3 Dead Simple Reasons I Moved All My Savings to LendingClub This Month
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I just found a new home for my ~$25,000 in cash savings. And I didn't make that move lightly.
I review banks and credit cards for a living, so I'm extremely picky about the services I use for my own money. For a bank, I need high APY, no fees, and tools that actually make my life easier.
After comparing dozens of high-yield savings accounts this year, the LendingClub LevelUp Savings account climbed to the top of my list.
Here are the three biggest reasons I officially made the switch.
1. A high APY that hasn't wavered
Let's start with the obvious. As the Fed cuts interest rates, most banks have lowered the APYs on savings products.
But LendingClub LevelUp Savings still holds strong, offering a 4.20% APY with $250+ in monthly deposits. Even if you don't meet the deposit requirement, the standard rate is still higher than what I was earning at my last bank.
In today's environment, that's a standout. Moving my ~25k cash pile over there will mean earning over $800 in interest a year.
The switch was really easy. And the $250 monthly deposit minimum isn't very restrictive -- any transfer qualifies, not just direct deposit. So I just set up an automatic monthly pull from my checking account and called it good.
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LendingClub LevelUp Savings
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- Competitive APY
- No fees
- Easy ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- Requires you to make monthly deposits to earn the best APY
- ACH outbound transfers limited to $10,000 per day for some accounts
- No branch access; online only
The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account with $0.
2. It comes with a debit card attached to savings
This one is super rare.
Most high-yield savings accounts don't give you direct access to your funds. You need to transfer money back and forth between checking and savings, and sometimes wait a day or two before withdrawing.
LendingClub skips that old-school requirement. It gives you a debit card linked directly to your savings account.
This means I can hit the ATM in a pinch and pull cash straight from my savings account.
Better yet, LendingClub doesn't charge a fee to use another bank's ATM, and it rebates ATM fees charged by other banks.
For someone who likes to keep cash liquid (and hates junk fees), this is a really cool feature to have.
3. No fees or fluff. Just a simple, focused savings account
On the topic of fees, I don't anticipate ever paying any with LendingClub. There are no monthly account fees, or minimum balance that I need to keep.
And another cool thing I like is just how simple this setup is. Some fintechs try to solve everything -- budgeting, investing, crypto, robo-advice, lifestyle perks… the works. That's not what I need from my savings account.
LendingClub has a clean and basic app, a great interest rate, and no distractions. It does the one job I need it to do -- protect my cash and help it grow.
My real experience switching
I'll be honest, I hit a small snag when I first tried to sign up.
Apparently I had an old LendingClub login from years ago (back when they offered peer-to-peer lending). That created a login conflict, and I had to call support to figure it out.
The good news is I got a real human on the phone in under 30 seconds, and they fixed the issue while we were chatting. After that, opening the account took about two minutes.
During the sign-up process I learned that LendingClub uses Plaid to connect to external bank accounts. So I just linked it to my checking account, scheduled a big transfer, and set up a recurring $250 monthly deposit to hit the APY requirement.
The mobile app itself is clean and straightforward. And so is the website platform. So far, I'm seriously impressed, and I've already started recommending it to friends.
Check out all our top high-yield savings accounts to find the best fit for your goals.
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.