LendingClub High-Yield Savings account review
- APY
- 5.00%
- Fee
- $0
- Minimum deposit to open
- $100
Our verdict
Earn 5% 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 5% 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 5% APY
-
No monthly service fees
-
Free ATM card available
-
Integrated personal finance tools
Cons
-
Limited branches
-
Required deposit
-
New account rules
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
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
- 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.
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.
LendingClub High-Yield Savings is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- Up to 4.60% APY on savings by meeting deposit requirements
- $0 monthly or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
Your reviews
Kimberly Finder
Writer
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