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LendingClub is a digital marketing bank founded in 2007 and offers a powerful suite of financial services. Checking When savings account to personal loans.
lending club
With over 4 million members, this San Francisco-based online-only bank is a one-stop-shop for managing all your retail banking needs from the comfort of a mobile app, but with the option to contact customer service online. . Chat session or phone call if you need personal assistance.
what we like
- free: Standard services such as minimum balance, overdraft and monthly maintenance fees are free.
- Robust Mobile Banking App: Access your money and banking features from anywhere with our mobile app. The LendingClub app allows customers to manage all transactions processed through traditional banks.
- Support cash deposit: LendingClub customers can make cash deposits at any MoneyPass or NYCE ATM that accepts deposits.
dislike
- No physical branch: Customer may only access support via mobile device or phone support.
Check Account Review
LendingClub is free checking account It’s called reward checking. There is no minimum deposit required to open an account, no minimum balance required to avoid monthly maintenance fees, and no overdraft fees. If a balance of $2,500 is maintained, the account pays a small annual yield of 0.10%. Accounts will earn 1% cash back on credit purchases made with a LendingClub debit card when $2,500 is made in direct deposit and a balance of $2,500 is maintained each month.
Note: The APYs shown below are current as of October 17, 2022. The editorial team at CNET’s sister site, Bankrate, updates this information regularly, usually bi-weekly. APY may have changed since the last update and may vary by region for some products. Bankrate listings include only FDIC banks or NCUA credit unions.
Check account functionality
|
APY |
0.10% |
|---|---|
|
minimum balance |
$0 |
|
Monthly |
$0 |
what we like
- free: Standard services such as minimum balance, overdraft fees, and monthly maintenance fees are free.
- Unlimited ATM Rebates: Customers can use any ATM and receive unlimited rebates on fees charged at ATMs outside the network.
- Support cash deposit: LendingClub customers can make cash deposits at any MoneyPass or NYCE ATM that accepts deposits.
- Initial Deposit: Customers can receive their salary up to two days in advance by direct deposit.
dislike
- High balance required to earn interest: Account holders must maintain a balance of $2,500 to earn interest.
- Low interest rate: A checking account pays a higher yield than other banks.
Review of savings account
of high yield savings account Pays consistently competitive interest rates. The highest rate applies to any balance. Open an account with a minimum deposit of $100 online or via the mobile app. A free ATM card is available on request.
Features of a savings account
|
APY |
3.12% |
|---|---|
|
minimum balance |
$100 |
what we like
- free: Standard services such as minimum balance, overdraft and monthly maintenance are free.
- Low Minimum Deposit: Accounts can be opened from as little as $100.
- Optional ATM card. A free ATM card is available on request.
dislike
- I don’t have a youth savings account. Minors under the age of 18 cannot open savings accounts.
CD account review
LendingClub is a traditional certificate of deposit Create accounts in five different terms that range from . 1 To 5 yearsAPY on CD is competitively priced. A minimum deposit of $2,500 is required to open the CD and will automatically renew after a 30 day grace period.
Features of CD accounts
|
1 year APY |
3.50% |
|---|---|
|
18 months APYs |
3.60% |
|
24 months APYs |
3.70% |
|
3 year APY |
3.70% |
|
5 year APY |
3.70% |
|
Minimum deposit amount |
$2,500 |
|
early withdrawal penalty |
Amount equivalent to simple interest to date |
what we like
- Competitive APY: LendingClub CDs are one of the highest yielding CDs compared to other banks.
- various terms. LendingClub has a variety of CD terms to choose from.
dislike
- High Minimum Deposit: They require a higher minimum deposit to open an account than many other competitors.
- Limited Early Withdrawal Penalty: The fines imposed are higher than other banks.
banking experience
LendingClub has no physical branches, but customers can manage their accounts, link external accounts, create budgets, and view their net worth online or via a mobile app. Customer service offers extended hours with live chat and toll-free phone support.
Overdraft fee
LendingClub does not charge overdraft fees.
customer service
Customer service is available through the LendingClub website or toll-free phone number (888-596-3157). You can contact customer service Monday through Friday from 5:00 am to 5:00 pm and Saturday from 8:00 am to 5:00 pm.
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