Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
-
LendingClub Rewards Checking Account -
LendingClub High-Yield Savings Account
-
LendingClub CD
Overall bank rating
| Feature | Insider (rating out of 5) |
| Savings | 4 |
| Checking | 4.25 |
| CD | 3.75 |
| Trustworthiness | 3.5 |
| Total | 4 |
Pros and cons
| Pros | Cons |
|
|
LendingClub High-Yield Savings Account
The LendingClub High-Yield Savings Account is an excellent option if you are looking for an account with no monthly service fee and that offers an ATM card. You'll also earn a much higher interest rate than the average savings account.
Compare Today's Savings Rates
Read Insider's guide to the best savings accounts »
LendingClub Rewards Checking Account
The LendingClub Rewards Checking Account is a well-rounded checking account. It has no monthly service fee 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 signatured-based purchases. If you want to earn the highest APY, you'll need to have an account balance of $100,000 or higher.
LendingClub CD
LendingClub CDs range from six months 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 3.8 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 prioritize in a rewards checking account.
The LendingClub Rewards Checking Account allows you to earn 1% cash back on an unlimited number of signature-based purchases, but you'll need to maintain an account balance of $2,500 or more.
In comparison, Axos Bank lets you earn up to $2,000 in cash back per month on signature-based debit card transactions, but you'll need to maintain an average daily balance of at least $1,500. Otherwise, you'll get 0.50% in cash back for the month 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 of purchases if you keep at least $2,500 in your account.
Meanwhile, Quontic Bank lets you earn 1.50% cash back on up to $2,000 in debit card purchases 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.
See Insider's list of the best savings accounts »
Frequently asked questions
LendingClub is a personal loan provider and online bank.
LendingClub is FDIC-insured. Up to $250,000 per depositor is safe in LendingClub bank accounts.
LendingClub acquired online bank Radius Bank in February 2021. LendingClub offers new accounts, which have similar features and offerings to Radius Bank's accounts.
Lendingclub is featured in our best online high-yield savings account guide.
LendingClub's savings account offers a competitive interest rate that's higher than what you would find at most brick-and-mortar and online banks right now. The LendingClub High-Yield Savings Account pays 4.50% annual percentage yield (APY). It also doesn't charge monthly service fees and offers a free ATM card.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.