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Updated: Jan 10, 2024

LendingClub Rewards Checking Account 2024 Review

We review the LendingClub Bank Rewards Checking Account looks at the account's rewards program, notable fees, and convenience features.
5.0
Editor's Rating
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LendingClub was best known as a loan marketplace but has since expanded its services to include banking. The LendingClub Rewards Checking account lets you earn cash back, with no monthly maintenance fees. It offers some enticing features that might just convince you to switch banks.

Our Verdict

Banking with LendingClub could make sense if you're looking for a checking account that offers plenty of benefits with minimal fees. You might consider opening a Rewards Checking account if you:

  • Are tired of paying a monthly maintenance fee or trying to meet minimum balance requirements
  • Want the double benefit of earning cash back rewards on purchases and interest on balances with a checking account
  • Don't mind forgoing branch banking access to get a fee-free checking account

On the other hand, this account might not be a good fit if you prefer to bank at a branch or you don't necessarily care about earning cash back or interest.

Overall, we'd recommend LendingClub Rewards Checking to anyone who's looking for some extra bells and whistles with a checking account. Remember that before deciding where to bank, it's always a good idea to check the fees, minimum deposit requirements, and other details first.

LendingClub Rewards Checking Account Pros & Cons

Pros
  • Earn unlimited 1% cash back on debit card purchases
  • No monthly maintenance fees
  • Unlimited ATM fee rebates
  • FDIC-insured up to the qualifying limits
Cons
  • Must open account through SaveBetter.com
  • No ATM card or branch access
Compare Checking Account Options
Make sure that you look at other checking accounts that could be better for you:
Checking
Savings
CDs

Compared to Other Checking Accounts

Chime Checking

Chime Checking is an online checking account that has no monthly fees or minimum balance requirement. It offers surcharge-free access to more than 60,000 ATMs in the Allpoint and Visa Alliance ATM networks. However, out-of-network ATMs can still impose surcharges--and Chime doesn't refund ATM fees. Qualifying customers can also be eligible for a small overdraft line of credit and two-day early paychecks.

Read our full editorial review of Chime Checking.

SoFi Online Checking Account

SoFi's online checking account has no monthly fees or required minimum balance. The account offers cash back at certain local businesses in addition to some interest earnings on your account balance. SoFi is partnered with the Allpoint ATM network of more than 55,000 ATMs--no ATM fee refunds, however. It also offers early direct deposit.

Read our full editorial review of SoFi's checking account.

Ally Bank Spending Account

Ally Bank's Spending Account is an online interest-checking account with no monthly fees or minimum balance requirement. In addition to surcharge-free access to the Allpoint ATM network, customers are reimbursed up to $10 per month in ATM fees. It also provides early direct deposits and a small overdraft lenience program to qualifying customers.

Read our full editorial review of Ally Bank's Spending Account.

Chase Total Checking

Chase Total Checking is the basic checking option from one of the largest banks in the country, which means plenty of branches and ATMs across the nation. However, it does have a monthly fee, which can be waived when requirements are met. As a national bank, Chase offers a full range of financial transactions and services, in addition to exceptional online and mobile banking experiences.

Read our full editorial review of Chase Total Checking.

Rewards Program

You can earn cash back on purchases made in stores or online with your Rewards Checking debit card. Cash back is credited to your account at the end of the month and rewards are unlimited. 

Here are the conditions for earning 1% cash back on purchases:

  • Your account must be open for at least 30 days
  • You must receive $2,500 in recurring direct deposits or maintain an average monthly balance of $2,500 or more

That might appeal to you if you'd like to earn rewards when you spend but don't want to use a credit card to do it. Since you're spending money from checking, rather than borrowing, you don't have to worry about racking up debt to earn a little cash back. 

Few checking accounts offer debit card rewards programs nowadays so it is refreshing to see one available with other great perks.

Interest Rates

On top of earning cash back rewards with your checking account, LendingClub also pays interest on balances. 

Rates are tiered, based on how much you keep in your account. The higher your account balance, the higher the APY you can earn. 

Is the APY one of the best interest checking accounts? No, not really. 

But earning some interest on checking account balances is better than earning nothing at all. And at many banks, that's the norm. 

If you're interested in getting a great rate on deposits, then you might want to check out LendingClub's savings account and CD account options. 

Fees

LendingClub is pretty reasonable when it comes to fees. Again, there are no monthly maintenance fees or overdraft fees. 

Here's what you can expect to pay for this checking account.

Other Service Fees - LendingClub Rewards Checking

Type Fee
Monthly fee $0
Out-of-network ATM fee $3
Overdraft fee $0
Returned item fee $0
Stop payment fee $25
Incoming wire transfer $0
Outgoing wire transfer (domestic) $20
Outgoing wire transfer (international) $40
Rush debit card replacement $35

As you can see, there aren't a lot of fees associated with this account. 

That's characteristic of online banks in general, which tend to charge fewer fees overall. That's usually because online banks have lower overhead costs so they can afford to cut back on fees. 

Unlimited ATM fee rebates

LendingClub offers a debit card with Rewards Checking accounts. You can use it to make purchases or withdraw cash at SUM and MoneyPass ATMs. 

There's no fee for transactions at SUM and MoneyPass ATMs. If you need to use an out-of-network ATM, LendingClub doesn't charge a fee for that either. 

You can also get foreign ATM fees reimbursed monthly. ATM fee reimbursements are unlimited. 

That's a nice benefit to have if you don't have a SUM or MoneyPass ATM near you. At other banks that refund ATM fees, reimbursements may be capped at a certain dollar amount per month. 

And if you're charged a fee that isn't refunded automatically, you can always ask LendingClub to take a second look. Customer service is available by phone or live chat, which is another benefit you don't always get at other banks. 

Account Access

LendingClub gives you a few ways to manage your money. You can access your account by:

  • Logging in to online or mobile banking
  • Visiting a SUM or MoneyPass ATM
  • Using any other bank's ATM

In addition to a debit card, this account does come with checks. Even if you don't write checks that often, it's nice to know that you'll have them if you need them. 

In terms of functionality, the LendingClub mobile app makes it easy to:

  • Check account balances
  • Review transaction history in real-time
  • Transfer funds between LendingClub accounts
  • Schedule bill payments
  • Deposit checks

You can also set up direct deposit into your account for your paychecks. Doing so can allow you to get paid up to two days early.  

LendingClub is safe and secure, as the bank uses multiple security checks to protect customer information. Accounts are also FDIC-insured, up to $250,000 per depositor, per account ownership type

What You Need to Open

If you'd like to open a LendingClub checking account, you can do so online. The process takes just a few minutes. 

You'll need your:

  • Social Security number
  • Residential mailing address
  • Email address
  • Account number of debit card number from another bank to make your initial deposit

The minimum deposit to open an account is $25. If you're interested in opening a joint account you'll need to provide the same information listed above for your co-applicant. 

There's no credit check required to open a LendingClub Rewards Checking account. However, LendingClub may look at your ChexSystems report. 

LendingClub doesn't offer accounts for minors. The minimum age is 18. So, if you're hoping to open a checking account for a minor child, you'll have to look elsewhere.