Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
How LendingClub bank accounts compare
Overall bank rating
Pros and cons
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
3.25%
Minimum Deposit Amount
$100
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
3.25%
Minimum Deposit Amount
$100
Details
Annual Percentage Yield (APY)
3.25%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
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
Annual Percentage Yield (APY)
Up to 0.15%
Minimum Deposit Amount
$100
LendingClub Rewards Checking Account
Annual Percentage Yield (APY)
Up to 0.15%
Minimum Deposit Amount
$100
Details
Annual Percentage Yield (APY)
Up to 0.15%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
The LendingClub 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% annual percentage yield (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
Annual Percentage Yield (APY)
4.00% to 4.10%
Minimum Deposit Amount
$2,500
LendingClub Certificate of Deposit
Annual Percentage Yield (APY)
4.00% to 4.10%
Minimum Deposit Amount
$2,500
Details
Annual Percentage Yield (APY)
4.00% to 4.10%
Minimum Deposit Amount
$2,500
Pros & Cons
Highlights
LendingClub CDs 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 0.50% if your balance is below $1,500.
If you want a rewards account that offers a high interest 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
Yes, LendingClub is FDIC insured. If you have an individual bank account, up to $250,000 is protected and federally insured.
LendingClub acquired online bank Radius Bank in February 2021. LendingClub offers new accounts, which have similar features and offerings to Radius Bank’s accounts.
Related Post
Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
How LendingClub bank accounts compare
Overall bank rating
Pros and cons
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
3.25%
Minimum Deposit Amount
$100
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
3.25%
Minimum Deposit Amount
$100
Details
Annual Percentage Yield (APY)
3.25%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
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
Annual Percentage Yield (APY)
Up to 0.15%
Minimum Deposit Amount
$100
LendingClub Rewards Checking Account
Annual Percentage Yield (APY)
Up to 0.15%
Minimum Deposit Amount
$100
Details
Annual Percentage Yield (APY)
Up to 0.15%
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
The LendingClub 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% annual percentage yield (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
Annual Percentage Yield (APY)
4.00% to 4.10%
Minimum Deposit Amount
$2,500
LendingClub Certificate of Deposit
Annual Percentage Yield (APY)
4.00% to 4.10%
Minimum Deposit Amount
$2,500
Details
Annual Percentage Yield (APY)
4.00% to 4.10%
Minimum Deposit Amount
$2,500
Pros & Cons
Highlights
LendingClub CDs 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 0.50% if your balance is below $1,500.
If you want a rewards account that offers a high interest 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
Yes, LendingClub is FDIC insured. If you have an individual bank account, up to $250,000 is protected and federally insured.
LendingClub acquired online bank Radius Bank in February 2021. LendingClub offers new accounts, which have similar features and offerings to Radius Bank’s accounts.
