LendingClub Bank LevelUp Savings Account 2025 Review
LendingClub LevelUp Savings is a high-yield savings account that offers a great rate when you meet a monthly deposit requirement. There's no minimum balance to open the account and no monthly fees either.
The LendingClub LevelUp Savings account offers an excellent APY when you deposit $250 or more into your account each month. If you don't meet that requirement, you'll earn a lower--but still competitive--APY on your balance.
You might consider saving with LendingClub if you:
- Can easily meet the monthly deposit requirement
- Want to get a great rate on your money
- Are comfortable with an online bank
- Prefer a high-yield savings account with no monthly maintenance fees or minimum balance requirements
If you're interested in other banking options, LendingClub also offers a rewards checking account and certificate of deposit accounts that pay competitive rates.
LendingClub LevelUp Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
American Express High Yield Savings Account
The American Express High Yield Savings account earns an excellent rate, with no opening deposit requirements or minimum balance requirements. There are no monthly fees and you'll have access to 24/7 customer support. You won't get paper checks or an ATM/debit card but you could also open an American Express Rewards Checking account for more ways to manage your money.
Read our full editorial review of the American Express High Yield Savings account
Evergreen Bank Group Online High Yield Savings Account
Evergreen Bank Group's high-yield savings account pays a top-tier APY with no monthly fees or minimum balance requirements. You'll need $100 to open the account, which you can do online. Deposits are FDIC-insured and you can easily manage your money on the go with the Evergreen Bank Group mobile app.
Read our full editorial review of the Evergreen Bank Group Online High Yield Savings account
Laurel Road High Yield Savings Account
Laurel Road isn't just a student loan lender; you can also open a high-yield savings account here to earn a great rate on your money. There's no minimum balance to open the account and no ongoing minimum balance requirements. You won't pay any monthly fees either and you'll have several options for making deposits online.
Read our full editorial review of the Laurel Road High Yield Savings account
Valley Direct High Yield Savings Account
Valley Direct offers FDIC-insured savings at competitive rates, with a low opening deposit requirement of $1. You can open an account online in minutes and there are no monthly maintenance fees. If you're looking for other ways to save, you could also open one or more high-yield CDs with Valley Direct.
Read our full editorial review of the Valley Direct High Yield Savings account
Interest Rates
LendingClub LevelUp Savings offers two rate tiers, based on your monthly deposit activity.
- You'll earn the LevelUp Rate when you deposit $250+ into your account each month.
- You'll earn the Standard Rate in months that you don't meet the deposit requirement.
The LevelUp Rate is one of the best savings account rates out there, though it's possible to find higher rates elsewhere. The Standard Rate isn't too shabby either, and it's well above what you could find at most traditional banks.
As you compare savings account rates, ask these questions:
- Is there a minimum balance requirement to earn interest?
- Does the same APY apply across all balance tiers?
- Do you need to do anything special (like make minimum deposits) to earn the advertised rate?
It's easy to let a higher savings account rate catch your eye but it's important to read the fine print. If you have to jump through numerous hoops to earn the APY then it may not be worth it in the long run.
Fees
Some savings accounts are more fee-friendly than others. LendingClub LevelUp Savings has no monthly maintenance fee but are there other fees to pay? Here's what you need to know.
Other Service Fees - LendingClub LevelUp Savings Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Stop payment | $25.00 |
| Expedited ATM card | $35 |
| Incoming wire transfer | $0.00 |
| Outgoing domestic wire transfer | $20.00 |
| Outgoing foreign wire transfer | $40.00 |
| Foreign currency exchange | 0.20% of the transaction amount |
| Cross-border transaction fee | 0.90% of the transaction amount |
| Research fee | $25 per hour |
ATM Access
LendingClub offers an ATM card with the LevelUp Savings account. You can use your card to make withdrawals fee-free at any SUM or MoneyPass ATM.
LendingClub doesn't charge out-of-network fees if you use another bank's ATM. You'll also get unlimited ATM fee refunds if another bank charges you to use its machine.
The daily ATM withdrawal limit ranges from $500 to $2,000. Your limit is tied to your account balance. The more money you keep in your account, the more you'll be able to withdraw.
Account Management
LendingClub offers multiple ways to manage your LevelUp Savings account, including:
- Online banking
- Mobile banking
- ATM access
You can add funds via direct deposit, ACH transfer, wire transfer, or mobile check deposit. Your daily withdrawal and deposit limits are determined by your account balance. Here's how they compare.
- Incoming ACH transfers: $250,000 (for all balance tiers)
- Outgoing ACH transfers: $10,000 to $250,000
- Mobile deposits: $50,000 to $250,000
Your full transaction limit for deposits and withdrawals may not be available until the second business day after account opening. Again, the more money you keep in your LendingClub accounts, the higher your withdrawal and deposit limits will be.
FDIC Insurance
FDIC insurance covers deposit accounts at member banks in case the bank fails. If that happens, the FDIC helps you get the insured part of your funds back.
LendingClub is an FDIC-insured bank so your deposits are safe, up to the standard coverage limit. The current limit is $250,000 per depositor, per bank.
Frequently Asked Questions
Is LendingClub a bank?
LendingClub is a banking institution that offers a range of products, including savings accounts, checking accounts, and CD accounts online. You can also find personal loans, auto refinance loans, and business banking services here.
Is an online savings account safe?
Online savings accounts are generally safe places to keep your money since there's no risk of losing money the way you could with an investment account at a brokerage. As long as your deposits are held at an FDIC-member bank, you're also protected in the worst-case scenario if your bank fails.
Which bank offers the best high-yield savings account?
Plenty of banks offer high-yield savings accounts and it's difficult to pinpoint just one that's better than the others. Characteristics of a "good" high-yield savings account include an above-average APY, minimal fees, and low opening deposit/minimum balance requirements. Online banks tend to beat out traditional banks on those fronts, which is helpful to remember as you start your search for a new savings account.
