Banking » Reviews » LendingClub High-Yield Savings Account Review
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

LendingClub High-Yield Savings Account Review

The LendingClub Savings Account offers competitive APY, no monthly fees and no minimum. However, it has no physical branches.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

LendingClub High-Yield Savings

APY Savings

5.00%

Minimum Deposit

$100

Our Rating

4.5
4.5/5

Fees

$0

LendingClub High-Yield Savings

APY Savings

5.00%

Minimum Deposit

$100

Our Rating

4.5
4.5/5

Fees

$0

The LendingClub High Yield savings account offers an impressive APY which stands up to comparison with many competitive accounts from other financial institutions. The interest is calculated daily and added to your account once a month, compounding with every statement cycle.

There are also some nice features, such as having an ATM card, which is not widely available with these types of accounts. However, there are some compromises to be had. This includes very limited branch access, a minimum initial deposit requirement and high overdraft fees. If you’re happy with these limitations, the LendingClub High Yield Savings account is certainly worthy of consideration.

Table Of Content

Main Features

The Lending Club Savings account offers a variety of features for savers:

  • High APY: As the name suggests, the High Yield Savings account offers a high APY which is well above the national average savings rate. The current rate is 5.00%, which is applied to your entire balance. It makes LendingClub as one of the highest-yield savings accounts available
  • No Monthly Maintenance Fees: The account has no monthly maintenance fees or charges to worry about.
  • No Minimum Balance Requirements: After the initial $100 deposit required to open the High Yield savings account, there are no minimum balance requirements for maintaining your account.
  • ATM Card Provided: Unlike many high yield savings accounts, LendingClub provides an ATM card for those who want to withdraw from its savings account. LendingClub allows you to withdraw money from MoneyPass and SUM machines with no ATM fees. Additionally, if you use another ATM network, LendingClub will not impose an out of network fee. However, you may incur a charge from the ATM operator.
  • Mobile and Online Banking: This is one of the main benefits of LendingClub Banking. It has a mobile and online banking platform, which allows you to manage your account 24/7 365 days a year. The platform also has a number of useful features, including mobile check deposit, and bill payment.
  • Finance Toolkit: The account also provides access to a finance toolkit to help you to take control of your finances. This allows you to link external accounts and analyze budgets, spending and trends.
  • Security and Notifications: LendingClub allows you to set custom alerts for your account and you can also set travel notifications. This allows you to manage your account without needing to be stuck on your computer or phone.
  • Free Transfers: The High Yield Savings account allows you to make internal and external transfers without incurring any fees or charges.
Benefits
Limitations
No Minimum Balance Requirements
Only One Branch
ATM Card Provided
Minimum Deposit
Mobile and Online Banking
New Account Limitations
Finance Toolkit
Overdraft Fees
Security and Notifications
Free Transfers

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks

Limitations To Consider

Of course, no account or financial product is perfect and there are some potential limitations or drawbacks to consider. These include:

  • Only One Branch: LendingClub has just one branch in Boston, so if you’re outside this area, you will need to conduct all of your banking activities online. This will also limit the potential to deposit cash into your account.
  • Minimum Deposit: You’ll need at least $100 to open a LendingClub High Yield Savings account. This is not unreasonable, but it could create a barrier to entry for some customers.
  • Overdraft Fees: While there are minimal fees with this account, you may incur an overdraft fee of $25 per item plus $5 a day if your account remains with a negative balance after five calendar days. Although this is more of a drawback of the LendingClub checking account, you may still fall foul of this if you move money around from your savings account.
  • New Account Limitations: LendingClub imposes some limitations on new accounts during the first 30 days. This includes a cap on ATM withdrawals of $50 per day.
LendingClub High-Yield Savings Account Review
It's possible to deposit a check to LendingClub High-Yield Saving by app

CIT Bank Savings Account vs LendingClub Savings

At first glance, the Lending Club High Yield Savings and the CIT Bank Savings Connect accounts appear the same. Both offer a similar APY with a savings account with no fees and online account management. The similarities go even further. Both accounts have a $100 minimum initial deposit and a great app, which features mobile check deposit and money management tools.

However, there are two important differences. Firstly, the CIT Savings Connect account has been designed to work in concert with a CIT checking account. While it is possible to open an account independently, you won’t be able to access all of the account features without a linked CIT e-checking account.

The other key difference relates to ATM access. While LendingClub offers an ATM card so you can withdraw from saving along with no ATM fees, CIT does not provide an ATM card for the Savings Connect account.

CIT Bank Savings
LendingClub Savings
APY
5.00%
5.00%
Fees
$0
$0
Minimum Deposit
$100
$100

Ally Bank Savings vs LendingClub Savings

Again, on the surface, the LendingClub High Yield Savings and Ally Savings appear similar. Both accounts have no monthly maintenance fees and offer online or mobile account management with an ATM card to access your funds. However, there are some fundamental differences which may influence which is a better option for you.

Firstly, Ally offers a slightly lower rate compared to LendingClub. While both accounts are classified as high yield savings, Ally’s rate is noticeably lower. However, Ally does not have any minimum initial deposit requirements. Ally also offers more sophisticated money management tools.

While you can still analyze your net worth with Ally as you can with LendingClub, Ally offers round ups and savings buckets. The latter allows you to save for different goals with “buckets” for each, so you don’t need multiple accounts.

Ally Bank Savings
LendingClub Savings
APY
4.25%
5.00%
Fees
$0
$0
Minimum Deposit
$0
$100

How to Deposit and Withdraw Money

Since for the majority of customers, LendingClub is an online bank, you’ll need to consider all of the withdrawal and deposit methods to ensure that they work for you.

If you want to deposit funds into your account, the easiest way is to initiate a transfer from another account. However, you can also use the mobile check deposit feature within the app, or deposit funds at select ATMs. Just bear in mind that new clients have a daily limit for incoming and outgoing ACH transfers from an external account of $10,000 and there is a $50,000 limit on mobile check deposits.

There are also a number of ways to withdraw funds from your account. You can transfer funds to an external bank with no fee via ACH, and you can also wire funds, but this incurs a fee. You can also use the mobile app to make internal or external transfers and pay bills, or withdraw funds from an ATM.

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks

Should I Open a LendingClub High Yield Savings Account?

Whether you should open a LendingClub High Yield savings account will depend on your requirements, preferences and circumstances. However, if you’re unsure if it is the right choice for you, there are several questions you should ask yourself.

  • Do you have the $100 to open the account? This may seem like an obvious question, but if you’re starting your savings journey and don’t have a lot of spare cash, $100 may seem like a barrier to open the account. However, bear in mind that once your account is opened, there are no minimum balance requirements.
  • Are you comfortable managing your account online? Unless you live near the one LendingClub branch in Boston, you’ll need to manage your account via the online platform or using the app. While LendingClub is one of the top-rated digital banks, you should take it into account.
  • Do you need comprehensive savings tools? While LendingClub does have a finance toolkit, the features are not as comprehensive as offered with some other high yield savings accounts. If you are happy to have a financial overview with budgeting and spending analysis, you should find this account sufficient, but if you need more, you should consider other options.
  • Is there a chance you’ll go overdrawn? While overdrafts are not usually an issue with savings accounts, if you do tend to slip overdrawn, you need to be aware that LendingClub has some hefty fees. These are not imposed by all banks and financial institutions, so unless you’re confident you’ll remain in the black, you may need to look elsewhere.

Opening a LendingClub High Yield Savings Account

If you live in Boston, you can visit the LendingClub branch to open an account. You can easily open a Lending Club account online in a few simple steps for all other customers.

  1. Navigate to the Product Page: On the LendingClub website, you will find the personal banking products under the “What We Offer” tab on the bar at the top of the page. From there, you’ll need to click on the High Yield Savings page and if you’re ready to proceed, click the red “Apply Online” button.
  2. Complete the Application: This is fairly standard, but you’ll need to ensure you complete all of the mandatory fields including your full name, phone number, address, email address, date of birth and Social Security Number.
  3. Verification: You’ll be prompted to verify that you are a US citizen or resident, choose a security phrase and verify your identity by providing a copy of your driver’s license, passport or other government-issued photo ID.
  4. Fund Your Account: The final stage is to fund your account with $100 or more. You can do this via ACH transfer from another bank account or using your debit card.

Can I Open a Joint Savings Account?

Yes, it is possible to open a joint High Yield Savings account with LendingClub. All you need to do is check the box on the Basic Info application page where it states “I want to make this a joint account”. You will also need to provide all of the information for the second person. So, you’ll need their full name, address, email, phone number, date of birth and Social Security Number. LendingClub will also need to verify the identity of the second applicant.

Alternatively, you can add a second co-owner to your sole savings account after the account is opened by contacting the LendingClub customer service team.

FAQs

Yes, it is possible to have your salary or other payments direct deposited into your LendingClub High Yield Savings account.

The easiest way to close your LendingClub High Yield savings account is to call the customer service helpline. A representative can then guide you through the closure process.

There is a $500 daily ATM withdrawal limit and new customers may also have limits on the amount that they can transfer in the first 120 days.

It is possible to transfer an IRA to your high yield savings account, but whether this is the best option for you will depend on your circumstances. You should speak to your advisor about the tax consequences before making a decision.

No, LendingClub does not offer health savings accounts at this time.

Savings Account Reviews Methodology

The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:

  • Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
  • Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
  • Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for  savers.
  • Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.

By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.00% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates