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Financial Rates:
4.0
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Customer Service:
5.0
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Website Experience:
5.0
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Bank Fees:
4.0
Pros:
- Competitive interest rates
- Free Rewards checking account
- Checking account cash back option
- No fees and low opening required amounts
Cons:
- Required account balance for high rates
- Specific stipulation for cash back benefit
- High monthly fee for two checking accounts
- Other accounts have low rates
What You Need to Know
The accounts offered through LendingClub offer competitive interest rates. The high-yield savings account offers rates up to 0.60%. Their checking account earns a lower rate than the savings account, but does offer some interest earning at 0.15%.
LendingClub offers a Rewards checking account. This account does not have monthly maintenance fees. This checking account earns cash back, and interest, if you meet the requirements. It requires $100 to open the account. After you open the account, there are no monthly fees or required amounts to avoid the fees, but a set balance amount to earn the rewards.
With the Rewards checking account, customers can earn up to one percent back on their debit card purchases. The debit card is linked to your Rewards checking account. Purchases made online or in-store are eligible for the cash back option.
Most of the accounts at LendingClub do not have monthly maintenance fees. Once you open the high-yield savings account with $100, there is not a monthly fee or minimum requirement to keep in the account to avoid a monthly fee. The opening required amounts for most accounts are low. The high-yield checking account only requires $100 to open.
The interest rates for the high-yield account is high, but in order to earn that amount, you must keep a set amount in the account. This account requires a balance of $2,500 to be in the account to earn the highest interest amount. Balances that fall below $2,500 will receive a much lower interest rate of 0.05%.
In order to earn the cash back, you must have your account open for 30 days and have $2,500 in the account from direct deposits or another source of income. The credit comes from purchases made online or in the store using your debit card signature option. To earn the cash back option, you MUST choose the credit option instead of the debit option when making your purchase. Transactions made with your PIN are not eligible for the cash back. The money you earn will be credited into your account at the end of each earning period.
The Essential Checking account has a monthly fee of $9. You can waive this fee by keeping a set amount in the account, but this amount is high as well. To waive the monthly fee, you must have at least $5,000 in the checking account at all times. If the account balance falls below $5,000, you will be charged the fee. The Tailored checking account has a monthly fee of $10 if you do not have at least $5,000 in the account.
Not all accounts offer competitive interest rates. The CDs, money market account, and basic savings account do not offer competitive interest rates. Those rates are much lower than the high-yield savings account rates.
Cool Things
Early Direct Deposit Options
LendingClub offers the option to have your direct deposit available to you two days sooner than other banks. If you have their checking accounts and your employer agrees to the terms and conditions, you paycheck could be available up to two days prior to when they would with another bank.
Personal and Business Accounts
LendingClub offers personal and business accounts. The accounts include checking, savings, CDs, and a money market account for businesses. All of the accounts offered through LendingClub can be opened online.
ATM Fee Rebates
If you have the Rewards checking account, you are eligible for ATM fee reimbursement. Fees charged at other ATMs will be credited to your account at the end of your billing cycle.
History
LendingClub started in 2007. It has grown to over 3 million banking customers. They are an online bank and offer personal and business accounts. All of the accounts offered can be opened online.
Awards and Recognition
- "Best Cash Back Checking Account of 2022" by Newsweek magazine
- "Best Online Bank of 2020" by Bankrate
- "Best Online Checking Account of 2020" by Nerdwallet
Giving Back
Alliant helps promote financial education to military veterans. More than 3,600 military personnel have received help with savings plans and debt reduction. These veterans have reduced their debt by 12 percent with the help of Alliant. They also support military foundations. Those include Wounded Warrior Project, USO, and VeteransPlus.
Alliant employees donate to causes around their communities. Those in the Chicago area donated clothes to the Spring Fling Clothing Drive. They helped raise money for the American Heart Association Go Red for Women campaign. Alliant also donated almost $8,000 to the Bears Cares charity. This charity helps disadvantaged children and families.
Frequently Asked Questions
Yes. LendingClub is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
Through ATM or debit cards, direct deposits, online bill pay, or electronic transfers.
Yes. You can make cash deposits at MoneyPass Deposit Taking ATMs and NYCE Shared Deposit ATMs. If you are charged a fee for the deposit, you will receive a rebate for the ATM fee.
Deposits made during the first 30 days of having the account open are held for five business days, except direct deposits. Direct deposits from your employer are available immediately for some accounts. Other transactions vary depending on the transaction.
Yes. LendingClub accounts offer the option of direct deposits.
LendingTree does not charge ATM fees. If you have a Rewards checking account, and are charged an ATM fee from another bank, LendingClub will refund the fee.
Transaction fees can be refunded, depending on the account you open. The Rewards checking account offers ATM fee rebates. The refunded fees will be credited to your account at the end of the billing cycle.
Yes. With the LendingClub mobile app, you can pay bills, make mobile check deposits, and see account balances. You can set up account notifications and transfer funds.
Yes. LendingClub checking accounts offer bill pay.
The high-yield savings account offers competitive interest rates if you have over $2,500 in the account. If your balance falls below $2,500, you will earn a much lower interest rate.
The Rewards checking account earns interest if you meet the qualifications.
The high-yield savings account and the Rewards checking account are the popular accounts at LendingClub.
Most LendingClub accounts do not have monthly fees. The Essential checking account has a monthly fee of $9 and the Tailored checking account monthly fee is $10. There are ways to waive the monthly fees for these accounts.
The interest rates are competitive. They offer business and personal accounts. If an account has a monthly maintenance fee, it can be waived by keeping a set account balance in the account.
LendingClub provides the security required by federal law. Your account will time-out of your online session after a set period of inactivity.
Yes. LendingClub offers business accounts.
The interest rates are competitive and easy to access online.
Reach customer service by phone, mail, live chat, or email. You can follow LendingClub on Facebook, Twitter, Instagram, and LinkedIn.
Bank Contact Information
LendingClub595 Market Street, Suite 200
San Francisco, California 94105
888-596-3157
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.