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What is a CD and how does it work?

A certificate of Deposit (CD) account allows you to save money for a specified amount of time while receiving a fixed rate of return. CDs are available for different durations otherwise known as “terms”. LendingClub’s maximum deposit amount is limited to $500,000.00 per CD account. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category. Please visit FDIC: Deposit Insurance for additional information on the FDIC insurance limits.  

Certificates of Deposits (CDs) only allow one initial funding deposit. Funds are not available for withdrawal during the term of the CD (without being subject to a penalty). You may establish interest distribution preferences in online banking or the LendingClub app. LendingClub allows distributions to a LendingClub checking or savings account, on a monthly basis.

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Can I add additional funds to my CD?
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There is no minimum balance required to earn interest in your savings account. At the end of each month, the interest payment will be deposited into your account.
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Can I withdraw my money early from my CD and are there penalties?
The goal of a CD is to lock in a fixed rate at the time of purchase for a fixed time horizon, and therefore, to get the most benefit from the CD purchase, you are going to want to remain in the product for the entire term, whether it is a 6 month, 1 year or 5 year CD.
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Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

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