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.

Additional Product Features FAQ

LendingClub Resources

How to refinance your car loan with poor credit

Whether you’re stuck in a high-interest auto loan and want to save money, or you’re looking to slash your monthly car payment, an auto refinance may be the answer for you. However, if your credit score is less than 700, you may be wondering if you can refinance your auto loan with bad credit.

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How to build a holiday budget

From buying gifts to traveling, entertaining, decorating, and even cultivating a holiday wardrobe, you may have a lot on your shopping list. By preparing a holiday budget ahead of time—and sticking to it—you’ll be better equipped to make it through the holiday season without breaking the bank.

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Use holiday budgeting tips to save you money this season.

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Is personal loan interest tax deductible?

Taxes may not be the most exciting thing you'll ever do, but if you have a personal loan, knowing the potential tax implications can help when it comes time to file your return.

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Guide to banking online

Chances are, you’re managing money differently today than you were a few years ago. If your shopping, spending, and money management have moved online and onto your phone, you might want to consider whether an online-only bank is a fit for you.

Personal Checking

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From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce StackitTM from LendingClub Bank—a new browser extension that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.

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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.

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LendingClub Rewards Checking Nationally Certified as Trusted, Afforda

LendingClub Surpasses 4 Million Members

Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.

Company News

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Illustration of large number 4 and letter M made up of colorful, tiny illustrations of ethnically diverse people

LendingClub Celebrates One Year as a Digital Marketplace Bank

In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank.

Company News

Mar 6, 2022

less than a minute read

Changes to Our Business Model

LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.

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Related FAQ's

Can I add additional funds to my CD?

No. Additional deposits cannot be made to a CD following the initial deposit until the CD matures.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

What is the minimum balance to keep in my savings account?

Once the minimum opening deposit is met, there is no monthly minimum balance requirement to maintain your account

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

How do I earn interest on my savings account?

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.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

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.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

Are there any fees for my savings account?

There are no monthly maintenance, overdraft, or NSF fees for your account.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

Related Glossary

Revolving Credit

{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.

R Letter Term

Sep 6, 2023

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Annual Percentage Rate (APR)

{noun} The total annual cost to borrow money, including fees, expressed as a percentage.

A Letter Term

Mar 21, 2023

3 min read

Accrued Interest

{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.

A Letter Term

Mar 21, 2023

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Charge-Off

A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.

C Letter Term

Feb 7, 2023

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Fixed Interest Rate

{noun} An interest rate that remains the same for a set time, usually for the life of the loan.

F Letter Term

Feb 4, 2023

3 min read

What is a CD and how does it work?

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What is a CD and how does it work?

Additional Product Features FAQ

LendingClub Resources

WHAT WE OFFER

RESOURCES

LEGAL

ABOUT US

ACCOUNT

Powered by the LCTM platform

Powered by the LC^TM platform