Review
Updated
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.
Member FDIC.
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Ratings Methodology
Rates as
of Apr 17, 2024
LendingClub High-Yield Savings
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
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.
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Rating image, 4.50 out of 5 stars.
4.50/5
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.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
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= 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 |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
up to 4.60%
Rate info
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
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
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 |
5.05% APY for balances of $5,000 or more
Rate info
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
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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LendingClub High-Yield Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| LendingClub High-Yield Savings | 5.00% | $100 |
Data source: LendingClub.
If you can open this LendingClub High-Yield Savings with $100 (you don't have to maintain a minimum balance after the account is open), a very high APY of 5.00% can be yours. 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.
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)
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 3 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:
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
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LendingClub Bank is safe. Deposit accounts are FDIC-insured, meaning up to $250,000 per account is covered by the FDIC.
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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.
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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.
Our Banking Expert
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California 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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