LendingClub Rewards Checking Review [2025]: Earn Cash Back

LendingClub Rewards Checking basics

	LendingClub Checking
APY	0.10% (as of 4/21/25) on balances over $2,500
Rewards	1% cash back on qualified purchases
Minimum deposit to open account	$25
Monthly maintenance fees	None
Overdraft fees	None
ATM access	Yes, including unlimited rebates on out-of-network ATM fees
Joint accounts available?	Yes
FDIC insured	Yes

Who LendingClub Rewards Checking is right for

The account offers unlimited 1% cash back on signature-based purchases and can be a good way to earn rewards without a credit card.

To qualify for the cash back, you must maintain at least a $2,500 monthly average balance or receive at least $2,500 in qualifying direct deposits to be eligible for cash back. This account is best if you earn enough regular income to meet the direct deposit requirement. So, if you're a freelancer, for example, this account may not be the best fit since you have a fluctuating income.

Maintaining a $2,500 monthly average balance is another option to qualify for cash back, but that can be a challenge, and if you're regularly carrying that high of a balance, a high-yield savings account may be a better fit for those funds.

LendingClub Rewards Checking can also be good for people who frequently withdraw cash but don't live near an in-network ATM. LendingClub uses the MoneyPass network of ATMs for fee-free withdrawals nationwide. If you use an out-of-network ATM, LendingClub doesn't charge a fee, and it provides unlimited rebates on the fees charged by other banks or ATM operators.

Account features and benefits

The LendingClub Rewards Checking account offers many of the features often found with the best rewards checking accounts, like:

No monthly fees

LendingClub does not charge monthly maintenance fees or minimum balance fees on its Rewards Checking account. Many checking accounts don't charge those fees these days, but LendingClub also doesn't charge overdraft fees, which can be hard to find with other checking accounts.

Unlimited cash back

In addition to earning APY for meeting LendingClub's balance requirements, you can also earn unlimited 1% cashback on your qualified debit card purchases. If you spent $1,000 in qualified purchases in a month, that would translate to $10 in cash back rewards. And, there's no monthly or annual cap on your earnings.

You must maintain a minimum balance of $2,500 or have a qualified direct deposit of at least $2,500 to earn cash back. Purchases must be made in person or online using credit instead of debit when checking out.

APY earning

One of the things I like most about the LendingClub Rewards Checking account is that you can earn money on your checking balance — something that's hard to find at other banks. If you keep a balance of at least $2,500 in your account, you'll earn 0.10% (as of 4/21/25) APY. While this isn't a high APY, given that many checking accounts don't offer any interest, this is pretty good.

ATM rebates

In addition to having its own branded ATMs, LendingClub uses the MoneyPass network, which comprises over 40,000 ATMs nationwide.

If you use an out-of-network ATM, LendingClub will reimburse the fee at the end of each monthly statement cycle. Some MoneyPass ATMs also accept deposits, which is the only way to deposit cash into your LendingClub Rewards Checking account. You can find nearby deposit-taking ATMs through the LendingClub ATM locator.

Early direct deposit

Like many checking accounts, LendingClub offers an early direct deposit program that allows you to access your deposits up to two days earlier. With this program, LendingClub will make your money available as soon as it receives notice of the deposit date from the depositor. However, LendingClub will only release funds early if the payor supports early direct deposit.

Drawbacks

While LendingClub Rewards Checking may be a good choice for some people, there are drawbacks to be aware of.

Limited earnings

Although earning APY on your checking account is a nice perk that not even some of the best banks offer, 0.10% (as of 4/21/25) APY isn't much.

Many high-yield savings accounts (HYSAs), including the LendingClub LevelUp Savings account, offer a much higher APY, helping you earn more. It may be more effective to keep a smaller balance in your checking account and funnel as much money as possible into your HYSA so that you can earn as much as possible.

Limited physical access

LendingClub doesn't have physical branches. While this is generally not a problem if you're comfortable with online banking and bill paying, it may pose a few issues. For instance, you'll need to find a deposit-taking ATM near you to deposit cash. If you need to order checks, you'll need to contact LendingClub customer service and wait for them to arrive.

No overdraft protection

The Rewards Checking account doesn't charge overdraft fees, but it also doesn't offer overdraft protection. That means that if you overdraw your account, LendingClub may decline your transactions rather than letting you go into a negative balance. If that happens, LendingClub doesn't charge a fee, but it could lead to problems if you frequently overspend.

Only a few account options

LendingClub only has a few account options for individuals. In addition to the Rewards Checking account, it offers LevelUp Savings, which yields an APY of up to 4.40%. It also offers Certificates of Deposit (CDs), individual and small business loans, institutional investing options, and vehicle refinancing.

LendingClub customer service

LendingClub is an online-only bank, so you can't just pop into a branch if you need help. However, it does offer customer support through its app, online help center, and website.

LendingClub customer service can be reached at 1-800-242-0272, Monday through Saturday, 8 a.m. to 8 p.m. EST.

Alternatives

SoFi®

If you're interested in a checking account that earns a higher APY, consider the SoFi Checking account. Sofi's checking account pays 0.50% (as of 01/24/25) with an eligible direct deposit. It also offers an annual percentage yield (APY) of up to 3.80% on its savings account if you meet specific requirements.¹ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>

Like LendingClub, it doesn't charge monthly maintenance fees² <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> or overdraft fees, but it does offer optional overdraft protection.³ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p> SoFi uses the Allpoint network and has access to more than 55,000 fee-free ATMs nationwide.⁴ <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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> Member FDIC.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>

Visit SoFi | Read our SoFi review

Discover

If the cash back feature is more important to you, consider the Discover Cashback Debit account. This no-fee checking account offers 1.00% cash back on up to $3,000 in monthly purchases, which translates to $30 per month or $360 annually.⁶ <p>Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.</p> It doesn't require a minimum balance or direct deposit amount, but the trade-off is that your earnings are capped.

It also provides access to more than 60,000 fee-free ATMs and fraud protection.

Visit Discover | Read our Discover review

FAQs

Bottom line

The opportunity to earn cash back and APY on the LendingClub Rewards Checking account, along with ATM rebates and no fees, make it an appealing option.

As you search for a new checking account, pay attention to the various fees and minimum balance requirements at each bank. Read the account disclosure information and customer reviews to see if current account holders are experiencing problems and how the company is addressing them. While finding the best checking account can take some legwork, doing your research upfront can help you make your money work for you.