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- LendingClub is offering a new LevelUp Savings Account that offers up to 5.30% APY.
- This is one of the best high-yield savings account rates you can get, but requirements apply.
- Other national banks also have interest rates of 5.30% per annum or more.
Online bank LendingClub launched a new high-yield savings account on Thursday that offers one of the highest savings account interest rates available. However, you must meet certain requirements to receive that rate.
LendingClub recently replaced its legacy high-yield savings account with the LendingClub LevelUp Savings Account, which offers an annual percentage rate (APY) of up to 5.30%. LendingClub’s previous high-yield savings account, the LendingClub HighYield Savings Account, had an annual percentage rate of 5.00%.
Find out how to get the highest interest rate and compare it to the best high-yield savings accounts.
How to Qualify for LendingClub’s 5.30% APY Savings Account
It’s easy to open a savings account with LendingClub. The LendingClub LevelUp Savings Account has no monthly service fee and a $0 minimum deposit, making it a great choice for avoiding bank fees.
Once you open your account, you’ll definitely earn 5.30% APY for the first two months. To continue earning 5.30% APY, you’ll need to deposit at least $250 into your account each month to earn that rate. Otherwise, you’ll earn 4.80% – still a good rate, but not nearly as good as savings accounts that pay 5% interest.
You do not have to deposit the $250 all at once, and your deposit can be a direct deposit, bank transfer, cash deposit, or any other type of deposit; the only deposit types that do not count are interest payments, account bonuses, account credits, and chargebacks or refunds from the bank.
The $250 deposit requirement is likely easy to meet if you use the LendingClub LevelUp Savings Account as your primary bank account, especially if you have an automatic recurring ACH payment set up from another bank account. However, it might be harder to keep track of if that’s not your primary savings account.
The LendingClub LevelUp Savings Account comes with a debit card. LendingClub also reimburses all out-of-network ATM fees, making depositing and withdrawing cash much easier than you might normally expect from online banks.
LendingClub LevelUp Savings Account
Fees
no monthly service fee
Annual Percentage Rate (APY)
up to 5.30%
Minimum deposit
$0
- No minimum deposit
- No monthly service fee
- High interest rate for standard interest and LevelUp interest
- Free ATM card
- Must meet certain requirements to receive the LevelUp rate, which is the highest APY
- Primarily a pure online financial institution
Product details
- Earn 5.30% APY by depositing $250 per month
- Earn 4.80% as standard interest rate if you do not meet the monthly deposit requirement
- The interest is paid monthly and compounded
- FDIC insured
How LendingClub’s LevelUp Savings Account Compares to Other High-Yield Savings Accounts
Other banks also offer high interest rates on savings accounts. If you don’t want to put $250 into your high-interest savings account every month, one of these banks may be right for you.
EagleBank High-Interest Savings Account: Earn up to 5.35% APY
The EagleBank High Yield Savings Account offers the opportunity to earn a slightly higher interest rate: up to 5.35% per annum. Although the account can earn you as little as 0.01% interest, it is unlikely that you will earn this low interest rate; only balances over $500,000 can do so. EagleBank account balances of $500,000 and under earn the high interest rate of 5.35%.
Just keep in mind that the EagleBank High Yield Savings Account requires a minimum deposit of $1,000, which is quite high for a savings account. And while EagleBank has branches, they are only in a few states. If you don’t live in one of those states, you won’t be able to deposit or withdraw money directly into your savings account.
Savings Account at Western Alliance Bank: Earn 5.31% APY
With a Western Alliance Savings account, you’ll get a slightly higher interest rate of 5.31% APY, and you don’t have to meet any monthly requirements to get that rate. The Western Alliance Bank High-Yield Savings Premier account has no monthly service fees, making it a very hassle-free banking option.
The Western Alliance Bank High-Yield Savings Premier account also has a minimum deposit of $500. While this is not as high as EagleBank, it is still quite a lot for a savings account. This account also does not have a bank card or debit card and you can only deposit or withdraw money from the account through an external bank account.
