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LendingClub Bank Review 2025

Updated July 23, 2025
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At a glance

Overview

LendingClub Bank is a good option for consumers looking for an online bank that offers competitive yields and low fees. LendingClub also offers a good range of certificates of deposit (CDs).

Highlights:

ATM Fee Refunds No Monthly Fees
4.8
Rating: 4.8 stars out of 5
Bankrate Score

CDs

Rating: 4.8 stars out of 5
4.8 /5

Checking

Rating: 4.8 stars out of 5
4.8 /5

Savings

Rating: 5 stars out of 5
5.0 /5
4.4
Rating: 4.4 stars out of 5
Customer Score
See all 48 consumer reviews Arrow Right Icon
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Bank logo
Member FDIC
Savings Account
3.65
%
APY
As of 7/28/2025
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: Backed by the financial expertise of Goldman Sachs.
Bank logo
Member FDIC
Savings Account
3.50
%
APY
As of 7/28/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.20
%
APY
As of 7/28/2025
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

LendingClub offers a wide array of deposit accounts, ranging from CDs and high-yield checking and savings accounts. LendingClub accounts generally charge small fees, and those who are primarily looking for broad ATM access will find the online bank to be a good choice, as it provides unlimited ATM rebates from fees charged by ATM providers.

Pros

  • Checkmark Icon

    LendingClub Bank offers a top-tier annual percentage yield (APY) on its high-yield savings and checking accounts.

  • Checkmark Icon

    The bank charges no monthly fees on many of its products.

  • Checkmark Icon

    Checking account holders with direct deposit can receive their paychecks up to two days early.

  • Checkmark Icon

    You can earn 1 percent cash back on debit card purchases with the LevelUp Checking account and 1 percent APY (on balances of $2,500 or more).

Cons

  • No customer support on Sundays, and potentially limited access on weekdays to those not on Eastern time.

LendingClub Bank products

LendingClub Bank LevelUp Savings account

5.0
/5
Rating: 5 stars out of 5
SCORE BREAKDOWN
APY offering:
4.20%
Rating: 5 stars out of 5
5/5
Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Access to funds:
Great
Rating: 5 stars out of 5
5/5

Pros

  • Checkmark Icon

    There is no minimum deposit required to open the LevelUp Savings account.

  • Checkmark Icon

    There is no monthly fee on this account.

  • Checkmark Icon

    High APY, as long as you make deposits of at least $250 each month.

  • Checkmark Icon

    The account comes with a free ATM card.

Cons

  • You can only earn the high APY if you deposit at least $250 each month into your savings account. If you miss a monthly cycle, you will earn a lower standard APY, though it's still competitive.

Rate history for LendingClub's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

LendingClub Bank
APY
National average APY
Display historical averages
Line chart with 2 lines.
The chart has 1 X axis displaying Time. Data ranges from 2024-07-01 04:00:00 to 2025-07-10 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from 0.56 to 5.3.
End of interactive chart.
How do we get this data?

LendingClub Bank certificates of deposit

4.8
/5
Rating: 4.8 stars out of 5
SCORE BREAKDOWN
APY offering:
4.25%
Rating: 5 stars out of 5
5/5
Minimum deposit:
$500.00
Rating: 5 stars out of 5
5/5
Range of term lengths:
6 mos – 5 yrs
Rating: 4 stars out of 5
4/5
Early withdrawal penalty:
Good
Rating: 4 stars out of 5
4/5
Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
Offer IRA CDs:
No
Rating: 0 stars out of 5
0/5

Pros

  • Checkmark Icon

    Rates for LendingClub CDs range from decent to competitive.

  • Checkmark Icon

    LendingClub offers all the most common CD terms, which is helpful for building CD ladders.

  • Checkmark Icon

    The minimum deposit requirement is relatively low at $500.

Cons

  • LendingClub doesn’t offer specialty CDs, like bump-up or no-penalty CDs.

Rate history for LendingClub's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

LendingClub Bank
APY
National average APY
Display historical averages
Line chart with 2 lines.
The chart has 1 X axis displaying Time. Data ranges from 2024-07-01 04:00:00 to 2025-07-22 00:00:00.
The chart has 1 Y axis displaying values. Data ranges from 1.68 to 5.
End of interactive chart.
Caret Down Icon
How do we get this data?

LendingClub Bank LevelUp Checking account

4.8
/5
Rating: 4.8 stars out of 5

Pros

  • Checkmark Icon

    The LevelUp Checking account pays a good interest rate (for a checking account) on balances of $2,500 or more.

  • Checkmark Icon

    It also pays 1 percent cash back on purchases at gas stations, grocery stores and pharmacies, as long as you receive at least one direct deposit each month.

  • Checkmark Icon

    If you have a personal loan with LendingClub, you can earn 2 percent cashback on payments made via your checking account.

  • Checkmark Icon

    The account is largely fee-free, without minimum balance requirements or monthly fees.

  • Checkmark Icon

    You can use thousands of ATMs for free, and LendingClub provides unlimited ATM rebates from fees charged by ATM providers.

Cons

  • You need a balance of at least $2,500 to begin earning interest, which is more than some other checking accounts require for similar APYs.

How LendingClub compares to other banks

Compare different account types offered by LendingClub Bank. Annual percentage yields (APYs) shown were updated between July 21, 2025 and July 27, 2025.

Selected bank
LendingClub Bank savings account
LendingClub Bank Logo
Member FDIC
Bankrate score
Rating: 5 stars out of 5
5.0
Most comparable
Ally Bank savings account
Ally Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Read review
Search for or select a bank:
Caret Down Icon
Bread Savings savings account
Bread Savings logo
Member FDIC
Bankrate score
4.9
Read review
APY
4.20% 3.50% 4.25%
Minimum balance for APY
$0.00 $0.00 $0.00
Estimated earnings
$2,100 $1,750 $2,125
LendingClub Bank offers a LevelUp Savings account that rewards you with a top-notch yield but only when you make deposits totaling at least $250 per statement cycle. If you don't meet the $250 requirement in a given month, your yield will be lower (though still fairly competitive). The account has no monthly service fees and no minimum balance required to earn interest. Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM. Bread offers a high-yield savings account that’s true to its name. The account can be opened with just $100. Though there are no monthly maintenance fees, customers should note the miscellaneous fees associated with the account.
  • There is no minimum deposit requirement to open the LevelUp Savings account.
  • The account has no monthly fees.
  • Savers will earn a highly competitive APY with LendingClub Bank.
  • Ally Bank offers a competitive yield on its Online Savings Account.
  • Ally Bank has savings tools, such as Surprise Savings where Ally Bank looks at your linked checking account for savings opportunities.
  • Bread’s high-yield savings account offers a very competitive APY.
  • The account comes with no monthly maintenance fees.
  • The account can be opened with just $100.
  • To earn the highest rate, you need to deposit at least $250 each month into your account.
  • If you miss a monthly cycle, you will earn a lower, but still high-yielding standard rate.
  • As an online-only bank, LendingClub's savings account can only be opened online.
  • Ally Bank doesn’t offer ATM access directly from its savings account.
  • Some other online banks offer a higher yield than Ally Bank.
  • Bread Savings doesn’t offer ATM access.
  • There are some fees associated with the account, including a $5 fee per paper statement and a $25 fee per outgoing wire transfer.
APY offering:
4.20%
5/5
Minimum balance for APY:
$0.00
5/5
Monthly service fee:
$0.00
5/5
Minimum balance to avoid fee:
$0.00
5/5
Access to funds:
Great
5/5
APY offering:
3.50%
4/5
Minimum balance for APY:
$0.00
5/5
Monthly service fee:
$0.00
5/5
Minimum balance to avoid fee:
$0.00
5/5
Access to funds:
Good
4/5
APY offering:
4.25%
5/5
Minimum balance for APY:
$0.00
5/5
Monthly service fee:
$0.00
5/5
Minimum balance to avoid fee:
$0.00
5/5
Access to funds:
Good
4/5

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

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. LendingClub’s mobile app is highly rated by both iOS and Android users. 

Customer service hours. Customer service representatives can be reached by phone and live chat from 8 a.m. to 8 p.m. ET, Monday through Saturday.

Bankrate staff insights

“I chose LendingClub to open a HYSA* because it was easy to make an account and fairly simple to connect my other accounts so I can move money easily between them,” said a Bankrate staff member with a LendingClub account. “There's no fee, and the minimum balance is low, so it's a great place to open a HYSA for the first time.”

*HYSA stands for high-yield savings account.

“When I opened the accounts, it initially put in double the amount of funds that I initially wanted to and I was able to resolve that issue very quickly with their customer service. Overall, I definitely recommend LendingClub’s LevelUp Savings account.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

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Desktop online banking homepage

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

Video overview: Easy app transfers

Thumbnail title card, "Bankrate staff User diary"

All rates, features and offers shown in the media on this review were accurate at the time they were procured, but may have changed since recording. The content may also contain views and opinions that do not reflect those of Bankrate.


CTA We want to know what you think about LendingClub

We want to know what you think about LendingClub

Do you have experience with LendingClub? Let us know your thoughts.

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.

LendingClub Bank customer reviews

CTA LendingClub Bank has 48 reviews

LendingClub Bank has 48 reviews

Dive into community reviews below and see what others think about LendingClub Bank.

4.4 Star Icon
48 ratings
Score breakdown
5 stars
56%
4 stars
35%
3 stars
4%
2 stars
4%
1 star
0%
Score by category
Overall Rating 4.4 / 5
Competitiveness of APY 4.4 / 5
Amount of fees 4.4 / 5
Customer support 4.4 / 5
Website / Mobile app 4.5 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about LendingClub Bank.
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Anonymous account holder
March 25, 2025
Although my accounts are newer, my all-around experience has been great. The fees for accounts are good, customer service is great, and mobile or apps are also always in working order
Anonymous account holder
March 25, 2025
The mobile app is easy to download and use. I didn't need to contact customer service that often, but when I did, it was okay experience with a typical hold and wait time.
Anonymous account holder
March 7, 2025
Lendingclub bank has offered great support and offers great deals.
Anonymous account holder
March 7, 2025
My overall experience with LendingClub Bank has been positive, offering competitive deposit products with attractive interest rates and useful features. The customer service team is responsive, knowledgeable, and efficient in resolving inquiries. The digital experience, including both the website and mobile app, is seamless, featuring an intuitive interface, smooth navigation, and essential banking functionalities like mobile check deposits, bill pay, and easy transfers. Additionally, the convenience of online banking allows easy access to funds and account management from anywhere. With a strong focus on security and user-friendly technology, LendingClub Bank provides a reliable and convenient digital banking experience and I recommend it to all.
Anonymous account holder
March 7, 2025
It’s the best with options for changes and growth as well as a digital experience service that is untouchable
Anonymous account holder
March 6, 2025
My overall experience with LendingClub Bank has been positive. The deposit product features offer competitive rates making it a solid choice for savings. Customer service is decent though there is room for improvement in response times. The digital experience including the website and mobile app is user friendly and efficient ensuring smooth transactions and account management. Convenience is good though better ATM access would enhance the overall experience.
Anonymous account holder
March 6, 2025
I wish they offered more cashback categories.
Anonymous account holder
March 5, 2025
It has been great. I recommend this company.
Anonymous account holder
March 4, 2025
Excellent customer service.
Anonymous account holder
March 4, 2025
They offer low or no monthly maintenance fees, which is a significant advantage over traditional brick-and-mortar banks. Often offers very competitive Annual Percentage Yields on its Yes - Savingss, particularly the Level Up Yes - Savings to maximum amount.