LendingClub High-Yield Savings
APY Savings
Minimum Deposit
Our Rating
Fees
LendingClub High-Yield Savings
APY Savings
Minimum Deposit
Our Rating
Fees
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 4.00%, 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 |
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.00% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.55% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Advertiser Disclosure
Savings Calculator: Track Your Progress
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* Make sure to adjust APY and deposit
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.
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 | Up to 4.55% | 4.00% |
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 | 4.00% | 4.00% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $100 |
How to Deposit and Withdraw Money
Since for the majority of customers, LendingClub is an on