The basic steps to close a LendingClub savings account

You close a LendingClub savings account by logging into your account online, withdrawing your balance, and then requesting account closure through the platform. LendingClub does not charge a fee to close the account. The process takes a few minutes to initiate, but the actual closure depends on when your money clears — typically three to five business days after you request a withdrawal.

LendingClub is an online bank that offers savings accounts and certificates of deposit (CDs). Unlike a traditional bank branch, there is no phone line to call and no form to mail. Everything happens in your online account or through their mobile app. If you have money sitting in the account, you must move it out before the account can fully close.

Key Takeaways

  • Log into your LendingClub account, go to your savings account settings, and request a withdrawal to move your money out.
  • Withdrawals to a linked bank account normally take three to five business days to arrive.
  • Once your balance is zero, you can request account closure directly in the app or online portal — there is no separate form to submit.
  • If you have a CD with LendingClub, you must wait until it matures or pay an early withdrawal penalty before closing the account.

Withdrawing your balance before closing

Before you can close the account, you need to move your money out. Log into your LendingClub account on their website or app. Go to your savings account and select the withdrawal option. You will be asked where you want the money sent — this must be a bank account you have already linked to your LendingClub profile.

If you have not linked a bank account yet, you will need to do that first. LendingClub uses Plaid, a third-party service, to verify your bank details. You provide your bank login credentials (not to LendingClub, but through Plaid's find connection), and Plaid confirms the account is real and in your name. This usually takes a few minutes.

Once your withdrawal is submitted, the money leaves your LendingClub account when ready, but it does not arrive at your bank right away. LendingClub processes withdrawals on business days, and your bank takes another one to three business days to receive and post the transfer. Plan for three to five business days total from the time you request the withdrawal.

What happens if you have a CD

If you opened a certificate of deposit (CD) with LendingClub instead of a regular savings account, the closure process is different. You cannot withdraw the money early without paying a penalty — the amount of the penalty depends on the CD's term and how much time is left before it matures.

You have two choices: wait until the CD matures on its scheduled date, then withdraw the money and close the account, or pay the early withdrawal penalty now and close the account sooner. LendingClub will show you the penalty amount before you confirm the early withdrawal. Once the CD balance is zero, you can request account closure the same way you would for a savings account.

Requesting the actual account closure

After your balance reaches zero, go back into your account settings. Look for an option labeled "Close Account" or "Account Closure" — the exact wording varies slightly between the website and the app. Click or tap it, and LendingClub will ask you to confirm that you want to close the account. There is usually a dropdown menu asking why you are closing it, but this is optional.

Once you confirm, the account closure request is submitted. LendingClub will send you a confirmation email. The account is typically marked as closed within one business day, though you may see it listed in your account history for some time afterward.

If you cannot find the closure option

Occasionally the closure button is not when ready visible in the app or website, especially if your account has a zero balance or is inactive. In this case, you can contact LendingClub's customer service through the "Help" or "Contact Us" section of your account. They have a chat feature available during business hours and email support that responds within one business day.

When you contact them, tell them you want to close your account and confirm that your balance is zero. They can process the closure request on your behalf and send you a confirmation. You do not need to provide a reason, though they may ask.

What to do with your money after closure

Once the account is closed, you cannot deposit money back into it. If you want to move your savings to another account, do it before you close — withdraw to your main bank account, or transfer directly to another savings account if your bank allows it.

If you are closing because you want a higher interest rate, compare what other online banks are offering. Rates change frequently and vary by account type. Your bank's website or a rate comparison site will show current rates for savings accounts and CDs at different institutions.

Frequently Asked Questions

Does LendingClub charge a fee to close my account?

No. LendingClub does not charge a closure fee. The only cost is an early withdrawal penalty if you have a CD and choose to close it before the maturity date.

What if I close my account and then want to reopen it?

You can open a new LendingClub savings account at any time using the same process as a first-time customer. There is no waiting period or penalty for reopening. Your old account history may still be visible in your profile, but it is separate from the new account.

How long does it take for my money to arrive after I request a withdrawal?

Three to five business days is typical. Weekends and holidays do not count as business days. If you request a withdrawal on a Friday, it may not arrive until the following Wednesday or Thursday.

Can I close my account if I have pending transactions?

You should wait until any pending deposits or transfers have fully posted before closing. If you close while a transaction is in progress, it may be rejected or delayed. Check your account activity to confirm everything has cleared.

What if I forgot my LendingClub login password?

Use the "Forgot Password" link on the LendingClub login page. They will send a reset link to the email address on file. If you no longer have access to that email, contact LendingClub customer service and they can help you regain access to your account so you can withdraw your money and close it.