LendingClub Bank Review 2022 | NextAdvisor with TIME

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Good for communicating

LendingClub Bank Review

Bank LendingClub

Editor’s note: (3.83/5)

Good for communicating

LendingClub Bank Review

Editor’s note: (3.83/5)


LendingClub is a solid choice for its high interest rates, top-notch customer service, and robust mobile app. It offers a high-yield savings account and traditional CDs at competitive rates. LendingClub also offers personal loans, life insurance, rewards checking account, and auto loan refinance.

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  • Optional debit card for savings account
  • High APYs
  • Link external bank accounts on the mobile app to track your money in one place
  • Unlimited ATM fee refunds

The inconvenients

  • Must meet certain requirements to earn money in the checking account
  • Maintain at least $2,500 to earn checking account interest and $100,000 to earn the best APY
  • Minimum deposit of $100 required on savings accounts
  • Minimum deposit of $2,500 required for CDs

Additional Details

  • Paycheck deposits up to two days earlier when you set up direct deposit to your checking or savings account
  • Manage budget, spending habits, debt repayment and net worth with LendingClub’s online portal and mobile app
  • Personal loans, car loan refinance and health care payment plans
  • Only traditional CDs are available
  • No money market account option or credit cards
  • Lending Club Bank deposits are FDIC insured

Editorial independence

We analyze and review banks without the influence of partnerships or advertising relationships. For more information on our scoring methodology, click here.

Complete LendingClub Bank Review

Compared to other banks, LendingClub offers a limited number of banking products, but still scores highly for customer service, competitive interest rates, and various communication methods. LendingClub streamlines your money management by linking external bank accounts and tools to track your debt, spending habits, and net worth online and on the mobile app. LendingClub is online-only banking, but has ATMs nationwide, including two full-service ATMs in Boston.

Savings accounts

LendingClub has one of the highest interest rates available from our top high yield savings accounts. There are no monthly fees or permanent minimum balance requirements, but you will need to deposit at least $100 upon opening. When you open your online savings account, you can deposit funds using ACH transfer or your debit card.

The savings account also comes with an optional free debit card and you can manage your account online or through the bank’s mobile app.

Certificates of deposit

LendingClub offers fewer types of CDs compared to other banks. Only traditional CDs are available and the durations vary between one year, 18 months, 24 months, three years and five years. The minimum deposit required is $2,500 and your deposits are FDIC insured.

If you withdraw before your CD matures, you will pay a penalty. When your CD matures, you’ll have 10 days to make additional deposits or withdraw your money before it automatically renews.

Verify Accounts

LendingClub rewards verification requires at least a $25 opening deposit. There are no monthly maintenance, overdraft, incoming wire transfer or ATM fees. LendingClub will reimburse you for unlimited ATM fees that other banks may charge.

The account offers 1% cash back on your purchases, but there are some restrictions. You must have the account open for at least 30 days and have at least $2,500 in direct deposits or maintain an average balance of $2,500 or more in your account. You’ll need to select “credit” instead of “debit” at in-store checkout to ensure your purchases are eligible.

You can also earn interest with LendingClub checking accounts. You’ll earn interest on balances over $2,500 and a higher rate on balances over $100,000. Another big plus is that when you set up direct deposit, you can be eligible to receive your paycheck up to two days earlier.

Others products

Besides checking accounts and savings accounts, LendingClub offers other financial products for borrowing money.

Personal loans

You can borrow up to $40,000 from LendingClub as a personal loan. LendingClub personal loans have fixed (but potentially very expensive) interest rates, ranging from 8.30% to 36.00% APY, and terms of 3 to 5 years. Before opening a personal loan with LendingClub, you should do your research and compare other options because the potential interest is incredibly high.

Car loans

You can refinance your car with LendingClub to potentially lower your monthly payment. APRs range from 2.99% to 24.99%, depending on your credit, and you should ensure your vehicle is eligible before applying. You will not be charged origination fees or prepayment penalties if you are approved. LendingClub will also reimburse your lender once you have been approved for refinancing.

Client experience

LendingClub ranks highly for its customer service and communication options.

LendingClub’s app has an average of 4.4 out of 5 on the App Store and 3.6 out of 5 on Google Play. Customers highlight the app’s mobile deposit functionality, responsiveness, and simplified online banking. However, some say it is not easy to handle bank transfers and there are some issues. LendingClub developers respond to member reviews and say they plan to make improvements.

LendingClub offers customers several ways to get help, depending on the type of account. You can contact LendingClub by mail, phone, or live online chat for assistance. You can also check the Online Banking FAQs for answers to questions about accounts. LendingClub’s social media, however, is not used for customer communication, and there is no email address for support.


LendingClub has a Website Accessibility Policy which states that it is “actively taking steps to improve its website” for increased accessibility. You can email feedback and questions about LendingClub accessibility.

However, the bank’s accessibility efforts aren’t as thorough as some of the other banks we’ve reviewed, with accessibility audits completed, dedicated teams focused on inclusivity and meeting compliance guidelines at web accessibility.

Is LendingClub for you?

If you are looking for competitive interest rates to save or want the ability to earn money from your current balance, LendingClub may be a good choice. There are limited account options depending on your financial needs, but it offers consistent customer service and competitive interest rates compared to other banks.

One of LendingClub’s standout features is its solid online account management and mobile app. The bank offers tools to help you track your financial goals, whether you’re paying off debt or increasing your net worth. Plus, you can connect external bank accounts and set up direct deposit to receive your paycheck two days early.

We appreciate that LendingClub does not charge monthly maintenance fees for checking or savings, or overdraft fees, and you will be reimbursed for ATM fees. You can even access your savings account via debit card.

However, LendingClub does not offer money market accounts, credit cards, or other popular banking products that other banks offer, such as different types of CDs. Additionally, many accounts have requirements for high minimum deposits or to earn interest and rewards. And it’s an online-only bank, so if you prefer in-person transactions, you should consider other options for your financial needs.

LendingClub Bank FAQs

Does LendingClub charge ATM fees?

No, LendingClub does not charge ATM fees and will reimburse you for ATM fees charged by other banks.

How much does LendingClub charge for bank transfers?

LendingClub charges $25 for outgoing wire transfers, but incoming wire transfers are free.

Does LendingClub offer debit cards?

Yes, LendingClub offers a debit card for its savings and checking accounts.

Is LendingClub an online-only bank?

Yes, LendingClub is an online bank only.

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