LendingClub VS TotalDirectBank

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
5.00%APY
Savings/MMA
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Pros:

  • Competitive interest rates
  • Free Rewards checking account
  • Checking account cash back option
  • No fees and low opening required amounts

Cons:

  • Required account balance for high rates
  • Specific stipulation for cash back benefit
  • High monthly fee for two checking accounts
  • Other accounts have low rates
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 2.0 Star Icon
  • Website Experience: 2.5 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Competitive interest rates on accounts
  • Application completely online
  • No monthly maintenance fees
  • Interest rates are not tiered

Cons:

  • High opening required amounts
  • Limited accounts available
  • Not available in all 50 states
  • Application response not immediate
LendingClub Review

The accounts offered through LendingClub offer competitive interest rates. The high-yield savings account offers rates up to 0.60%. Their checking account earns a lower rate than the savings account, but does offer some interest earning at 0.15%.

LendingClub offers a Rewards checking account. This account does not have monthly maintenance fees. This checking account earns cash back, and interest, if you meet the requirements. It requires $100 to open the account. After you open the account, there are no monthly fees or required amounts to avoid the fees, but a set balance amount to earn the rewards.

With the Rewards checking account, customers can earn up to one percent back on their debit card purchases. The debit card is linked to your Rewards checking account. Purchases made online or in-store are eligible for the cash back option.

Most of the accounts at LendingClub do not have monthly maintenance fees. Once you open the high-yield savings account with $100, there is not a monthly fee or minimum requirement to keep in the account to avoid a monthly fee. The opening required amounts for most accounts are low. The high-yield checking account only requires $100 to open.

The interest rates for the high-yield account is high, but in order to earn that amount, you must keep a set amount in the account. This account requires a balance of $2,500 to be in the account to earn the highest interest amount. Balances that fall below $2,500 will receive a much lower interest rate of 0.05%.

In order to earn the cash back, you must have your account open for 30 days and have $2,500 in the account from direct deposits or another source of income. The credit comes from purchases made online or in the store using your debit card signature option. To earn the cash back option, you MUST choose the credit option instead of the debit option when making your purchase. Transactions made with your PIN are not eligible for the cash back. The money you earn will be credited into your account at the end of each earning period.

The Essential Checking account has a monthly fee of $9. You can waive this fee by keeping a set amount in the account, but this amount is high as well. To waive the monthly fee, you must have at least $5,000 in the checking account at all times. If the account balance falls below $5,000, you will be charged the fee. The Tailored checking account has a monthly fee of $10 if you do not have at least $5,000 in the account.

Not all accounts offer competitive interest rates. The CDs, money market account, and basic savings account do not offer competitive interest rates. Those rates are much lower than the high-yield savings account rates.

Read the full LendingClub review.

TotalDirectBank Review

The interest rates for TotalDirectBank accounts offer competitive interest rates. The interest rates are much higher than typical brick-and-mortar bank rates. Their interest rates are competitive with other online accounts.

The application for TotalDirectBank accounts is entirely online. To open a money market or CD account with TotalDirectBank, visit their website. There are no branch locations. You cannot mail in your application.

There are no monthly fees for the TotalDirectBank money market account. You do not have to keep a set balance in the account to avoid a monthly fee. The money market account is free. The CD has a fee if you withdraw money before the CD matures.

Interest rates for TotalDirectBank are not tiered. Account balances over the opening required amount earn the most competitive interest rates.

Opening an account with TotalDirectBank requires a significant amount. The money market account requires $5,000 to open. The CD requires $25,000 to open. You must keep at least these amounts in the account to earn interest.

TotalDirectBank only offers a money market account and CDs. The CD terms range from 3-60 months. There are six terms available. Those include 3, 6, 12, 24, 36, and 60-month CD terms.

The TotalDirectBank accounts are not available in all 50 states. If you live in California, Florida, or Puerto Rico, you cannot apply for an account. You could be eligible if you live in other states across the United States.

Opening a money market account or CD with TotalDirectBank is entirely online. When you apply for an account, you receive an approval within two business days. You then must fund your account within 30 days. If you fail to fund it by then, the account could close.

Read the full TotalDirectBank review.

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American Express
Savings (Rate as of 11/21/2024)
APY 4.00%
Rate 3.92%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
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EverBank
Savings (Rate as of 11/21/2024)
APY 4.75%
Rate 4.64%
Min to Open $0
Min to Earn APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC No monthly maintenance fee, $0 to open, easily grow your money
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