Members Earn 15x1 the National
Average on its High-Yield Savings Account at a current APY2 of
Reward Checking Members Could Save Over
FRANCISCO, Dec. 5, 2022 /PRNewswire/ -- LendingClub
Corporation (NYSE: LC), the parent company of LendingClub Bank,
America's leading digital marketplace bank, today announced
competitive interest rates well above the national average on its
High Yield Savings accounts – 3.25% APY – to help members meet
their financial goals. In addition, with a LendingClub checking
account, members can earn more while shopping this holiday season
to grow and save more of their hard-earned paychecks.
"Our vertically integrated digital platform captures the best of
the marketplace and the bank, producing structural advantages that
enable us to move quickly so we can offer market-leading rates –
which are currently some of the very best in the country!" said
David Goeden, senior vice president
head of retail and online banking at LendingClub. "We're capturing
more value both from lending and from spending and can use this –
together with behavioral data – to offer powerful benefits to new
and existing members alike. Moreover, more than 45% of the initial
funding from new members is coming from the four largest banks,
reflecting that the value we provide to our members is unmatched by
LendingClub's superior products and services are built to help
its members achieve and maintain financial wellness. For personal
banking, LendingClub offers a High-Yield Savings account, a Rewards
Checking account and certificates of deposits (CDs) with
competitive interest rates for new and existing members alike.
With its High-Yield Savings Account,
members can boost their savings by earning 3.25% APY on their
entire balance. There are no minimum balance requirements after
$100 to open the account, no monthly
maintenance fees, free internal and external transfers with online
and mobile banking, and a free ATM card is available. High interest
rates on a savings account are key to helping customers build a
savings cushion. For instance, at 3.25%, a customer with a
$50,000 account balance would earn
$1,649 annually versus the national
average of $105.
Its award-winning Rewards
Checking account has earned official certification by the
national Cities for Financial Empowerment Fund as meeting the
BankOn National Standards for trust and affordability for consumer
transactional accounts. The account offers the opportunity to earn
unlimited 1% cash back on Qualified Purchases3, no monthly
maintenance, overdraft or NSF fees4, ATM fee rebates – saving
potentially $180 annually5, access to
your paycheck up to 2 days earlier6, and competitive interest
rates of up to 0.15%7 to help your money grow. Based on its
easy-to-use mobile app (iOS and Android) and award-winning online
checking account, NerdWallet named it the Best Bank or Credit Union
for Online Experience.
With its Certificates of Deposits,
members can save for the future by earning 4.00% with a 1-year CD
and 4.10% with a 2–5-year CD from LendingClub. CDs offer fixed
rates with predictable returns that are guaranteed for the duration
of the CD term.
LendingClub believes that financial well-being should be
attainable for everyone – not just for those who can afford it. The
company is building a bank that is centered around empowering
members to meet their personal financial goals by enabling access
to a broad range of financial products, services, and educational
resources, all designed to help them pay less when borrowing and
earn more when saving.
LendingClub's unique products have earned many accolades
throughout 2022 including The Best Online Banks of 2022 and
The Best Savings Accounts of 2022 by the Wall Street Journal,
Best Cash Back Checking Account on Newsweek's America's Best Banks
list for 2022, and Best Online High Yield Savings Accounts of
November 2022 by Business
All LendingClub Deposits are FDIC-insured up to $250,000 per depositor for each ownership
category. To learn how your money can work for you, visit:
LendingClub Corporation (NYSE: LC) is the parent company of
LendingClub Bank, National Association, Member FDIC. LendingClub
Bank is the leading digital marketplace bank in the U.S., where
members can access a broad range of financial products and services
designed to help them pay less when borrowing and earn more when
saving. Based on more than 150 billion cells of data and over
$80 billion in loans, our advanced
credit decisioning and machine-learning models are used across the
customer lifecycle to expand seamless access to credit for our
members, while generating compelling risk-adjusted returns for our
loan investors. Since 2007, more than 4 million members have joined
the Club to help reach their financial goals. For more information
about LendingClub, visit https://www.lendingclub.com.
Accounts subject to approval, which may include credit approval.
$25 minimum opening deposit required
for Rewards Checking. $100 minimum
opening deposit required for High Yield Savings. $2500 minimum opening deposit required for CDs.
Please see Product Terms & Conditions for additional
product details. FDIC-insured up to $250,000 per depositor for each ownership
category. Visit our FAQ page for additional information.
1 National average source: FDIC as of
2 High Yield Savings Rate: Annual
Percentage Yield (APY) accurate as of 11/15/2022. Rate tiers are as
follows: 3.25% APY applies to balances of $0.00-$9.99; 3.25%
APY applies to the entire balance on balances of $10.00-$2,499.99;
3.25% APY applies to the entire balance on balances of $2,500.00-$24,999.99 and 3.25% 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.
3 Rewards Checking Cash Back
Rewards: The Debit Card Rewards Program ("Cash Back
Rewards") provides 1.00% cash-back on all Qualified Purchases using
a debit card tied to an Eligible Account. Eligible Accounts
are: Rewards Checking accounts that meet the following requirements
for the calendar month in review:
1). Maintain an average monthly balance of at least $2,500.00; or
2). Receives at least $2,500.00 in
Qualifying Direct Deposits.
Qualifying Direct Deposits are defined as: Recurring
Automated Clearing House (ACH) credits, including payroll, pension
or government payments (such as Social Security) made by your
employer, or an outside agency. We may require documentation to
verify that credits are Qualifying Direct Deposits. Qualifying
Direct Deposits do not include peer to peer payments or ACH
transfers (funds transfers) from your external accounts.
Qualified Purchases are defined as: Signature-based
purchases made using the debit card tied to an Eligible Account.
These are "credit" purchases that can be made in stores and online.
To make a signature-based purchase, select "credit" rather than
debit at point-of-sale kiosks. The "credit" option is most often
pre-selected when making purchases online using a debit card.
Online subscription payments may not be considered signature-based
purchases. The payment transaction type (signature-based or other)
is ultimately decided by the merchant and is based on how the
transaction is transmitted at the time of processing. Qualified
Purchases do not include: (1) any goods or services purchased that
are returned or otherwise credited to your Eligible Account; (2)
unlawful purchases; or (3) purchases of currency, cash or cash
equivalents (including, without limitation, currency from the U.S.
Mint, Travelers Checks, gift cards, cryptocurrency,
casino chips, peer to peer payments, prepaid debit cards, account
openings, loan payments, or other cash equivalents).
We may report the value of Cash Back Rewards to the IRS as required
by law. Any client whose tax status would require us to impose tax
withholding of any sort will not be eligible for Cash Back
Accounts are reviewed after the end of each month. Any earned Cash
Back Rewards will be credited to your account on or before the 10th
calendar day of the next calendar month. The Eligible Account must
be open and active at the time the Cash Back Reward is
4 Miscellaneous fees may apply. View Product Terms
& Conditions for complete details.
5 LendingClub does not charge a fee for using
another bank's ATM. Plus, get unlimited automatic ATM surcharge
rebates for ATM fees other banks charge you. ATM surcharge rebates
apply to cash withdrawals from a Rewards Checking account. ATM fees
will be rebated at the end of each statement cycle. Excludes
international exchange fees. LendingClub makes its best effort
to identify those ATM fees eligible for rebate. In the event that
you have not received a rebate for a fee you believe is eligible,
please contact Customer Service at 800.242.0272. LendingClub
reserves the right to modify or discontinue the ATM surcharge
rebate program at any time. Out-of-network ATM fees cost
$2.50 on average — source: CNBC as of
01/26/2022. If someone were to use an out-of-network ATM 6 times
per month at an average fee of $2.50
per withdrawal, they would spend $180
in ATM fees in 12 months.
6 Any account features that enable you to receive
direct deposits, or that enable direct deposit funds to be made
available to you early, are contingent upon and subject to the
payor's support of such features.
7 Rewards Checking Rate: Annual Percentage
Yield (APY) accurate as of 8/1/2022. Rate tiers are as follows:
0.00% APY applies to balances of $0.00–$2,499.99, 0.10% APY applies to the entire
balance on balances of $2,500.00–$99,999.99, and 0.15% APY applies to
the entire balance of $100,000.00 or
more. Rates are variable and are subject to change, at the
discretion of the bank and without notice, at any time after an
account is opened. Fees may reduce earnings.
CONTACT: For Investors: IR@lendingclub.com; Media Contact:
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SOURCE LendingClub Corporation