About LendingClub Bank
Lending Club Bank is an online-only Utah-based bank that was initially launched on Facebook as a peer-to-peer lending company. At its peak in 2015, it was the world's largest peer-to-peer lending company. It acquired Radius Bank in 2020 and turned its focus to banking products.
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LendingClub Bank Overview
LendingClub Bank is an online-only bank that offers competitive yields on its CDs and savings accounts, with the one exception being its checking account, which offers a yield at or near the national average for checking accounts. Most of its savings and checking accounts have a low minimum opening deposit and no monthly service charge. They offer ATMs through the MoneyPass and SUM networks, which operate more than 37,000 ATMs nationwide.
| No monthly service charges for many accounts. | The checking account offers a low APY. |
| No minimum opening deposits. | CDs require a $2,500 minimum opening deposit. |
| Highly competitive APYs for its savings and CD accounts. | |
| Uses the MoneyPass and SUM networks of more than 37,000 ATMs nationwide. | |
| 1% cashback with Rewards Checking account. |
LendingClub Bank Product Offerings
Savings Accounts
LendingClub Bank has one personal and one business high-yield savings account. These accounts do not require a minimum opening deposit, nor do they assess a monthly service charge. Both accounts offer highly competitive APYs and debit cards to make withdrawals easy and convenient. Here are the latest savings account details for April 2025:
Checking Accounts
LendingClub Bank offers two checking accounts: Rewards Checking and Tailored Checking. Both accounts offer a debit card and unlimited transactions. Both accounts offer APYs at or below the national average for checking accounts, which currently stands at 0.01%. Here are the latest account details for April 2025:
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. LendingClub Bank CDs with terms ranging from six months up to five years, all with highly competitive APYs. Here are some of their best CD offerings for April 2025:
Bank Fees
Overdraft fee: None
Savings and Money Market Account withdrawals: None
Account closure fee: None
Wire transfer fee: Domestic - Incoming is $0 and outgoing is $20; International - Incoming is $0 and outgoing is $40
Non-network ATM fee: None
Monthly service charge: None
Stop payment fee: $25
Paper statement fee: None
Expedited ATM/Debit Card fee: $35
LendingClub Bank Features
LendingClub Bank is available via phone or chat on weekdays from 8 a.m. to 8 p.m. EST. They have an easy-to-use website and mobile app to manage all accounts online or on a mobile phone. The bank offers a comprehensive mobile app that, aside from allowing customers to manage their accounts, also includes budgeting tools.
LendingClub Bank FAQs
Our Take
LendingClub Bank is an excellent online-only bank with competitive APYs across all of its products, except its checking account, which is to be expected. The bank does not charge a monthly service charge for any of its accounts except the Tailored Checking Account, which only requires a minimal opening deposit. The accounts that offer a debit card can be used at any of the more than 37,000 MoneyPass and SUM ATMs. The one downside is that accounts can only be funded via bank transfers from other banks. All in all, it is an excellent online-only bank for individuals who want a higher yield but don't mind not being able to visit a branch.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.