LendingClub: 2022 Banking Review – CNET

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LendingClub is a digital marketing bank founded in 2007 that offers a solid set of financial services from verification and savings accounts personal loans.

loan club

With over 4 million members, this San Francisco-based online bank is a one-stop-shop for those who are comfortable handling all of their retail banking needs through a mobile app, but benefit from the ability to contact the customer service via an online. chat session or phone call when personal assistance is required.

What we like

  • No charges: There are no fees for standard services such as minimum balances, overdrafts or monthly maintenance fees.
  • Robust mobile banking application: Access money and banking features anywhere through the mobile app. The LendingClub app allows customers to manage all transactions that would be handled by traditional banks.
  • Supports cash deposits: LendingClub customers can make cash deposits at any MoneyPass or NYCE ATM that accepts deposits.

What we don’t like

  • No physical branches: Customers can only access support via mobile device or phone support.

Account Review Verification

LendingClub offers a free current account called reward checks. There is no minimum deposit required to open an account, no minimum balance required to avoid monthly maintenance fees and no overdraft fees. The account pays a small annual percentage return of 0.10% when a balance of $2,500 is maintained. The account also earns 1% cash back on credit purchases made with LendingClub’s debit card when $2,500 in direct deposits are made and a monthly balance of $2,500 is maintained.

Note: The APYs listed below are as of October 17, 2022. The editorial team at Bankrate, CNET’s sister site, updates this information regularly, usually every two weeks. APYs may have changed since they were last updated and may vary by region for certain products. Bankrate only includes FDIC banks or NCUA credit unions in its listings.

Checking Account Features

APY

0.10%

The minimum balance

$0

Monthly fee

$0

What we like

  • No charges: There are no fees for standard services such as minimum balances, overdraft fees or monthly maintenance fees.
  • Unlimited discounts on ATMs: Customers can use any ATM and receive unlimited rebates on fees charged by out-of-network ATMs.
  • Supports cash deposits: LendingClub customers can make cash deposits at any MoneyPass or NYCE ATM that accepts deposits.
  • Advance deposits: Clients receive their pay checks by direct deposit up to two days in advance.

What we don’t like

  • High balance required to earn interest: Account holders must maintain a balance of $2,500 to earn interest.
  • Low interest rates: Checking accounts pay higher returns at other banks.

Savings Account Review

The high yield savings account constantly pays a competitive interest rate. The higher rate is applied to any balance. Open an account with a minimum deposit of $100 online or through the mobile app. Free ATM cards are available on request.

Savings account features

APY

3.12%

The minimum balance

$100

What we like

  • No charges: There are no fees for standard services such as minimum balances, overdrafts or monthly maintenance.
  • Low minimum deposit: An account can be opened with a minimum of $100.
  • Credit card optional. A free credit card is available on request.

What we don’t like

  • No youth savings account. Minors under the age of 18 cannot open a savings account.

CD Account Review

LendingClub offers a traditional certificate of deposit account with five different terms ranging from a at five years. The APYs offered on CD are offered at competitive prices. A minimum deposit of $2,500 is required to open a CD and it automatically renews with a 30-day grace period.

CD Account Features

APY 1 year

3.50%

APY 18 months

3.60%

24 month APA

3.70%

APY of 3 years

3.70%

5 year APA

3.70%

Minimum deposit

$2,500

Early withdrawal penalty

Amount equal to simple interest earned to date

What we like

  • Competitive APYs: LendingClub CDs are among the best performing CDs available compared to other banks.
  • Variety of terms. LendingClub has a decent variety of CD terms to choose from.

What we don’t like

  • High minimum deposit: A higher minimum deposit is required to open an account than with many other competitors.
  • Restrictive Early Withdrawal Penalty: Penalties charged are higher than other banks.

Banking experience

LendingClub has no physical branches, but customers can manage their accounts online or through its mobile app, link external accounts, create a budget, and view their net worth. Customer service offers extended hours via live chat and toll-free phone support.

Overdraft fees

LendingClub does not charge overdraft fees.

Customer service

Customer service is available through LendingClub website or a toll-free number: 888-596-3157. You can reach customer service Monday through Friday from 5:00 a.m. to 5:00 p.m. and from 8:00 a.m. to 5:00 p.m. on Saturday.

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