[Fred93]

Lending Club has told us they will soon announce a special "a high-yield savings account exclusively available to our Notes investors".  What an opportunity! 

They have not yet said what the interest rate on this special high-yield account will be. 

Would you like to guess?  Place your bets gentlemen.  Pick the answer closest to your guess.

[bkcarp00]

It's going to be not even worth your time. Most likely less than .50.

[Rob L]

Marcus and Ally are at 0.60%. So, I guessed 0.70% thinking LC will might possibly offer a tad more to be competitive.

I'm sure current note holders are all so pleased with LC they can't wait for this terrific opportunity! Probably should have guessed 0.50% but didn't factor this enthusiasm in.

Actually the whole idea doesn't make sense. LC is gonna spend a bunch of money creating a product for the very investors they walked away from? Really? You might add an "It ain't gonna happen" choice to your poll for the mega cynics like myself.

[macroman7799]

If they did manage to come up with 0.70% or more that might  make it wothwhile to move non-LC money to the new account but that just doesn't seem likely. My question, will there be an IRA version of the new account because my LC account is an IRA.

[TravelingPennies]

from: macroman7799 on October 09, 2020, 02:53:24 PM

[jheizer]

I see my vote (.30%) is pretty far on the pessimistic side so far.  I think they are just saying it to try to shut people up.

[Debt Free]

Will it be simply an "introductory offer" valid only for your initial opening deposit?  Or expires after 12 months.
Will there be a minimum deposit maintained amount of say $10,000 in order to achieve it?  Otherwise it reverts to 0.01%.
Will it be  the scenario of only up to the first $3,000 and then any amount above that is the standard rate of 0.01%?

[JDII]

Quote

[TravelingPennies]

from: Debt Free on October 09, 2020, 06:06:38 PM

[AnilG]

0.25% is not available to "all" Tom Dick or Harry but the ones with $25,000 or more account balance.

from: Fred93 on October 10, 2020, 04:57:01 AM

[TravelingPennies]

In other words, the answer is that the interest rate is not enough except that it will serve as a transitional vehicle for people moving their funds out of Lending Club.

[trixh0]

Dear LC,

my idea of a compelling rate:



If you be so kind here my suggestion:

Return all my "Available cash" on Jan 4th, 2021.
All cash that collects afterwards in my LC account will earn the above interest until I withdraw or my last note enters either "Fully paid" or "Charged off" status.

Thanks for consideration,
Jens

[FILTER]

Its going to be PEANUTS!!   My guess would be less than .6%   If Savings Rate is above 1% I will be stunned !!!