LendingClub Savings Account Interest Rates: July 2024

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.

Account Name	Balance for Highest APY	APY Range	Monthly Fee
High-Yield Savings	$0 ($100 opening deposit)	5.00%	$0
Founder Savings	$0	5.05%	$0

See the best high-yield savings account rates today before choosing the savings account that is best for you.

LendingClub High-Yield Savings Accounts: Key Features

High-Yield Savings Account Key Features
APY Range	5.00%
Minimum Balance to Earn Highest APY	None
Minimum Opening Deposit	$100
Withdrawal Limit	Daily limits apply to ATM withdrawals and outgoing transfers
Monthly Service Fee	$0

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.

	Account open for 30 days or less	Account open for at least 90 days and total relationship balance of $10,000 or more	Account open for at least 120 days and total relationship balance of $50,000 or more
Outgoing external ACH transfers	$10,000 daily limit	$50,000 daily limit	$250,000 daily limit
ATM withdrawal	$500 daily limit	$1,000 daily limit	$2,000 daily limit

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.

Founders Savings Account Key Features
APY Range	5.05%
Minimum Balance to Earn Highest APY	$0
Minimum Opening Deposit	$0
Withdrawal Limit	Daily limits apply to outgoing external transfers
Monthly Service Fee	$0

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.

Pros and Cons of LendingClub Savings Accounts

Pros

Higher-than-average APY: LendingClub’s savings account interest rates tend to be significantly higher than the national average. In Oct. 2023, its annual percentage yield (APY) was around ten times higher than the national average APY for all savings accounts.
No monthly fees: Whereas many banks charge monthly fees—or require account holders to maintain a certain balance before they'll waive the fee—LendingClub's high-yield savings account has no monthly maintenance fees.
Allows cash deposits at ATMs: Many digital banks provide no option to deposit cash; all deposits must be made via electronic transfer or mobile deposit. For those in jobs that typically pay cash, that downside is significant. But with the LendingClub savings account you can deposit cash at a MoneyPass deposit-taking ATM.

Cons

Minimum deposit requirement: Although many digital banks allow customers to open accounts with no minimum deposit, LendingClub requires a deposit of at least $100 to open a high-yield savings account, although there’s no minimum required balance after that.
Low external transfer limit: Nationally, the per-payment electronic transfer limit is $1 million. Most banks have lower limits, but they usually allow transfers of $25,000 to $100,000 per day. But with LendingClub, those with high-yield savings accounts with the basic "Preferred" status based on their account balances are limited to just $10,000 in outgoing external transfers per day. If you're making a large transaction—such as transferring the funds for a down payment on a house—you may have to space out your deposits, which could be frustrating.
Lack of physical branches: LendingClub operates two branches nationwide, so the vast majority of customers won't have access to a brick-and-mortar location or in-person assistance.

With a LendingClub savings account, you can deposit and withdraw cash at select MoneyPass ATMs. MoneyPass is a fee-free ATM network with over 40,000 locations nationwide.

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.

Alternatives to LendingClub Savings Accounts

If LendingClub isn't right for you, consider one of the following alternatives to build your savings.

Other High-Yield Savings Accounts

Although LendingClub offers a high-yield savings account with relatively good interest rates, it likely doesn’t offer the highest rate you can get. If a great APY is on the top of your wish list, check out the best high-yield savings account rates to see how much you could earn.

Although some banks and credit unions advertise high APYs on savings accounts, the rates are usually variable, and they could decrease (or increase) over time.

High-Yield Checking

High-yield savings accounts provide higher-than-average APYs, but they often lack accessibility. They may not provide debit or check-writing privileges, and the bank may limit how many withdrawals you can make per month.

If you need to withdraw money from your account with low friction and/or often, a high-yield checking account may be a better choice. You'll earn a relatively high APY on your balance, but you can quickly and easily withdraw cash at an ATM or by writing checks without restrictions on the number of withdrawals.

Certificates of Deposit (CDs)

If you want to lock in a specific rate, a CD may be a better choice than a savings account or cash management account. With a CD your money is committed to the account for a specific period, such as 24 or 36 months, and you earn a fixed rate of interest during that time. The best CD accounts often pay higher APYs than savings accounts, so your money can grow more quickly.

However, CDs aren't as liquid as savings accounts. If you need to withdraw money from the CD before its maturity date, you'll usually have to pay an early-withdrawal penalty.

Cash Management Accounts

Cash management accounts are typically offered by non-bank entities, such as brokerage firms. They usually offer substantially higher APYs than the average rate for traditional savings accounts, and they may offer additional Federal Deposit Insurance Corporation (FDIC) coverage, protecting deposits over the $250,000 limit. Depending on the brokerage offering the CMA, you may also have check-writing privileges and a debit card.

Compare Savings Account Rates

Frequently Asked Questions (FAQs)

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 Do You Open a LendingClub Savings Account?

You can open a LendingClub savings account online. To open an account you must be at least 18 years old and a citizen or resident of the U.S. with a valid Social Security number. You'll also need at least $100 for the opening deposit for a high-yield account. According to LendingClub, you can fill out the account application and get a response within minutes.

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.

Is LendingClub’s Savings Account Legit?

LendingClub's savings accounts are a legitimate banking option. LendingClub acquired Radius Bancorp in 2021 and formed LendingClub Bank. Today, it offers a range of banking products and its deposit accounts are backed by FDIC insurance. Deposits to a LendingClub savings or checking account are insured up to $250,000.