LendingClub vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | LendingClubLevelUp Savings Jan 21, 2026 | Newtek BankPersonal High Yield Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.00% - 4.00% | 4.35% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$217 $10,000+$435 $25,000+$1,088 |
Min Deposit | $0 | $0.01 |
Snapshot view. Rates subject to change. | ||
Terms | The advertised "LevelUp Rate" APY of 4.00% is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" of 3.00% applies. | - |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing LendingClub vs. Newtek Bank
As of LendingClub offers an APY of 4.00% for its LevelUp Savings account, with a minimum balance of $0, compared to Newtek Bank's 4.35% APY for its Personal High Yield Savings account, with a minimum balance of $0.01.
Newtek Bank pays $35 more than LendingClub on a $10,000 balance after one year. LendingClub pays $400, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
Why LendingClub?
- ✓Higher rated Android app (4.8 vs 4.0)
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 4.00%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $435 vs $400/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1088 vs $1000/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.35% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
LendingClubLendingClub offers an iOS app rated 4.8 (vs. 4.5) and Android app rated 4.8 (vs. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $35 more interest on a $10,000 balance than LendingClub's LevelUp Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Newtek Bank offers a competitive Personal High Yield Savings account with an APY of 4.35%, making it the higher-yield option compared to LendingClub's LevelUp Savings account, which provides a 4.00% APY contingent on a monthly deposit of $250 or more; otherwise, the rate drops to 3.00%. Both accounts are online-only and have no maintenance fees, with Newtek Bank requiring a minimum deposit and balance of just $0.01. Newtek Bank is noted for its simplicity, as it has no direct deposit requirements or caps, making it an attractive choice for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
LendingClub vs. Newtek Bank Savings Calculator
You earn $35 more with Newtek Bank than LendingClub on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
LendingClub
LevelUp Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$435.00(4.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,435.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | LendingClub | Newtek Bank |
|---|---|---|
| APY | 4.00% Range: 3.00% - 4.00% Verified: 1/21/2026 ↘︎ 0.20%90d Change | 4.35% Verified: 1/21/2026 Stable (90d) |
| Product Name | LevelUp Savings | Personal High Yield Savings |
| Minimum Deposit | $0 | $0.01 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android4.8 | iOS4.5 Android4.0 |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | The advertised "LevelUp Rate" APY of 4.00% is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" of 3.00% applies. | - |
| Next Steps | Visit SiteVerify at LendingClub Non-sponsored link to official site | Visit SiteVerify at Newtek Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | LendingClub | Newtek Bank |
|---|---|---|
| LevelUp Savings | Personal High Yield Savings | |
Current APY | 4.00% | 4.35% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.2 | -1.1 |
Days Since Change | 40 | 285 |
12-Month High | 4.50% | 4.55% |
12-Month Low | 4.00% | 4.35% |
Adjustments / Mo | 0.25 | 0.16 |
Volatility Score | 0.038 | 0.013 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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