LendingClub Bank Review 2025
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Edited by
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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), but there’s a slightly higher deposit amount than you might find at other banks.
Highlights:
ATM Fee Refunds No Monthly FeesHighlights:
CDs
Checking
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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LendingClub Bank offers a top-tier APY on its high-yield savings account.
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The bank charges no monthly fees on many of its products.
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Checking account holders with direct deposit can receive their paychecks up to two days early.
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You can earn 1 percent cash back with LendingClub Bank’s Rewards Checking account.
Cons
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You’ll need at least $2,500 to open a CD. Other online banks have a much lower opening deposit requirement.
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Other banks have higher-yielding checking accounts.
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LendingClub Bank products
LendingClub Bank LevelUp Savings account
Pros
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There is no minimum deposit requirement to open the LevelUp Savings account.
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LendingClub does not charge monthly fees on its account.
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Savers can easily earn a very competitive APY by making a $250 monthly deposit.
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The account comes with a free ATM card.
Cons
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To earn the LevelUp rate, you need to deposit at least $250 each month into your savings account. If you miss a monthly cycle, you will earn a lower standard APY.
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 certificates of deposit
Pros
-
Rates range from decent to competitive.
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LendingClub offers all the most common terms of CDs.
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CDs can be opened online.
Cons
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You need at least $2,500 to open a LendingClub CD.
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 Rewards Checking account
Pros
-
The Rewards Checking account pays interest and charges no fees.
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The Rewards Checking account pays 1 percent cash back on signature-based purchases, which is solid for a checking account.
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You can use thousands of ATMs for free, and LendingClub provides unlimited ATM rebates from fees charged by ATM providers.
Cons
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The requirements to earn cash back can be cumbersome.
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Other banks have more competitive checking account yields.
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You need a balance of at least $2,500 to begin earning interest and $100,000 to earn the top APY.
How LendingClub compares to other banks
Compare different account types offered by LendingClub Bank. Annual percentage yields (APYs) shown were updated between Feb. 14, 2025 and Feb. 20, 2025.
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Selected bank
LendingClub Bank savings account
Bankrate score
5.0
Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Ally Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Feb. 14, 2025 and Feb. 20, 2025.
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| 4.50% | 3.70% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,250 | $1,850 | |
| LendingClub Bank offers a LevelUp Savings account that rewards you with a top yield when you make deposits totaling at least $250 per statement cycle. The account has no monthly service fees and no minimum balance required to earn interest, though your savings rate can vary if you don't meet the $250 requirement in a given month. | 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. | |
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APY offering:
4.50%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
3.70%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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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** |
*There’s only a $10 monthly maintenance fee for Tailored Checking business 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. 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.”
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.
The above images were last updated on Jan. 22, 2024.
Review methodology
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
LendingClub Bank has 23 reviews
Dive into community reviews below and see what others think about LendingClub Bank.
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
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