LendingClub review: Checking and savings accounts, CDs and more

If you don't mind a banking experience that's 100% digital, the world of online-only banks and fintechs offers some of the highest APYs for your money. LendingClub distinguishes itself from other online banks with its above-average interest rates and a checking account that lets qualifying depositors earn cash back for debit card transactions.

Below, CNBC Select examines LendingClub's banking offerings and how it stacks up to its competitors.  

LendingClub Rewards Checking Account offers 1% unlimited cash back on qualified purchases with your debit card. It's rare for a debit card to feature a cash-back benefit, and earning some money on your spending is almost always welcome.

To qualify for the cash-back benefit, your account must maintain an average monthly balance of at least $2,500 or receive at least $2,500 in qualifying direct deposits every month.

Other features include: 

• 0.10% APY for balances between $2,500.00 and $99,999.99; and 0.15% APY for balances of $100,000.00 or more 
• Minimum opening deposit of $25 
• No ATM fees and unlimited ATM fee rebates for ATM fees charged by other banks  
• No overdraft or maintenance fees 

To earn the highest APY the LendingClub LevelUp Savings Account offers, you need to deposit at least $250 per month or more into the account. If you fail to meet the deposit requirement, you still earn a solid baseline APY higher than most accounts on the market, which makes LevelUp Savings a great choice for savers.

The account also comes with no monthly maintenance fees or minimum balance requirements. You also get a free ATM card tied to the account, making it easier to tap into your savings when needed.

LendingClub CD terms range from 6 months to 5 years, and you must make a minimum deposit of $500 to open an account. While LendingClub's CDs have high APYs, you can find CDs from competitors that have similar rates without the minimum deposit requirement.

LendingClub also offers a variety of other products, including: 

• Business checking accounts 
• Personal loans 
• Business loans 
• Auto refinancing  

LendingClub's high APYs and ease of use make it a strong contender for your business, but if you're looking for an alternative both Ally Bank and SoFi make a good case for themselves.

The Ally Savings Account, for example, offers a high APY (though typically not as high as LendingClub's) and doesn't require a minimum deposit, balance or monthly fees. And if LendingClub's $2500 minimum fund for CDs rubs you the wrong way, you should know Ally also offers CDs at competitive rates that don't require a minimum fund to open.  

If you know you'll set up a monthly direct deposit to your account, then the SoFi Checking and Savings Account makes for a great choice thanks to its high APY. Similar to Ally and LendingClub, this SoFi account doesn't have any monthly fees, minimum deposits, or a minimum monthly balance.

SoFi also gives new account holders (or current account holders who haven't set up a direct deposit ) a bonus worth up to $400 if they direct deposit a certain amount of money during the Direct Deposit Bonus Period. You earn the full $400 when you direct deposit a total of at least $5,000 into the account during the direct deposit bonus period.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every banking review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *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. 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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet