LendingClub vs. Wells Fargo
Comparing LendingClub and Wells Fargo for savings: LendingClub's LevelUp Savings pays 4.00% APY while Wells Fargo's Platinum Savings pays 0.05% APY.
Note: Wells Fargo requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? LendingClub pays $395 more than Wells Fargo annually ($400 vs $5).
Choose LendingClub if getting the best rate matters most, or you want a no-strings-attached account. Choose Wells Fargo if you value in-person banking, or you want Zelle for quick transfers.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while LendingClub offers its savings account standalone.
| Metric | LendingClubLevelUp Savings Mar 7, 2026 | Wells FargoPlatinum Savings Mar 7, 2026 |
|---|---|---|
| APY | 3.00% - 4.00% | 0.05% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $0 | $25 |
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. | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing LendingClub vs. Wells Fargo
Executive Summary
LendingClub offers a competitive LevelUp Savings account with an APY of 4.00%, available if you deposit $250 or more each month, making it a strong choice for savers. In contrast, Wells Fargo's Way2Save Savings account provides a significantly lower APY of 0.01%, while their Platinum Savings account offers a maximum APY of 0.05%, but only for balances of $1,000,000 or more and requires a linked Premier checking account. Overall, LendingClub's LevelUp Savings stands out as the better option for higher returns.
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 potential APY (4.00% vs 0.01%-0.05%) on all balances
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- ✓Offers 2 different high-yield savings options
- ✓Fast transfers via Zelle® (up to $3,500 a day)
— Key Feature Differences —
Better Returns at $10,000
LendingClubLendingClub's LevelUp Savings earns more on smaller deposits (approx. $400 vs $5/yr).
Better Returns at $25,000
LendingClubLendingClub's LevelUp Savings pulls ahead with larger amounts (approx. $1000 vs $13/yr).
Shared Benefits
Over a 1-year period, LendingClub's LevelUp Savings pays $395 more interest on a $10,000 balance than Wells Fargo's Platinum 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. Wells Fargo Savings Calculator
You earn $395 more with LendingClub than Wells Fargo 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
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | LendingClub | Wells Fargo |
|---|---|---|
| APY | 4.00% Range: 3.00% - 4.00% Verified: 3/7/2026 ↘︎ 0.20%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 3/7/2026 Stable (90d) |
| Product Name | LevelUp Savings | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | None | Wells Fargo offers branches and ATMs in 36 states and Washington, D.C. |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| 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. | This is a tiered savings account where rates vary based on the balance. The 0.05% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps | Visit SiteVerify at LendingClub Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | LendingClub | Wells Fargo | |
|---|---|---|---|
| LevelUp Savings | Platinum Savings | Way2Save Savings | |
Current APY | 4.00% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -3.7 | -42.5 | 0.0 |
Days Since Change | 85 | 141 | 235 |
8-Month High | 4.20% | 2.51% | 0.01% |
8-Month Low | 4.00% | 0.05% | 0.01% |
Adjustments / Mo | 0.13 | 0.38 | 0.00 |
Volatility Score | 0.024 | 1.394 | 0.000 |
How to read these metrics(Click to expand)
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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 Newtek Bank | 4.20% | $0.01 |
| 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 |