
How LendingClub works
LendingClub is a personal loan provider and online banking institution. LendingClub has one branch located in Boston, Massachusetts. Through NYCE, SUM, and MoneyPass ATM networks, you can have access to over 325,000 surcharge-free ATMs worldwide.
Customer service is available through FAQs, live chat, email, or phone. You can talk to a customer service representative or use live chat Monday through Friday from 8:30 a.m. to 12 a.m. ET, or Saturday through Sunday from 8 a.m. to 8 p.m. ET.
The LendingClub mobile app has a 4.4 out of 5 rating on the Apple Store and a 3.6 out of 5 rating on the Google Play store.
LendingClub Bank is FDIC insured, so individual accounts are protected up to $250,000 and joint accounts are secured up to $500,000.
LendingClub Bank trustworthiness and BBB rating
The Better Business Bureau provides ratings based on how businesses deal with customer complaints and issues. Something to keep in mind is that a good BBB rating won’t guarantee that your interactions with the bank will be great.
LendingClub Corporation has an A- rating from the BBB due to government action that was taken against the business.
In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and told them they were approved for a loan even when they weren’t.
LendingClub vs. Axos Bank
Choosing between LendingClub and Axos Bank may depend on which features you want to prioritize in a rewards checking account.
If you want to earn cash back on an unlimited number of purchases, LendingClub’s account may be more appealing. Axos Bank only lets you earn $2,000 in cash back per month. You’ll earn 1% cash on purchase if you maintain an account balance of $1,500, and .50% if your balance below $1,500.
If you want a rewards account that offers a high APY or requires a lower minimum account balance, then Axos Bank will offer more of what you are looking for.
Axos Bank may also be a better option if you’re searching for a money market account. LendingClub Bank doesn’t offer one.
LendingClub vs. Quontic Bank
LendingClub and Quontic Bank have solid rewards checking accounts. LendingClub allows you to earn cash back on an unlimited amount in purchases. Meanwhile, Quontic Bank lets you cash back earn up to $2,000 per day.
If you don’t want to deal with maintaining a specific minimum balance to earn cash back, then you’ll prefer Quontic Bank.
Quontic also might be an appealing choice if you looking for a CD with a low minimum opening deposit. You’ll only need $500 to get a Quontic Bank CD.
Frequently asked questions
Is LendingClub FDIC insured?
Yes, LendingClub is FDIC insured. If you have an individual bank account, up to $250,000 is protected and federally insured.
Who bought Radius Bank?
LendingClub acquired online bank Radius Bank in February 2021. LendingClub offers new accounts, which have similar features and offerings to Radius Bank’s accounts.