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LendingClub High-Yield Savings account review

Earn up to 0.6% interest with this account.

finder.com’s rating: 3.8 / 5.0

★★★★★

The LendingClub High-Yield Savings account offers no monthly maintenance fees, and you’ll earn a higher interest rate the more you keep in your savings account. But with only one Boston-area bank branch, expect to do all of your banking online and over the phone.

Up to 0.60%

APY

$0

Fee

$100

Minimum deposit to open

Details

Annual percentage yield (APY)0.60% on balances of $2,500+
0.05% on balances of $0.01 to $2,499.99
Fee$0
Minimum deposit to open$100
Minimum balance to earn interest$0.01
Interest compoundingDaily

Review by


Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The LendingClub High-Yield Savings account is best for those who want easy access to their funds. Unlike most savings accounts, you’ll get an optional ATM card and unlimited ATM reimbursements if you use an ATM that charges a fee.

Its highest rate is 0.6% APY, which is competitive, but you’ll need a balance of $2,500 to earn it. Otherwise your rate drops to 0.05% APY. Some other high-yield savings accounts earn a higher APY on lower balances. For instance, the Axos Bank High Yield Savings account earns 0.61% APY on balances from $0 to $24,999 and 0.25% APY on balances from $25,000 to $99,999.

Sign up for a LendingClub High-Yield Savings account now, or compare other high-yield savings accounts that offer attractive APYs.

How do I open a LendingClub High-Yield Savings account?

Enroll in a LendingClub High-Yield Savings account in eight steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Apply Online.
  3. Choose whether you want to open a new account or proceed with an existing application. Select Continue.
  4. Select the High Yield Saving account and hit Apply Now.
  5. Fill in your name, email address and phone number, then select Continue.
  6. Enter your address. Hit Continue.
  7. Type in your birth date, Social Security number and any special promotional code. Then choose a security phrase and verify you’re a US citizen or resident.
  8. Fund your new LendingClub account with at least $100 using an ACH transfer or debit card.

Eligibility

Sign up for a LendingClub High-Yield Savings account when you meet these requirements:

  • US citizen or resident
  • Valid Social Security number
  • Valid bank account
  • At least 18 years old

Required information

LendingClub will ask for the following information when you apply:

  • First and last name
  • Email
  • Phone number
  • Residential address
  • Date of birth
  • Social Security number
  • Bank information or debit card to fund the account

4 benefits of a LendingClub High-Yield Savings account

The LendingClub High-Yield Savings account offers a mobile app with custom alerts along with the following perks:

  • Minimal fees. You won’t pay monthly service, ATM and transfer fees. But you’ll need at least $100 to open the account.
  • Free ATM card. Unlike most savings accounts, this one comes with an optional ATM card, so you can easily access your cash.
  • Unlimited ATM reimbursements. LendingClub will reimburse you for fees you incur when withdrawing cash at an out-of-network ATM.
  • Integrated personal finance tools. The LendingClub app lets you manage your accounts, create budgets and analyze your spending habit trends.

2 things to look out for

Before you apply for an account with LendingClub, keep the following in mind:

  • Limited branches. LendingClub only has one branch office in Boston, so anyone outside that area is forced to do all of their banking online.
  • Required deposit. You’ll need to deposit at least $100 to open the account.

This account earns a decent interest rate, but other accounts offer higher APYs. To get the best rate, compare your options when considering a savings account.

LendingClub‘s ATM network and fees

LendingClub has two full-service network ATMs in Boston, Massachusetts. But if you’re not in the area, LendingClub lets you withdraw money for free at any 37,000 MoneyPass and SUM ATMs.

And if you use another ATM network anywhere in the world, LendingClub will refund your ATM fees at the end of the month.

Compare LendingClub High-Yield Savings with other savings accounts

Use this table to compare other savings accounts by interest, fees and features. For more options, select Compare accounts to compare even more savings accounts.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
0.55%
$0
$100
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.50%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
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Compare up to 4 providers

How do I deposit or withdraw my money?

You have several options to deposit and withdraw your money with LendingClub:

Funding options

  • Mobile check deposit
  • Direct deposit
  • Transfer from another bank account
  • Wire transfer
  • ATM deposits to a MoneyPass Deposit-Taking ATM or NYCE Shared Deposit ATM

Withdraw options

  • ATM withdrawal
  • Transfers to other bank accounts
  • Mobile wallet
  • Mobile bill pay
  • Peer-to-peer payments
  • Wire transfer

How to contact LendingClub about my savings account?

Get help with your LendingClub High-Yield Savings account by:

  • Calling 800-242-0272 on weekdays from 8:30 a.m. to 12:00 a.m. ET and weekends from 8 a.m. to 8 p.m. ET.
  • Live chatting with a customer service rep any day of the week.
  • Submitting an Ask a Question form on its website for a reply within one business day.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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