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LendingClub High-Yield Savings Review

Lending Club High Yield Savings
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Sean Lapointe
Jul. 03, 2023
4 min read
LaPointe
Lending Club High Yield Savings Summary
LendingClub is an online bank founded in 2006. With a strong APY (4.25%) and no fees, its High Yield Savings account stands out as a compelling solution for people seeking a fast and convenient way to grow their funds. What’s more, the product comes with an integrated financial toolkit to help you manage your money effectively and a free ATM so you can conveniently access cash when you need to.

Pros

  • High APY
  • No monthly fees
  • ATM card available

Cons

  • Minimum deposit of $100 required to open account
  • No physical branches

Lending Club High Yield Savings at a glance

9.2
Editorial score

Fees?

Most products are fee free
8.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor authentication
10.0

Customer service

Early morning, evening and weekend service with multiple communication options. No dedicated fraud team
8.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities
10.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits
10.0

Lending Club High Yield Savings Lending Club High Yield Savings Visit Site

Advantages of Traditional Banks

As an online bank, LendingClub offers the convenience of accessing and managing your account anytime and from anywhere, as long as you have an internet connection and a computer or device.

The lack of physical branches also means lower operating costs. The bank passes this on to you in the form of a high APY, no monthly service fees, and unlimited free transfers from your account.

Cutting-edge Banking Services

Here are a few of LendingClub's standout banking features.

Easy accounting opening: Opening an online savings account with LendingClub takes about three minutes. Just navigate to the Personal Banking page on its website, select "High Yield Savings", scroll down to "Apply Now", and then fill in your personal information and funding instructions. You’ll get confirmation if the bank has approved your account upon completing the application.

Easy, free transfers: LendingClub offers fast, free electronic transfers into and out of your High Yield Savings account.

Mobile Check Deposit: The LendingClub mobile app allows you to deposit checks from anywhere with any camera-equipped iOS or Android device.

Digital financial tools: Your LendingClub High Yield Savings account features an integrated financial dashboard with tools to help you create budgets, analyze your spending habits, develop debt payment plans and strategies, and track your overall net worth.

Traditional Banking Services

While LendingClub is an online institution, it also offers a range of traditional banking services. Its other products include checking accounts, certificates of deposit (CDs), personal loans, business loans, auto refinancing, and healthcare financing.

Your High Yield Savings account comes with a free ATM card, a rarity with many online banks. LendingClub is also a member of two surcharge-free ATM networks, MoneyPass and SUM, which allow you to withdraw cash from 37,000+ locations across the U.S. at no cost.

If you need to deposit cash, you can do so at any MoneyPass deposit-taking ATM.

Interest and fees

LendingClub’s APY of 4.25% is one of the best in the industry. The rate applies to your whole balance. Moreover, you don’t need to maintain a minimum amount to earn interest.

The bank doesn't charge monthly maintenance, overdraft, or ATM fees. Electronic transfers in and out of your high-yield savings account are also free.

That said, a $100 deposit is required when opening your account—you can use a debit or prepaid card or transfer from an existing account using a routing number.

The bank also charges a $20 fee for domestic outgoing wire transfers ($40 for international ones).

APY4.25%
Monthly feeNone
ATM feeNone
Overdraft feeNone
Domestic out going wire transfers$20
International outgoing wire transfer$40

Customer Service and Online Experience

LendingClub provides multiple channels for customer support. 

First, you can talk to a human rep on the phone toll-free at 888-596-3157 or through a live chat option on the bank’s mobile app and online. Both services are available Monday through Friday, 5am-5pm PT, and Saturday, 8am-5pm PT.  

If you have a non-urgent matter or need to contact customer support outside of their working hours, you can send an email to support@lendingclub.com, and the bank will get back to you as soon as possible.

Finally, you can send a physical mail using the following address:

LendingClub Bank

P.O. Box 55063

Boston, MA 02205-5063

There’s also a helpful FAQ section on the bank’s website for each of its offerings, including the High Yield Savings account. Furthermore, the company’s online platform features a comprehensive resource center that provides valuable info about its products and personal finance in general.

One downside, however, is that there’s no in-person assistance since the bank doesn’t have physical branches. If this is a feature that’s important to you, you’ll have to look elsewhere.

Online reviews for the bank’s products and customer service are mainly positive. On Trustpilot and the Better Business Bureau (BBB), LendingClub has a score of 4.7 and 4.57 stars (out of 5), respectively, which indicates a high level of client satisfaction and reliability. 

The most recurring themes about the firm’s customer service from online reviews are swift responses to queries and helpful, friendly, and professional staff.

Complementing LendingClub’s top-notch customer support is a world-class web platform designed to provide a seamless online experience. It comes with all the tools and features you need to conveniently manage your account and accomplish your banking needs on the go, including checking balances, reviewing transaction histories, paying bills, and transferring funds.

Mobile App

LendingClub has a user-friendly mobile app for both iOS and Android devices to help you manage your account from anywhere, 24/7. It offers mobile check deposits plus all the tools and features available on the online platform, including checking of balances, money transfers, and personal financial management tools.

Security

LendingClub is FDIC-insured. That means your money is protected up to a maximum of $250,000 if the company fails. Additionally, the firm keeps your account safe through several security features, including 256-bit encryption, advanced firewalls, two-step authentication, and constant fraud monitoring.

LendingClub will also automatically log you out of your banking sessions after a period of inactivity to prevent unauthorized access to or use of your online accounts. If you suspect you’ve been a victim of fraud or are about to become one, the bank asks that you contact it immediately for relevant guidance and support.

Summary

With a strong APY, no monthly fees, round-the-clock access to your account via online and mobile banking, and advanced personal financial management tools, the LendingClub High Yield Savings account delivers a truly well-rounded banking experience.

If you’re looking for an affordable and convenient way to maximize your returns and manage your finances, this could be a good account for you. 

Lending Club High Yield Savings Lending Club High Yield Savings Visit Site

Methodology

This review was created based on information gathered from LendingClub’s website and from customer reviews. 


LaPointe
Written by
Sean Lapointe
Sean LaPointe is a freelance personal finance writer with a passion for helping readers make informed financial decisions. With over 8 years of personal finance writing experience, Sean has written for a wide variety of top publications, including The Motley Fool, Angi, Top10.com, and BestMoney. Sean’s commitment to providing readers with the most up-to-date information means he’s always researching the latest financial products.
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