Table of Contents

LendingClub: 2024 Banking Review

A one-stop shop for banking and loan products.

Why You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .

LendingClub is a digital marketing bank founded in 2007 that offers a robust set of financial services from checking and savings accounts to personal loans.

With more than 4 million members, this San-Francisco-based online-only bank is a one-stop shop for those who are comfortable managing all of their retail banking needs via mobile app, but enjoy the option of contacting customer service through an online chat session or phone call when personal assistance is required.

What we like

  • No fees: There are no fees for standard services such as minimum balances, overdraft or monthly maintenance fees. 
  • Robust mobile banking app: Access money and banking features anywhere via the mobile app. LendingClub app allows customers to manage all transactions that would be handled through traditional banks.
  • Supports cash deposits: LendingClub customers can make cash deposits at any MoneyPass or NYCE ATM that accepts deposits.

What we don’t like

  • No physical branches: Customers can only access assistance via mobile device or telephone support. 

LendingClub products


LendingClub offers a free checking account called Rewards Checkings. There’s no minimum deposit required to open an account, no minimum balance required to avoid monthly maintenance fees and no overdraft fees. The account pays a small annual percentage yield of 0.10% when a balance of $2,500 is maintained. The account also earns 1% cash back on credit purchases made with LendingClub’s debit card when $2,500 in direct deposits are made and a monthly balance of $2,500 is maintained.


Checking Account Features


APY 0.10%
Minimum balance $0
Monthly fee $0


Note: APYs shown below are as of Oct. 17, 2022



  • No fees: There are no fees for standard services such as minimum balances, overdraft fees or monthly maintenance fees.

  • Unlimited ATM Rebates: Customers can use any ATM and receive unlimited rebates of fees charged by out-of-network ATMs.

  • Supports cash deposits: LendingClub customers can make cash deposits at any MoneyPass or NYCE ATM that accepts deposits.

  • Early deposits: Customers receive paychecks by direct deposit up to two days early.


  • High balance required to earn interest: Account holders must maintain a balance of $2,500 to earn interest.

  • Low interest rates: Checking accounts pay higher yields at other banks.


The high-yield savings account consistently pays a competitive interest rate. The highest rate is applied to any balance. Open an account with a $100 minimum deposit online or through the mobile app. Free ATM cards are available upon request.


Savings Account Features


APY 3.12%
Minimum balance $100



  • No fees: There are no fees for standard services such as minimum balances, overdraft or monthly maintenance.

  • Low minimum deposit: An account can be opened with a minimum of $100.

  • Optional ATM card. A free ATM card is available upon request.


  • No youth savings account. Minors under age 18 can’t open savings accounts.


LendingClub offers a traditional certificate of deposit account with five different terms ranging from one to five years. APYs offered on CDs are competitively priced. There’s a minimum $2,500 deposit required to open a CD and it automatically renews with a 30-day grace period.


CD Account Features


1-year APY 3.50%
18- month APY 3.60%
24-month APY 3.70%
3-year APY 3.70%
5-year APY 3.70%
Minimum deposit $2,500
Early withdrawal penalty Amount equal to simple interest earned to date



  • Competitive APYs: LendingClub CDs are among the highest yielding CDs available compared with other banks

  • Variety of terms: LendingClub offers a decent variety of CD terms to choose from


  • High minimum deposit: A higher minimum deposit is required to open an account than at many other competitors.

  • Restrictive early withdrawal penalty: The penalties charged are higher than other banks.

Banking experience

LendingClub doesn’t have physical branches, but customers can manage their accounts online or through its mobile app, link external accounts, create a budget and view their net worth. Customer service offers extended hours via live chat and toll-free telephone assistance. 

Overdraft fees

LendingClub doesn’t charge overdraft fees.

Customer Service

Customer service is available through LendingClub’s website or a toll-free phone number: 888-596-3157. You can reach customer service Monday to Friday from 5 a.m. PT to 5 p.m. PT, and 8 a.m. PT to 5 p.m. PT on Saturdays.

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Advertiser Disclosure

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

Editorial Guidelines

Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.

How we make money

CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.