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LendingClub Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
LendingClub Banking LendingClub High Yield Savings
5.00% APY

LendingClub Bank, formerly known as Radius Bank, offers competitive, high-earning interest rates across the board. Its savings account and even one checking account carry rates well over the national average, enabling you to grow your savings pretty substantially. 

LendingClub Bank maintains one branch in Boston. It also has a few branded ATMs and provides access to the MoneyPass® and SUM ATM networks. Otherwise, you’re limited to managing your accounts online and on mobile. 

Products Offered

Product Key Details
Savings Account
  • No monthly fee
  • Earns interest according to balance tiers
Certificates of Deposit
  • $2,500 opening deposit
Checking Account
  • Three account options, with two interest-earning accounts
  • One account with a monthly fee

LendingClub Banking Interest Rate Comparison

LendingClub Bank Bank Overview

LendingClub Bank began in 1987 and holds its headquarters in Boston, Massachusetts. This is also where LendingClub Bank keeps a corporate office, Financial Center, LendingClub Bank ATMs and a full-service Customer Service Department. Its one Financial Center is a cashless branch.

LendingClub Bank operates largely as a virtual bank with most of its capabilities found online. The bank also provides its own app so you can more easily access your accounts on the go. You can open personal and business accounts with LendingClub Bank, with its personal account offerings detailed below. 

LendingClub Bank Account Features

When you bank with LendingClub Bank, you’ll have pretty limited access to a full-service branch. LendingClub Bank checking accounts do include a debit card. Plus, the LendingClub Bank High-Yield Savings account includes an ATM card. You can use these cards fee-free at LendingClub Bank ATMs as well as MoneyPass® and SUM ATMs. You can still use out-of-network ATMs without facing a fee from LendingClub Bank, although the ATM may charge its own fee. 

The bank also offers thorough online and mobile banking features. This includes the ability to deposit checks with your mobile phone camera. The LendingClub Bank Card app also allows you to turn your debit card on and off with just a finger swipe. You can customize account alerts, transaction restrictions, spending caps and more.

Compare LendingClub Banking to Other Competitive Offers

LendingClub Bank High-Yield Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, over the phone and ATMs.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly fee
Current Terms and Rates
  • Account balances $0.01 and over: 5.00% APY 

The LendingClub Bank High-Yield Savings account offers some of the highest online savings interest rates in the industry and at no extra monthly fee.  You’ll need at least $0.01 to earn any interest.

This savings account also includes an ATM card along with easy online and mobile access. With your online account, you can make free internal and external online transfers between accounts.

LendingClub Bank CDs (Certificates of Deposit)

Key Features Details
Minimum Deposit
  • $2,500
Access to Your CD Account Online and mobile.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly fee, but early withdrawal penalties may apply. 
Current Terms and Rates
  • 6 Month: 5.00% APY
  • 1 Year: 5.00% APY
  • 18 Month: 5.00% APY
  • 2 Year: 4.50% APY
  • 3 Year: 4.30% APY
  • 5 Year: 4.00% APY

Certificates of Deposit, or CDs, offer a more structured way of saving and a more guaranteed return. More terms may be available in a bank branch or by contacting customer service. Once you open and fund a CD, you cannot withdraw any of that amount without incurring a penalty or make additional deposits until the end of the term. At the CD’s maturity date, you can withdraw or deposit funds or make term changes to the account.

LendingClub Bank Rewards Checking Account

Key Features Details
Minimum Deposit $25
Access to Your CD Account Online, mobile, over the phone and debit card.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly fee. 
Current Terms and Rates
  • Balances of $2,500 to $99,999.99: 0.10% APY
  • Balances of $100,000 and up: 0.15% APY

The LendingClub Bank Rewards Checking account works best for customers with higher balances. You’ll need at least $25 to open the account and at least $2,500 to start earning interest at the lower level. A higher balance of $100,000 and up can earn at an even higher APY of 0.15%. Plus, when you use your debit card for purchases, you'll earn unlimited 1.00% cash back. 

You must enroll in Online Banking, receive eStatements and receive a debit card from LendingClub Bank in order to qualify for this account. You’ll need to meet these requirements within two months after opening the account. Otherwise, the account will revert to a Free Checking account. 

Where Can I Find LendingClub Bank?

You can find LendingClub Bank mostly online and through its mobile app. Physically, you can find LendingClub Bank in Boston at its corporate office, one Financial Center and at a handful of LendingClub Bank ATMs.

What Can You Do Online With LendingClub Bank?

You can do just about all you need with LendingClub Bank. You can open most accounts online, fund accounts, make transfers, check on your balances and more. 

You can also perform many of these actions and transactions on mobile, whether in your mobile browser or on the LendingClub Bank app. 

How Do I Access My Money?

You can access your money in a few ways. If you live nearby, you can visit the bank’s one branch or few ATMs. To access cash, you can use any MoneyPass® and SUM ATMs for free. 

Otherwise, you can access your accounts easily and conveniently online and on mobile.

How Can I Save More Money With a LendingClub Bank Account?

While LendingClub Bank has incredibly high rates, you can save the most money with high account balances. Each account has some balance requirement to earn interest at all. However, the best rates are reserved for the highest balances. 

You’ll also be able to save money by sticking to in-network ATMs. This includes LendingClub Bank, MoneyPass® and SUM ATMs throughout the country. That way, you can avoid any ATM surcharges. 

What’s the Process for Opening an Account With LendingClub Bank?

You can easily open most LendingClub Bank accounts online simply by clicking an “Apply Now” button. You’ll need to provide personal information like your email address and Social Security number. You will also have to make your initial minimum deposit at opening. The whole application process should take 10 or fewer minutes. 

What’s the Catch? 

Perhaps the biggest catch for potential customers is the lack of physical branches. You’ll have to be comfortable banking almost entirely online to work with LendingClub Bank. You’ll still have access to cash through its ATM networks, but customers won’t be able to visit a local branch unless you’re in Boston. 

Another catch to LendingClub Bank savings is the high balances required for the best rates. To earn substantial savings, you’ll need balances of at least $2,500 for the bank’s savings and checking accounts. 

Bottom Line

LendingClub Bank certainly has some compelling products with its sky-high interest rates. Just be careful of each account’s minimum balance requirements to open and to earn interest as these minimums can reach pretty high. Luckily, you won’t have to worry about a pesky monthly fee with any LendingClub Bank accounts.

Save more with these rates that beat the National Average
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