LendingClub High Yield Savings Review
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Need a modern bank to help boost your funds? LendingClub's High-Yield Savings account might be for you. Learn more here.
Overall Score | 4.1 | ||
Savings | 4.5 | ||
Fees | 4.5 | ||
Mobile App | 3.5 | ||
Customer Service | 4.0 | ||
Pros and Cons
- High APY
- $0 monthly fees
- ATM access
- $100 minimum opening deposit
- No physical branches
Bottom Line
Good high-yield savings account that allows users to earn a competitive APY
LendingClub is a fintech institution offering a High-Yield Savings account with a competitive APY and useful features.
It has no monthly fees and you can easily open an account online.
Continue reading to find out more about LendingClub's High-Yield Savings account!
What Is LendingClub High-Yield Savings Account
LendingClub's High-Yield Savings gives you 5.00% APY on your entire balance. You will need $100 to open an account, but there is no minimum balance to maintain.[1]
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With High-Yield Savings, you can earn 10x more than the national average[2] that's on par with other online banks. It also offers more flexibility with your money.
You can manage your transactions wherever you are via online and mobile banking. It comes with access to a finance toolkit that lets you create budgets for different goals.
It also includes an ATM or debit card that you can use at select ATMs. But note that there are daily transaction limits depending on your account tier.
| Preferred | Elite | Reserve | |
|---|---|---|---|
| Mobile Deposit (daily limit) | $50,000 | $150,000 | $250,000 |
| ATM Withdrawal (daily limit) | $500 | $1,000 | $2,000 |
You are eligible for a tier depending on the combined balance of your LendingClub deposit accounts. Find out more.
How Much Can You Earn?
Here's a calculator you can use to see just how much your money can grow with LendingClub High-Yield Savings.
Fees to Look Out For
LendingClub's High-Yield Savings account has minimal fees. Which means less for you to worry about. Here's what to expect:[3]
- $0 monthly maintenance fee
- No minimum balance requirement
- $100 opening deposit
- $35 expedited ATM card
- $20 domestic outgoing wire
- $40 international outgoing wire
But depending on your account tier, the bank will refund one or two of your domestic wire transfers every year.
Pros and Cons
Pros
- High APY on the entire balance
- $0 monthly fees
- No minimum balance requirement
- Free ATM card
- Budget management tools
Cons
- $100 minimum opening deposit
- No physical branches
You can withdraw money at MoneyPass and SUM ATMs or you can do an external ACH transfer through the LendingClub mobile app.
Is LendingClub High-Yield Savings Safe?
Yes, LendingClub is a legitimate and safe bank. In fact, it is a member of the FDIC (Cert #32551). That means your deposits are insured up to $250,000 in case your bank closes down.
How to Open an Account
LendingClub High-Yield Savings can be opened online. Here's an easy, 3-step process on how to open an account:
- Go to the High-Yield Savings page and click Apply Online.
- Fill out and verify your personal and contact information.
- Fund your account with a minimum of $100.
You can fund your account through mobile deposits, ACH/wire transfers, or by going to an ATM that allows MoneyPass deposits.
- Be a U.S citizen or resident and at least 18 years old
- Have a residential address in the US
- Have a Social Security or Tax Identification Number
- Have a minimum of $100 for the opening deposit
Who is it Best For?
LendingClub High-Yield Savings is best for people who want to put their money to work through a solid APY. It is also ideal for those who prefer flexible savings accounts with no surprise fees or balance requirements.
And, if you are a fan of online banking and don't mind having no access to physical branches, then this is a great option for you.
How It Compares
Here's how LendingClub compares to other online high-yield savings accounts out there:
LendingClub Bank: High-Yield Savings | Ally Bank: Online Savings Account - 4.20% APY | Marcus Online Savings - Earn 4.40% APY | |
|---|---|---|---|
| APY | |||
| Minimum Deposit to Open | |||
| Monthly Fee | |||
| Balance Requirement |
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Bottom Line
LendingClub's High-Yield Savings account boasts an impressive APY. Though there is a $100 opening deposit requirement, you won't have to worry about monthly fees or maintaining a minimum balance.
You also get ATM access along with a bunch of online banking features. If you want to earn a high rate and let your funds grow, this is a great account to check out!
References
- ^ LendingClub. High-Yield Savings T&Cs, Retrieved 11/19/2023
- ^ FDIC. National Rates and Rate Caps, Retrieved 10/24/2023
- ^ LendingClub. Personal Product Terms & Conditions, Retrieved 11/19/2023
- ^ LendingClub. FAQ: What do I need to open a High-Yield Savings account?, Retrieved 11/19/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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