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 7/22/25) 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.

Certificates of deposit (CDs)

LendingClub offers CDs of varying terms at competitive rates, ranging from 3.40%-4.25% (as of 10/09/25) 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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