LendingClub Savings Account Interest Rates: March 2024

You can open a high-yield savings account with just $100

Fact checked by Michael Rosenston

LendingClub Savings Account Interest Rates

Although LendingClub is primarily known for its personal loans, the company has expanded its offerings to include other banking products, including checking and savings accounts. It now has two high-yield savings account options that offer much higher-than-average annual percentage yields (APYs) with no monthly maintenance fees.

However, the account with the highest APY is available by invitation only, and it’s not open to the general public.

Important

The APYs listed below are up to date as of the date of publication of this article. We review the bank’s savings account rates every two weeks and update the information below accordingly.

See the best savings account rates today:

• Best High-Yield Savings Accounts
• Best Banks for Savings Accounts
• Best Free Savings Accounts
• Best Savings Accounts for Kids
• Best Savings Account Bonuses

LendingClub High-Yield Savings Accounts: Key Features

LendingClub’s high-yield savings accounts offer an APY that is significantly higher than the national average. You can open an account with as little as $100 and, after the account is open, there is no minimum balance to maintain. 

The account has no monthly fees, and you can get a free ATM card to use with no fees at in-network ATMs (SUM and MoneyPass ATMs).

LendingClub uses the daily balance method to calculate interest on the account. The accrued interest is credited to your account on the last business day of the monthly statement cycle. 

Unlike most banks, LendingClub doesn’t have a fixed limit on the number of transfers you can make per month. Instead, it sets daily withdrawal limits based on the age of the account and your total balance in LendingClub accounts. 

Important

As a LendingClub customer, you also get access to a financial dashboard. You can use the dashboard to create a budget, track your spending, develop an action plan to repay outstanding debt, and track your net worth. 

In LendingClub’s early days, it allowed individuals to become investors by providing funding for loans through the LendingClub Notes program. However, LendingClub Notes has ended. But as a benefit to those founding members, LendingClub introduced the Founder Savings account, an account only available through invitation. If you participated in the LendingClub Notes program, you may be eligible for the Founder Savings account. 

The Founder Savings account offers a higher APY than is available through LendingClub’s public high-yield savings account, and there is no minimum balance requirement to open an account. Nor are there any monthly maintenance fees. 

LendingClub uses the daily balance method to calculate interest on the Founder Savings account, and accrued interest is credited on the last business day of the monthly statement cycle. 

The Founder Savings account doesn’t limit the number of transfers you can make, but it does set a daily limit of $250,000 on outgoing external transfers. 

About LendingClub: Other Savings Options

LendingClub was founded in 2006 as a digital installment loan platform. But in 2021, it acquired Radius Bancorp and became a bank holding company. Now, LendingClub offers a range of financial products, including personal loans, auto loans, checking accounts, and savings accounts. 

As a digital bank, LendingClub allows you to open accounts entirely online. You just need to provide your Social Security number, current U.S. address, email address, and the banking details of another bank account to make your initial deposit. 

Besides high-yield savings accounts, LendingClub also offers a certificate of deposit (CD). Its CD usually has a much higher-than-average APY, and you can choose from a variety of term lengths. 

LendingClub’s checking accounts, savings accounts, and CDs are backed by the Federal Deposit Insurance Corporation (FDIC), so your deposits are insured up to $250,000. 

You can only open a LendingClub savings account online. You cannot open an account over the phone, and LendingClub doesn’t operate any branches. If you want one-on-one assistance, you may want a more traditional brick-and-mortar bank or credit union.

Compare Savings Account Rates

Are LendingClub Savings Accounts Safe?

LendingClub is a safe option. Like traditional brick-and-mortar banks, LendingClub’s savings accounts are backed by the FDIC, so your deposits are insured up to $250,000.

How Much Money Do You Need for a LendingClub Savings Account?

To open a high-yield savings account with LendingClub, you need at least $100. There is no minimum deposit requirement for LendingClub’s Founders Savings Account, but that account is invitation-only.

How Can You Withdraw Money From a LendingClub Savings Account?

LendingClub doesn’t operate branches, so you can’t withdraw money from a teller. However, you can withdraw money at ATMs with your provided ATM card, or by transferring funds to another bank online via ACH.

Is LendingClub Good for Savings?

LendingClub is a useful option for those who want a bank account with no monthly fees. You can earn a much higher yield on your savings, and there’s no ongoing minimum balance requirement.

Read the original article on Investopedia.