December 7, 2023

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.

5-point scale (the higher, the better)

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]

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.

ATM withdrawals and mobile deposits have daily limits depending on your account tier. Here's a table that summarizes the limits by tier.[1]

PreferredEliteReserve
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.

What is your top priority when choosing a high yield savings account?

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.

Savings Calculator

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

How do I withdraw money from my LendingClub High-Yield Savings account?
You can withdraw money at MoneyPass and SUM ATMs or you can do an external ACH transfer through the LendingClub mobile app.

How likely are you to switch to a LendingClub High Yield Savings Account within the next six months?

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:

  1. Go to the High-Yield Savings page and click Apply Online.
  2. Fill out and verify your personal and contact information.
  3. 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.

To open a high-yield savings account with LendingClub, you must meet the following criteria:[4]
  • 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:

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

  1. ^ LendingClub. High-Yield Savings T&Cs, Retrieved 11/19/2023
  2. ^ FDIC. National Rates and Rate Caps, Retrieved 10/24/2023
  3. ^ LendingClub. Personal Product Terms & Conditions, Retrieved 11/19/2023
  4. ^ LendingClub. FAQ: What do I need to open a High-Yield Savings account?, Retrieved 11/19/2023
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USAA High Yield Savings

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