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.