LendingClub Rewards Checking

LendingClub is a peer-to-peer lending platform that has recently expanded into offering banking services, including a checking account. The LendingClub Rewards Checking account is designed to offer a competitive interest rate and cashback rewards to account holders. Here is everything you need to know about the LendingClub Rewards Checking account:

Interest Rates:

One of the biggest draws of the LendingClub Rewards Checking account is the high-interest rate offered. Currently, account holders can earn up to 0.15% APY on their balance. While this may not seem like a lot, it’s important to note that it’s significantly higher than what traditional banks offer.

Cashback Rewards:

Another great feature of the LendingClub Rewards Checking account is the cashback rewards offered on debit card purchases. Account holders can earn up to 1% cashback on eligible purchases, which can help them save money over time.

Fees:

The LendingClub Rewards Checking account does not charge any monthly maintenance fees or ATM fees. However, there is a $10 fee for each outgoing wire transfer and a $25 fee for each overdraft transaction. Mobile Banking: As an online-only bank, LendingClub makes it easy to manage your account from anywhere with internet access. The mobile app allows account holders to check their balance, transfer funds, deposit checks, and more.

FDIC-Insured:

The LendingClub Rewards Checking account is FDIC-insured up to $250,000 per depositor. This means that account holders’ funds are protected in case the bank experiences financial difficulties.

Drawbacks:

One drawback of the LendingClub Rewards Checking account is that it does not offer ATM fee reimbursements. This means that account holders will have to pay fees if they use out-of-network ATMs. Additionally, the cashback rewards are not as high as what some other rewards checking accounts offer.

Conclusion:

Overall, the LendingClub Rewards Checking account is a great option for those looking for a high-interest checking account with cashback rewards. The lack of monthly maintenance fees and ATM fees make it a cost-effective option, while the mobile banking capabilities make it easy to manage from anywhere. If you’re looking for a checking account that offers a combination of high-interest rates and cashback rewards, the LendingClub Rewards Checking account is worth considering.