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
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
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  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
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  • 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.
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Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • 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 9/30/2024.
  • To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, 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.
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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
Bluevine

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

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