Review
Updated
Fact Checked
Eric McWhinnie
LendingClub High-Yield Savings might be right for you if: You want a competitive APY without pesky minimum balance or deposit requirements. This account also comes with an ATM card and robust financial tools through its mobile app.
In this review, we'll cover the LendingClub High-Yield Savings account and help you decide if this savings account is right for you.
Member FDIC.
Ratings Methodology
Rates as
of May 18, 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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APY
5.00%
Min. To Earn APY
$100 to open, $0 for max APY
- 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. 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 once the account is open, there's no ongoing balance requirement.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
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.
= 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, 4.50 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.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% 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 |
5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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N/A
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Full LendingClub High-Yield Savings review
The LendingClub High-Yield Savings account offers one of the simplest ways to earn high interest. Let's delve deeper and see how it works.
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.
Fees
Like other online-only savings accounts, the LendingClub High-Yield Savings has no monthly service fee. However, it's not completely fee free. Here are some of the most common fees that account holders might encounter.
| Fee type | Fee amount |
|---|---|
| Monthly service fee | $0 |
| Domestic wire transfer | $20 |
| International wire transfer | $40 |
| Stop payment | $25 |
| Inactivity fee | $50 |
| Excess transaction fee | N/A |
Data source: LendingClub.
Minimum balance
The LendingClub High-Yield Savings has a low opening balance requirement of $100. This is fairly standard with other high-yield savings accounts, especially those offered through online-only banks. That said, once you open the account with $100, you no longer need to maintain $100 to earn its highest APY. This sets LendingClub apart from other banks, which often require you to meet a minimum to continue earning a high APY.
Withdrawal limit
The LendingClub High-Yield Savings doesn't impose a limit on the number of withdrawals you can make. That said, there is a limit on how much you can withdraw from an ATM. Depending on your banking status (Preferred, Elite, or Reserve), you can withdraw between $500 and $2,000 each day. Considering that most savings accounts don't have an ATM card, these limits are still above the industry standard.
Mobile app
LendingClub's mobile app has decent ratings, but it's pretty average in comparison with other banks. For example, it has 3.4 out of 5 stars on Google Play, while on the Apple App Store it has 4.3 out of 5 stars. Many of the best bank apps have at least 4 stars on both platforms.
As far as its features go, the LendingClub app lets you link and visualize external accounts, giving you one place to check on your finances. Although most bank apps will let you link external accounts for transfers, not all will synchronize to give you a big picture of your financial state.
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)
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:
Image source: Brooklyn Sprunger
User reviews
While there aren't many reviews for the LendingClub High-Yield Savings account specifically, the bank has excellent ratings as a whole. In fact, it boasts one of the highest ratings for a bank on both Trustpilot and BBB. Its Trustpilot rating is 4.7 out of 5 stars, while its BBB rating is 4.46 out of 5 stars. Since people usually go to these two sites to voice their complaints, its excellent ratings speak volumes to its customer satisfaction.
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.
Is LendingClub High-Yield Savings FDIC insured?
Yes, LendingClub is an FDIC member. Deposit accounts at LendingClub are insured up to $250,000 per depositor, per ownership category.
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.
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
-
Review sources
- https://www.lendingclub.com/legal/deposits/personal-products-terms-and-conditions
- https://www.lendingclub.com/personal-deposits/limits
- https://play.google.com/store/apps/details?id=com.q2e.firsttradeunionbank3351.mobile.production#:~:text=3.4,100K%2B
- https://apps.apple.com/us/app/lendingclub-banking-and-more/id532638447?platform=iphone#:~:text=Designed%20for%20iPad-,4.3%20%E2%80%A2%202.5K%20Ratings,-Free
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
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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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.
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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
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.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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