Article updated on Oct 07, 2024
Why You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .
Written by Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
Edited by Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.
Reviews ethics statement
CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.
Reviews ethics statementWhy You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .
mphillips007/Getty Images
Savings rates have been hot since the early days of 2022. But as banks respond to the Federal Reserve’s first rate cut since March 2020, savings rates have been trending downward. Still, it’s not difficult to find a high-yield savings account with an annual percentage yield over 5%. Enter LendingClub.
LendingClub’s LevelUp Savings account launched on Aug. 21, and it offers the highest rate available. But there’s a catch.
What’s the highest savings account rate right now?
LendingClub’s LevelUp Savings account offers the highest savings rate available right now, at 5.30% annual percentage yield, or APY. However, to qualify, you must deposit at least $250 per month, and failing to do so will trigger a lower APY of 4.80%.
We like that there isn’t a minimum balance or deposit required to open this account, and there’s no monthly maintenance fee. You get the LevelUp rate for the first two months your account is open. After that, your account is evaluated each month. You need to make cumulative deposits of at least $250 to earn the highest rate going forward.
If you don’t want the pressure of depositing $250 monthly to maintain 5.30% APY, you can still earn a high interest rate with a bank that doesn’t have minimum deposit requirements. Here’s how LendingClub’s LevelUp Savings account compares to a few other options we like that have both a competitive APY and a $0 initial minimum deposit requirement.
| Bank | APY | Minimum deposit to open |
| LendingClub | 5.30% | $0 |
| Newtek Bank | 5.25% | $0 |
| EverBank | 5.05% | $0 |
| Varo | 5.00% | $0 |
| Bask Bank | 4.85% | $0 |
| Laurel Road | 4.80% | $0 |
CNET Money brings financial insights, trends and news to your inbox every Wednesday.
By signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Here’s all of the excitement headed to your inbox.
How much can you earn in one year depositing $250 monthly in LendingClub’s savings account?
Say you open up a LevelUp Savings account at LendingClub and initially deposit $250. Your balance after one year will be $3,337.50 (with monthly deposits of $250). Remember, if you don’t deposit $250, your account will automatically earn a lower rate of 4.80% APY. If you opt to earn the lower yield, your account balance after one year will be $262.27.
Keep in mind that savings accounts earn a variable interest rate, so the APY can change at any time. And rates are likely to continue falling as experts predict two more Fed rate cuts before the end of the year.
You’ll earn more if you set your savings on autopilot. Set up automatic recurring transfers from your checking account on a weekly, monthly or quarterly basis that works for your finances. All you have to do is find a figure that works well for you and let compound interest do the rest.
How much can you earn in one year with other top savings accounts if you deposit $250?
Here’s how much you’ll earn with the top high-yield savings accounts listed above, assuming you deposit $250 and don’t contribute additional deposits throughout the year. We’ve also included earnings if you deposit $250 and then contribute an extra $250 a month.
| Bank | APY | Interest earned after 1 year (without monthly contributions) | Balance after 1 year (without monthly contributions) | Balance after 1 year with a monthly deposit of $250 |
| Newtek Bank | 5.25% | $13.45 | $263.45 | $3,336.70 |
| EverBank | 5.05% | $12.92 | $262.92 | $3,333.34 |
| Varo | 5.00% | $12.79 | $262.79 | $3,332.50 |
| Bask Bank | 4.85% | $12.40 | $262.40 | $3,329.99 |
| Laurel Road | 4.80% | $12.27 | $262.27 | $3,329.16 |
What to consider when choosing a high-yield savings account
High-yield savings accounts usually have higher APYs than traditional savings accounts, some of which offer as little as 0.01% APY. However, there are other factors you should consider when choosing the right account for your financial goals, including mandatory minimum deposits, transaction fees, accessibility and more. Here’s what you should look out for:
- Minimum deposit requirements: Some high-yield savings accounts require a minimum initial deposit to open an account, but that’s not always the case. Plenty of the top high-yield savings accounts we track at CNET have a $0 minimum deposit requirement. But some require amounts anywhere from $25 to $500.
- Minimum balance requirements: Some high-yield savings accounts require that you meet a minimum balance requirement based on a daily, monthly or average basis. Dropping below a certain threshold could incur fees, so make sure you can meet the requirement should there be one.
- Fees: Look out for accounts that charge fees for monthly maintenance, withdrawals or paper statements. Unnecessary fees can eat into your interest earnings, especially when plenty of banks don’t have any.
- ATM access: Not every bank offers cash deposits and withdrawals. If you regularly deposit or withdraw cash, look for banks that use an ATM network or offer reimbursement for out-of-network ATM fees.
- Branch access: Some of the best high-yield savings accounts are at online banks that don’t have physical branches. If in-person banking is important to you, look for a bank with physical branches.
- Withdrawal limits: Some banks charge an excessive withdrawal fee if you make more than six withdrawals per statement cycle. Consider how many monthly withdrawals you’ll need to make before committing to an account with a strict withdrawal policy.
- Federal deposit insurance: Look for high-yield savings accounts at banks insured by the Federal Deposit Insurance Corporation or credit unions insured by the National Credit Union Administration. Accounts at these institutions are protected for up to $250,000 per person, per account.
- Customer service: Read online customer service reviews and consider customer satisfaction ratings to get a sense of what it will be like to work with the bank.
Recommended Articles
Best High-Yield Savings Accounts for October 2024
Best High-Yield Savings Accounts for October 2024
Savings and CD Rates Have Peaked. Here’s How This Affects Your Money
Savings and CD Rates Have Peaked. Here’s How This Affects Your Money
The Fed Cut Rates. Will Saving Account and CD Rates Plummet?
The Fed Cut Rates. Will Saving Account and CD Rates Plummet?
How Much Can You Earn by Depositing $500 a Month Into an HYSA?
How Much Can You Earn by Depositing $500 a Month Into an HYSA?
I Write About Savings for a Living. 7 Insider Tips I Tell My Friends
I Write About Savings for a Living. 7 Insider Tips I Tell My Friends
How to Start an Emergency Fund, Even if You Have No Savings Right Now
How to Start an Emergency Fund, Even if You Have No Savings Right Now
Written by
Liliana Hall
Associate Writer
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.