LendingClub states that it is the only full-spectrum fintech marketplace bank at scale, and it offers a savings account with an annual percentage yield (APY) that far outpaces the national average. The LendingClub High-Yield Savings Account is best for those who want a competitive APY and an integrated financial dashboard, and are also comfortable with online banking. In this expert review, we'll cover the LendingClub High-Yield Savings Account and help you decide if this savings account is right for you.
Rates as
of Sept. 26, 2022
LendingClub High-Yield Savings
Rating image, 4.50 out of 5 stars.
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor4.50/5
APY
2.07%
Min. To Earn APY
$100
- No monthly fees
- Strong APY
- ATM card available
- Minimum deposit required
A standout online savings account that features a very competitive APY and no monthly fees, though a $100 opening deposit is required.
Full LendingClub High-Yield Savings Account review
Top perks
2.07% APY: APY is an important factor when choosing a high-yield savings account. LendingClub High-Yield Savings Account's APY of 2.07%, which is far above the national average and is also one of the highest APYs. In addition, the full APY is earned on your entire balance, with no cap like many banks have. Interest is compounded daily and credited to the account monthly.
No monthly service fees: LendingClub charges no monthly service fees. As an online bank, LendingClub is able to pass down its savings to its customers. You can also make free internal and external transfers with online and mobile banking.
Free ATM card and no ATM fees: Account holders receive a free ATM card with their LendingClub High-Yield Savings Account. Most savings accounts do not offer a debit card or checks since they are designed to be long-term storage for your savings. LendingClub does not charge its clients to use an ATM. At the end of each month, it calculates the amount of ATM fees you incurred during the month and automatically rebates your account.
Digital convenience and integrated financial dashboard: According to its website, you can open a LendingClub High-Yield Savings Account in as little as three minutes. You will need to provide your address, phone, email, and Social Security number. LendingClub also offers online banking that allows you to manage your accounts 24/7 and offers an integrated financial dashboard where you can use its digital financial tools to help you analyze your spending habits, create budgets, develop a plan to pay off debts faster, link your external financial accounts, and more.
Insurance and security: LendingClub is FDIC insured and offers 256-bit encryption to ensure that data is protected with the highest level of security.
What could be improved
Minimum opening deposit: While there is no minimum balance requirement after the initial opening deposit, there is still a $100 minimum to open the account.
No physical branch access: LendingClub is an online-only bank with no physical branches. LendingClub may not be the best fit for you if you prefer to bank in person.
How to access your money
LendingClub currently has no physical branches, but you can fund your account and withdraw money quickly and easily.
Deposit options
There are several ways to fund your account. Funds can be added to your account after account opening through mobile deposit available within the banking app, at select ATMs, or by initiating ACH transfers and wires within online banking. You are able to deposit cash at any MoneyPass Deposit Taking ATMs and NYCE Shared Deposit ATMs. To make the initial deposit, you can transfer money from your account at another financial institution using your account and routing number or by using your debit card.
For new clients, there is a $10,000 daily limit for incoming and outgoing external ACH transfers, and a $50,000 limit for mobile check deposits. The amount increases to $250,000 for Reserve Clients who have been with LendingClub for at least 120 days and have a $50,000 balance.
Withdrawal options
You can easily access the funds in your account via the following methods:
- Use the mobile app or online banking to send money to friends and family, make internal and external transfers, and pay your bills
- ATM ($500 daily withdrawal limit)
- Free electronic banking transfers (ACH) between your account and an account at another bank
- Outgoing wire transfers (there is a $20 fee)
Online savings account comparison
LendingClub's High-Yield Savings Account offers a very competitive APY with no fees and free ATM card. Here are some other online-only savings accounts that offer competitive terms.
Rates as
of Sept. 26, 2022
| Offer |
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|---|---|---|---|
| Account |
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| Rating |
Rating image, 4.50 out of 5 stars.
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor4.50/5 |
Rating image, 4.00 out of 5 stars.
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor4.00/5 |
Rating image, 4.50 out of 5 stars.
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor4.50/5 |
| APY | 2.07% | 1.90% | 2.40% |
| Min. to earn APY | $100 | $1 | $100 |
| Next Steps |
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This savings account is right for you if:
- You want competitive APY with no fees.
- You want a fee-free debit card with your savings account.
- You want a robust digitally integrated financial dashboard.
- You are comfortable with an online-only savings account.
About the Author
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur and financial planner with over two decades of experience in the personal finance space. He is a graduate of the United States Military Academy at West Point and a Lieutenant Colonel in the Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
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