LendingClub High-Yield Savings Review
LendingClub High-Yield Savings isn't available on Finder right now.
- Annual Percentage Yield (APY)
- Up to
5.15%
- Fee
- $0
- Minimum deposit to open
- $100
Our verdict
A 5.15% APY that’s 10x higher than average with no monthly fee and an optional ATM card.
With a 5.15% APY, LendingClub’s high-yield savings account delivers an interest rate that’s over 10 times the national average with monthly deposits of at least $250. Unlike most competitors, LendingClub provides an ATM card with no fees within its extensive network of over 37,000 ATMs. But with no physical branches, you'll need to manage your funds and any customer service digitally, and if you don't meet deposit requirements, the rate on your account is 4.8% APY.
Best for: Those who want a high-yield savings account with a competitive APY.
Pros
-
Up to 5.15% APY
-
No monthly fees
-
No minimum balance requirement after initial opening deposit
-
Optional ATM card
Cons
-
Minimum $100 initial deposit
-
No physical branch locations
Who is LendingClub savings best for?
The LendingClub High-Yield Savings Account is perfect for those who want to maximize their savings with a competitive interest rate while managing everything online. If you’re comfortable handling your finances digitally and don’t mind the absence of physical branches, this account offers the convenience and growth potential you’re looking for.
However, to get the best rate on this account, called the LevelUp rate of 5.15% APY, you must deposit at least $250 per month. If you don’t meet those deposit requirements, your rate drops to the standard rate of 4.8% APY.
Also, if you prefer the option of in-person banking, there are many other top savings accounts to consider.
What we like about LendingClub Savings
LendingClub’s high-yield savings account offers a competitive 5.15% APY with no service fees. This rate is significantly higher than the national average of 0.46%, according to the FDIC. (1)
Minimal fees and free ATM card
You won’t pay monthly service, ATM or transfer fees. It’s common for other savings accounts to charge anywhere from $5 to $25 per month just to keep the account open. And unlike most savings accounts, this one comes with an optional ATM card, so you can easily access your cash. LendingClub also features a decent, fee-free network of 37,000 ATMs.
Where it falls short
Before you apply for a high-yield savings account with LendingClub, know that it requires a $100 deposit to open the account. If you prefer an account with no required deposit, you can look at banks like Bask Bank or Varo.
There’s also the $250 monthly deposit requirement to consider if you want the LevelUp rate of 5.15% APY.
It’s also worth mentioning that LendingClub faced a lawsuit in 2018 for misleading loan applicants with claims of “no hidden fees” while actually charging substantial hidden upfront fees, as reported by the Federal Trade Commission (FTC). Despite this, LendingClub has rebuilt its reputation, earning an A+ rating from the Better Business Bureau (BBB) and garnering thousands of positive customer reviews on Trustpilot.(2)
Compare LendingClub high-yield savings to other accounts
Narrow down top savings accounts by APYs, fees, and features. Select Compare on up to four accounts for a side-by-side comparison.
Customer experience
LendingClub is accredited by BBB with an A+ rating. It has received over 1,000 complaints filed on BBB in the last three years, which is pretty average for a fintech company. Most of these grievances are related to its loan products, with a small fraction concerning the company’s high-yield savings account. These grievances often cite difficulties with the online platform or fund transfers.
On Trustpilot, LendingClub has a 4.7-star rating backed by over 5,700 reviews, with 88% of customers giving it a 5-star rating. Customers often applaud the attractive interest rates, though some have expressed frustration over accounts being frozen due to suspected fraud, leading to temporary restrictions on savings access.
Reviews of LendingClub’s digital interface are mixed, with a 3.2-star customer rating on Google Play and a 4.3-star customer rating on Apple’s App Store. Users have reported app crashes and freezing during check deposits or fund transfers, though many appreciate the app’s user-friendly interface.
Frequently asked questions
Is LendingClub a bank?
LendingClub Bank, N.A. is an FDIC-insured bank and fintech marketplace. Deposit accounts opened with LendingClub are protected up to $250,000 under FDIC insurance per depositor. LendingClub also offers loans, such as personal loans.
What is the LendingClub scandal?
The FTC sued LendingClub in 2018 for falsely promising loans with “no hidden fees” when it, in fact, charged upfront hidden fees. LendingClub has since removed the “no hidden fees” statement from its marketing and loan applications.
How do I earn interest on my high-yield savings account with LendingClub?
There is no minimum balance needed to earn interest. The interest payment is automatically deposited into your account at the end of each month.
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 American Express® High Yield Savings Account?
Enjoy $0 monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
- 4.10% APY as of October 02, 2024
- $0 monthly fee
- $0 balance to earn interest
Your reviews
Gabriel Finder
Writer
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