Close your LendingClub savings account by logging in, navigating to account settings, and requesting closure through the platform

LendingClub's savings product (called LendingClub Savings) lets you open a high-yield savings account through their platform. To close it, you log into your account, find the settings or account management section, and submit a closure request. LendingClub will then walk you through the steps to withdraw your balance and confirm the closure. The process usually takes a few business days once you initiate it.

Before you close, make sure you know your current balance and have a plan for where that money will go. LendingClub will not close the account until your balance reaches zero, so you'll need to transfer or withdraw your funds first.

Key Takeaways

  • You must withdraw or transfer your full balance before LendingClub will close your account — they do not close accounts with money still in them.
  • Log into your LendingClub account, go to settings or account management, and look for a closure or account termination option.
  • Transfers to another bank account typically take one to three business days to complete.
  • After your balance is zero, submit your closure request and LendingClub will confirm the account is closed within a few business days.

Step-by-step process to close your account

Start by logging into your LendingClub account on their website or mobile app. Once you're logged in, look for an account settings, profile settings, or account management section — this is usually found in a menu icon or your account name in the top right corner.

Find the option related to closing, terminating, or deactivating your savings account. The exact wording varies, but it will be labeled something like "Close Account," "Account Closure," or "Deactivate Account." Click or tap that option.

LendingClub will show you your current balance and explain that you must withdraw or transfer all funds before closure can be completed. If your balance is zero, you can proceed directly to confirming the closure. If you have money in the account, you'll need to move it first.

Withdrawing your balance before closing

If you have money in your LendingClub savings account, you have two main options: transfer it to another bank account you own, or request a withdrawal check.

To transfer to another bank account, look for a "Transfer" or "Move Money" option in your account settings or the main dashboard. You'll enter the routing number and account number of the bank account where you want the money to go. LendingClub will verify the account (this may take one to two business days on the first transfer) and then move your funds. Subsequent transfers to the same account are usually faster.

If you prefer a check, contact LendingClub customer service through the app or website and request a withdrawal check. They will mail it to the address on file. This method takes longer — typically five to ten business days — because it includes mailing time.

What happens after you submit your closure request

Once your balance is zero and you've confirmed the closure request, LendingClub will process it. You should receive a confirmation email within a few business days stating that your account has been closed.

After closure is confirmed, you will no longer be able to log into that savings account or access any of its features. If you had set up automatic deposits or transfers to this account, those will stop working, so check any other accounts or services that may have been linked to it.

Keep the closure confirmation email for your records. If you ever need proof that the account was closed on a specific date, you can refer back to it.

Reasons to close a LendingClub savings account

People close savings accounts for different reasons. You might be moving your money to a bank with a higher interest rate, consolidating accounts at a single institution, or simply no longer using the service.

Before you close, compare the interest rate you're currently earning with rates at other banks. If LendingClub's rate has dropped below what you can get elsewhere, moving your money makes financial sense. If you're closing because you're unhappy with the service or have had trouble accessing your account, contact LendingClub support first — they may be able to resolve the issue.

If you have trouble closing your account

If the closure option is not appearing in your account settings, or if you're unable to transfer your balance, contact LendingClub customer service. You can reach them through the help section in your account, by phone, or through their website's contact form. Have your account number and the reason for closure ready when you contact them.

If LendingClub is holding your account for any reason — such as a pending dispute or compliance review — they will not allow closure until that issue is resolved. Customer service can tell you what's blocking the closure and what steps you need to take.

Frequently Asked Questions

Can I close my LendingClub savings account if I still have money in it?

No. LendingClub requires your balance to be zero before they will close the account. You must transfer or withdraw all your funds first. Once the balance reaches zero, you can then submit your closure request.

How long does it take to close a LendingClub savings account?

The timeline depends on how you withdraw your money. If you transfer to another bank account, that takes one to three business days. Once your balance is zero and you submit the closure request, LendingClub typically confirms closure within a few business days. Total time is usually one to two weeks.

Will closing my LendingClub savings account affect my credit?

No. Closing a savings account does not show up on your credit report and will not affect your credit score. Credit reports track credit accounts like credit cards and loans, not savings accounts.

What if I want to reopen my LendingClub savings account later?

You can open a new LendingClub savings account at any time by going through their signup process again. However, you will need to verify your identity and banking information just as you did the first time. Your old account cannot be reopened once it is closed.

Do I need to close my LendingClub account if I'm not using it?

No, you do not have to close it. You can leave it open with a zero balance indefinitely. However, if you prefer not to have inactive accounts, closing it removes it from your list of open accounts and simplifies your financial life.