LendingClub Rewards Checking Nationally Certified as Trusted, Affordable

October 4, 2022
LendingClub Rewards Checking Nationally Certified as Trusted, Affordable

Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals. However, recent FDIC research shows approximately 7.1 million Americans are “unbanked,” meaning they do not have a basic checking or savings account.

Being Unbanked Increases Costs for Families

Reasons for being unbanked (and underbanked) vary from not having enough money to meet a minimum balance and high or unpredictable fees, to having a history of credit, ID, or banking problems, and/or a general distrust of financial institutions.

As a result, this drives unbanked individuals to expensive, alternative financial outlets—such as check cashers, payday lenders, and pawn shops that charge high fees for financial products and services—to manage their money. Such fringe financial “solutions” hold people back from making meaningful financial progress, many of whom are living on low incomes and, likely, already struggling to make ends meet. Without a checking account, these families wind up overpaying for basic financial transactions, making it difficult for them to build savings and assets over time.

More Rewarding Banking for More People

In light of this, we’re proud to share that recent improvements to LendingClub Bank’s award-winning Rewards Checking has earned us official certification by the national Cities for Financial Empowerment Fund as meeting the BankOn National Standards for trust and affordability for consumer transactional accounts.

Key features of our award-winning Rewards Checking account include:

  • Low Minimum Opening Balance Access Rewards Checking with an opening deposit of only $25
  • Freedom from Fees Save more of your hard-earned money with no overdraft, monthly maintenance, and incoming wire transfer fees1
  • Unlimited Cash Back Earn unlimited 1% cash back on Qualified (signature-based) Purchases when using your Rewards Checking debit card2
  • Free ATM Access Enjoy ATM access with no LendingClub ATM fees, plus get unlimited ATM fee rebates on fees charged by other banks3
  • Get Your Paycheck Early Set up direct deposit into your account and you could be eligible to receive your money up to 2 days earlier4
  • Earn Interest Earn an APY that’s more than the national average with account balances of at least $2,5005
  • FDIC Insurance Rest easy knowing your deposits are FDIC-insured up to the maximum amount allowed—$250,000 per depositor for each ownership category
  • Best Online Experience Based on our easy-to-use mobile app and award-winning online checking account, NerdWallet named us Best Bank or Credit Union for Online Experience

What Our Members Say

It’s important knowing we’re offering products and services that are helping to improve the financial lives and stability of all Americans, including unbanked and underbanked individuals and families, in every community across the United States.

Here’s what some of our members have to say about their Rewards Checking experience with LendingCLub Bank:

“I never knew how much money I was losing with my old bank whenever I used an ATM. [LendingClub Bank] reimburses fees from ATM’s and now I look forward to getting the cash back every month.”
Robin, a LendingClub Bank Member

“The rewards checking account with cash back every month has helped me ditch my credit card and debt.”
Lauren, a LendingClub Bank Member

Read more member reviews.

Your Financial Well-Being Matters to Us

At LendingClub Bank, making checking accounts more rewarding for more people is an example of our belief that financial well-being should be attainable for everyone—not just for those who can afford it. Everything we do is centered around empowering our members to meet their personal financial goals by enabling access to a broad range of financial products, services, and educational resources, all designed to help them pay less when borrowing and earn more when saving.



Testimonials reflect the real-life experiences of individuals who used our products; however, individual results may vary.
Terms and Conditions
Accounts subject to approval. $25 minimum opening deposit required. See Product Terms & Conditions for additional details.
1. Miscellaneous fees may apply. View Product Terms & Conditions for complete details.
2. The Debit Card Rewards Program (“Cash Back Rewards”) provides 1.00% cash-back on all Qualified Purchases using a debit card tied to an Eligible Account.Eligible Accounts are: Rewards Checking accounts that meet the following requirements for the calendar month in review:
1). Maintain an average monthly balance of at least $2,500.00; or
2). Receives at least $2,500.00 in Qualifying Direct Deposits.
Qualifying Direct Deposits are defined as: Recurring Automated Clearing House (ACH) credits, including payroll, pension or government payments (such as Social Security) made by your employer, or an outside agency. We may require documentation to verify that credits are Qualifying Direct Deposits. Qualifying Direct Deposits do not include peer to peer payments or ACH transfers (funds transfers) from your external accounts.
Qualified Purchases are defined as: Signature-based purchases made using the debit card tied to an Eligible Account. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and is based on how the transaction is transmitted at the time of processing. Qualified Purchases do not include: (1) any goods or services purchased that are returned or otherwise credited to your Eligible Account; (2) unlawful purchases; or (3) purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Checks, gift cards, cryptocurrency, casino chips, peer to peer payments, prepaid debit cards, account openings, loan payments, or other cash equivalents).
We may report the value of Cash Back Rewards to the IRS as required by law. Any client whose tax status would require us to impose tax withholding of any sort will not be eligible for Cash Back Rewards.
Accounts are reviewed after the end of each month. Any earned Cash Back Rewards will be credited to your account on or before the 10th calendar day of the next calendar month. The Eligible Account must be open and active at the time the Cash Back Reward is credited.
3. LendingClub does not charge a fee for using another bank’s ATM. Plus, get unlimited automatic ATM surcharge rebates for ATM fees other banks charge you. ATM surcharge rebates apply to cash withdrawals from a Rewards Checking account. ATM fees will be rebated at the end of each statement cycle. Excludes international exchange fees. LendingClub makes its best effort to identify those ATM fees eligible for rebate. In the event that you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272. LendingClub reserves the right to modify or discontinue the ATM surcharge rebate program at any time. Out-of-network ATM fees cost $2.50 on average — source: CNBC as of 01/26/2022. If someone were to use an out-of-network ATM 6 times per month at an average fee of $2.50 per withdrawal, they would spend $180 in ATM fees in 12 months.

4. Any account features that enable you to receive direct deposits, or that enable direct deposit funds to be made available to you early, are contingent upon and subject to the payor’s support of such features.


5. Annual Percentage Yield (APY) accurate as of 8/1/2022. Rate tiers are as follows: 0.00% APY applies to balances of $0.00–$2,499.99, 0.10% APY applies to the entire balance on balances of $2,500.00–$99,999.99, and 0.15% APY applies to the entire balance of $100,000.00 or more. Rates are variable and are subject to change, at the discretion of the bank and without notice, at any time after an account is opened. Fees may reduce earnings.

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