LendingClub Bank Review [2025]: One-Stop Shop for Banking and Loans

Who is LendingClub Bank right for?

LendingClub Bank is an ideal choice if you are a LendingClub member or are willing to become one by opening a savings account, a CD, or taking out a loan.

The bank offers a variety of financial products, and while membership is required, you get plenty of perks, including cash back on eligible loan payments with a LevelUp checking account, debit card rewards, and a generous APY on checking and savings.

LendingClub is also a bank with no credit check requirements for opening an account.

Unfortunately, LendingClub does not have local branches, which means it's not the best option if you need in-person help regularly. The good news is that the bank will reimburse an unlimited amount of ATM fees, which can make accessing your cash easier and more affordable no matter where you are.

LendingClub LevelUp Checking

The LendingClub LevelUp Checking Account has ample perks that make it worth considering. Those include some features that many banks don't offer, like interest on your checking account balance (at a rate of up to 1.00% (as of 10/29/25) APY with a $2,500 or higher balance) and debit rewards in the form of 1% back on qualifying purchases at gas stations, grocery stores, and pharmacies.

The bank also offers more standard benefits than most of the best checking accounts tend to provide, including unlimited reimbursement of ATM fees charged by other banks and a no-fee promise.

There's no minimum balance required to open your account and no monthly fees, although three months of inactivity and a zero balance could lead to account closure.

Unfortunately, you do need to be a LendingClub member to be eligible for the account. This means you will need a LevelUp Savings account, a LendingClub CD, or a LendingClub loan to secure membership. There's also no overdraft protection.

On the plus side, if you are a member with a loan and you open a LevelUp checking account, you can earn 2% cash back on your monthly LendingClub personal loan payment (provided you receive at least one monthly direct deposit and you pay your loan on time).

LendingClub LevelUp Savings

LevelUp Savings is a great savings account if you are already a LendingClub member or want to become one. There is no minimum deposit requirement to open a LevelUp Savings account, and you can open an account online in a matter of minutes. You also have the option to open a joint account or add an additional account owner at any time.

Once you've opened your account, you'll earn a competitive 4.20% APY as long as you deposit at least $250 per month into your savings account.

Even if you don't, though, you'll still earn 3.20% (as of 08/6/25) APY, which isn't a terrible rate, even when compared to the best savings accounts.

You have a two-month evaluation period to start depositing $250 per month to keep your higher rate, but you can also make multiple deposits each month to hit the target.

Unlike some savings accounts, you'll be provided with an ATM card to access the funds in your LevelUp account without being charged any fees. You'll need to use a MoneyPass deposit-taking ATM to deposit cash into savings.

4.3

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Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.² <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.

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5.0

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2025 award winner Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn up to a $300 bonus and up to 4.30% APY on Savings (3.60% APY³ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.⁴ <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/sofi-plus/">sofi.com/sofi-plus</a> SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.⁵ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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4.6

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Use Cash App As Your All-in-One Financial Services Platform

Bank⁶ <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.⁷ <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks⁸ <p>Your first deposit may take longer depending on your employer.</p>

Download Cash App

Certificates of deposit (CDs)

LendingClub offers CDs of varying terms at competitive rates, ranging from 3.40%-4.10% (as of 10/28/25) APY.

You need just $500 to open a CD with LendingClub, and you have a 10-day grace period during which you have the option to renew, change your CD terms, or withdraw funds when your CD matures.

Everything can be managed right from the LendingClub app, and you have flexible options for what to do with your earnings as well. You can either compound them into the CD or move the money into your LendingClub bank account.

Like virtually all CDs, early withdrawals will come with penalties, but this is a standard feature not unique to LendingClub. And, LendingClub makes it easier to manage your account by providing you with notice of your CD's impending maturity at least 30 days before the time when you'd need to act.

Other banking products

While LendingClub has competitive checking, savings, and CD products, the company is perhaps best known for offering personal loans. You can apply for a loan online within minutes and borrow up to $60,000 at a competitive rate.

You'll receive a variety of loan offers, and after you're approved, you could get funding in as little as 24 hours.

LendingClub loans provide the flexibility to use your loan funds for virtually anything you'd like. You can also pay off your loan whenever you want with no prepayment penalties.

Auto refinancing at competitive rates with no origination fees and institutional investment opportunities are available from LendingClub as well.

Customer support

LendingClub offers customer support via phone at 888-596-3157 for personal loans or 800-242-0272 for checking, savings, and CDs. Service is available both weekends and weekdays with hours varying depending on what type of product you need support for.

You can also manage many aspects of your account using the top-rated mobile app, which has 4.8 stars in the Apple App Store and 4.6 stars in the Google Play store.

LendingClub also gets an A+ rating by the Better Business Bureau and a 4.23 out of 5 stars rating from BBB customer reviews, which is a higher rating than many other financial institutions.

FAQs

Bottom line

LendingClub is a great bank if you want a checking account, savings account, and personal loan from one financial institution.

You do need to be a member, which you can easily become by opening a savings account, and you'll benefit from great perks, including relatively strong APYs on your checking, savings, and CD accounts as well as debit card rewards many banks don't offer.

If LendingClub does not look like it will meet your needs, check out our list of the best banks to see other options for checking, savings, and CDs or our list of the best personal loans if you need to borrow money.

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5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

High APY of up to 4.30% on Savings (3.60% APY³ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.⁴ <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/sofi-plus/">sofi.com/sofi-plus</a> SoFi Bank, N.A. Member FDIC.</p>

Paycheck access up to 2 days early with direct deposit⁹ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>

No monthly maintenance or overdraft fees¹⁰ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹¹ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>