LendingClub vs. SoFi Bank
LendingClub and SoFi Bank both offer 4.00% APY on their high-yield savings accounts. With identical rates, your choice comes down to other factors like mobile app quality, branch access, or customer service reputation.
The Bottom Line
Who pays more interest on $10,000? LendingClub pays $35 more than SoFi Bank annually ($400 vs $365).
The LendingClub and SoFi Bank savings accounts are very similar. Choose LendingClub if getting the best rate matters most, you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you're an Android user. Choose SoFi Bank if you want Zelle for quick transfers.
Important Considerations
The key difference? SoFi Bank's 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). LendingClub's 4.00% rate has no scheduled drop, though all rates are subject to change.
SoFi Bank requires a checking account to unlock its top savings rate, while LendingClub offers its savings account standalone.
| Metric | LendingClubLevelUp Savings Apr 21, 2026 | SoFi BankSoFi Savings Apr 21, 2026 |
|---|---|---|
| APY | 3.00% - 4.00% | 3.30% - 4.00% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
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. | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily 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. SoFi Bank
Executive Summary
Both LendingClub and SoFi Bank offer competitive high-yield savings accounts with an APY of 4.00%. LendingClub's LevelUp Savings requires a monthly deposit of $250 or more to earn this rate, while SoFi's offer includes a temporary 0.70% boost for six months, available through direct deposit or a $10/month subscription fee, and comes bundled with a checking account that has a 0.50% APY. Both accounts have no minimum deposit or maintenance fees and are online-only. Therefore, the winner based on the provided data is LendingClub's LevelUp Savings due to its straightforward APY structure.
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?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.7 vs 3.9)
Why SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- ✓Earn 0.50% APY on checking account with access to 55,000+ fee free ATMs
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
LendingClubLendingClub's LevelUp Savings earns more on smaller deposits (approx. $400 vs $365/yr).
Better Returns at $25,000
LendingClubLendingClub's LevelUp Savings pulls ahead with larger amounts (approx. $1000 vs $913/yr).
Shared Benefits
Over a 1-year period, LendingClub's LevelUp Savings pays $35 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet LendingClub's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
LendingClub vs. SoFi Bank Savings Calculator
You earn $35.1 more with LendingClub than SoFi Bank 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
SoFi Bank
SoFi Savings
Promo Rate: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
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 $364 per year in interest.
Both LendingClub and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | LendingClub | SoFi Bank |
|---|---|---|
| APY | 4.00% Range: 3.00% - 4.00% Verified: 4/21/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 4/21/2026 Stable (90d) |
| Product Name | LevelUp Savings | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | N/A |
| Direct Deposit Req. | None | While direct deposit is not required, the alternative is a subscription fee of $10/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| 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. | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Next Steps | Visit SiteVerify at LendingClub Non-sponsored link to official site | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | LendingClub | SoFi Bank |
|---|---|---|
| LevelUp Savings | SoFi Savings | |
Current APY | 4.00% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.9 | 2.0 |
Days Since Change | 130 | 119 |
12-Month High | 4.40% | 4.50% |
12-Month Low | 4.00% | 3.80% |
Adjustments / Mo | 0.16 | 0.25 |
Volatility Score | 0.036 | 0.061 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare LendingClub vs...
Comparing against Standard Savings
Compare SoFi Bank vs...
Comparing against other Bundled Accounts
More Comparisons
Compare LendingClub's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| LendingClub vs Ally Bank | 3.10% | $0 |
| LendingClub vs American Express | 3.20% | $0 |
| LendingClub vs Axos Bank | 4.21% | $0 |
| LendingClub vs Barclays | 3.75% | $0 |
| LendingClub vs Capital One | 3.20% | $0 |
| LendingClub vs Chime | 3.00% | $0 |
| LendingClub vs CIT Bank | 3.75% | $100 |
| LendingClub vs Discover Bank | 3.30% | $0 |
| LendingClub vs EverBank | 3.90% | $0 |
| LendingClub vs Marcus by Goldman Sachs | 3.50% | $0 |
| LendingClub vs Newtek Bank | 4.20% | $0.01 |
| LendingClub vs Openbank | 4.00% | $500 |
| LendingClub vs Pibank | 4.40% | $0 |
| LendingClub vs Synchrony Bank | 3.40% | $0 |
| LendingClub vs Varo Bank | 5.00% | $0 |
| LendingClub vs Wealthfront | 4.20% | $0 |