Lending Club vs. Newtek Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 16, 2025
We earn a commission if you open an account through some links on this page.
Summary of LendingClub vs. Newtek Bank
Key Metrics at a Glance
| Feature | LendingClub | Newtek Bank |
|---|---|---|
| Top Savings APY | 4.20% LevelUp Savings | 4.35% Personal High Yield Savings |
| Minimum to Open | $0 | $0 |
| Minimum Balance for Top APY | $0 | $0.01 |
| Note | The advertised "LevelUp Rate" APY of 4.20% is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" of 3.20% applies. |
LendingClub
Strengths
- LendingClub offers a competitive APY of 4.20% with a monthly deposit of $250.
- LendingClub has an App Store rating of 4.8, higher than Newtek Bank's 4.5.
Potential Drawbacks
- LendingClub's APY is lower than Newtek Bank's 4.35%.
- LendingClub's APY requires a monthly deposit to avoid a lower rate.
Newtek Bank
Strengths
- Newtek Bank provides a higher APY of 4.35% without any deposit requirements.
- Newtek Bank is BBB Accredited, while LendingClub is not.
Potential Drawbacks
- Newtek Bank has a lower App Store rating of 4.5 compared to LendingClub's 4.8.
- Newtek Bank's Google Play rating is 4.2, lower than LendingClub's 4.5.
→ As of October 16, 2025 LendingClub offers an APY of 4.20% 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 yields $15 more than LendingClub on a $10,000 balance after one year. LendingClub pays $420, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
Calculate Savings Growth for LendingClub vs Newtek Bank
LendingClub
Total savings breakdown:
- Interest earned: $2,564.3 (12.47%)
- Total contributions: $13,000 (63.22%)
- Initial deposit: $5,000 (24.31%)
Your total balance
$20,564.30
Total balance: $20,564.3
Earnings: $2,564.3
Bank OverviewNewtek Bank
Total savings breakdown:
- Interest earned: $2,662 (12.88%)
- Total contributions: $13,000 (62.92%)
- Initial deposit: $5,000 (24.20%)
Your total balance
$20,662.00
Total balance: $20,662
Earnings: $2,662
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, LendingClub's total earnings would be $97.7 lower than Newtek Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare LendingClub's vs Newtek Bank's Savings Accounts
| LendingClub | Newtek Bank | ||
|---|---|---|---|
| Product | LevelUp Savings | vs | Personal High Yield Savings |
| APY | 3.20% - 4.20% (as of 10/16/2025) | 4.35% (as of 10/16/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0.01 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No | |
| Note | The advertised "LevelUp Rate" APY of 4.20% is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" of 3.20% applies. | ||
| App Store Rating | 4.8/5 | 4.5/5 | |
| Google Play Rating | 4.5/5 | 4.2/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 10 Months)
| LendingClub | Newtek Bank | ||
|---|---|---|---|
| Product | LevelUp Savings | vs | Personal High Yield Savings |
| Latest APY | 4.20 % | 4.35 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.7 | -2.8 | |
| Rate Changes / Mo | 0.30 | 0.40 | |
| Days Since Last Change | 97 | 188 | |
| High (-10 m) | 4.75 % | 4.90 % | |
| Low (-10 m) | 4.20 % | 4.35 % | |
| Draw-down from High | -11.6 % | -11.2 % | |
| Volatility (CV) | 0.033 | 0.023 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-10 m)
- Highest APY in the last 303 days.
- Low (-10 m)
- Lowest APY in the last 303 days.
- Draw-down from High
- How far today sits below the 10-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.