If you don't mind a banking experience that's 100% digital, the world of online-only banks and fintechs offers some of the highest APYs for your money. LendingClub distinguishes itself from other online banks with its above-average interest rates and a checking account that lets qualifying depositors earn cash back for debit card transactions.
Below, CNBC Select examines LendingClub's banking offerings and how it stacks up to its competitors.
Compare offers to find the best savings account
LendingClub Checking and Debit Card
LendingClub Rewards Checking Account offers 1% unlimited cash back on qualified purchases with your debit card. It's rare for a debit card to feature a cash-back benefit, and earning some money on your spending is almost always welcome.
To qualify for the cash-back benefit, your account must maintain an average monthly balance of at least $2,500 or receive at least $2,500 in qualifying direct deposits every month.
Other features include:
- 0.10% APY for balances between $2,500.00 and $99,999.99; and 0.15% APY for balances of $100,000.00 or more
- Minimum opening deposit of $25
- No ATM fees and unlimited ATM fee rebates for ATM fees charged by other banks
- No overdraft or maintenance fees
LendingClub Rewards Checking
Annual Percentage Yield (APY)
0.10% APY for balances between $2,500.00 and $99,999.99; and 0.15% APY for balances of $100,000.00 or more; no APY if don't meet requirements
Minimum deposit to open
$25
Minimum balance
None
Monthly fee
None
Free ATM network
None
ATM fee reimbursement
Unlimited surcharge rebates for ATM fees charged by other banks and ATM owners
Overdraft fee
None
Mobile check deposit
Yes
Terms apply.
Pros
- High APY for a checking account
- Low minimum deposit required
- No minimum balance
- No monthly fees
- Offers ATM fee surcharge rebates
- No overdraft fee
Cons
- Requirements to earn APY
- No ATM network
LendingClub High-Yield Savings Account
The LendingClub High-Yield Savings Account boasts one of the highest APYs around, which is why it's on our list of best high-yield savings accounts. You need to place a minimum deposit of $100 to open the account, but there are no minimum balance requirements or monthly maintenance fees.
Account holders can also take advantage of the free ATM card that LendingClub offers, which makes it easier to access your savings and withdraw funds whenever you'd like.
LendingClub High-Yield Savings
Annual Percentage Yield (APY)
5.00%
Minimum balance
No minimum balance requirement after $100.00 to open the account
Monthly fee
None
Maximum transactions
None
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- $100 minimum opening deposit required, though there's no minimum balance after that
- No physical branch locations
LendingClub Certificates of Deposit
LendingClub CD terms range from 6 months to 5 years, and you must make a minimum deposit of $2,500 to open an account. While LendingClub's CDs have high APYs, you can find CDs from competitors that have similar rates without the minimum deposit requirement.
LendingClub CDs
Annual Percentage Yield (APY)
From 4.00% to 5.15% APY
Terms
From 6 months to 5 years
Minimum deposit
$2,500
Monthly fee
None
Early withdrawal penalty fee
Early withdrawal penalty applies. For terms 1 year or less, the penalty is 90 days simple interest. For terms greater than 1 year, the penalty is 180 days simple interest.
Terms apply.
Pros
- Above-average APYs
- Range of CD terms
- No monthly fee
Cons
- $2,500 minimum deposit
- You can't access your money before your CD term ends
- Early withdrawal penalty fees apply
- No physical branch locations
Other products offered
LendingClub also offers a variety of other products, including:
- Business checking accounts
- Personal loans
- Business loans
- Auto refinancing
Compare offers to find the best checking account
How LendingClub Bank compares
LendingClub's high APYs and ease of use make it a strong contender for your business, but if you're looking for an alternative both Ally Bank and SoFi make a good case for themselves.
The Ally Savings Account, for example, offers a high APY (though typically not as high as LendingClub's) and doesn't require a minimum deposit, balance or monthly fees. And if LendingClub's $2500 minimum fund for CDs rubs you the wrong way, you should know Ally also offers CDs at competitive rates that don't require a minimum fund to open.
Ally Bank Savings Account
Annual Percentage Yield (APY)
4.25% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Unlimited withdrawals or transfers per statement cycle
Excessive transactions fee
$10 per transaction
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have an Ally checking account
Terms apply.
Read our Ally Bank Savings Account review.
Ally Bank Spending Account
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
None
Annual Percentage Yield (APY)
0.10% less than $15,000 minimum daily balance; 0.25% over $15,000 minimum daily balance
Free ATM network
43,000+ Allpoint® ATMs
ATM fee reimbursement
Up to $10 per statement cycle
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
If you know you'll set up a monthly direct deposit to your account, then the SoFi Checking and Savings Account makes for a great choice thanks to its high APY. Similar to Ally and LendingClub, this SoFi account doesn't have any monthly fees, minimum deposits, or a minimum monthly balance.
SoFi also gives new account holders (or current account holders who haven't set up a direct deposit ) a bonus worth up to $300 if they direct deposit a certain amount of money within a specific timeframe. You earn the full $300 when you direct deposit a total of at least $5,000 into the account within 25 days of your first direct deposit. If you only direct deposit between $1,000 and $4,999.99, you'll still get a $50 bonus.
SoFi Checking and Savings
Annual Percentage Yield (APY)
Members with direct deposit earn 4.60% APY on savings, no minimum balance needed. Members without direct deposit earn 1.20% APY on savings balances, and everyone earns 0.50% APY on checking balances.
Welcome bonus
Earn a $300 welcome bonus when you direct deposit a total of $5,000 or more within 25 days of your first direct deposit. Get a $50 welcome bonus when you direct deposit between $1,000 and $4,999.99 within 25 days of your first direct deposit.
Fees
No monthly fee and no excessive transaction fees.
No-fee overdraft protection
No-fee Overdraft Coverage up to $50 for SoFi members with $1,000 or more in total monthly direct deposits. Purchases exceeding $50 are declined.
Offer ATM card?
Yes, this account offers a debit card that allows purchases and ATM withdrawals. Terms apply.
Offer checking account?
Yes, bundled with savings account.
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle. Transaction amount limits apply.
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