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LendingClub Bank Review 2026

A complete, unbiased guide to LendingClub Bank's financial products and services.

8.3★★★★☆Very Good  ·  out of 10
FDIC InsuredBBB A-
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What is LendingClub Bank?
WHAT IS LENDINGCLUB BANK?

LendingClub Bank is a financial institution reviewed by JumpSteps for its commercial banking products and customer banking experience. The company was founded in 2006 and headquartered in San Francisco, CA. LendingClub Bank is FDIC insured for eligible deposit accounts.

JumpSteps reviews LendingClub Bank using publicly available information, product disclosures, and comparative editorial analysis.

Fast Facts
Full Legal NameLendingClub Bank, N.A.
Founded2006
HeadquartersSan Francisco, CA
Stock TickerLC (NYSE)
FDIC InsuredYes — deposits insured up to $250,000 per depositor
BBB RatingA-
Current PromotionsAwaiting input from LendingClub Bank  Partner with us to feature promotions →
Industries / ProductsCommercial Banking
Data Last VerifiedFebruary 28, 2025

Fields marked "Awaiting input" contain data that changes frequently. Brand representatives can submit current data here →

Products & Services
INDUSTRYCommercial Banking
Editorial Overview
LendingClub Bank is the only major U.S. online bank to have originated as a lending marketplace before converting to a full-service chartered bank, and its consumer banking product reflects that heritage: Rewards Checking pays 1% cash back on qualified debit purchases and interest on balances above $2,500, while unlimited ATM fee reimbursements remove the cash-access friction that limits most online banks for frequent ATM users. The high-yield savings account has periodically ranked among the top available APYs from an FDIC-insured institution. The combination of debit cash back, balance interest, unlimited ATM reimbursement, and a competitive savings rate is a value stack that few direct online bank competitors assemble in a single institution. Compared with Ally, LendingClub wins on debit rewards; Ally wins on savings automation tools. Compared with Discover Bank, LendingClub's ATM reimbursement is unlimited rather than capped.
Account Types
  • LendingClub Rewards Checking
  • High-Yield Savings Account
  • Certificates of Deposit
  • Money Market Account
Fee Waiver Conditions
No monthly maintenance fee and no minimum balance requirement on Rewards Checking
Overdraft Policy
No overdraft fees on Rewards Checking; transactions that would overdraw the account may be declined
ATM Network
Unlimited domestic ATM fee reimbursements on Rewards Checking
Branch Count
0 (online-only bank)
Minimum to Open
$0 to open Rewards Checking
Loyalty Program
1% cash back on qualified debit purchases; interest on Rewards Checking balances above $2,500; unlimited ATM reimbursement as ongoing product benefits
FDIC Coverage
$250,000 per depositor per ownership category via LendingClub Bank, N.A., Member FDIC
Digital Features
  • LendingClub mobile app
  • Mobile deposit
  • Bill pay
  • Spending categorization
  • External account linking
  • Account alerts
Fees vs Peers
LendingClub Rewards Checking has no monthly maintenance fee and no minimum balance requirement. Unlimited domestic ATM fee reimbursements mean there is no practical cost to using any ATM in the country for cash withdrawal. The 1% cash back on qualified purchases accrues as a monthly statement credit. There are no overdraft fees on the Rewards Checking account. The fee structure is among the most consumer-friendly in the online bank category and is particularly strong for consumers who use ATMs regularly — an area where most online banks cap reimbursements at $10–$20 per month.
Digital Experience vs Peers
LendingClub's mobile app provides core banking functions — account management, mobile deposit, transfers, bill pay, and spending categorization. The app experience is functional and adequate for everyday banking but is not the most feature-rich in the online bank peer group — it lacks savings automation tools like Ally's Buckets or SoFi's savings vaults. The digital experience is strongest as a straightforward online bank interface; consumers who want rich savings automation alongside their cash-back checking should consider Ally or SoFi alongside LendingClub.
Loyalty Program vs Peers
LendingClub does not operate a formal tiered loyalty program. Its retention value is embedded in the Rewards Checking product itself: ongoing 1% debit cash back, interest on qualifying balances, and unlimited ATM reimbursement create continuous financial benefit without gating perks behind balance tiers or relationship requirements. For consumers who use the checking account actively and hold a savings account, LendingClub's product stack delivers consistent ongoing value.
Accessibility vs Peers
LendingClub has no physical branches. Unlimited domestic ATM fee reimbursement on Rewards Checking effectively makes every ATM in the United States free for cash withdrawal, which is the most generous ATM access policy of any mainstream online bank. Digital servicing via app and phone handles most member needs. Cash deposits are not directly supported, which is the primary accessibility limitation for customers who regularly handle physical cash.
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Frequently Asked Questions
Yes. LendingClub Bank is a member of the Federal Deposit Insurance Corporation (FDIC). All consumer deposit accounts are insured up to $250,000 per depositor, per ownership category. Joint accounts are insured up to $500,000.
LendingClub Bank is subject to federal financial regulation. FDIC-insured. It holds a A- BBB rating. As with all financial institutions, review the terms of your specific accounts and products.
LendingClub Bank offers commercial banking services including LendingClub Rewards Checking|High-Yield Savings Account|Certificates of Deposit|Money Market Account.
LendingClub Bank's loyalty program: 1% cash back on qualified debit purchases; interest on Rewards Checking balances above $2,500; unlimited ATM reimbursement as ongoing product benefits.
LendingClub Rewards Checking has no monthly maintenance fee and no minimum balance requirement. Unlimited domestic ATM fee reimbursements mean there is no practical cost to using any ATM in the country for cash withdrawal. The 1% cash back on qualified purchases accrues as a monthly statement credit. There are no overdraft fees on the Rewards Checking account. The fee structure is among the most consumer-friendly in the online bank category and is particularly strong for consumers who use ATMs regularly — an area where most online banks cap reimbursements at $10–$20 per month.
Who LendingClub Bank Is Best For

✓ Best For

  • Consumers who use ATMs regularly and want unlimited domestic ATM fee reimbursement from an FDIC-insured online bank
  • Debit-heavy spenders who want 1% cash back on everyday purchases without paying an annual fee
  • Savers who want a competitive high-yield savings account alongside a rewarding no-fee checking account
  • Consumers who want the debit rewards of Discover Bank but without the $3,000/month cap on qualifying purchases

✗ Look Elsewhere If

  • Consumers who want savings automation tools like goal buckets or round-ups (Ally or SoFi)
  • Investors who want banking and brokerage in a single institution (Ally or SoFi)
  • Consumers who need to make regular cash deposits — LendingClub has no branch or partner deposit network
  • Borrowers who want personal loans integrated into their banking app (Upgrade)
The JumpSteps Rating
8.3
out of 10
★★★★☆
JumpSteps Rating for Commercial Banking — Updated March 16, 2026

LendingClub Bank is the strongest online bank for consumers who want debit card cash back, interest on checking balances, and truly unlimited ATM fee reimbursement from a full FDIC-insured institution. No other mainstream online bank combines all three features without restriction. For consumers who use ATMs regularly and spend heavily on everyday debit purchases, LendingClub's Rewards Checking delivers more ongoing financial value than virtually any competing no-fee checking account. It is less compelling for consumers who want rich savings automation tools, an investing product alongside banking, or a broad lending relationship — those use cases are better served by Ally, SoFi, or Upgrade respectively.

How JumpSteps Ratings Work

JumpSteps ratings are designed to save you time. They combine our editorial analysis with consensus ratings from leading consumer finance publications, verified product details like account types and fees, and independent institutional trust signals such as regulatory memberships and third-party ratings.
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This rating reflects publicly available information as of 2026-03-17. Brands can become a JumpSteps Partner to verify and update information →

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