LendingClub Bank Review 2022: Good for Customer Service and Streamlined Banking

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Good for Communication
LendingClub Bank Review
Good for Communication
LendingClub Bank Review
  • savings rates icon inactive
    Competitive Rates
  • how to get a personal loan icon inactive
    Minimum Deposit Required
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    ATM Fee Reimbursement

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

NextAdvisor’s Take

  • Optional debit card for savings account
  • High APYs
  • Link external bank accounts on the mobile app to track your money in one spot
  • Unlimited ATM fee reimbursements
  • Must meet certain requirements to earn cash back on checking account
  • Maintain at least $2,500 to earn any interest on checking account, and $100,000 to earn top APY
  • $100 minimum deposit required on savings accounts
  • $2,500 minimum deposit required for CDs

Additional Details

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

Editorial Independence

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

LendingClub Bank Full Review

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

Savings Accounts

LendingClub has one of the highest interest rates available among our best high-yield savings accounts. There are no monthly fees and no ongoing minimum balance requirement, but you will need to deposit at least $100 upon opening. When you open your savings account online, 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 via the bank’s mobile app. 

Certificates of Deposit

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

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

Checking Accounts

LendingClub’s Rewards Checking requires at least a $25 opening deposit. There aren’t any 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 a few restrictions. You must have the account open for at least 30 days and have at least $2,500 worth of direct deposits or keep an average balance of $2,500 or more in your account. You’ll need to select “credit” instead of “debit” at checkout in-store to ensure your purchases are eligible. 

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

Other Products

Aside from checking 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’s personal loans have fixed (but potentially very costly) interest rates, ranging from 8.30% to 36.00% APY, and terms from 3-5 years. Before you open a personal loan with LendingClub, you should do your research and compare other options, since the potential interest is incredibly high. 

Auto 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 make sure your vehicle qualifies before you apply. You won’t be charged origination fees or prepayment penalties if you’re approved. LendingClub will also pay off your lender once you’re approved for refinancing. 

Customer Experience

LendingClub ranks highly for its customer service and communication options. 

LendingClub’s app has an average 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 feature, responsiveness, and simplified online banking. However, some say it’s not easy to handle bank transfers and there are a few glitches. LendingClub developers do respond to member’s reviews and say they plan to make improvements. 

LendingClub has several ways for customers to get assistance, depending on account type. You can reach LendingClub by mail, phone, or live online chat for assistance. You can also check out the bank’s FAQs online to get answers to account questions. LendingClub’s social media, however, is not used for customer communication, and there’s no email address for assistance.


LendingClub has a website accessibility policy which says that it is “actively taking steps to enhance its website” for increased accessibility. You can email LendingClub accessibility feedback and questions.

However, the bank’s accessibility efforts aren’t as thorough as some other banks we’ve reviewed, with completed accessibility audits, dedicated teams focused on inclusivity, and follow Web Accessibility Compliant Guidelines.. 

Is LendingClub Right for You?

If you’re looking for competitive interest rates for savings or want the option to earn money on your checking 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 robust online account management and mobile app. The bank offers tools to help track your financial goals, whether you’re paying off debt or growing your net worth. Plus, you can connect external bank accounts, and set up direct deposit to get your paycheck two days sooner. 

We like that LendingClub doesn’t charge monthly maintenance fees for checking or savings, or overdraft fees, and you’ll be reimbursed for ATM charges. You can even access your savings account via debit card.

However, LendingClub doesn’t offer money market accounts, credit cards, or other popular banking products that other banks do, like different CD types. Plus, many accounts have requirements for high minimum deposits or for earning 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 FAQ

Does LendingClub charge ATM fees?

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

How much does LendingClub charge for wire 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-only bank.