There is no minimum balance required to earn interest in your High-Yield Savings account.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Tiered rate accounts earn interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle.
Rates are variable and they are subject to change at our discretion.
Funds can be added to your account after account opening through mobile deposit available within our banking app, at select ATMs, or by initiating ACH transfers and Wires within online banking. Please see limits here.
To view your daily transaction limits, click here.
Rates are earned based on the balance in your account. If your balance changes, your rate may also change. It is also important to notice whether you are viewing the interest rate or the APY. These can differ slightly due to compounding. The APY is calculated by compounding the interest rate over the course of a year. The interest rate and APY are both disclosed in the Product Terms & Conditions which are available on the website and provided at the time of account opening.
The advertised rate is presented as an Annual Percentage Yield (APY), as required by regulation. The APY is the rate you can earn on your account over a year and includes compounded interest. The rate displayed in your online banking is the actual interest rate applied to your account. Your interest rate and APY are both disclosed in the Product Terms &Conditions which are available on the website and provided at the time of account opening.
Interest begins to accrue when the Bank actually receives the credit and deposits it into your account.
At LendingClub, we put our customers at the center of everything we do. That’s why we focus on providing products and services that are not only convenient but help to make life easier.
We use 256-bit encryption to ensure that data is protected with the highest level of security.
Your deposits are FDIC-insured up to the highest possible amount allowed – $250,000 per depositor for each ownership category.
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