Review
Updated
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.
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Ratings Methodology
Rates as
of Apr 18, 2024
LendingClub Rewards Checking
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
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APY
Up to 0.15%
Min. To Earn APY
$2,500
- Unlimited cash back on debit card purchases
- Unlimited ATM fee reimbursements worldwide
- Get your paycheck up to two days early
- No monthly maintenance or overdraft fees
- Low balances won't earn interest
- Most customers won't qualify for the highest APY
- Higher APY available at other financial institutions
- Must have at least $2,500 to earn cash back rewards
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
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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.
LendingClub Rewards Checking 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.
Keep reading about LendingClub
Our checking account methodology
At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.
Our Banking Expert
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
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Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Axos Financial and Target. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.