Cash Sitting Around? Here’s Where It Should Be
Personally, I keep all my cash savings in a LendingClub LevelUp Savings account. I currently earn 4.00% APY with $250+ in monthly deposits.
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LendingClub LevelUp Savings
Member FDIC.
APY
Rate info
LevelUp Rate of 4.00% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.00% APY. LevelUp Rate applies for first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs
- Competitive APY
- No fees
- Easy ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- Requires you to make monthly deposits to earn the best APY
- ACH outbound transfers limited to $10,000 per day for some accounts
- No branch access; online only
The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account with $0.
Open a LendingClub LevelUp Savings Account
When a CD or money market account makes sense
HYSAs are the right call for most people. But two other options are worth knowing about.
Certificates of deposit are offering similar APYs right now, and rates are guaranteed in exchange for locking your money up for a set term (3 months, 12 months, 2 years, etc.). If you have cash you genuinely won’t need for a while, one of today’s top paying CDs can squeeze out a little more return. Just know that withdrawing early usually comes with a penalty.
Money market accounts (MMAs) sit somewhere between a checking and savings account. They sometimes offer higher rates than traditional savings, often come with debit card or check-writing access, and tend to have higher minimum balance requirements. Money market accounts are worth a look if you want a little more flexibility alongside a decent rate.
What to do right now
If you’ve got cash sitting in a low-yield account, transferring it to a high-yield savings account is the lowest-effort financial upgrade available. There’s no risk, no downside, and you can set up an account in 10-15 minutes.
No matter what type of account you choose, just make sure you’re not leaving free money on the table. A better rate is out there — and it’s easier to get than most people think.
Find the best HYSA rates available today from FDIC-insured banks.