LendingClub IRAs: What You Need to Know
Did you know that half of households age 55 and older have no retirement savings at all1? Below are some insights on how LendingClub Notes2 may fit into your overall retirement portfolio as well as information on how to invest through a LendingClub retirement account.
Q: What are IRA fees?
A: Depending on your custodian, there are fees associated with your IRA account including the annual account fee and certain transactional fees. For more information please reach out to firstname.lastname@example.org.
Q: What is the initial investment?
A: To open an IRA via LendingClub, there is a required initial deposit. Once an account is funded with that initial deposit, there is a $25 minimum investment per Note.
Q: How do I move funds in/out?
A: If you are opening a new IRA through LendingClub, instructions for completing a 401(k) rollover, IRA transfer, or contribution can be found on the “Complete Your IRA” or “Fund Your Account” page displayed when you log in to your account.
If you have an existing IRA through LendingClub and would like to proceed with a 401(k) rollover, IRA transfer, or contribution, you will need to download, complete, and submit the appropriate form from the Transfer page of your account. Please note that you must log in to your IRA account to view the Transfer page.
If you would like to withdraw funds from your IRA through LendingClub, please log in to your account, click on “Transfer”, and then click on “Withdraw Funds” to initiate the withdrawal.
Q: Does the IRA operate the same as a standard taxable LendingClub account?
A: Yes, a LendingClub IRA operates in the same format as our standard taxable accounts. You can enroll in automated investing, sell on the secondary platform, and browse loans for manual investing.
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