What if I don’t live in a Lending Club state?
If you live in another state, you aren’t out of luck. Lending Club has a secondary note program available for people wanting to cash out early. You can buy those secondary notes and they probably make a lot of sense since you can see which borrowers are keeping their commitment to repay their loans.
Online savings accounts
Savings accounts at brick-and-mortar banks currently have interest rates only slightly better than putting money under a mattress. Online banks, though not offering stellar rates, tend to outperform their traditional cousins by orders of magnitude. ING has rates at 1.10 percent (as of this writing) while my traditional banks savings rate is a paltry 0.25 percent.
If your bank account needs a little interest boost (admittedly not a huge amount), try going the online bank route. Personally, I’m thrilled with my online bank, ING Direct. By putting my savings into ING Direct, I earned 477 percent more interest than at my old traditional bank!
The next step is up to you!
Your money CAN work harder for you, you just have to give it the opportunity.