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LendingClub High-Yield Savings account review

Earn 4% interest with no opening deposit.’s rating: 3.8 / 5.0


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

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Minimum deposit to open


Annual percentage yield (APY)4.00%
Minimum deposit to open$100
Minimum balance to earn interest$0.01
Interest compoundingDaily

Review by

Kimberly Ellis is a personal finance 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 to withdraw cash at any MoneyPass or SUM ATM for free.

Its rate is 4% APY, which is quite competitive with the other top performing savings accounts on the market. This savings account used to be hampered by rather strict balance requirements for earning the best APY, but LendingClub has relaxed these requirements. Now, you’ll earn the same APY no matter how much cash is in your account.

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 with these steps:

  1. Visit the provider site and select Apply Online.
  2. Choose whether you want to open a new account or proceed with an existing application. Select Continue.
  3. Select the High Yield Saving account and hit Apply Now.
  4. Fill in your name, email address and phone number, then select Continue.
  5. Enter your address. Hit Continue.
  6. 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.
  7. Fund your new LendingClub account with at least $100 using an ACH transfer or debit card.


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

3 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:

  1. Minimal fees. You won’t pay monthly service, ATM and transfer fees.
  2. Free ATM card. Unlike most savings accounts, this one comes with an optional ATM card, so you can easily access your cash.
  3. Integrated personal finance tools. The LendingClub app offers several personal finance management tools, including managing your accounts, creating budgets and analyzing your spending habit trends.

3 things to look out for

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

  1. Limited branches. LendingClub only has one branch office in Boston, so anyone outside that area is forced to do all of their banking online.
  2. Required deposit. You’ll need to deposit at least $100 to open the account.
  3. New account rules. During the first 30 days of your account, LendingClub implements special rules, including capping your ATM withdrawals to $50 a day.

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.

But if you use another ATM network anywhere in the world, LendingClub won’t charge an out-of-network ATM fee, although the ATM operator may.

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.

1 - 6 of 19
Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
U.S. Bank Elite Money Market
Finder Rating: 3.9 / 5: ★★★★★
U.S. Bank Elite Money Market




Earn extra savings when you open a U.S. Bank Elite Money Market account of 1.07% Annual Percentage Yield (APY) with a bonus interest rate of 3.5% for 3 months on balances between $25,000 and $499,999.
With a tiered interest rate, U.S. Bank Elite Money Market pays you more interest for higher balances. Earn 0.01% APY for balances under $10,000. Earn up to 1.07% APY for balances $500,000+. Get overdraft protection. Monthly fee is waived for a $10,000+ balance.
Western Alliance Bank High Yield Savings Account through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Western Alliance Bank High Yield Savings Account through SaveBetter


Get an impressive 4.35% APY, which is 13.2x higher than the national average. All with $0 fees and only a $1 minimum deposit required.
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings


Earn 3.4% APY, 5X higher than the national average with no minimum balance requirements. Get unlimited transactions and tools that help you save. Pay $0 monthly fees.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect


Secure a 4.05% APY, 12x the national average. Pay $0 in monthly fees and no account opening fee.
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account


Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
UFB Best Savings
Finder Rating: 5 / 5: ★★★★★
UFB Best Savings


Score an impressive 4.21% APY, and pay $0 in monthly fees. No minimum deposit requirement.

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 or SUM deposit-taking 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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