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LendingClub Rewards Checking Review: Fee Free With Cash Back and ATM Perks

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The LendingClub Rewards Checking account is chock full of eye-catching perks, including a competitive APY, cash back, and unlimited ATM fee reimbursements. However, you need to keep at least $2,500 in the account to earn interest. Check out all the details about this account in our LendingClub Rewards Checking account review below.

Rates as of May 18, 2022

Full LendingClub Rewards Checking review

Top perks

Earn up to 1% cash back on debit card purchases: All online and signature-based "credit" transactions with a LendingClub debit card earn 1% cash back. To qualify, you need to keep an average of $2,500 or more in your account or receive at least $2,500 worth of direct deposits into your LendingClub Rewards Checking account per month.

Free ATMs worldwide: LendingClub doesn't have its own network of ATMs, but it partners with MoneyPass®, SUMTM, and NYCE® networks to offer fee-free ATMs nationwide. It also offers unlimited ATM fee reimbursements worldwide, in case you're not near one of their partner ATMs. Some people prefer this to having to stick to a specific ATM network because they can access their cash anywhere without fees.

No minimum balance requirement or monthly fees: LendingClub doesn't charge its customers maintenance fees. While you do need at least $100 to open your LendingClub Rewards Checking account, there is no ongoing minimum balance requirement. However, you need to maintain a minimum balance of $2,500 if you want to earn interest.

Get your paychecks up to two days early: If you set up a direct deposit to your LendingClub Rewards Checking account, LendingClub makes these funds available to you as soon as your employer submits its payroll files to the Federal Reserve. This means you could start using your paychecks as soon as two days before you would access the funds at most other banks.

Feature-rich mobile app: The LendingClub mobile app lets you remotely manage and transfer your funds, deposit checks, schedule automatic bill payments, and pay friends and family.

Built-in budgeting tools: Your online LendingClub Rewards Checking account includes tools to help you create a budget you can stick to, analyze trends in your spending habits, create a debt repayment plan, and find out your net worth. You can also link your external financial accounts to get an overview of your finances in one place.

Free first order of checks: When you sign up for a LendingClub Rewards Checking account, the bank pays for your first order of checks.

FDIC insured: LendingClub is an FDIC member, so in the unlikely event of bank failure, your funds are protected up to $250,000 per depositor, per account category, per institution.

What could be improved

Tiered APY system: To earn 0.15% APY, you must maintain an average checking account balance of $100,000 or more, which most people probably cannot do. You can still earn 0.10% if you maintain a balance of $2,500 or more -- much more doable, and still far above the average for checking accounts. If you maintain a balance of less than $2,500, you won't earn interest, and a high-yield savings account may be a better option.

Fees

Fees Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
LendingClub Rewards Checking $0 $0 $5 per day, beginning on the fifth calendar day after the overdraft and continuing for 30 days if the account remains negative. Overdrafts of $5 or less will not result in a fee. $25 $0 per item
Data source: LendingClub Bank

How to access your money

LendingClub gives you the following ways to access the funds in your Rewards Checking account.

Deposit options

You can deposit money into your LendingClub Rewards Checking account using any of these methods:

  • ACH transfer
  • Wire transfer
  • Mobile-deposited check
  • ATM deposit at some ATMs

Note that if you fund your account via wire transfer, the bank you transfer the funds from may charge an outgoing wire transfer fee.

Withdrawal options

These are your options for withdrawing money from your LendingClub Rewards Checking account:

  • ACH transfer
  • Wire transfer
  • ATM withdrawal
  • Point-of-sale withdrawal
  • Check withdrawal

You can check LendingClub's website to find the nearest fee-free ATM in its network, or you can use a nearby ATM and LendingClub will reimburse you for the fees.

Alternatives to consider

Rates as of May 18, 2022

This checking account is right for you if:

The LendingClub Rewards Checking account is a potentially lucrative account if you expect to maintain a minimum balance of $2,500 or more. Few checking accounts offer cash back or interest, let alone both, so there's a lot of potential to grow your wealth with this account.

Its built-in budgeting tools also make it a good choice for those trying to manage money better. The potential to get your paychecks up to two days early may also suit those who need added flexibility with their funds.

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