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Our verdict

Earn 4.65% interest with no opening deposit.

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 4.65% 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.

Pros

Earn up to 4.65% APY
No monthly service fees
Free ATM card available
Integrated personal finance tools

Cons

Limited branches
Required deposit
New account rules

finder.com'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.

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

Enroll in a LendingClub High-Yield Savings account with these steps:

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

Eligibility

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:

Minimal fees. You won’t pay monthly service, ATM and transfer fees.
Free ATM card. Unlike most savings accounts, this one comes with an optional ATM card, so you can easily access your cash.
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:

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.
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 29

Name	Product	Account type	Annual Percentage Yield (APY)	FDIC or NCUA insured amount	Minimum balance to earn interest	Minimum deposit to open	Offer	Estimated total balance
UFB Secure Savings Finder Rating: 4.7 / 5: ★★★★★ UFB Secure Savings Finder Rating: 4.7 / 5: ★★★★★		Traditional savings,Custodial account	5.25%	Up to $250,000	$0	$0		$1,052.50	Go to site View details	Compare	loading Fetching your data...
Bonus SoFi Checking and Savings Finder Rating: 4.6 / 5: ★★★★★ SoFi Checking and Savings Finder Rating: 4.6 / 5: ★★★★★	Bonus	Traditional savings,Checking	4.60% 0.50% 1.20%	Up to $250,000	$0	$0	Earn up to $300 with a qualifying direct deposit, terms apply. This offer is available until December 31, 2023.	$1,046	Go to site View details	Compare	loading Fetching your data...
American Express® High Yield Savings Account Finder Rating: 4.9 / 5: ★★★★★ American Express® High Yield Savings Account Finder Rating: 4.9 / 5: ★★★★★		Traditional savings	4.30%	Up to $250,000	$1	$0		$1,043	Go to site View details	Compare	loading Fetching your data...
Wealthfront Cash Account Finder Rating: 4.6 / 5: ★★★★★ Wealthfront Cash Account Finder Rating: 4.6 / 5: ★★★★★			5.00%	Up to $8M FDIC insurance	$1	$1		$1,050	Go to site View details	Compare	loading Fetching your data...
Valley Direct High Yield Savings Account Finder Rating: 4.6 / 5: ★★★★★ Valley Direct High Yield Savings Account Finder Rating: 4.6 / 5: ★★★★★		Savings app	5.25%	$250,000	$0.01	$1		$1,052.50	Go to site View details	Compare	loading Fetching your data...
Customers Bank High Yield Savings Through Raisin Not rated yet Customers Bank High Yield Savings Through Raisin Not rated yet		Traditional savings	5.30%		$0	$1		$1,053	Go to site View details	Compare	loading Fetching your data...

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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Kimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick. See full profile

LendingClub High-Yield Savings account review