LendingClub Banking Review: Checking, Savings and CDs

After acquiring Radius Bank and rebranding it with its own name, LendingClub offers an excellent checking account with perks including ATM ... OverallbankratingLearnMoreatLendingClubBank,MemberFDICCheckingSavingsCDratesBankingexperienceOverdraftfees4.5NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.Thebottomline:AfteracquiringRadiusBankandrebrandingitwithitsownname,LendingCluboffersanexcellentcheckingaccountwithperksincludingATMfeerebatesandcashback.Italsooffersdeposit-takingATMsforeasycashdepositsandasolidsavingsrate.However,itsCDratesaren'tcompetitivewithotheronlinebanks.   Bestfor:Onlinebankingcustomerswhouseadebitcardoften,wanttoearnahighyield,anddon'tmindgettingsupportonlineorbyphone.ProsOnecheckingoptionhascashbackrewardsandpaysinterest.UnlimitedATMfeereimbursements.Highsavingsrate.Freecheckingandsavingsaccountsavailable.ConsExtendedoverdraftfeeof$5perday,whichnoteverybankcharges.CDratesarerelativelylow.FullreviewLearnMoreatLendingClubBank,MemberFDICLendingClubRewardsChecking5.0NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.LearnMoreatLendingClubBank,MemberFDICMonthlyFee$0APY0.10%With$2,500minimumbalanceWiththeRewardsCheckingaccount,youcanearnunlimited1%cashbackonallothersignature-basedpurchasesinstoresandonline(atstorecheckouts,youselect“credit”insteadof"debit").Ifyourbalancehits$2,500,a0.10%annualpercentageyieldkicksin.Ifyouhave$100,000ormore,theratebecomes0.15%APY.LendingClubRewardsCheckinghasnomonthlyfeeandnominimumbalancerequirementafterthe$100toopenanaccount.LendingClubispartofanetworkofthousandsofMoneyPassandSUM-brandedATMs,andthebankdoesn’tchargefeesforusingnon-networkATMs.Ontopofthat,LendingClubissuesmonthlyrefunds—withnocap—onfeeschargedbynon-networkATMowners.ThatincludesATMsabroad,thoughyoustillmightbesubjecttointernationalexchangefees.LendingClubSavingsAccount5.0NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.APY0.60%With$2,500minimumbalanceYouneedonly$100toopenaLendingClubHigh-YieldSavingsaccount,andtherearenomonthlyfees.TheAPYiscompetitivewithotheronlinebanks'savingsrates. TheLendingClubHigh-YieldSavingsaccounthasanAPYof0.60%onbalancesof$2,500ormore.Itdropsto0.05%APYonbalancesunder$2,500.LendingClubCD2.0NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.1-yearAPY0.10%3-yearAPY0.10%5-yearAPY0.10%MinimumDeposit$500LendingClubsetsalowbarriertogettingaCDat$500ontermsayearorlonger.It’s$1,000fortermsshorterthanayear.Thebank,however,offers fairlylowCDrates,including0.10%on3yearCDsand0.10%on5yearCDs.Bankingexperience4.5NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.LendingCluboffersonlinechatsupportandaphonelinethatoperateswithextendedhoursduringtheweekandonweekends,aswellasandsupportviaTwitter.Someonlinebanksdon’thavewaystodepositcashintoyouraccount,butLendingClubletsyoudepositcashatanyATMintheNYCEnetwork.ThoughthebankingproviderhasonefinancialcenterinBoston,youshouldexpecttodoallyourbankingonline.BoththeLendingClubAndroidandiOSappversionshavegooduserreviews.Overdraftfees4.0NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.There’snofeetohavemoneytransferredfromalinkedchecking,savingsormoneymarketaccountifyouoverdraft.Youcanalsolinkapersonallineofcredit,butyou’llhavetopaysomeinterest.Overdraftsareexpensive,however. LendingClubcharges$25foreachpaidorreturneditem.There’salsoadailyoverdraftfee.Afterthefifthcalendardaythatyouleaveyouraccountinthenegative,you’llbecharged$5aday.CheckingLearnMoreatLendingClubBank,MemberFDICLendingClubRewardsChecking5.0NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.LearnMoreatLendingClubBank,MemberFDICMonthlyFee$0APY0.10%With$2,500minimumbalanceWiththeRewardsCheckingaccount,youcanearnunlimited1%cashbackonallothersignature-basedpurchasesinstoresandonline(atstorecheckouts,youselect“credit”insteadof"debit").Ifyourbalancehits$2,500,a0.10%annualpercentageyieldkicksin.Ifyouhave$100,000ormore,theratebecomes0.15%APY.LendingClubRewardsCheckinghasnomonthlyfeeandnominimumbalancerequirementafterthe$100toopenanaccount.LendingClubispartofanetworkofthousandsofMoneyPassandSUM-brandedATMs,andthebankdoesn’tchargefeesforusingnon-networkATMs.Ontopofthat,LendingClubissuesmonthlyrefunds—withnocap—onfeeschargedbynon-networkATMowners.ThatincludesATMsabroad,thoughyoustillmightbesubjecttointernationalexchangefees.SavingsLendingClubSavingsAccount5.0NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.APY0.60%With$2,500minimumbalanceYouneedonly$100toopenaLendingClubHigh-YieldSavingsaccount,andtherearenomonthlyfees.TheAPYiscompetitivewithotheronlinebanks'savingsrates. TheLendingClubHigh-YieldSavingsaccounthasanAPYof0.60%onbalancesof$2,500ormore.Itdropsto0.05%APYonbalancesunder$2,500.CDratesLendingClubCD2.0NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.1-yearAPY0.10%3-yearAPY0.10%5-yearAPY0.10%MinimumDeposit$500LendingClubsetsalowbarriertogettingaCDat$500ontermsayearorlonger.It’s$1,000fortermsshorterthanayear.Thebank,however,offers fairlylowCDrates,including0.10%on3yearCDsand0.10%on5yearCDs.Bankingexperience4.5NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.LendingCluboffersonlinechatsupportandaphonelinethatoperateswithextendedhoursduringtheweekandonweekends,aswellasandsupportviaTwitter.Someonlinebanksdon’thavewaystodepositcashintoyouraccount,butLendingClubletsyoudepositcashatanyATMintheNYCEnetwork.ThoughthebankingproviderhasonefinancialcenterinBoston,youshouldexpecttodoallyourbankingonline.BoththeLendingClubAndroidandiOSappversionshavegooduserreviews.Overdraftfees4.0NerdWalletrating NerdWallet'sratingsaredeterminedbyoureditorialteam.Thescoringformulastakeintoaccountmultipledatapointsforeachfinancialproductandservice.There’snofeetohavemoneytransferredfromalinkedchecking,savingsormoneymarketaccountifyouoverdraft.Youcanalsolinkapersonallineofcredit,butyou’llhavetopaysomeinterest.Overdraftsareexpensive,however. LendingClubcharges$25foreachpaidorreturneditem.There’salsoadailyoverdraftfee.Afterthefifthcalendardaythatyouleaveyouraccountinthenegative,you’llbecharged$5aday.RATINGMETHODOLOGYNerdWallet’soverallratingsforbanksandcreditunionsareweightedaveragesofseveralcategories:checking,savings,certificatesofdepositorcreditunionsharecertificates,bankingexperienceandoverdraftfees.Factorsweconsider,dependingonthecategory,includeratesandfees,ATMandbranchaccess,accountfeaturesandlimits,user-facingtechnology,customerserviceandinnovation.Thestarsrepresentratingsfrompoor(onestar)toexcellent(fivestars).Ratingsareroundedtothenearesthalf-star.BestAccountsBestsavingsaccountsBestcheckingaccountsBestCDratesBestbonuses&promotionsMorefromNerdWalletHowtoopenabankaccountSavingsaccounts101Checkingaccounts101CDs101AbouttheauthorMargaretteBurnetteMargaretteBurnetteisasavingsaccountexpertatNerdWallet.HerworkhasbeenfeaturedinUSATodayandTheAssociatedPress.ReadmoretwitterTwitteremailEmail