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LendingClub: Banking Review 2022 – CNET

LendingClub: Banking Review 2022 – CNET

LendingClub: Banking Review 2022 – CNET

LendingClub is a digital marketing bank founded in 2007 that offers a robust suite of financial services from Audit And the savings accounts on personal loans.

LendingClub: Banking Review 2022 – CNET

LendingClub

With over 4 million members, this San Francisco-based online-only bank is a one-stop-shop for those who feel comfortable managing all their retail banking needs via a mobile app, but have the option to contact our online customer service chat session or phone call when assistance is needed. Character.

what we like

  • Without fees: There are no fees for standard services such as minimum balances, overdrafts, or monthly maintenance fees.
  • Powerful Mobile Banking Application: Access funds and banking benefits from anywhere via the mobile application. LendingClub app allows customers to manage all transactions that will be handled through traditional banks.
  • Supports cash deposits: LendingClub customers can make a cash deposit at any ATM that accepts MoneyPass or NYCE deposits.

What we don’t like

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

Account audit review

LendingClub offers a Free checking account It’s called bonus audit. There is no minimum deposit to open an account, no minimum balance required to avoid monthly maintenance fees and no overdraft fees. The account pays a small annual percentage of 0.10% return when maintaining a balance of $2,500. The account also earns 1% cashback on credit purchases made with a LendingClub debit card when $2,500 is deposited into direct deposit and a $2,500 monthly balance is maintained.

Note: The APYs shown below are effective 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 some products. The bank rate only includes FDIC banks or NCUA credit unions in its lists.

Check account features

APY

0.10%

Minimum balance

0 dollars

monthly fee

0 dollars

what we like

  • Without fees: There are no fees for standard services such as minimum balances, overdraft fees or monthly maintenance fees.
  • Unlimited Rebates from ATMs: Customers can use any ATM and get unlimited rebates from fees charged by ATMs outside the network.
  • Supports cash deposits: LendingClub customers can make a cash deposit at any ATM that accepts MoneyPass or NYCE deposits.
  • Early Deposits: Customers receive paychecks by direct deposit up to two days early.

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 rate: Current accounts pay higher returns at other banks.

savings account review

The High yield savings account Consistently pays a competitive interest rate. The highest rate is applied to any credit. Open an account with a minimum deposit of $100 online or through the mobile app. Free ATM cards are available upon request.

Savings Account Features

APY

3.12%

Minimum balance

$100 dollars

what we like

  • Without fees: 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.
  • Optional ATM card. A free ATM card is available upon request.

What we don’t like

  • There is no savings account for youth. Minors under the age of 18 cannot open savings accounts.

CD Account Review

LendingClub presents a file certificate of deposit An account with five different terms ranging from One to me five years. APYs offered on CDs at competitive prices. A minimum deposit of $2,500 is required to open a CD and it renews automatically with a grace period of 30 days.

CD Account Features

ONE YEAR APY

3.50%

18 months APY

3.60%

24 months APY

3.70%

3 years APY

3.70%

5 years APY

3.70%

Minimum Deposit

2500 dollars

Penalty for early withdrawal

The amount equals the simple interest earned so far

what we like

  • Competitive APYs: LendingClub CDs are among the highest yielding CDs as compared to other banks.
  • Variety of terms. LendingClub offers 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 in many other competitors.
  • Restricted Early Withdrawal Penalty: The fines charged are higher than other banks.

Banking Experience

LendingClub has no physical branches, but clients 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 free phone assistance.

Overdraft Fee

LendingClub does not charge an overdraft fee.

Customer service

Customer service is available through LendingClub’s website Or a toll-free number: 888-596-3157. You can reach customer service Monday through Friday from 5 AM PT to 5 PM PT and from 8 AM to 5 PM PT on Saturday.



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