LendingClub vs. Newtek Bank
Comparing LendingClub and Newtek Bank for high-yield savings: LendingClub's LevelUp Savings pays 4.00% APY while Newtek Bank's Personal High Yield Savings pays 4.20% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Newtek Bank pays $20 more than LendingClub annually ($420 vs $400).
Choose LendingClub if you're an Android user, or choose Newtek Bank if getting the best rate matters most.
| Metric | LendingClubLevelUp Savings Mar 7, 2026 | Newtek BankPersonal High Yield Savings Mar 7, 2026 |
|---|---|---|
| APY | 3.00% - 4.00% | 4.20% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
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 AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppDaily CompoundingRate Changes Often |
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
Executive Summary
Newtek Bank offers a competitive Personal High Yield Savings account with an APY of 4.20%, making it the highest-yielding option between the two banks. This account requires a minimum deposit and balance of only $0.01 and has no maintenance fees or direct deposit requirements, providing a straightforward savings solution. In comparison, LendingClub's LevelUp Savings account offers an APY of 4.00%, but this rate is contingent upon depositing $250 or more each month; otherwise, a lower APY of 3.00% applies. Both banks operate online only and do not require a checking account.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why LendingClub?
- ✓Higher rated iOS app (4.8 vs 4.5)
- ✓Higher rated Android app (4.7 vs 4.0)
Why Newtek Bank?
- ✓Higher potential APY (4.20% 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. $420 vs $400/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $1000/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.20% 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 4.7 (vs. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $20 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
LendingClub vs. Newtek Bank Savings Calculator
You earn $20 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+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $399 per year in interest.
Both LendingClub and Newtek Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | LendingClub | Newtek Bank |
|---|---|---|
| APY | 4.00% Range: 3.00% - 4.00% Verified: 3/7/2026 ↘︎ 0.20%90d Change | 4.20% Verified: 3/7/2026 ↘︎ 0.15%90d Change |
| Product Name | LevelUp Savings | Personal High Yield Savings |
| Minimum Deposit | $0 | $0.01 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| 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% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.3 | -1.0 |
Days Since Change | 85 | 29 |
12-Month High | 4.50% | 4.45% |
12-Month Low | 4.00% | 4.20% |
Adjustments / Mo | 0.25 | 0.16 |
Volatility Score | 0.038 | 0.013 |
How to read these metrics(Click to expand)
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More Comparisons
Compare LendingClub's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| LendingClub vs Ally Bank | 3.20% | $0 |
| LendingClub vs American Express | 3.30% | $0 |
| LendingClub vs Axos Bank | 4.21% | $0 |
| LendingClub vs Bank of America | 0.01% | $100 |
| LendingClub vs Barclays | 3.85% | $0 |
| LendingClub vs Capital One | 3.30% | $0 |
| LendingClub vs Chase Bank | 0.01% | $0 |
| LendingClub vs Chime | 3.00% | $0 |
| LendingClub vs CIT Bank | 3.75% | $100 |
| LendingClub vs Citibank | 3.20% | $0 |
| LendingClub vs Discover Bank | 3.30% | $0 |
| LendingClub vs EverBank | 3.90% | $0 |
| LendingClub vs Marcus by Goldman Sachs | 3.65% | $0 |
| LendingClub vs Openbank | 4.09% | $500 |
| LendingClub vs Pibank | 4.60% | $0 |
| LendingClub vs SoFi Bank | 4.00% | $0 |
| LendingClub vs Synchrony Bank | 3.50% | $0 |
| LendingClub vs Varo Bank | 5.00% | $0 |
| LendingClub vs Wealthfront | 4.20% | $0 |
| LendingClub vs Wells Fargo | 0.05% | $25 |