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LendingClub LevelUp Savings account basics
| APY | Up to 4.40%1 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> 2 <p>LevelUp Rate of 4.40% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.75% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 3/28/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> |
| Minimum deposit to open | $0 |
| Monthly maintenance fees | None |
| ATM access | Yes, 37,000+ free ATMs (MoneyPass and SUM networks) |
| Transactions per month | Unlimited external transfers; no limits on ATM withdrawals |
| FDIC insured | Yes, through LendingClub Bank (Certificate #32551) |
| Visit LendingClub |
The LendingClub LevelUp savings account is a high-yield savings account that pays much better APYs than traditional banks. This account earns 3.40% (as of 04/11/25) to 4.40%, while many big banks like Chase and Bank of America pay 0.01% or 0.02% on savings. With a big bank, you'd make $0.10 on a $1,000 deposit, compared to at least $40 with LendingClub over a year — quite the difference.
However, you must deposit at least $250 into the account monthly to qualify for the best APY. The good news is that Lending Club does not require a minimum opening or ongoing balance.
Who is LendingClub LevelUp Savings best for?
We might recommend the LendingClub LevelUp Savings for you if:
- You plan to make a monthly deposit of at least $250 to qualify for the highest APY.
- You want to avoid monthly fees and minimum balance requirements.
- You prefer online banking over traditional brick-and-mortar banks and want easy access to your funds.
I strongly recommend the LendingClub LevelUp Savings account to anyone looking to automate their savings who wants an extra push to save more every month. Because it requires a monthly deposit of at least $250, this account is ideal for people with plenty of funds to spare or who don't already have a regular savings account.
The LendingClub LevelUp savings has no minimum opening deposit, monthly fees, or ongoing balance requirements. It's best for those who want a hassle-free way to earn high interest on their savings.
This is also one of the best savings accounts for people who want to access their balance in cash. The ability to make fast withdrawals at ATMs would make LevelUp Savings especially great as an emergency fund, provided you're still contributing to yours regularly. Plus, its banking app offers a convenient way to manage your account.
Who should look elsewhere?
I don't see this as the perfect account for people who won't meet the requirements to earn the best rate. Even though the lower APY you'll get without monthly deposits is still good, you can do a little better with other online banking platforms, like UFB Direct and CIT Bank. But this may not matter if you only plan to keep a few thousand in the account.
And if you want access to in-person banking beyond ATMs, check with brick-and-mortar banks with large branch networks, like Chase, Bank of America, and Wells Fargo. However, don't expect to see rates like those you'd earn with LendingClub.
Is LendingClub trustworthy?
LendingClub is a legitimate digital marketplace bank that started in 2007 and today has more than 5 million members. It's an FDIC-insured financial institution. That means your deposits are covered by FDIC insurance for up to the highest possible amount allowed — $250,000. It also has an A+ rating from the Better Business Bureau®.
LendingClub high-yield savings features
Earning interest
The difference between earning 3.40% (as of 04/11/25) and 4.40% with this account depends on making large enough monthly deposits. The standard rate is for customers who don't deposit at least $250 in the account monthly, and the LevelUp rate is for those who do.
Both rates are great compared to the average savings account rate of 0.41% (as of 4/21/25), according to the FDIC.
Even though the difference is minimal and you'll do well either way with this account, the requirement to keep depositing money could be motivating. I can see this being an especially good fit for people new to saving, especially those who plan to automate their savings by setting aside a portion of every paycheck (which is always smart, regardless of your age or experience).
Note
The first evaluation period begins after the first two statement cycles. For example, if you open the account in February, you have until April to deposit $250 (and can do so in multiple deposits).Cash access
Because LendingClub Bank is an online-only institution, you can access this high-yield savings account through the digital banking platform or mobile app. You won't be able to visit a brick-and-mortar branch location. However, unlike many online savings accounts, you'll have access to a large network of fee-free ATMs when you request a free ATM card for this account.
This can be a more convenient way to access funds than making a bank transfer, but I'd recommend against getting the ATM card if you struggle with tapping into your savings for unnecessary spending.
Banking relationship tiers
Many of your limits depend on your LendingClub banking status, which is determined by your account balance across all LendingClub accounts. Here's how that works:
| New clients | Classic | Preferred | Elite | Reserve | |
| Eligibility | Account open for less than or equal to 30 days | Account open for longer than 30 days | Accounts with at least a $2,000 relationship balance for more than seven days | Accounts with at least a $10,000 relationship balance for more than 30 days or $30,000 for more than seven days | Accounts with at least a $50,000 relationship balance for more than 60 days or $150,000 for more than seven days |
| External transfer limit (incoming) | $5,000 | $5,000 | $250,000 | $250,000 | $250,000 |
| External transfer limit (outgoing) | $5,000 | $5,000 | $10,000 | $50,000 | $250,000 |
| Mobile check deposit limit per day | $20,000 | $20,000 | $50,000 | $150,000 | $250,000 |
| Debit card transaction limit | $500 | $2,000 for signature or PIN-based transactions; $500 for ATM withdrawals | $2,000 for signature or PIN-based transactions; $500 for ATM withdrawals | $3,000 for signature or PIN-based transactions; $1,000 for ATM withdrawals | $4,000 for signature or PIN-based transactions; $2,000 for ATM withdrawals |
Fees
LendingClub doesn't charge monthly maintenance fees, which is common for online savings accounts. However, I did discover that if your balance is $0 for six months or longer, LendingClub reserves the right to close your account.
How to open a LendingClub savings account
How to deposit money
Like most banks, LendingClub offers several ways to deposit money into your LevelUp savings account, including:
- Mobile check deposits
- Electronic transfers from an external bank
- Incoming wire transfers
- Deposits at select ATMs
Being able to deposit cash is unusual for an online bank, especially a savings account. Many online banks, such as Ally Bank, don't allow cash deposits, meaning you have to transfer all funds electronically.
How to withdraw money
Using an online bank can get tricky when you need to withdraw money, but LendingClub makes it easier than most banks I've seen.
You can use one of its network ATMs (SUM or MoneyPass), which you can find locations using your mobile app. You can also link an external bank account and electronically transfer the funds.
However, a downside I found is that if you are not a Preferred, Elite, or Reserve member (the relationship banking program, in case you forgot), you can only withdraw up to $500 per day via ATM. Since savings accounts are meant to keep funds untouched long-term, this may not be the worst thing, but it is something to keep in mind.
Pro tip
If you think there's any chance you'll want to withdraw your savings in cash, request an ATM card when you're signing up for your account. While you can still ask for one after your account is established, you'll have to contact customer service and possibly wait longer doing things this way.Other LendingClub accounts to consider
In addition to this savings account, LendingClub Bank offers:
- Rewards Checking accounts
- Certificates of Deposit (CDs)
- Business Tailored Checking accounts
- Institutional investing accounts
- Personal loans
- Small business loans
- Auto refinance loans
Of these options, I suggest looking into the Rewards Checking account. It earns unlimited cash back and offers unlimited ATM fee rebates, plus perks like early paychecks and overdraft protection.
Customer service
The best way to reach LendingClub's customer service is online or by phone. Hours for phone support are Monday through Saturday from 8:00 a.m. to 8:00 p.m. ET. While representatives aren't available 24/7, the bank also offers live chat (which I've found to be often faster than waiting on hold).
Alternatives to LendingClub
Online high-yield savings accounts are common, so you have many options. Here are some of our favorites:
Capital One 360 Performance Savings
Like the LendingClub LevelUp savings account, the Capital One 360 Performance Savings account doesn't require a minimum balance and has no monthly fees. Its APY is a little lower at 3.60%3 <p>A rate of 3.60% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 4/25/25. Rates are subject to change at any time before or after account opening.</p> , but there are no requirements to earn the stated rate. This might make Capital One the better option if you see this as a downside of LendingClub's account.
The account includes automated savings features and a very reliable and highly rated mobile app, and it consistently earns a reasonably competitive return.
Read our full Capital One 360 Review.
CIT Bank Platinum Savings
The CIT Bank Platinum Savings account requires a low $100 deposit, but you need a $5,000 balance to earn the higher APY of 4.10%4 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Mar. 20 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.10% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> ; otherwise, it's 0.40% (as of 03/20/25). There are no monthly maintenance fees to worry about avoiding, though.
Choose this account over LendingClub's if you want more motivation to increase your savings balance.
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Open a Platinum Savings account and get up to $3005 <p>This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on February 26, 2025 and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met:</p><p>New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:</p><p><b>Offer Requirements</b></p><p>New customers must open a Platinum Savings account with a valid Promo Code, “PS2025.” The Platinum Savings account Bonus Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the bonus.</p><p>New customers must deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account within the first 30 calendar days following account opening (the “Funding Period”). The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank are ineligible.</p><p>The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.</p> Enter promo code PS2025 at opening. $100 minimum opening deposit. Member FDIC.
Read our full CIT Bank Savings Review.
FAQs
Is LendingClub shutting down?
No, LendingClub is not shutting down. LendingClub retired its Retail Notes program on December 31, 2020, but other areas of the online bank are still active. They offer a range of financial products like personal loans, CDs, and more.
Is LendingClub safe?
According to LendingClub, it utilizes "advanced security technologies and processes to safeguard your information," including things like fraud monitoring, anti-virus protection, and advanced firewalls. LendingClub uses 256-bit encryption to ensure data is protected with the highest level of security. Additionally, your deposits are insured by the FDIC (Federal Deposit Insurance Corporation).
How do I deposit money in my LendingClub savings account?
There are a few ways you can make a deposit into your LendingClub — previously Radius Bank — savings account. Aside from transferring money online from another bank, you can deposit a check through the LendingClub mobile app, mail deposits to LendingClub, or — if you've got cash you want to sock away — make a deposit surcharge-free at a MoneyPass or SUM network ATM.
If you're mailing a deposit, send it here:
P.O. Box 888313
Los Angeles, CA 90088
What is the routing number for LendingClub?
The routing number for LendingClub is 211075086.
Bottom line
The LendingClub LevelUp savings account makes it pretty easy to earn an impressive APY on your savings, but not effortless. You'll have to commit to saving every month. If you can do that, this is one of the best accounts out there, especially if you want to use ATMs. There are no monthly fees, and the bank waives many banking fees you'll see with other accounts.
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