LendingClub Savings Account Interest Rates

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

By
Kat Tretina
Kat Tretina
Full Bio
Kat Tretina is is an expert on student loans who started her career paying off her $35,000 student loans years ahead of schedule. Her work has been published by Experian, Credit Karma, Student Loan Hero, and more.
Learn about our editorial policies
Updated October 24, 2023
Fact checked by
Michael Rosenston
Michael Rosenston
Fact checked by Michael Rosenston
Full Bio
Michael Rosenston is a fact-checker and researcher with expertise in business, finance, and insurance.
Learn about our editorial policies
managing online banking with mobile app on smartphone

d3sign / Getty Images

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.

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.

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.

Account Name Balance for Highest APY APY Range Monthly Fee
High-Yield Savings $0 ($100 opening deposit) 4.50% $0
Founder Savings $0 4.75% $0

LendingClub High-Yield Savings Accounts: Key Features

High-Yield Savings Account Key Features
APY Range 4.50%
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 4.75%
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. 

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.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. LendingClub. "High-Yield Savings." 

  2. LendingClub. "Personal Products Terms & Conditions." 

  3. Federal Deposit Insurance Corporation. "National Rates and Rate Cap." 

  4. LendingClub. "Individual Investors." 

  5. LendingClub. "2022 Annual Report: 10-K," Page 5.

  6. LendingClub. "Certificate of Deposit."