LendingClub VS Bank5 Connect

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
5.00%APY
Savings/MMA
Advertiser Disclosure
Star Icon Star Icon Star Icon Star Icon Star Icon

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
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.50%APY
Savings/MMA
Advertiser Disclosure
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Competitive rates on all accounts
  • ATM fee reimbursement
  • Low opening required amounts
  • No monthly maintenance fees

Cons:

  • Limited personal deposit accounts
  • External transfers only for checking
  • Daily withdrawal amounts low
  • Customer service not always available
LendingClub Review

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.

Read the full LendingClub review.

Bank5 Connect Review

Bank5 Connect offers competitive interest rates on all accounts. The rates are much higher than your typical brick and mortar bank rates. They are competitive with other online accounts. Interest rates are not tiered. Any amount over $100 earns the most competitive rate.

To get cash from a Bank5 Connect account, you can access any ATMs in the SUM network. If you withdraw money from an ATM that is not in the SUM network, Bank5 Connect will reimburse you the ATM fee. Bank5 Connect will reimburse up to $15 each month in ATM fees.

Bank5 Connect has low opening required amounts. The checking and savings account only require $10 to open. The CDs require $500 to open. To earn interest on the checking and savings account you must have $100 in the accounts.

Bank5 Connect accounts do not have monthly maintenance fees. There is not a required balance to keep in the account. To earn interest, you must have $100 in the checking and savings account. However, you will not be charged a fee for not having that balance.

Bank5 Connect does not offer a wide variety of accounts. Only personal deposit accounts are available. Those accounts include a checking account, savings account, and CDs. CD terms range from 6-months to 36-month terms. They also offer one investment CD. That term is a 24-month CD. There are no business accounts offered through Bank5 Connect.

Only money in a Bank5 checking account can be transferred to an external bank account. You cannot transfer funds from the Bank5 Connect savings to an external account. You must transfer the money from the Bank5 Connect checking account.

The Bank5 Connect checking account has daily withdrawal and purchase limits. You can only withdraw $500 each day from an ATM. There is a daily purchase limit of $1,000 with your debit card. If you need to spend more money, you must contact a Bank5 Connect representative.

Bank5 Connect customer service are not available 24/7. Their hours vary depending on the day. They open at 7:30 a.m. every day, except Sunday. They open at 11:00 a.m. on Sunday. They are open until 5:00 p.m. Monday thru Wednesday, and 7:00 p.m. Thursday and Friday. They close at 3:00 p.m. Saturday and Sunday. Online chat is available Monday thru Friday from 8:00 a.m. to 4:30 p.m. All times are Eastern Standard Time.

Read the full Bank5 Connect review.

Sponsored Offers

Advertiser Disclosure
LendingClub
Savings (Rate as of 3/28/2024)
APY 5.00%
Rate 5.00%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC Plus, no monthly fees and unlimited free external transfers
Next >
American Express
Savings (Rate as of 3/28/2024)
APY 4.35%
Rate 4.26%
For APY $1
Monthly Fee $0.00
Checkbook No
Member FDIC
Next >
Jenius Bank
Savings (Rate as of 3/28/2024)
APY 5.25%
Rate 5.25%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC. No fees. Easy deposits and quick withdrawals.
Next >
CIT Bank
Savings (Rate as of 3/28/2024)
APY 5.05%
Rate 4.93%
For APY $5,000
Monthly Fee $0.00
Checkbook No
Member FDIC CIT Bank, a division of First Citizens, 125+ years of experience.
Next >
EverBank
Savings (Rate as of 3/28/2024)
APY 5.15%
Rate 5.02%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC
Next >
Capital One
Savings (Rate as of 3/28/2024)
APY 4.35%
Rate 4.35%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC It only takes about 5 minutes to open a fee-free account.
Next >
Barclays
Savings (Rate as of 3/28/2024)
APY 4.35%
Rate 4.35%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC
Next >
Laurel Road
Savings (Rate as of 3/28/2024)
APY 5.00%
Rate 5.00%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC
Next >
Sallie Mae
MMA (Rate as of 3/28/2024)
APY 4.65%
Rate 4.54%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Member FDIC
Next >
VirtualBank, a division of First Horizon Bank
MMA (Rate as of 3/28/2024)
APY 5.00%
Rate 5.00%
For APY $0
Monthly Fee $0.00
Checkbook Yes
VirtualBank is a division of First Horizon Bank. Member FDIC.
Next >