Banking Savings & Money Market Accounts

LendingClub LevelUp Savings Review [2025]: High APY With a Motivating Catch

LendingClub high-yield savings accounts offer highly competitive yields for people who meet monthly deposit requirements. Explore the unique savings account's main benefits, and its pros and cons, here.

Updated Sept. 25, 2025
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LendingClub LevelUp Savings
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LendingClub LevelUp Savings

OUR VIEW

The LendingClub LevelUp savings account is a unique high-yield savings account with a rate that's potentially very competitive. That is, if you make regular deposits. It requires a monthly deposit of $250 or more to qualify for the best rate, which is meant to encourage you to make a habit out of saving. You'll still earn a good rate if you can't meet this requirement, but we'd strongly encourage you to choose another savings account if you feel that you'll fall short of the minimum more often than you'll hit it. If you really want to save more and would consider this account, you can, and should, schedule recurring deposits so you don't forget.

LendingClub's high-yield savings account also stands out from most other savings accounts because it includes an ATM card, which we don't see very often from online banks. It's worth noting that this used to be a "regular" high-yield savings account without monthly deposit requirements. Still, this is an undoubtedly competitive account that can hang with the best of them, and I’d recommend it for anyone who wants to earn a good rate and would see the monthly nudge as a benefit, not a drawback. Here's our complete and honest LendingClub high-yield savings review to help you get an idea of how this account compares to others.

Pros

No monthly fees
No minimum deposit requirements
High APY
ATM access + unlimited rebates

Cons

Monthly deposit requirement to earn highest APY
Large balance requirements if you want higher ATM withdrawal limits
How we evaluate products

LendingClub high-yield savings basics

LendingClub LevelUp Savings
Account name LendingClub LevelUp Savings
APY Up to 4.20%12
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 offers APYs significantly higher than those of traditional banks. This account earns 3.20% (as of 08/6/25) to 4.20%, 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 high-yield 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 find a different savings account? 

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 Bank3. 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. 

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LendingClub high-yield savings features and benefits

Earning interest

The difference between earning 3.20% (as of 08/6/25) and 4.20% 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 0.4% (as of 9/15/25), 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.

Alternatives to LendingClub savings

Online high-yield savings accounts are common, so you have many options. Here are some of our favorites:

SoFi Checking and Savings vs. LendingClub high-yield savings

If it's a high interest rate you want, SoFi's Checking and Savings account is always worth considering. It earns up to 3.80% APY12 on savings balances with qualified direct deposit or 1.00% (as of 01/24/25) APY on savings balances without direct deposit12. Plus, it earns 0.50% APY on checking balances with direct deposit. Earning interest on your checking balance, too, gives SoFi Checking and Savings a leg up over LendingClub's, but only if you don't mind trading a monthly deposit minimum for a direct deposit requirement.

SoFi Checking and Savings also earns a lower APY than LendingClub LevelUp Savings, which yields up to 4.20% APY. But if you can't deposit at least $250 per month anyway, but you can link direct deposit, you can come out on top with SoFi®.

Visit SoFi Checking and Savings | Read our full SoFi Checking and Savings review

CIT Bank Platinum Savings vs. LendingClub high-yield 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 3.85%13; otherwise, it's 0.25% (as of 09/23/25). 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. But if you aren't at least 90% confident you can qualify for CIT's highest APY, LendingClub is the safer choice.

Visit CIT Bank Platinum Savings | Read our full CIT Bank Savings Review.

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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).

FAQs

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

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 up to the standard limit — $250,000. It also has an A+ rating from the Better Business Bureau®.

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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