December 7, 2023

LendingClub High Yield Savings

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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 4.00% 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
Bank of America
Member FDIC

Bank of America Advantage Banking - Up to $500 Cash Offer

Expires 5/31/2026
  • The cash offer up to $500 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 05/31/2026.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
    Cash BonusTotal Qualifying Direct Deposits
    $100$2,000
    $300$5,000
    $500$10,000+
  • If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
  • Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.
Chase
Member FDIC

Chase Total Checking® - $400 Bonus

Expires 4/15/2026
  • New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
  • Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
  • Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
  • 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*
  • Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
  • Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
  • Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
  • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo

Wells Fargo Everyday Checking Account - $325 Bonus

Expires 4/14/2026
  • Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
  • Wells Fargo Bank, N.A. Member FDIC
U.S. Bank
Member FDIC

U.S. Bank Business Essentials - $400 Bonus

Expires 3/31/2026

Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.

To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.

Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.

Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.

New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.

Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.

Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.

All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.

Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 3.75% APY

  • 3.75% 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
Disclosures

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