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Editorial Score9.6LendingClub Review
LendingClub offers a high-yield LevelUp savings account that doesn’t require a minimum balance and charges no monthly maintenance fees – but if you deposit $250 or more per month, you earn an even higher APY. You can open an account in only a few minutes and manage it through LendingClub’s top-rated mobile app or online. Balances are FDIC-insured.
Pros and Cons
Pros:
- High annual percentage yield (APY) of up to 4.40% as of 04/01/2025.
- No monthly maintenance fees & no minimum balance requirements
- Top-rated mobile app with helpful banking features
- Deposits are FDIC-insured up to the maximum amount allowed—$250,000
- Customer support at extended hours including live chat
Cons:
LendingClub at a Glance
Fees? | No monthly fees and no minimum balance requirements. |
Security | FDIC-insured, SSL encryption, supports both 2-factor authentication and biometric authentication. |
Online experience | User-friendly website with all banking functions. Rates and services are transparent before applying. |
Mobile app | iOS and Android. Includes balances, transaction history, fund transfers, and mobile deposits. Available on iOS and Android. Includes features like mobile check deposits and credit simulator. |
Customer support | Customer support via phone and live chat at extended hours. |
Suitable For?
LendingClub’s high-yield LevelUp savings account is ideal for people looking for high returns on savings who don’t want to bother with maintenance fees or minimum balance requirements. While you earn a high APY regardless of balance, if you deposit $250 or more every month, you earn the highest APY available – 4.40% as of 04/01/2025.
If you’re a tech-savvy consumer who enjoys a digital-only banking experience, LendingClub may be the right fit for you – you can easily manage your account from the bank’s top-rated mobile app or online.
On the other hand, if you prefer banking in person, you might want to look somewhere else – LendingClub doesn’t have physical branches.
Features/Highlights
Advantages over traditional banks
LendingClub offers several advantages over traditional banks. Its high-yield savings account provides significantly higher APY than most traditional banks and you can open an account from your desktop or mobile device in minutes. And unlike some traditional banks, you don’t have to pay monthly maintenance fees or maintain a minimum balance on your account in order to earn a high APY.
Cutting-edge banking services
Opening a savings account with LendingClub is easy and only takes a few minutes. Its digital platform allows you to manage all your accounts in one place, send and receive money, set up alerts and track account performance.
Traditional banking services
LendingClub doesn’t offer physical branch locations, but its comprehensive online platform offers all the savings features that traditional banks have, including easy transfer options, direct deposit options and federal insured funds.
LendingClub also offers checking accounts, certificates of deposit, personal & business loans and auto refinancing options.
Interest rates and fees
LendingClub’s high-yield savings account offers a competitive APY that far exceeds the national average. It charges no fees and doesn’t require a minimum balance.
Monthly fee | Insufficient funds fee | Minimum opening deposit | Minimum balance requirement | Outgoing wire transfer fee | APY |
$0 | $0 | $0 | $0 | Varies by account & type of wire | 4.40% |
Customer service and online experience
LendingClub provides customer support through multiple channels, including phone and live chat, at extended business hours. Its website offers an extensive Help Center.
LendingClub has a 4.6 rating on Trustpilot, which is considered excellent. Some reviews praised the bank’s customer service and application approval times.
Mobile app
LendingClub offers a robust mobile experience that allows you to manage all your accounts in one place. Some of the features the app offers include mobile check deposits, transfers between accounts and the option to set up account activity alerts.
The LendingClub app is available for both iOS and Android. It has more than 1,700 ratings on the Apple store with a 4.8 average rating. On the Google Play store, it has more than 2,400 reviews with a 4.7 average rating.
Security
LendingClub’s deposits are FDIC-insured up to $250,000. LendingClub uses SSL encryption and multi-factor authentication to ensure your data is secure. The bank has a fraud protection department you can contact through customer service.
Application Process
Steps to Apply:
Applying for a LendingClub LevelUp Savings account is easy and only takes a few minutes:
- Visit the LendingClub website or download the app.
- Complete the online application by entering your personal details.
- Verify your information and fund your account if you want – or you can do that later.
LendingClub Summary
LendingClub’s LevelUp savings account offers a high-yield APY with no maintenance fees and no minimum balance requirements. The bank offers a robust digital-only experience that allows you to make deposits, send and receive money and manage your account online or via its top-rated mobile app. LendingClub offers highly rated customer service, strong security features and FDIC-insured accounts up to $250,000.
Physical Address
LendingClub Headquarters
595 Market Street
San Francisco, CA 94105
Disclaimer
AI was used in the generation of this content, along with human validation and proofreading. The content is not provided or endorsed by LendingClub.
