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LendingClub High-Yield Savings Account Review: Free High-Interest Savings Account With No Cap

Review Updated
David Chang, ChFC®, CLU®
Steven Porrello
By: David Chang, ChFC®, CLU® and Steven Porrello

Our Banking Experts

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

The LendingClub High-Yield Savings is a free savings account with an annual percentage yield (APY) that far outpaces the national average. This online-only account is best for those who want a competitive APY, no pesky minimum balance or deposit requirements to maintain, and an integrated financial dashboard. 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.

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Ratings Methodology
Rates as of Apr 18, 2024
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
= Poor
  • Competitive APY
  • No monthly account fee
  • ATM access
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured
  • ACH outbound transfers limited to $10,000 per day for some accounts
  • No branch access; online only

For those looking to maximize the yield from their savings, the LendingClub High-Yield Savings account could be a smart choice for you. It offers a highly competitive APY, access to your money at thousands of ATMs across the United States, and no monthly account fees. There's a $100 minimum deposit requirement, but no ongoing balance requirement once the account is open.

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A
4.35%
Min. to earn: $0
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.

LendingClub High-Yield Savings interest rate

Account APY Minimum Deposit
LendingClub High-Yield Savings 5.00% $100
Data source: LendingClub.

A high APY of 5.00% is yours, so long as you can open this LendingClub High-Yield Savings with $100 (you don't have to maintain a minimum balance after the account is open). This rate makes the account comparable to others on our list of the best high-yield savings accounts. Plus, your interest will be compounded daily and available to you every month.

Full LendingClub High-Yield Savings account review

Top perks

5.00% APY: APY is an important factor when choosing a high-yield savings account. LendingClub High-Yield Savings account's APY of 5.00% is far above the national average.

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 can also make a deposit by using your debit card. You can 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.

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
  • Free electronic banking transfers (ACH) between your account and an account at another bank
  • Outgoing wire transfers (there is a $20 fee)

Transaction limits

LendingClub will impose daily transaction limits on your deposits and withdrawals. Your account's limits will depend on how long it's been open (more or less than 30 days) and your banking status (Classic, Preferred, Elite, or Reserve). The status requirements and transaction limits are as follows:

New clients Classic Preferred Elite Reserve
Eligibility Accounts open 30 days or less Accounts open for 30 days or more Minimum $2,000 daily relationship balance for at least seven consecutive days Minimum $10,000 daily relationship balance for at least 30 consecutive days; or $30,000 for seven days Minimum $50,000 daily relationship balance for at least 60 consecutive days; or $150,000 for seven days
Incoming ACH transfers $5,000 $5,000 $250,000 $250,000 $250,000
Outgoing ACH transfers $5,000 $5,000 $10,000 $50,000 $250,000
Mobile check deposits $20,000 $20,000 $50,000 $150,000 $250,000
Debit card transactions $500 $2,000 credit transactions, $2,000 PIN $2,000 credit transactions, $2,000 PIN $3,000 credit transactions, $2,000 PIN $4,000 credit transactions, $2,000 PIN
ATM withdrawals $500 $500 $1,000 $2,000
Data source: LendingClub.

We tried it: Our team's firsthand experience

Here at The Ascent, we pride ourselves as real users of most of the products across our site. Our SEO Manager, Brooklyn Sprunger, uses the LendingClub High-Yield Savings account herself. Here's Brooklyn's firsthand experience:

"I've had a LendingClub HYSA for three years. They do a great job of assuring me my money is safe despite being an online-only bank. Good communication about my APY, an easy-to-use app, and an ATM card that gives me the option to withdraw if I ever need to. Plus, I've been really pleased with the above-average APY."

–Brooklyn Sprunger, SEO Manager here at The Ascent, a Motley Fool Service

What the LendingClub High-Yield Savings platform looks like:

A screenshot of LendingClub's High Yield Savings Account platform

Image source: Brooklyn Sprunger

LendingClub High-Yield Savings is right for you if:

  • You want a 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.

The LendingClub High-Yield Savings account is an excellent choice for those wanting a fee-free savings account with the convenience of an ATM card. In addition, it offers a significantly higher interest rate compared to regular savings accounts.

Keep reading about LendingClub

Our savings account methodology

At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.

FAQs

  • LendingClub Bank is safe. Deposit accounts are FDIC insured, meaning up to $250,000 per account is covered by the FDIC. 

  • LendingClub was originally founded in 2006 and became the first company in the peer-to-peer lending industry to go public. In 2020, LendingClub acquired Radius Bank and announced that it would be shutting down its peer-to-peer lending platform. With the acquisition, Radius Bank became LendingClub Bank, an FDIC-insured financial institution that offers personal and business banking services and according to its site, it is the only digital marketplace bank at scale.

  • Lending Club in 2020 decided to shut down its peer-to-peer (P2P) business after agreeing to buy Radius Bancorp earlier that year. LendingClub now offers a full range of personal and business banking financial services.

  • You need at least $100 to open your LendingClub High-Yield Savings account. However, once your account is open, you no longer need to meet a minimum balance.

  • You can withdraw money from your LendingClub High-Yield Savings account with your ATM card at MoneyPass or SUM ATM locations or through external (ACH) and wire transfers.

Our Banking Experts