APY GUY: Maximize Your Savings & Earnings

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CIT Bank CD Rates – Now up to 5.00% APY!

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Originally founded in Salt Lake City, Utah as an industrial loan corporation, CIT Bank has come a long way in a short period of time since their inception in 2000.

Today, with just two decades of growth, CIT bank has more than $100 billion in assets and offers a full array of banking products to individuals, small businesses and corporations.

For the purpose of this review, we will focus on CIT Bank’s CDs (certificates of deposit) which are available to consumers nationwide.

CIT Bank currently offers the following types of CD accounts:

  • Standard Term CDs with terms ranging from 6 months to 5 years.
  • Jumbo CDs with terms ranging from 2 – 5 years and requiring a minimum deposit of $100,000.
  • No Penalty CD with 11 month term. Allows for full access to your funds penalty-free prior to maturity.
  • Ramp-Up CDs. These are good during an increasing interest rate environment. They allow for a one-time interest rate bump during the life of the CD (if rates rise); however, you are not allowed to add funds to the deposit. Ramp-UP CDs by CIT Bank are not offered on new money at this time.

Below are the current rates and APYs (annual percentage yields) offered on CIT Bank CDs as well as the fine print details you’ll want to know before proceeding with an account.

CIT Bank CD Rates + Account Details

image credit: cit.com

CIT Bank is a member of the FDIC (FDIC# 58978) and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts.

CD Rates

TermMin. DepositAPY
6 months$1,0005.00%
12 months$1,0000.30%
13 months$1,0004.65%
18 months$1,0004.60%
2 year$1,0000.40%
3 year$1,0000.40%
4 year$1,0000.50%
5 year$1,0000.50%
APY = Annual Percentage Yield

To provide some context for CIT Bank’s yields (shown above), the current national average on a 12 month CD and a 60 month CD sit at just 1.54% APY and 1.37% APY, respectively, according to FDIC data.

All standard term CDs come with a minimum deposit requirement of $1,000 which is fairly standard for online bank deposits.

Compounding and Crediting Interest

Interest is compounded daily and credited monthly. You can choose to have this interest deposited into another CIT Bank account, an external account or mailed to your home. This is a great feature for those living off of their deposit interest for income.

Grace Period

You will have a standard 10 day grace period in which you can withdraw funds or add funds to your deposit penalty-free. If nothing is done during this time, your CD will automatically renew with the same terms and present APY at that time, with exception to the 13 month CD and the 18 month CD. The 13 month CD will instead roll into a 12 month CD and the 18 month CD will instead roll into a 2 year CD.

Early Withdrawal Penalty

If you need funds prior to your standard CIT Bank CD’s maturity you will incur a fee. The fee structure is as follows:

CD TermFee
Up to 1 year3 months’ simple interest
1 – 3 years6 months’ simple interest
3+ years12 months’ simple interest

CIT Bank 11 Month No-Penalty CD

As the name implies, the 11 month No-Penalty CD allows you full access to your funds after 7 days from opening the account without incurring a penalty. No withdrawals are permitted within the first 6 days.

This is a good alternative to a variable rate online savings account or money market account whose rate can change at any time without notice to the customer. That said, the rate currently offered on CIT Banks 11 month No-Penalty CD lags the top yields of online savings accounts by a sizable margin.

CIT Bank 11 Month No-Penalty CD

TermMin. DepositAPY
11 month$1,0004.80%
APY = Annual Percentage Yield

In comparison, top yields from 12 month CDs from FDIC-insured online banks and nationally available credit unions are now inching over 5.00% APY – while the national average still sits at 1.54%.

Interest is also compounded daily and credited monthly for the 11 month No-Penalty CD.

There is still a 10 day grace period for the 11 month No-Penalty CD even though your funds are accessible throughout its life. If nothing is done during this time, your CD will renew with the going interest rate and APY.

CIT Bank Ramp-UP CDs

Before we dive into the details and yields of these accounts, we should note that these are not currently offered to new money at this time.

CIT Bank Ramp-UP CD Rates

TermMin. DepositAPY
1 year Ramp-Up Plus$25,0000.25%
2 year Ramp-Up Plus$25,0000.25%
3 year Ramp-Up$25,0000.25%
4 year Ramp-Up$50,0000.25%
APY = Annual Percentage Yield

With these accounts you are entitled to one interest rate bump during the life of the deposit.

As rates continue to rise, check back on these products as they may become more competitive later in the year.

How do CIT Bank’s CD Rates Compare?

Below we compare CIT Bank’s best CD rate with the best CD rates from other well known FDIC-insured banks. Rates surveyed April 27, 2023.

BankBest APYCD Term
CIT Bank5.00%6 months
Ally Bank4.80%18 months
Bank of America4.30%13 months
Chase Bank3.75%12 months
APY = Annual Percentage Yield

How Much Can You Earn with a CIT Bank CD?

The table below shows how much you can earn with CIT Bank’s most competitive CD accounts. It assumes a deposit size of $10,000.

CD TermAPYTotal Earnings
6 months5.00%$246.95
13 months4.65%$504.71
11 month No Penalty4.80%$439.13
18 months4.60%$697.88
Total Earnings = The sum of all interest payments throughout the life of the CD.

Opening and Funding a CIT Bank CD

To get started, navigate to CIT Bank’s CD account page to get a holistic view of their entire certificates of deposit offerings. From here you can use the green buttons which say either “Learn How,” “See More,” or “Get started” to navigate to the precise product page you intend to open.

Once at that page, you will have another chance to get more details about the product before clicking on the green “Get started” button to proceed with the application.

Once beginning the application process you will need the following pieces of information:

  • Full Name (have your driver’s license handy)
  • Address
  • Phone Number
  • Email
  • Social Security Number or other taxpayer ID

Once you’ve opened the account, you can fund it in several ways. These include:

  • electronic transfer
  • mail in check
  • mobile check deposit
  • wire transfer

If doing a wire transfer you will need both the routing number and account number of the bank in which you are transferring funds from. If you have a check from the account you will be transferring funds from that will suffice as well as all the required information is there.

If you need to contact CIT Bank at any time while applying for or funding your account, you can use the contact information below. We’ve also included the routing number.

  • Bank Address: P.O. Box 7056 Pasadena, CA 91109-9699
  • Telephone Number: 855-462-2652
  • CIT Bank Routing: 124084834

Managing Your CIT Bank CD and Using Mobile Banking

CIT bank’s aggregate app rating is higher than most bank apps.

You can manage your CIT Bank CD with online banking, mobile banking or through their native IOS and Android apps. CIT bank has a respectable 4.6 star rating out of 5 for their IOS app and a more modest 3.4 stars out of 5 for their android app. Both scores are above average as far as banking applications go.

Whether managing your accounts through desktop web, mobile web, or the aforementioned apps, customers will have the ability to do the following:

  • Check account balances, interest rate accumulation and transaction history
  • Transfer money between CIT Bank accounts and external linked accounts
  • Deposit checks (if you also have the CIT Bank online savings account)

CIBC Agility Savings Account – Now 4.27% APY!

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CIBC (Canadian Imperial Bank of Commerce) is one of the “big five” banks of Canada and is headquartered in Toronto, Ontario.

The institution was formed by the largest chartered bank merger in Canada’s history in 1961 when the Canadian Bank of Commerce (founded in 1867) merged with the Imperial Bank of Canada (founded in 1873).

Today, CIBC holds roughly $770 billion in assets and brings in $18.7 billion in revenue (as of 2020) with operations spanning the globe.

For U.S. based customers, CIBC has an offshoot called CIBC U.S. which is headquartered in Chicago, Illinois, but backed by the 150 year-old Canadian bank.

CIBC U.S. has a noteworthy variable rate savings account called the “Agility Savings” that features a spectacular APY of 4.27%.

This account can be opened online by anyone in the U.S. that has a valid ID and is 18 years of age. To see if this account is right for you, continue reading our review below.

CIBC Agility Savings Account APY + Details

image credit: us.cibc.com

To open the CIBC Agility Savings account you must make an initial minimum deposit of at least $1,000, but once the account is opened interest is earned on all balances above $0.01.

CIBC U.S. is member FDIC and all consumer deposits are federally insured up to the applicable limits.

Savings Rate

Min. DepositMin. BalanceAPY
$1,000$0.014.27%
APY = Annual Percentage Yield

To put this yield in perspective, the current average for a savings account sits at just 0.39% APY and the current average on a money market account sits at just 0.57% APY according to FDIC data.

Interest is compounded and credited to your account monthly.

Per federal regulation D, this account is limited to 6 transactions per monthly statement cycle. If you exceed this amount CIBC will charge $10 for each subsequent transaction. No external transfers can be made either within the first 90 days of opening the account.

CIBC U.S. Fee Schedule

Depending on the actions you take with your CIBC Agility Savings account you may encounter some fees from time to time.

Below is a complete outline of the fees CIBC imposes for various account activities (or inactivities).

CIBC Fee Schedule

ActivityFee
Statement Copies$5 each
Stop Payment$5.00
Hold Mail Fee$25 per request
Stop Payment$30
Automatic transfer from one account to another to cover overdraft$35.00 per item, max $175.00 day
Overdraft fee (item paid)$35.00 per item, max $175.00 day
Returned deposited item fee (chargeback)$10.00
Account research$25.00 per half hour, $25.00 minimum
Account closed within 90 days of opening$25
Dormant account fee$5 per month with a max of $60 annually

You can read more about CIBC U.S. deposit account disclosures and terms of service here.

How to Open the CIBC Agility Savings Account

The Agility Savings account can be opened online in minutes!

As mentioned this account is available to anyone in the U.S. that is 18 years old or older with a valid ID, internet connection and $1,000 for the initial deposit.

Here’s how to open the account in minutes.

  1. To open the account, navigate to the CIBC U.S. Agility Savings landing page here and click “Apply Now.”
  2. From here it is a 4-step process that starts with your personal information. Fill in the required personal information and then click “Continue.“
  3. Read and accept the account disclosures and click “Continue.“
  4. Fund your account. This will require the routing number of your current bank and the bank account number you’ll be transferring the funds from.

What information do I need to have handy?

  1. Driver’s license or government issued ID.
  2. Home address, phone number and email.
  3. Social security card or number.
  4. Existing bank account routing number.
  5. Existing bank account number with at least $1,000 in the account.
  6. Employment information.

Managing the CIBC Agility Saving Account

As mentioned the account can be managed completely online through the web or their native IOS or Android app. CIBC has multiple apps available for download. You will want to download the CIBC US mobile banking application to manage your Agility Savings account.

The mobile banking app by CIBC has mixed reviews, averaging 2.1 stars out of 5 on IOS and 3.9 stars out of 5 on Google Play.

App Features:

  • View account balances and recent transactions
  • Transfer funds using their person to person payment system. Send funds with just a phone number or email.
  • Transfer funds between CIBC US accounts.
  • Mobile check deposit
  • Check status of deposits
  • Pay bills electronically
  • Schedule future bill payments
  • Contact representative for assistance
  • Locate branches and ATMs

CIBC Agility Online CD Rates

CIBC currently offers 5 online “Agility” CDs with terms ranging from 9 months to 30 months. They currently come with impressive yields when compared to the national average, but the yields are tiered based on deposit amount. Depositing $25,000 or more will get you a higher rate. See all rates and deposit requirements below.

CD TermAPY
9 months4.72%
9 months ($25k +)4.77%
12 months4.97%
12 months ($25k +)5.02%
18 months4.35%
18 months ($25k +)4.40%
24 months4.35%
24 months ($25k +)4.40%
30 months4.20%
30 months ($25k +)4.25%
APY = Annual Percentage Yield

To put these yields in perspective, the current national average for a 12 month CD and a 36 month CD sit at just 1.54% and 1.34% APY, respectively, according to the FDIC.

All CIBC online Agility CDs come with a minimum deposit requirement of $1,000.

NASB CD Rates – Now up to 5.28% APY!

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North American Savings Bank (or NASB) was founded in 1927 and is based out of Kansas City, Missouri.

NASB’s 10 branch locations are all in Missouri but their CDs (certificates of deposit) can be opened online.

If you live in the greater Kansas City Metro area and would prefer to stop by a local branch, they have branches in the following cities:

  • Grandview
  • Lee’s Summit
  • Independence
  • Harrisonville
  • Kansas City
  • Platte City
  • Excelsior Springs
  • St. Joseph
  • Lexington

Although NASB offers a full suite of banking products, for the purpose of this review we will focus on their competitive CD rates.

NASB offers three CDs that can be opened online, however, depending on your location they may have more offers as well as IRA CDs.

The APYs (annual percentage yields) for the three online CDs beat the national average by considerable margins. To see if these are right for you, continue reading our review below.

North American Savings Bank CD Rates + Account Details

image credit: nasb.com

NASB CDs come with a steeper than average minimum deposit requirement of $5,000 and are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. NASB’s FDIC number is 29708.

CD Rates

TermAPY
7 months4.92%
13 months5.18%
24 months5.28%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a 12 month and 24 month CD sit at just 1.54% and 1.43% APY, respectively, according to FDIC data.

📌 Please Note – If you have a credit freeze or any fraud monitoring program running, you will need to contact these institutions to have this lifted in order for you to complete the online CD application with NASB. That said, no credit check is performed when opening a CD. If you have further questions contact NASB at 816-316-4000 and select option 3.

Compounding and Crediting Interest

North American Savings Bank online CDs feature daily compounding interest. Interest is then credited back to the account monthly.

If you wish to have the interest payments transferred to an external bank account you may do that as well.

This is ideal for those living off interest payments, but remember this will lower your overall APY (annual percentage yield) as it negates the impact of compounding interest (i.e. your accumulated interest won’t earn interest).

Grace Period and Early Withdrawal Fees

North American Savings Bank CDs come with a 7 calendar-day grace period in which you may change your CDs term, add/withdraw funds or close out the CD entirely without incurring any early withdrawal fees.

All of NASB’s online CDs automatically renew for the same term and the going APY if nothing is done during the grace period.

If you need funds prior to the maturity of your CD, you will incur an early withdrawal fee. Unlike many bank CDs, NASB imposes a flat early withdrawal fee across all terms. Typically early withdrawal fees increase with the term of the CD.

NASB CD Early Withdrawal Fee

CD TermFee
all terms6 months’ interest

As noted, interest payments may be withdrawn without incurring a fee.

How to Open a CD with North American Savings Bank

As mentioned, these three CDs can be opened online by any individuals or partners looking to open a joint CD whose 18 years old or older. The CDs are available in all 50 states.

If opening a CD online, start here, and be prepared with the following:

  • Your Social Security number
  • A government-issued ID
  • A valid email address

If transferring funds from an external bank, please have:

  • bank or credit union’s routing number
  • bank account number

How to Replace your Wells Fargo Debit Card – Lost or Stolen

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image credit: wellsfargo.com

Did you lose your Wells Fargo debit card recently?

Losing a debit card or having it stolen can be a frustrating and stressful experience for anyone. 

With the rise of digital banking and cashless transactions, debit cards have become an essential part of our daily lives. 

They provide us with convenient access to our bank accounts, enabling us to make purchases, withdraw cash, and pay bills without the need for physical money. 

However, the loss or theft of a debit card can lead to unauthorized transactions, fraudulent activities, and potential financial losses. It is crucial to take immediate action and follow the necessary steps to mitigate the impact of such incidents.

Take a look at our guide on how to get a replacement debit card from Wells Fargo and how to deactivate your lost or stolen Wells Fargo card below.

Cancel Your Lost or Stolen Wells Fargo Debit Card

If your Wells Fargo debit card is lost or stolen, it’s important to cancel it as soon as possible to prevent unauthorized transactions on your account. You can cancel a lost or stolen Wells Fargo debit card using any of the following methods:

  1. 🖥 Online – Log in to your Wells Fargo account online at www.wellsfargo.com, select the “Account Services” tab, and click on “Report Lost or Stolen Card” under the “Card Services” section. Follow the prompts to cancel your lost or stolen debit card.
  2. 📞 Phone – Call the Wells Fargo customer service number at 1-800-869-3557 and follow the prompts to report a lost or stolen card. A customer service representative will assist you with cancelling the card.
  3. 🏦 Branch – Visit a Wells Fargo branch and speak with a banker to report your lost or stolen card. They will assist you with cancelling the card and ordering a replacement.

When cancelling your lost or stolen Wells Fargo debit card, be sure to provide any requested information to verify your identity, such as your account number, social security number, and other personal information. Once you have cancelled your card, Wells Fargo will block any further transactions on the card and send you a replacement card within 5-7 business days. It’s important to monitor your account for any unauthorized transactions and report them to Wells Fargo as soon as possible.

Online Replacement

Follow these simple steps to request your replacement card.

  1. Log in to your Wells Fargo account online at www.wellsfargo.com.
  2. Once you are logged in, navigate to the “Account Services” tab.
  3. Under the “Account Services” tab, select “Request a Card” from the drop-down menu.
  4. On the “Request a Card” page, select the account for which you need a replacement card.
  5. Next, select the reason why you need a replacement card from the drop-down menu. You can choose from options like “Lost or Stolen” or “Damaged.”
  6. Enter the cardholder’s name and the last four digits of the lost or damaged card.
  7. If necessary, update the mailing address where you want the new card to be sent.
  8. Review and confirm the information you entered, and then submit your request.

Once your request is submitted, Wells Fargo will process it, and your new card will be mailed to you within 5-7 business days. If you need your new card sooner, you may be able to request expedited shipping for an additional fee. You can check the status of your card replacement request by logging in to your account and checking the “Account Services” section.

Over the Phone Replacement

If you’d rather speak to a Wells Fargo representative to handle your lost or stolen debit card, you can do so by calling the Wells Fargo customer service number. Here’s how:

  1. Dial the Wells Fargo customer service number at 1-800-869-3557.
  2. Listen to the prompts and select the option for “Lost or Stolen Card” or “Replace Card.”
  3. Enter or speak your Wells Fargo account number or social security number when prompted.
  4. Confirm your identity by providing any other requested information, such as your name, address, and date of birth.
  5. Follow the prompts to request a replacement debit card.
  6. If necessary, verify your mailing address where you want the new card to be sent.
  7. Confirm your request with the customer service representative or automated system.

Once your request is submitted, Wells Fargo will process it, and your new card will be mailed to you within 5-7 business days. If you need your new card sooner, you may be able to request expedited shipping for an additional fee ($16.00).

You can also check the status of your card replacement request by logging in to your account online or contacting customer service again.

In Branch Replacement

As we noted earlier, another other option for obtaining your new replacement card would be to stop by a local Wells Fargo branch. If you’d prefer to go this route then follow these steps:

  1. Find a Wells Fargo branch near you by using the “Locations” tool on the Wells Fargo website.
  2. Bring valid identification, such as a driver’s license or passport, and your Wells Fargo account number with you to the branch.
  3. Once you arrive at the branch, approach a banker and explain that you need a replacement debit card.
  4. Provide the banker with your identification and account number, and answer any security questions they may have to verify your identity.
  5. Let the banker know if you want your new card to have any special features, such as a custom design or a chip for added security.
  6. The banker will order a replacement card for you, and you will receive it in the mail within 5-7 business days.
  7. If you need your new card sooner, you may be able to request an instant issue card, which can be printed and activated on the spot for a fee.

Once you receive your new Wells Fargo debit card, be sure to activate it and update any recurring payments or automatic debits with the new card information.

Cost of Wells Fargo Debit Card Replacement

Fortunately, there is no fee for replacing your lost or stolen debit card (unless you opt for rush delivery). And you have three options for obtaining it:

  1. The first and quickest option is to go to a local Wells Fargo branch and have them print you out an instant debit card on the spot.
  2. The second would be to wait for one to arrive in the mail, but it will take 5-7 calendar days for it to arrive.
  3. The third would be to pay to have it rush ordered. This cost $16.00 and will take just 3 business days to arrive.

Final Thoughts

There are multiple avenues to take when replacing your Wells Fargo debit card with the best option being to go to a local branch and have them print out a replacement card that same day.

If you’re going to be without a debit card for a few days while Wells Fargo replaces it, just be sure to arrange for payments that need to be made during this period that we’re tied to your old card.

Brilliant Bank Review – Rates up to 5.05% APY!

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image credit: brilliant.bank

Brilliant Bank is an online-only division of Equity Bank which is a community bank based out of Wichita, Kansas with 51 locations in 4 states and over $5 billion in assets.

Equity Bank is the latest regional bank to expand their coverage nationwide via an online-online subsidiary offering FDIC-insured deposit accounts.

Brilliant Bank’s FDIC insurance is an extension of Equity Bank’s FDIC coverage, so if you have deposits already at Equity Bank and are looking to open a CD (certificate of deposit) or savings account with Brilliant Bank your coverage will be $250,000 across all deposit accounts from both banks.

Brilliant Bank currently offers some of the most competitive yields in the country right now on both their fixed-rate CDs and their variable-rate money market account. They also offer a checking account with a suite of digital tools to track spending and zero ATM fees on transactions.

To see if their deposit products are right for you, continue reading our review below.

Brilliant Bank CD Rates + Account Details

Brilliant Bank offers just 2 CDs (certificates of deposit) at the moment, but both come with highly competitive yields.

There is a minimum deposit requirement of $1,000 to open the account and a maximum deposit allowance of $500,000. All deposit sizes earn the same yield.

CD Rates

CD TermAPY
9 month5.05%
15 month4.85%
APY = Annual Percentage Yield

To give these CD rates some more context, the current national average for a 6 month CD and a 12 month CD sit at just 1.03% and 1.54% APY, respectively, according to FDIC data.

That said, top yields from online banks and nationally available credit unions are now topping 5.00% APY on ~12 month terms with Brilliant Bank’s 9 month offer among the rate leaders.

All CDs are subject to early withdrawal fees if funds are needed prior to their maturity. If you’d like specifics on these fees you’ll need to contact them at

Compounding and Crediting Interest

Although this is not noted on their website, Brilliant Bank compounds and credits interest monthly back into the CD.

We reached out to a customer service representative (via: customerservice@brilliant.bank) to gather this information.

They also noted that at this time you may not transfer interest payments out of the CD due to system limitations, however, they suspect this feature will be offered in the near future as their parent company (Equity Bank) does offer the service. This feature is beneficial to those who plan on using their CD interest payments for living expenses.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Brilliant Bank CD you will be provided a 10 day grace period in which you may close out your CD or modify it in any way before it automatically renews into a new CD with the same terms and the going APY at that time.

If you need access to the funds in your CD prior to its maturity you will face an early withdrawal penalty.

Early withdrawal penalties equate to ½ the interest that would have been earned on the funds withdrawn over the remaining term. This is calculated at the current interest rate.

[The information above was provided from the digital bank manager at Brilliant Bank.]

How to Open and Fund your CD

To begin the application process, start here and have your personal information handy. This includes:

  • full name
  • physical address
  • phone number
  • social security number (must be a U.S. citizen)
  • driver’s license or gov issued ID

Once approved for the CD, you may fund it via the following methods:

  • ACH
  • Wire
  • Check
  • Debit Card

If you plan to transfer for the funds from another bank account please have the following information readily available:

  • bank or credit union routing number
  • current account number (where the money will be withdrawn from to fund your Brilliant Bank CD)

Brilliant Bank Money Market Account

Brilliant Bank also offers a competitive money market account which they call the “Magnetic Money Market” account.

Like the CDs, it comes with a minimum deposit requirement of $1,000 and a maximum balance of $500,000.

Magnetic Money Market Rate

Min. DepositAPY
$1,0004.65%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average sits at just 0.57% for a money market account and 0.39% for a savings account with top yields from other FDIC-insured online banks just barely topping 5.00% APY.

Money Market Pros and Cons

The magnetic money market account is a relatively straightforward account with no fees or monthly balance requirement to earn the advertised rate. Take a look at the pros and cons to get a better idea on how this account might fit with your needs.

Pros:

✅ Unlimited check writing.

✅ Debit card available upon request.

✅ Mobile app for android and IOS.

✅ Mobile check deposit.

✅ Digital tools – make payments, transfer funds and track bills.

✅ High interest rate.

✅ Low minimum to open

✅ FDIC insurance up to $250,000.

Cons:

🛑 $2.55 fee each time you transfer funds from Brilliant Bank to an external bank account.

🛑 Funds deposited via the Mobile Check Deposit service are not available until the 5th business day if the amount is over $1,000 (if the amount is under $1k, they become available the next business day).

Brilliant Bank Checking

Brilliant Bank’s checking account doesn’t feature any interest rate on balances, however, it does come with a free debit card, zero ATM fees and a suite of digital tools to track your spending.

On the downside, while the account only requires a $100 minimum deposit to open, you must maintain a $2,000 balance to avoid a $10 service charge.

The online banking features are the same as the ones associated with the money market account which include mobile check deposit, online bill payments, ability to track expenses and income, etc.

You can learn more and get started with the Brilliant Checking account here.

LendingClub High Yield Savings – Now 4.25% APY!

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You may recall LendingClub, founded in 2006, as the very first peer-to-peer lending platform to register their securities with the SEC.

By December of 2015, the San Francisco based start-up had claimed to facilitate $15.98 billion in loans on its platform.

In 2016 however, the company was hit hard with problems and scandals. The company was failing to bring on investors, had scandals involving some of their loans, and the board of directors were concerned with LendingClub’s CEO.

Fast forward to 2020, LendingClub decides to drop its peer-to-peer lending platform entirely and acquires Radius Bank to commence more traditional banking operations.

Today, they offer a number of competitive, FDIC-insured, high yield deposit accounts with both fixed and variable rates.

For the purpose of this review we will focus on Lending Club’s high yield savings account which offers a competitive yield of 4.25% APY.

LendingClub High Yield Savings Account Rate + Details

To open LendingClub’s high yield savings account you’ll need a minimum deposit of $100 to complete the account opening process. Once your account is open there are no monthly balance requirements or maintenance fees of any kind.

Savings Rate

Min DepositAPY
$1004.25%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a money market account and a savings account sit at just 0.57% and 0.39% APY, respectively, according to FDIC data, with the top yields from online banks and credit unions now topping 5.00% APY following the latest rate hike by the Fed.

Opening and Funding Your Account

You’ll need to be a US citizen or legal resident and 18 years old or older to obtain this account.

To get started, you’ll want to have the following information readily available:

  • Social Security Number
  • Current Physical Address
  • Email Address
  • Bank account number and routing number – or – debit card from the institution you wish to transfer funds from

Please make sure this account has the $100 you’ll need to open your new LendingClub high yield savings account.

If you have all of this information handy, the account should only take 3 minutes to open online.

📍 Please Note: LendingClub may hold your funds for up to 5 business days during their “review process.” Also, although LendingClub does not pull your credit score if you have a hold on your credit for security purposes, LendingClub will manually review your application.

Managing Your Account

The easiest way to manage your LendingClub account is through their IOS or Android app or simply with their online banking.

Funds can be added to your account after account opening through LendingClub’s mobile deposit. This is available on both their banking apps or by initiating ACH transfers or wire transfer through their online banking portal.

Lending Club’s IOS app scores a 4.4 star rating out of 5 with over 2,300 consumer reviews and their Android app scores a 3.3 star rating out of 5 with over 1,460 consumer reviews.

Transaction Limits

LendingClub imposes daily transaction limits for their high yield savings account that is determined by how long you’ve been a customer of theirs.

See the matrix below for more details.

EligibilityNew Client90 days + $10k Balance120 days + $50k Balance
Incoming ACH$10k daily$150k daily$250k daily
Outgoing ACH$10k daily$50k daily$250k daily
Mobile Check Deposit$50k daily$150k daily$250k daily
ATM Card$500 daily$1k daily$2k daily

LendingClub ATM Card

image credit: https://legacy-bank.lendingclub.com/

LendingClub gives you the option to obtain a free ATM card that is tied to your high yield savings account.

They are a member of two of the largest nationwide surcharge-free ATM networks: MoneyPass® and SUMSM.

You can use your ATM card at any of their 37,000 locations nationwide without incurring an ATM surcharge fee.