Last update: February 11, 2021
What’s happening?
Effective December 31, 2020, LendingClub will retire the Notes platform. This will not affect the existing Notes you own but means that the last day to purchase Notes will be December 27. In addition, we will no longer accept new accounts effective October 8 and we are targeting to retire the mobile app on November 10.
Why are you making this change?
Earlier this year LendingClub announced that it signed an agreement to acquire Radius Bancorp, the holding company of Radius Bank. Combining the two companies is ground-breaking. By becoming the only full-spectrum fintech marketplace bank, and the first public U.S. neobank, LendingClub can unlock new value for borrowers and investors by using the marketplace to both pay less when borrowing and earn more when saving.
As we move towards becoming a full-spectrum fintech marketplace bank, we have looked closely at our current and future product suite and have started development of new products to help our members keep more of what they earn and earn more on what they keep. Unfortunately, under a prospective banking framework, it is not economically practical for LendingClub to continue to offer Notes. So, we had to make the difficult decision to retire the Notes platform effective December 31, 2020.
I am trying to open a new account and was re-directed here. Why?
As part of retiring the Notes platform, LendingClub is no longer accepting new accounts effective October 8, 2020.
I’m a current investor – what does this mean for the Notes that I currently own?
This will not affect the existing Notes you own but means that the last day to purchase new Notes will be December 27.
As a current investor, what do I do now?
You may continue investing in new Notes until we stop offering them on December 28. After we stop offering Notes, you will continue to receive principal and interest payments on the Notes in your account as you do today.
We are partnering with Radius Bank to develop a high yield savings account (Founder Savings) available exclusively to our Notes investors* as a sincere thank you for your dedication to the community. The new account will include an auto-save feature, which will enable you to automatically transfer your available Notes cash account balance to your Founder Savings Account on a weekly basis. If you don’t choose to open a Founder Savings account, your Notes account cash position will continue to build until you transfer those funds to another financial institution.
*At this time, the Founder Savings account will be only available to LendingClub Notes investors who have at least one Notes account that is not classified as an individual retirement account (IRA).
Click here for more information on the Founder Savings account.
When will the new Founder Savings account be available?
We are working with Radius Bank on the Founder Savings account offering now and will follow-up with investors on how to sign-up as soon as possible.
What will the interest rate for the Founder Savings account be?
We will let you know of the interest rate at launch; you can expect that it will be a compelling rate, as an exclusive way to thank our investors for their dedication to our community.
Why are you retiring the mobile app?
We determined that resources utilized to support the mobile app would be better used to transition to launching new products and services for our investors. You can still access all your account information through LendingClub’s web portal: https://www.lendingclub.com/auth/login
If we can help provide answers to additional questions, please email us at investing@lendingclub.com.