Review of LendingClub: Assessing various financial products such as checking and savings accounts, CDs, and more.

If you prefer a fully digital banking experience, online-only banks and fintechs provide some of the highest APYs for your money. LendingClub stands out among online banks with its competitive interest rates and a checking account that rewards qualifying depositors with cash back on debit card transactions.

LendingClub's banking services are evaluated by CNBC Select in comparison to its competitors.

Compare offers to find the best savings account

LendingClub Checking and Debit Card

The LendingClub Rewards Checking Account provides 1% unlimited cash back on eligible purchases made with your debit card. This is a unique feature among debit cards, and receiving some compensation for your spending is always appreciated.

In order to receive the cash-back benefit, your account must have an average monthly balance of at least $2,500 or receive at least $2,500 in qualifying direct deposits each month.

Other features include:

For balances between $2,500.00 and $99,999.99, the annual percentage yield is 0.10%, while for balances of $100,000.00 or more, the annual percentage yield is 0.15%.
Minimum opening deposit of $25
No ATM fees and full reimbursement of ATM fees charged by other banks.
No overdraft or maintenance fees

LendingClub High-Yield Savings Account

The LendingClub High-Yield Savings Account is one of the best high-yield savings accounts due to its high APY. To open the account, you need to deposit a minimum of $100, but there are no minimum balance requirements or monthly maintenance fees.

LendingClub offers a free ATM card that account holders can use to easily access their savings and withdraw funds at any time.

LendingClub Certificates of Deposit

LendingClub CDs have terms ranging from 6 months to 5 years and require a minimum deposit of $2,500 to open an account. Although LendingClub's CDs offer high APYs, competitors offer similar rates without the minimum deposit requirement.

Other products offered

LendingClub also offers a variety of other products, including:

Business checking accounts
Business loans
Auto refinancing

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How LendingClub Bank compares

Ally Bank and SoFi are also strong contenders for your business due to their high APYs and ease of use, just like LendingClub.

Ally Savings Account offers a high APY, doesn't require a minimum deposit, balance or monthly fees, and has competitive rates for CDs without a minimum fund.

If you plan to set up a monthly direct deposit, the SoFi Checking and Savings Account is an excellent option due to its high APY. Like Ally and LendingClub, this account does not require monthly fees, minimum deposits, or a minimum monthly balance.

SoFi offers a bonus of up to $300 to new or existing account holders who set up direct deposit within a specific timeframe. To earn the full $300, you must direct deposit at least $5,000 into your account within 25 days of your first direct deposit. If you direct deposit between $1,000 and $4,999.99, you'll still receive a $50 bonus.

Why trust CNBC Select?

At CNBC Select, our goal is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Our banking reviews are the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of banking products. While CNBC Select receives a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do.

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