Personal Finance
Advertiser Disclosure

LendingClub Bank Review 2024

lendingclub review

Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created independently from TIME’s editorial staff. Learn more about it.

updated: May 1, 2024

If you're interested in moving some of your money to an online checking account or savings account, LendingClub Bank is one option to consider.

LendingClub Bank, formerly known as Radius Bank, is an FDIC-insured financial institution that offers personal banking services. Savers can earn competitive yields with minimal fees and conveniently access their money at ATMs nationwide. If you're looking for a checking account, CD, personal loan, or auto loan, you can find those here as well.

Wondering if LendingClub Bank might be right for you? This review offers a closer look at the bank’s features and benefits.

Review of LendingClub Bank products

LendingClub Bank is a full-service bank that provides more than one way to manage your money, starting with Rewards Checking. It could be the best checking account for you if you'd like to earn interest on balances and get cash back on purchases.

If you're specifically interested in saving or borrowing, here is what LendingClub Bank's products offer .

LendingClub checking

LendingClub offers a Rewards Checking account that earns unlimited 1% cash back on eligible purchases. This account also pays a modest APY on balances. There are no monthly maintenance fees or minimum balance requirements, and no overdraft fees. LendingClub checking accounts include unlimited ATM fee reimbursements monthly and the option to enroll in direct deposit to be paid up to two days early.


  • Earn unlimited cash back
  • No overdraft fees or maintenance fees
  • Unlimited ATM fee reimbursement


  • APY earned on balances is low
  • No account option for minors

LendingClub high-yield savings accounts (HYSA)

LendingClub's high yield savings account features a competitive interest rate, with no monthly maintenance fees. Savers need $100 to open a savings account but, after that, there's no minimum balance requirement. LendingClub offers a free ATM card, making it one of the best high-yield savings account options if you'd like to easily withdraw or deposit cash.


  • Competitive interest rates
  • No monthly maintenance fee
  • Free ATM card


  • $100 minimum deposit requirement
  • No sub-accounts for specific savings goals (e.g., vacation, home-buying nest egg)

Why we recommend LendingClub Bank high yield savings: competitive interest rates, no monthly maintenance fees or minimum balance requirements, plus convenient access to your savings at ATMs.

Alternative to LendingClub HYSA


Discover® Online Savings Account

Discover® Online Savings Account

Min. deposit
Monthly fee

LendingClub certificate of deposit (CD)

LendingClub offers CDs with maturity terms ranging from six months to five years. CD rates are competitive, with the highest CD rates reserved for the six-month and 12-month terms. A $2,500 minimum deposit is required for a CD and the maximum deposit is $250,000. There are no monthly fees, though an early withdrawal penalty may apply if you take money from your CD ahead of maturity.


  • Multiple CD terms to choose from
  • Competitive CD rates
  • Guaranteed rate of return


  • High minimum deposit requirement
  • Automatic renewal unless you specify otherwise

Why we recommend LendingClub Bank CDs: competitive rates with high maximum deposits, guaranteed rate of return through FDIC-insured savings.

Alternative to LendingClub CD rates

CIT Bank

CIT Bank CD 13 Months

CIT Bank CD 13 Months

Min. deposit
13 months

LendingClub personal loans

LendingClub offers unsecured personal loans of up to $40,000 to eligible borrowers. One of the best personal loans lenders, LengingClub features competitive, fixed rates with terms ranging from three to five years. Once approved, you can get loan funds sent to your bank account or paid to your creditors if you're consolidating debt. There is no prepayment penalty if you decide to pay off your loan early.


  • Generous loan limits
  • Customized loan options
  • Direct payment to creditors
  • No prepayment penalty
  • Apply with a co-borrower


  • Origination fee applies
  • Maximum loan APR is high

Why we recommend LendingClub Bank personal loans: ability to borrow up to $40,000 for just about any purpose, with flexible loan terms and fast funding once approved.

Personal loan alternatives

LendingClub auto loans

LendingClub offers auto loan refinancing for borrowers who are hoping to lower their interest rate and monthly payment. There are no origination fees or prepayment penalties, and you can check your rates online without affecting your credit scores.


  • Low refinance rates
  • No origination fees or prepayment penalties
  • Rates can be checked without affecting credit scores
  • Flexible loan terms


  • Not available in all states
  • No purchase loans

Why we recommend LendingClub auto loans: Competitive auto loan refinancing rates with minimal fees, wide range of loan terms, rate quotes available in minutes.

Auto loan refinance alternatives

Review of overall features


Overdraft fees

Banks can charge overdraft fees when you don't have enough money in your account to cover transactions. LendingClub Bank is one of a handful of banks that have eliminated overdraft fees for their customers.

Non-sufficient funds fees

A non-sufficient funds (NSF) fee is another fee that a bank can charge when there's insufficient money in an account to complete a transaction. Banks can charge an NSF fee without allowing a transaction to go through. LendingClub doesn't charge these fees.

Monthly maintenance fees

As mentioned, there are no monthly maintenance fees for LendingClub Bank's high-yield savings accounts. That's not unusual, as many of the best banks that operate online don't charge these fees.

Wire transfer fees

LendingClub does charge fees for wire transfers. You'll pay $20 for outgoing domestic wire transfers and $40 for outgoing international wire transfers. There are no fees for incoming transfers.

CD early withdrawal penalty

Early withdrawal penalties are designed to prevent savers from taking money out of CD accounts ahead of schedule. LendingClub assesses CD early withdrawal penalties. They are equal to the amount of simple interest earned to date on the amount withdrawn. There's no fee to withdraw CD interest monthly.

Customer experience


LendingClub offers customer support by phone at 1-800-242-0272; you can also get answers to your questions via live chat. Phone and chat support are available Monday through Friday from 8:30 a.m. to 12:00 a.m. ET and Saturday and Sunday from 8:00 a.m. to 8:00 p.m. ET.


You can manage your LendingClub accounts online or through the bank's mobile app. There are two full-service LendingClub ATMs located in Boston. You can also make deposits, withdraw cash, or complete other transactions without incurring a surcharge at more than 37,000 MoneyPass and SUM® ATM locations nationwide.


The LendingClub website is easy to navigate. You can log in to view your account details, schedule transfers between accounts, download statements, or pay bills. The same features are available in the LendingClub mobile banking app. You can also make personal payments through the app, which is convenient if you need to send money to friends and family.

Security and data protection

LendingClub Bank takes a number of precautions to protect customer data, including the use of Secure Socket Layer (SSL) encryption. You can protect your account further by setting up alerts to notify you of new login attempts, password changes, or banking transactions. LendingClub does not sell its customers personal information.

History and reputation

LendingClub Bank was established in 2021, after LendingClub acquired Radius Bancorp and its digital subsidiary, Radius Bank. LendingClub's history dates back further, to its incorporation in 2007. In its early stages, the company's primary focus was lending, and it remains a leading digital marketplace for personal loans and auto loans. In 2022, the company had a total net revenue of $1.2 billion.

In 2021, LendingClub agreed to pay $18 million to settle charges from the Federal Trade Commission regarding hidden fees for its loan products. The FTC had previously sued the company in 2018 over what it determined to be unfair and deceptive loan practices.

To date, LendingClub has not reported any data breaches. The company received a score of 723 in J.D. Power's 2022 U.S. Consumer Lending Satisfaction Study, just below the average score of 730.

Who is LendingClub Bank for?

LendingClub Bank could be a good fit for savers who are interested in earning competitive rates with minimal fees. The Rewards Checking account might also appeal to anyone who'd like to earn interest on checking while also getting cash back on purchases. LendingClub Bank CDs may not be ideal for people who don't have at least $2,500 to save.

Is LendingClub Bank FDIC-insured?

Yes, LendingClub is an FDIC-insured bank. Deposits are protected up to $250,000 per account owner, per qualifying account. Insured accounts include checking accounts, savings accounts, and CD accounts.

World presence

LendingClub is headquartered in San Francisco and has two full-service ATM locations in Boston. The main LendingClub Bank office is located in Lehi, Utah, and there is another bank branch in Boston. Again, customers are able to access their accounts at MoneyPass and SUM® ATM locations nationwide.

How does LendingClub Bank compare

High-yield savings accounts
Certificates of deposit (CDs)
Checking accounts
Investment accounts
Money market accounts

Frequently asked questions (FAQs)

Is LendingClub a real bank?

Yes, LendingClub is a legitimate bank that offers banking services and loans. LendingClub was formed in 2021, following the acquisition of Radius Bank.

Is LendingClub a good online bank?

LendingClub is a good online bank for people who are looking for checking accounts, savings accounts, and CDs that earn competitive rates. It's also fee-friendly, with no monthly fees or overdraft fees.

Is LendingClub shutting down?

LendingClub continues to offer banking and lending services to millions of customers. LendingClub did shut down its peer-to-peer lending platform but continues to offer personal loans and auto loans.

Is it hard to get approved for a LendingClub loan?

If you're interested in getting a personal loan from LendingClub, your credit scores and income can carry a lot of weight. It's easier to be approved when you have a higher credit score. You also have a better chance of qualifying for the lowest loan rates.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.