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 Sep 18, 2023
LendingClub Rewards Checking
Member FDIC.
Rating image, 4.00 out of 5 stars.
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 = Poor4.00/5
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
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
Show Best Offers Available in
Rates as
of Sep 18, 2023
| Offer |
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|---|---|---|---|
| Account |
LendingClub Rewards Checking
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| Rating |
Rating image, 4.00 out of 5 stars.
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 = Poor4.00/5 |
Rating image, 4.25 out of 5 stars.
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 = Poor4.25/5 |
Rating image, 4.00 out of 5 stars.
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 = Poor4.00/5 |
| APY | Up to 0.15% | 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. | 0% |
| Min. to earn APY | $2,500 | Monthly direct deposits totaling at least $1,500 | N/A |
| Next Steps |
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* Axos Bank Rewards Checking
To be eligible to earn all or a portion of the cash incentive as part of the "SUNNYBONUS" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "SUNNYBONUS" must be opened between August 1, 2023, at 12:00 am PST and December 31, 2023, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "SUNNYBONUS" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:
To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.
A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.
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.
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.