What is a High-Yield Savings Account and Do I Need One?

We have all heard of a checking and savings account, but you may not be familiar with LendingClub’s High-Yield Savings account and its benefits. Just like it sounds, a High-Yield Savings account helps you earn more than many other savings accounts. With the money you are looking to save, you can earn a higher rate of interest, adding up to 16x the national average.¹

So why does this matter?

Well, the best part about a savings account is that it earns you more money without you even having to lift a finger. You’ll earn more money than you would normally if you had your funds sitting in a checking account. It’s a great way to save for your future, whether it’s for a vacation or an emergency fund. There are many accounts out there, but when you are doing your research, be sure to check out LendingClub’s High-Yield Savings account.

Why do interest rates vary from bank to bank? 

Many online banks are able to offer a high interest rate due to their operating costs being lower than your bank down the street. As of September 2022, the national average interest rate for a savings accounts is 0.17% APY¹, with some banks even offering as low as 0.01% APY. On the other hand, a High-Yield Savings account with LendingClub offers a competitive interest rateon your entire balance.²

How do I apply for a High-Yield Savings account?

In order to start earning one of the best rates in the country, apply online and set your account up within minutes. There is a $100.00 requirement to open the account, and then a monthly maintenance fee-free savings experience awaits.

To learn more about our High-Yield Savings account, visit our website here. To read more about how a High-Yield Savings account will benefit you, read our blog post here.

1. National average source: FDIC as of October 5, 2022

2. High-Yield Savings has no monthly maintenance fee, no minimum balance requirement after $100.00 to open the account, and is FDIC-insured up to the maximum allowed.Annual Percentage Yield (APY) accurate as of 10/06/2022. Rate tiers are as follows: 2.85% APY applies to balances of $0.00-$9.99; 2.85% APY applies to the entire balance on balances of $10.00-$2,499.99; 2.85% APY applies to the entire balance on balances of $2,500.00-$24,999.99 and 2.85% APY applies to the entire balance on balances of $25,000.00 or more. Rates are variable and may change at any time after the account is opened without notice. Rates are determined in the sole discretion of the Bank. Fees may reduce earnings.