Lending Club’s Recurring Deposit Bonus Details
(The enrollment image pictured above will be posted in your account summary page.)
The best part, aside from earning a 1.5% cash bonus in 60 days or less, is the rate of return on the cash bonus is equivalent to, or slightly higher than, interest rate returns for so called “high yield” savings accounts. For example, my ING Direct account is only paying around 1.1% at this time.
Granted, investing in a P2P lending account, such as Lending Club, isn’t anywhere near as safe as keeping your cash in a FDIC insured account. But once you’ve found a Lending Club investment strategy that works, an additional 1.5% cash bonus on top of earning 14% to 15% NAR on your Lending Club investments is a pretty sweet deal.
Let the E*Trade Baby beat that!