LendingClub Bank CD Rates

LendingClub Bank CD RatesLendingClub Bank CD rates are currently the same for all the bank's certificates of deposit. LendingClub is offering certificates of deposit with terms ranging from 3 months to 5 years, all with a current CD rate of 0.10 percent and a yield of 0.10 percent. The minimum opening balance for CD terms of 3 months, 6 months and 9 months is $1,000, while the minimum for longer term CDs is only $500.

Lending Club Rates

LendingClub CD Summary

  • Only 3 minutes to open an account
  • FDIC insured up to at least $250,000 per depositor
  • CDs are guaranteed for the length of the term
  • CDs with terms of 18 months, 1, 2, 3, and 4 years compound and credit interest monthly
  • 5 year CDs compound and credit interest quarterly
  • They will assess an early withdrawal penalty of 3 months simple interest for CDs with terms of 3 and 6 months. 9 month CDs will be assessed a penalty of 180 days simple interest. All other CDs will be assessed a penalty of 365 days simple interest
  • Open a CD account

LendingClub Bank History

You probably heard of Lending Club because they are a Fintech company that provides personal loans. This past year, Lending Club acquired Radis Bank which became LendingClub Bank.

LendingClub CD Account Conclusion

LendingClub offers several certificates of deposit to choose from, all with the same current interest rate. LendingClub is also offering a savings account that has a interest rate six times the current CD rate. The current LendingClub saving rate is at 0.60 percent with a yield of 0.60 percent, the minimum opening deposit is $2,500. In conclusion, it makes more sense to open a savings account with LendingClub then a CD account right now. You get a better interest rate and your money is locked-up in a CD. On the other hand, the savings rate can be changed at anytime and the trend for rates is lower these days. You can view our list of  Current CD rates to get the best rates today.

Author: Brian McKay
October 3rd, 2021

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