This Online Bank With a 4.20% APY Won Best Savings Account in America -- and It's Crushing Big Banks
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Savings accounts are having a chaotic year. Rates are sliding, promos are disappearing, and big banks are still paying 0.01% like it's some kind of generous reward. (It's not.)
Here at Motley Fool Money, we don't hand out "Best in America" awards lightly. Our editorial team and independent analysts review hundreds of banking products each year. We compare every rate, feature, fee, app experience, and yes… even the tiny fine print most people skip.
When we choose a winner, it's because it genuinely stands out across the board.
And this year, one online bank didn't just beat the competition -- it crushed it.
The LendingClub LevelUp Savings account, offering 4.20% APY with $250+ in monthly deposits, is officially our Best Savings Account Award winner for 2026.
And once you see why, it becomes kind of an obvious pick.
Why LendingClub is winning over everyday savers
LendingClub started more than a decade ago as a peer-to-peer lending pioneer. And over time, it evolved into a modern online bank with checking, savings, loans, and a clean, easy-to-use mobile app.
But the real MVP is its high-yield savings account (HYSA). Here's what you get with LendingClub LevelUp Savings:
- No monthly fees and no minimum balance requirements
- 4.20% APY with $250+ in monthly deposits
- FDIC insurance up to $250,000
- Free ATM access with unlimited fee reimbursements
- Clean, modern banking app that actually feels built for 2026
Put it all together, and you get a savings account that feels like the best parts of saving and spending -- without the old-school friction you get from big banks.
On LendingClub's Secure Website.
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2026 Award Winner
LendingClub LevelUp Savings
On LendingClub's Secure Website.
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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.
How much a 4.20% APY can earn on savings
Personally, I switched to LendingClub for the high APY.
I keep about $25,000 in my savings account for emergencies and short-term savings. So it's important for me to earn the highest interest rate possible on my cash.
Here's what your money can earn in 12 months at 4.20% APY:
| Balance | Interest earned |
|---|---|
| $5,000 | $210 |
| $10,000 | $420 |
| $25,000 | $1,050 |
| $50,000 | $2,100 |
Compared to earning a couple bucks a year with 0.01% APY at a traditional bank, it's not even close. LendingClub blows big banks out of the water.
To qualify for the 4.20% APY, you just need to deposit $250 per month into the LendingClub LevelUp Savings account. It doesn't need to be from your paycheck, any transfer types count.
A rare feature that pushed LendingClub over the top
Most high-yield savings accounts have one annoying downside: transferring money can take a little while.
You usually have to shuffle it back to checking, wait for the transfer to clear, and then use it.
But LendingClub does something incredibly rare. It offers a debit card directly linked to your savings account.
That means you can hit up the ATM and withdraw cash instantly. And since ATM fees are reimbursed, it doesn't cost anything either.
If you've ever needed emergency cash, this feature alone is a massive win.
It's time to upgrade your bank
If you're looking for a cool, no-fee bank with genuinely modern features, LendingClub is one of the easiest places to start.
And the best part? You don't need to switch everything over on day one. You can open a LendingClub LevelUp Savings account, move a little money at a time, get used to the tools, and see if it fits.
There's basically no downside to trying -- and a lot of upside if it clicks.
Check out all our top high-yield savings accounts to find the best fit for your goals.
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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.