Lending Club High-Yield Savings
- KlingKlang
- Posts: 1090
- Joined: Wed Oct 16, 2013 3:26 pm
Lending Club High-Yield Savings
I know that the subject of online "high yield" savings accounts has been beaten to death, but I need some reassurance before I switch to another bank that I'm not familiar with. Does anyone have recent experience with Lending Club High-Yield Savings? It claims to be offering 0.60% APY on deposits over $2500 with free unlimited external transfers. The account features that I am looking for are the ability to make a $100k deposit with an ACH transfer from my B&M bank, the ability to withdraw my entire account balance with an ACH transfer at any time, and not being required to use a smartphone app.
Thank you.
Thank you.
- KlingKlang
- Posts: 1090
- Joined: Wed Oct 16, 2013 3:26 pm
Re: Lending Club High-Yield Savings
Even though I didn't get any replies to my original post I'll give an update in case any of the 200 people who read it are interested.
I went ahead and opened a Lending Club High-Yield Savings account on January 12 with a $25k transfer from my primary bank's checking account. Everything went smoothly. I received my first month's interest payment on January 31.
Their stated interest rate has just increased to 0.65% APY.
Today I tried to make an additional $25k deposit but it was rejected. Messaged customer service, received a reply that my daily transfer limits are $10k for incoming and external transfers. Somewhat annoyed at this since I would like an account that allows for larger transfer limits.
I went ahead and opened a Lending Club High-Yield Savings account on January 12 with a $25k transfer from my primary bank's checking account. Everything went smoothly. I received my first month's interest payment on January 31.
Their stated interest rate has just increased to 0.65% APY.
Today I tried to make an additional $25k deposit but it was rejected. Messaged customer service, received a reply that my daily transfer limits are $10k for incoming and external transfers. Somewhat annoyed at this since I would like an account that allows for larger transfer limits.
Re: Lending Club High-Yield Savings
Thanks for that. Good to know. I might give it a look.
Re: Lending Club High-Yield Savings
That seems highly concerning if you were to put the $100K in you initially mentioned and needed 10 business days to withdraw the full balance if you needed it.KlingKlang wrote: ↑Wed Feb 09, 2022 1:35 pm Today I tried to make an additional $25k deposit but it was rejected. Messaged customer service, received a reply that my daily transfer limits are $10k for incoming and external transfers. Somewhat annoyed at this since I would like an account that allows for larger transfer limits.
I don't personally see the need to chase HYSA rates, as low as they are. Even at $100K, the difference between .5% and .65% is only $150 of interest each year.
Re: Lending Club High-Yield Savings
Thanks for the info. I find it interesting/sad that they would not have a limit for the initial deposit and then hold your money hostage coming outKlingKlang wrote: ↑Wed Feb 09, 2022 1:35 pm Today I tried to make an additional $25k deposit but it was rejected. Messaged customer service, received a reply that my daily transfer limits are $10k for incoming and external transfers. Somewhat annoyed at this since I would like an account that allows for larger transfer limits.
"I started with nothing and I still have most of it left."
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Re: Lending Club High-Yield Savings
I don't like LendingClub because they're one of the "fintechs" struggling to survive. You really have to understand what you're signing up for.
Re: Lending Club High-Yield Savings
I’m not sure why I’d go with fin tech for 0.65%. You can get close to that from some online banks. If I went with Fintechs I’d go with HM Bradley (1.0% or 3.0%) or maybe T mobile savings at 1.0%. Kabbage, via AMEX has 1.1% business account.
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Re: Lending Club High-Yield Savings
This thread is now in the Personal Finance (Not Investing) forum (banking).
Moderator Misenplace
Moderator Misenplace
Re: Lending Club High-Yield Savings
You can easily get 10% on USDC deposits on crypto staking exchanges. Yes there is some level of risk involved but if you’re getting 0.65% you could get the same interest dollars back with a fraction of the deposit. Something to think about, do your own research obviously