At a glance

4.6

Bankrate Score

CDs

Checking

Savings

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 Fees

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Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 5/2/2024

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min. balance for APY

View offer

Promoted offer:

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 5/2/2024

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.

$0

Min. balance for APY

View offer

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

LendingClub Bank offers a competitive yield on its high-yield savings account.
The bank charges no monthly fees on many of its products.
Checking account holders with direct deposit can receive their paychecks up to two days early.
LendingClub Bank’s Rewards Checking account doesn’t have NSF (nonsufficient funds) fees or overdraft fees.
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.

We want to know what you think about LendingClub

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

LendingClub Bank banking products

4.9

Bankrate Score

Compare top savings rates

FEATURES

5.00% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 5/2/2024

$100 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

There are no monthly fees.
Only $100 is needed to open an account.
Savers will enjoy the competitive APY being offered.
You can make your opening deposit using a debit card.

Cons

Some banks don’t require a minimum opening deposit.
LendingClub charges a $35 fee for expedited delivery of ATM/debit cards.

Rate history for LendingClub Bank'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

How do we get this data?

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

How do we get this data?

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 5/2/2024

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min balance for APY

View offer

Promoted offer:

4.3

Bankrate Score

Compare top CD rates

FEATURES

4.00% – 5.15% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 5/2/2024

$2,500 minimum deposit to open

6 months – 5 years

LendingClub Bank CD overview

LendingClub Bank offers six terms of CDs, ranging from a six-month CD to a five-year CD. The interest rates for all terms are competitive, and you need to deposit at least $2,500 to open the account.

LendingClub’s CDs are subject to early withdrawal penalties. For terms of one year or less, the penalty is 90 days simple interest. For terms greater than one year, the penalty is 180 days simple interest.

Pros

Rates are competitive.
LendingClub offers all the most common terms of CDs.
CDs can be opened online.

Cons

You need at least $2,500 to open a LendingClub CD.
You can’t deposit more than $250,000 when opening a CD at LendingClub Bank.

Rate history for LendingClub Bank'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

Term length

How do we get this data?

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

Term length

How do we get this data?

4.8

Bankrate Score

Compare top checking rates

LendingClub Bank checking overview

LendingClub Bank's Rewards Checking account requires just $25 to open. Account holders earn 1 percent cash back on signature-based purchases when using a debit card by either maintaining a $2,500 balance or depositing at least $2,500 each month.

A $2,500 balance is required to earn interest on the account.

LendingClub Bank also offers access to thousands of ATMs through the MoneyPass and SUM ATM networks. It charges no ATM fees and refunds fees incurred at out-of-network ATMs.LendingClub Bank’s checking accounts let customers receive their paychecks up to two days early, provided they have signed up for direct deposit.

Pros

The Rewards Checking account pays interest and charges no fees.
The Rewards Checking account pays 1 percent cash back on signature-based purchases.
You can use thousands of ATMs for free.

Cons

The requirements to earn cash back can be cumbersome.
Other banks have more competitive checking account yields.
You need a balance of at least $100,000 to earn the top APY.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 5/2/2024

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.

$0

To open

$0

To avoid fees

View offer

Compare more: Bankrate's best CD rates

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.

Find out: Tips to avoid common bank fees

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.

Features

Screen view

Desktop Mobile

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

Featured customer reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.

ZamZam92

Apr 1, 2023

Are high yield savings accounts like Lending Club, legit?

I’ve had an account with LendingClub for about a year now and I’ve parked all my emergency savings in it. I’ve had no issues at all. It’s kinda surprising to me that more people don’t recommend them. Their app is ok too.

via Reddit

SweetTeaRex92

Apr 1, 2022

I have had so many technical errors

They have really good perks, but I can never log into my account. I have had to call their customer service line over 4 times. I've never dealt with a more broken net code for a bank.

via Reddit

Our editor's take

LendingClub offers yields much higher than many big institutions, and you don’t have to jump through hoops to get that competitive APY. Many consumers remain at big banks, which they’ve been at for a long time, without realizing there are much higher yields easily available elsewhere.

Persistent technological issues can bog down your banking experience, especially at online-only institutions. Customers with persistent issues like these within the website or mobile app should attempt troubleshooting with their bank. If the issue persists, it may be worth examining your hardware, in case that’s the root cause of the problem.

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

Compare different account types offered by LendingClub Bank. Annual percentage yields (APYs) shown were updated between April 25, 2024 and May 1, 2024.

Selected bank LendingClub Bank savings account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Savings rating = 4.9/5 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 SoFi savings account Member FDIC Bankrate score Rating: 5 stars out of 5 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. Read review	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. Read review
APY
5.00%	4.60%
Minimum balance for APY
$0.00	$0.00
Estimated earnings
$1,250	$1,150

LendingClub Bank offers a High-Yield Savings Account that has a top-tier APY. You’ll only need $100 to open this account, and it doesn’t charge any monthly service fees.	SoFi Bank has a competitive annual percentage yield on its savings account. You’ll need to open both a checking and savings account at SoFi. And setting up a direct deposit is required to earn the bank’s top APY.

LendingClub Bank offers a savings account with a very competitive yield. You only need a minimum of $100 to open a LendingClub savings account. There are no monthly fees.	SoFi offers a competitive annual percentage yield on its savings account. SoFi Bank’s savings account doesn’t have a monthly service fee.	N/A
Some other banks don’t require a minimum opening deposit for their savings accounts. Accounts can only be opened online.	You can’t only open a savings account at SoFi – you need to open both a checking and savings account.	N/A

APY offering: 5.00% 5/5 Minimum balance to earn interest: $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: 4.60% 5/5 Minimum balance to earn interest: $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	Bankrate does not currently track additional product details for this bank.

Selected bank LendingClub Bank CD Member FDIC Bankrate score Rating: 4.3 stars out of 5 4.3 Bankrate CD rating = 4.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Sallie Mae Bank CD Member FDIC Bankrate score Rating: 4.4 stars out of 5 4.4 Bankrate CD rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY
5.15%	4.95%
Minimum deposit
$2,500.00	$2,500.00
Term
1 yr	1 yr

LendingClub offers competitive yields on its CDs and there are five terms to choose from. A minimum deposit of $2,500 is required, however.	Sallie Mae Bank offers 11 terms of CDs. But savers will need to look elsewhere if they don’t have at least $2,500 to open one of these CDs.

LendingClub’s CDs earn high APYs. A wide range of terms are available, between six months and five years.	Sallie Mae Bank has nearly every CD needed to build a CD ladder. Sallie Mae Bank offers a competitive yield on its CDs.	N/A
Various other banks require lower minimum deposits on CDs. LendingClub doesn’t offer a no-penalty CD.	You need at least $2,500 to open a Sallie Mae Bank CD. Sallie Mae Bank doesn’t offer CDs with terms less than six months. Sallie Mae Bank doesn’t offer a no-penalty CD.	N/A

APY offering: 5.15% - 1 yr 5/5 Minimum deposit: $2,500.00 3/5 Range of term lengths: 6 mos - 5 yrs 4/5 Early withdrawal penalty: Poor 1/5 Offer no-penalty or bump-up CDs: No 0/5 Offer IRA CDs: No 0/5	APY offering: 4.95% - 1 yr 4/5 Minimum deposit: $2,500.00 3/5 Range of term lengths: 6 mos - 5 yrs 5/5 Early withdrawal penalty: Good 4/5 Offer no-penalty or bump-up CDs: No 0/5 Offer IRA CDs: No 0/5	Bankrate does not currently track additional product details for this bank.

Selected bank LendingClub Bank checking account Member FDIC Bankrate score Rating: 4.8 stars out of 5 4.8 Bankrate Checking rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable SoFi checking account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Checking rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY
0.15%	0.50%
Minimum balance to open
$0.00	$0.00

LendingClub Bank’s Rewards Checking account lets you earn 1 percent back on debit card purchases. It also offers unlimited ATM fee reimbursement, which might be a valuable feature for some. It also could be a time saver if you don’t like searching for an in-network ATM.	SoFi Checking and Savings lets you earn a competitive annual percentage yield and it gives you access to direct deposits up to two days early. The account also lets some customers overdraft by $50 or less without being charged a fee.

As long as you meet the direct deposit or balance requirements, you can earn 1 percent cash back on debit card purchases. The Rewards Checking account has unlimited ATM fee reimbursement. Early direct deposit is offered with this account. The Rewards Checking earns a little interest.	Customers can receive early direct deposits at SoFi Bank. SoFi customers have access to Allpoint network ATMs. SoFi customers earn a very competitive APY. The SoFi checking and savings account doesn’t have fees, which includes overdraft fees.	N/A
You need to keep at least an average balance of $2,500 in the account or have at least $2,500 of direct deposit credits to qualify for the 1 percent cash back. You’ll need at least $100,000 in your Rewards Checking account to earn the top yield.	You can’t just get a checking account – you have to get both a checking and savings account.	N/A

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.

Learn more: Best online banks

LendingClub FAQs

LendingClub Bank is best for customers who are comfortable with an online-only banking experience, though access to money is easy with a large ATM network and out-of-network ATM rebates. LendingClub boasts few fees and high yields on most of their deposit products, making it a good choice for savers.
Yes. LendingClub, though its name has changed over the years, has been around since the late 1980s. LendingClub is a member of the FDIC, which insures up to $250,000 per account type, per depositor.
In 2021, LendingClub paid an $18 million settlement over Federal Trade Commission charges. The FTC alleged that LendingClub “deceived consumers about hidden fees that it charged and about whether their loan applications were approved.”

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.

Date	LendingClub Bank APY	National average APY
04/30/2024	5.00%	0.58%
04/24/2024	5.00%	0.58%
04/23/2024	5.00%	0.58%
04/18/2024	5.00%	0.58%
04/16/2024	5.00%	0.58%
04/09/2024	5.00%	0.58%
04/02/2024	5.00%	0.58%
03/26/2024	5.00%	0.57%
03/19/2024	5.00%	0.57%
03/12/2024	5.00%	0.57%
03/05/2024	5.00%	0.57%
02/27/2024	5.00%	0.58%
02/20/2024	5.00%	0.58%
02/13/2024	5.00%	0.58%
02/06/2024	5.00%	0.58%
01/30/2024	4.65%	0.58%
01/25/2024	5.00%	0.58%
01/23/2024	4.65%	0.58%
01/16/2024	4.65%	0.58%
01/09/2024	4.65%	0.58%
01/02/2024	4.65%	0.58%
12/26/2023	4.65%	0.57%
12/12/2023	4.65%	0.57%
12/05/2023	4.65%	0.57%
11/28/2023	4.65%	0.60%
11/21/2023	4.50%	0.60%
11/14/2023	4.50%	0.60%
11/07/2023	4.50%	0.60%
10/31/2023	4.50%	0.58%
10/24/2023	4.50%	0.58%
10/17/2023	4.50%	0.58%
10/10/2023	4.50%	0.58%
10/03/2023	4.50%	0.58%
09/26/2023	4.50%	0.57%
09/19/2023	4.50%	0.57%
09/12/2023	4.50%	0.57%
09/05/2023	4.50%	0.57%
08/29/2023	4.50%	0.54%
08/22/2023	4.50%	0.54%
08/15/2023	4.50%	0.54%
08/08/2023	4.50%	0.54%
08/01/2023	4.50%	0.54%
07/25/2023	4.50%	0.54%
07/18/2023	4.25%	0.54%
07/17/2023	4.50%	0.54%
07/11/2023	4.25%	0.54%
07/04/2023	4.25%	0.54%
06/27/2023	4.25%	0.49%
06/20/2023	4.25%	0.49%
06/13/2023	4.25%	0.49%
06/06/2023	4.25%	0.49%
05/30/2023	4.25%	0.46%
05/23/2023	4.25%	0.46%
05/16/2023	4.25%	0.46%
05/09/2023	4.25%	0.46%
05/02/2023	4.25%	0.46%

Date	LendingClub Bank APY	National average APY
04/30/2024	4.00%	1.42%
04/23/2024	4.00%	1.42%
04/16/2024	4.00%	1.42%
04/09/2024	4.00%	1.42%
04/02/2024	4.00%	1.42%
03/26/2024	4.00%	1.43%
03/19/2024	4.00%	1.43%
03/12/2024	4.00%	1.43%
02/27/2024	4.00%	1.42%
02/20/2024	4.00%	1.42%
02/13/2024	4.00%	1.42%
02/06/2024	4.00%	1.42%
01/30/2024	4.00%	1.43%
01/23/2024	4.00%	1.43%
01/16/2024	4.00%	1.43%
01/09/2024	4.00%	1.43%
01/02/2024	4.00%	1.43%
12/26/2023	4.00%	1.43%
12/12/2023	4.00%	1.43%
12/05/2023	4.00%	1.43%
11/28/2023	4.00%	1.45%
11/21/2023	4.00%	1.45%
11/14/2023	4.00%	1.45%
11/07/2023	4.00%	1.45%
10/31/2023	4.00%	1.46%
10/24/2023	4.00%	1.46%
10/17/2023	4.00%	1.46%
10/10/2023	4.00%	1.46%
10/03/2023	4.00%	1.46%
09/26/2023	4.00%	1.43%
09/19/2023	4.00%	1.43%
09/12/2023	4.00%	1.43%
09/05/2023	4.00%	1.43%
08/29/2023	4.00%	1.38%
08/22/2023	4.00%	1.38%
08/15/2023	4.00%	1.38%
08/08/2023	4.00%	1.38%
08/01/2023	4.00%	1.38%
07/25/2023	4.00%	1.35%
07/18/2023	4.00%	1.35%
07/11/2023	4.00%	1.35%
07/04/2023	4.10%	1.35%
06/27/2023	4.10%	1.33%
06/20/2023	4.10%	1.33%
06/13/2023	4.10%	1.33%
06/06/2023	4.10%	1.33%
05/30/2023	4.10%	1.30%
05/23/2023	4.10%	1.30%
05/16/2023	4.10%	1.30%
05/09/2023	4.10%	1.30%
05/02/2023	4.10%	1.30%

LendingClub Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about LendingClub

LendingClub Bank banking products

LendingClub Bank savings overview

Pros

Cons

Rate history for LendingClub Bank's Savings account

LendingClub Bank CD overview

Pros

Cons

Rate history for LendingClub Bank's CD accounts

LendingClub Bank checking overview

Pros

Cons

Bank fees

Customer experience

Featured customer reviews

Our editor's take

About LendingClub Bank

How LendingClub compares to other banks

LendingClub vs. SoFi

LendingClub FAQs

Who is LendingClub best for?

Is LendingClub safe?

What did LendingClub get in trouble for?

Review methodology

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