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The online bank LendingClub released a new high-yield savings account on Thursday that pays one of the highest savings account rates you can get, but you'll have to meet some requirements to earn that rate.
LendingClub recently replaced its old high-yield savings account with the LendingClub LevelUp Savings Account, which offers up to 5.30% annual percentage yield (APY). LendingClub's previous high-yield savings account, the LendingClub HighYield Savings Account, came with 5.00% APY.
Find out how to earn the highest interest rate and see how it compares to the best high-yield savings accounts.
It's pretty easy to open a savings account with LendingClub. The LendingClub LevelUp Savings Account has no monthly service fee and a $0 minimum opening deposit, making it a good choice for avoiding bank fees.
Once you've opened your account, you'll earn the 5.30% APY no matter what for the first two months. To keep earning 5.30% APY, you'll need to deposit at least $250 in your account each month to earn that rate. Otherwise, you'll earn 4.80% — still a good rate, but not nearly as good as you could get from 5% interest savings accounts.
You don't need to deposit the $250 all at once, and your deposit can be a direct deposit, bank transfer, cash deposit, or other type of deposit; the only kinds of deposits that don't count are interest payments, account bonuses, account credits, and reversals or refunds from the bank.
The $250 deposit requirement will likely be easy to keep up with if you use the LendingClub LevelUp Savings Account as your primary bank account, especially if you set up an automated recurring ACH payment from another bank account. It might be harder to keep up with if this isn't your primary savings account, though.
The LendingClub LevelUp Savings Account comes with an ATM card. LendingClub also rebates all out-of-network ATM fees from vendors, making depositing and withdrawing cash much easier than you generally expect from online banks.
Other banks also offer high interest rates on savings accounts. You might prefer one of these if you don't want to deposit $250 in your high-yield savings account each month.
The EagleBank High-Yield Savings Account offers the potential to earn a slightly higher interest rate: up to 5.35% APY. While the account can give you as little as 0.01% interest, you're unlikely to earn that low rate; only balances over $500,000 do. EagleBank Account balances of $500,000 and under will earn the high 5.35% rate.
Just keep in mind that the EagleBank High-Yield Savings Account comes with a minimum opening deposit of $1,000, which is quite high for a savings account. And while EagleBank has physical branches, they're only in a few states; if you don't live in one of those states, you won't be able to deposit or withdraw cash directly from your savings account.
A Western Alliance Savings account will earn you a slightly higher rate of 5.31% APY, and you won'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 low-hassle banking option.
The Western Alliance Bank High-Yield Savings Premier account also comes with a minimum opening deposit, this time of $500. While not as high as EagleBank, this is still pretty high for a savings account. This account also doesn't come with an ATM or debit card, and you'll only be able to transfer money in or out of the account using one external bank account.
