This Bank Pays an APY of 4.20%. Should You Switch Now?
KEY POINTS
- Right now, the LendingClub LevelUp Savings account is offering up to 4.20% APY.
- You'll need at least $250 in monthly deposits to earn the top rate.
- The account has no monthly fees and costs $0 to open.
Still stuck with a traditional savings account at a brick-and-mortar bank? If so, now's the time to switch to a high-yield savings account -- and get up to 4.20% APY with one of our favorite accounts.
Right now, you can open a LendingClub LevelUp Savings account and earn up to 4.20% APY with $250+ in monthly deposits. There are no fees to open the account and no minimum balance requirement.
Let's break down how much better off you'll be by switching today.
You'll get a top-tier rate -- if you meet the monthly deposit requirement
Right now, the average savings account APY is just 0.40%, according to the FDIC. But with a high-yield savings account like the LendingClub LevelUp Savings, you can get more than 10X that rate -- and it's incredibly easy to do so.
To earn 4.20% APY with LendingClub, you'll need to make $250 in cumulative deposits each month. That can be from direct deposit, transfers, or any incoming funds.
So, some quick math: If you keep $8,000 in your account for a year:
- At 4.20% APY, you'd earn about $352.
Compare that to the national average APY of 0.40%, which would earn you about $33 in a year, and there's no contest -- LendingClub is the way to go.
Want to start earning more today? Open a LendingClub LevelUp Savings account now and get up to 4.20% APY.
No fees, no minimums, and no hassle
LendingClub's account is free to open, has no monthly maintenance fees, and doesn't require a certain balance.
That makes it easy to try out, even as a secondary savings or checking account. You can move your emergency fund or short-term savings, and even set up automatic monthly transfers to hit the $250 requirement.
Make the switch today
If you can swing a $250 monthly deposit, LendingClub LevelUp Savings is one of the top high-yield savings accounts out there right now. It's easy to open, pays a strong 4.20% APY, and gives you a decent fallback rate if you miss your monthly deposit minimum.
You don't even need to close your current bank account -- just move your emergency fund or savings goals to LendingClub to earn more interest.
Ready to boost your savings? Open a LendingClub LevelUp Savings account today.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.