At a glance

4.6

Bankrate Score

CDs

Checking

Savings

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

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

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 top-tier APY 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

5.30% APY

APY last updated between 9/29 and 10/5.

$0 minimum balance for APY

$0 minimum deposit to open

LendingClub Bank savings overview

LendingClub's LevelUp Savings account earns a very high yield, as long as you make deposits totaling at least $250 in a month. The bank does not charge monthly fees, and the account doesn't require a minimum balance to earn a lower standard APY, making it an appealing option for many savers who like to bank online.

Pros

There is no minimum deposit requirement to open the LevelUp Savings account.
LendingClub does not charge monthly fees on its account.
Savers can easily earn a very competitive APY by making a $250 monthly deposit.
You can make your opening deposit with a debit card.

Cons

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 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

APY last updated between 9/29 and 10/5.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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

LendingClub Bank

APY

APY last updated between 9/29 and 10/5.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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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

APY last updated between 9/29 and 10/5.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing 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

APY last updated between 9/29 and 10/5.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

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 with qualifying direct deposits.

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

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 from 8 a.m. to 8 p.m. ET, Monday through Saturday.

Bankrate staff insights

“I chose Lending Club 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.

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 Sept. 29, 2024 and Oct. 5, 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 Bankrate score Rating: 0 stars out of 5 N/A Bankrate Savings rating = 0.0/5 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	Search for or select a bank: 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 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 Sept. 29, 2024 and Oct. 5, 2024.
5.30%	N/A
Minimum balance for APY
$0.00	N/A
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.
$2,650	N/A

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.	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.

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. You can make your opening deposit with a debit card.	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
To earn the LevelUp 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.	You can’t only open a savings account at SoFi – you need to open both a checking and savings account.	N/A

Bankrate does not currently track additional product details for this bank.	Bankrate does not currently track additional product details for this bank.	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	Search for or select a bank: 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 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 Sept. 29, 2024 and Oct. 5, 2024.
4.70%	4.30%
Minimum deposit
$2,500.00	$2,500.00
Term
10 mos	9 mos

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

Bankrate does not currently track additional product details for this bank.	Bankrate does not currently track additional product details for this bank.	Bankrate does not currently track additional product details for this bank.

Selected bank LendingClub Bank checking account Bankrate score Rating: 0 stars out of 5 N/A Bankrate Checking rating = 0.0/5 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	Search for or select a bank: 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 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 Sept. 29, 2024 and Oct. 5, 2024.
N/A	0.50%
Minimum balance to open
N/A	$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 Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	LendingClub Bank APY APY last updated between 9/29 and 10/5. APY last updated between 9/29 and 10/5	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
10/03/2024	5.30%	0.59%
10/01/2024	5.00%	0.59%
09/03/2024	5.00%	0.61%
08/28/2024	5.30%	0.59%
08/27/2024	5.00%	0.59%
08/21/2024	5.30%	0.59%
05/07/2024	5.00%	0.59%
04/02/2024	5.00%	0.58%
03/05/2024	5.00%	0.57%
02/06/2024	5.00%	0.58%
01/30/2024	4.65%	0.58%
01/25/2024	5.00%	0.58%
01/02/2024	4.65%	0.58%
12/05/2023	4.65%	0.57%
11/28/2023	4.65%	0.60%
11/07/2023	4.50%	0.60%
10/10/2023	4.50%	0.58%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	LendingClub Bank APY APY last updated between 9/29 and 10/5. APY last updated between 9/29 and 10/5	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
10/01/2024	3.40%	1.42%
09/19/2024	3.40%	1.43%
09/03/2024	4.00%	1.43%
08/06/2024	4.00%	1.44%
07/02/2024	4.00%	1.42%
06/04/2024	4.00%	1.43%
04/02/2024	4.00%	1.42%
03/12/2024	4.00%	1.43%
02/06/2024	4.00%	1.42%
12/05/2023	4.00%	1.43%
11/07/2023	4.00%	1.45%
10/10/2023	4.00%	1.46%

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

Bankrate staff insights

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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