LendingClub LevelUp Checking basics
LendingClub LevelUp Checking | |
APY | 1.00% (as of 7/22/25) on balances over $2,500; no interest for balances less than $2,500 |
Rewards | 1% cash back on qualified debit card purchases; 2% cash back on monthly on-time LendingClub personal loan payments with qualifying activity |
Minimum deposit to open account | $0 |
Monthly maintenance fees | None |
Overdraft fees | None |
ATM access | Yes, including unlimited rebates on out-of-network ATM fees |
Joint accounts available? | Yes |
FDIC insured | Yes |
Who LendingClub LevelUp Checking is right for
LendingClub LevelUp Checking is only available to past or current LendingClub members. This means you need to have or have had a LendingClub account before, whether that's a personal loan, a bank account, or another type of loan.
The account offers unlimited 1% cash back on qualifying gas, grocery, or pharmacy purchases and can be a good way to earn rewards without a credit card (note that Rewards Checking offered cash back on all signature-based purchases). To qualify for cash back, you must receive at least one direct deposit into your account each month. This account is best if you earn enough regular income, but it won't be a good fit for freelancers who don't get paid via direct deposit.
It probably goes without saying, but this account is best for current LendingClub loan customers. If you can qualify for 2% cash back on your on-time loan payments, that can go a long way toward saving you money.
LendingClub LevelUp Checking can also be good for people who frequently withdraw cash but don't live near an in-network ATM. LendingClub uses the MoneyPass network of ATMs for fee-free withdrawals nationwide. If you use an out-of-network ATM, LendingClub doesn't charge a fee, and it provides unlimited rebates on the fees charged by other banks or ATM operators.
Who this account isn't right for
This is a member-only account, so it won't be a good fit for you if you don't have or want to have other LendingClub products. This account also isn't ideal if you don't plan to use a debit card often and wouldn't benefit from those spending perks or want to earn interest on your checking without a balance requirement.
Account features and benefits
The LendingClub LevelUp Checking account offers many of the features often found with the best rewards checking accounts, like:
No monthly fees
LendingClub does not charge monthly maintenance fees or minimum balance fees on its LevelUp Checking account. Many checking accounts don't charge those fees these days, but LendingClub also doesn't charge overdraft fees, which can be hard to find with other checking accounts.
Unlimited cash back
In addition to earning interest, you can also earn unlimited 1% cashback on your qualified debit card purchases at eligible cash stations, grocery stores, and pharmacies. If you spent $1,000 in purchases within those categories in a month, that would translate to $10 in cash back rewards. And, there's no monthly or annual cap on your earnings. But unfortunately, you'll no longer earn cash back on everything, although gas and grocery store purchases likely make up a large portion of your spending.
You must link direct deposits to earn cash back and receive at least one deposit per month. Purchases must be made in person or online using credit instead of debit when checking out.
APY earning
One of the things I like most about the LendingClub LevelUp Checking account is that you can earn money on your checking balance — something that's hard to find at other banks. If you keep a balance of at least $2,500 in your account, you'll earn 1.00% (as of 7/22/25) APY. While this isn't a high APY, given that many checking accounts don't offer any interest, this is pretty good.
You won't earn any interest on balances below this.
ATM rebates
In addition to having its own branded ATMs, LendingClub uses the MoneyPass network, which comprises over 40,000 ATMs nationwide.
If you use an out-of-network ATM, LendingClub will reimburse the fee at the end of each monthly statement cycle. Some MoneyPass ATMs also accept deposits, which is the only way to deposit cash into your LendingClub LevelUp Checking account. You can find nearby deposit-taking ATMs through the LendingClub ATM locator.
Early direct deposit
Like many checking accounts, LendingClub offers an early direct deposit program that allows you to access your deposits up to two days earlier. With this program, LendingClub will make your money available as soon as it receives notice of the deposit date from the depositor. However, LendingClub will only release funds early if the payor supports early direct deposit.
Drawbacks
While LendingClub LevelUp Checking may be a good choice for some people, there are drawbacks to be aware of.
Only for members
If you're not interested in any other LendingClub products but you still want this account, you're out of luck. It's unfortunate that LendingClub has made its only checking account available to just past or current members, when it previously offered a similar checking account (Rewards Checking) that anyone could open. It's very unusual for a bank to have a members-only account like this, especially one with so few products and accounts to choose from.
Limited earnings
Although earning APY on your checking account is a nice perk that not even some of the best banks offer, 1.00% (as of 7/22/25) APY isn't much.
Many high-yield savings accounts (HYSAs), including the LendingClub LevelUp Savings account, offer a much higher APY, helping you earn more. It may be more effective to keep a smaller balance in your checking account and funnel as much money as possible into your HYSA so that you can earn as much as possible.
Limited physical access
LendingClub doesn't have physical branches. While this is generally not a problem if you're comfortable with online banking and bill paying, it may pose a few issues. For instance, you'll need to find a deposit-taking ATM near you to deposit cash. If you need to order checks, you'll need to contact LendingClub customer service and wait for them to arrive.
No overdraft protection
The LevelUp Checking account doesn't charge overdraft fees, but it also doesn't offer overdraft protection. That means that if you overdraw your account, LendingClub may decline your transactions rather than letting you go into a negative balance. If that happens, LendingClub doesn't charge a fee, but it could lead to problems if you frequently overspend.
Few bank account options
LendingClub only has a few bank account options for individuals. In addition to the LevelUp Checking account, it offers LevelUp Savings, which yields an APY of up to 4.40%. It also offers Certificates of Deposit (CDs), individual and small business loans, institutional investing options, and vehicle refinancing.
LendingClub customer service
LendingClub is an online-only bank, so you can't just pop into a branch if you need help. However, it does offer customer support through its app, online help center, and website.
LendingClub customer service can be reached at 1-800-242-0272, Monday through Saturday, 8 a.m. to 8 p.m. EST.
Alternatives
SoFi Checking and Savings
If you're interested in a checking account that earns a higher APY, consider the SoFi Checking and Savings account. Sofi's checking account has an APY of 0.50% (as of 01/24/25) with an eligible direct deposit. It also offers an annual percentage yield (APY) of up to 3.80% on its savings account if you meet specific requirements, and it made our list of the easiest accounts to open online.6 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>
Like LendingClub, it doesn't charge monthly maintenance fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> or overdraft fees, but it does offer optional overdraft protection.7 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p> SoFi uses the Allpoint network and has access to more than 55,000 fee-free ATMs nationwide.8 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> Member FDIC.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Visit SoFi | Read our SoFi review
Discover Cashback Debit
If the cash back feature is more important to you, consider the Discover Cashback Debit account. This no-fee checking account offers 1.00% cash back on up to $3,000 in monthly purchases, which translates to $30 per month or $360 annually.9 <p>Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.</p> It doesn't require a minimum balance or direct deposit amount, but the trade-off is that your earnings are capped.
It also provides access to more than 60,000 fee-free ATMs and fraud protection.
*Details about Discover® Cashback Debit have been collected by FinanceBuzz editors. This information is accurate as of the date of the review and was not reviewed or approved by the issuer. FinanceBuzz does not receive commission for this product.
Read our Discover review
FAQs
Is LendingClub legit?
Yes, LendingClub is legit. LendingClub is an online-only bank that offers a LevelUp Checking account, LevelUp Savings account, and Certificates of Deposit (CDs). Lending Club also offers personal and business loans, auto refinancing, and institutional investing.
How do you earn cash back with LendingClub LevelUp Checking?
You can earn 1% cash back on qualifying purchases when you use a debit card tied to a LevelUp Checking account for gas, grocery, or pharmacy purchases. You must receive at least one qualified direct deposit each month to be eligible.
When are funds available after opening my LendingClub Rewards account?
LendingClub will hold your initial deposit for five days to verify your account. In addition, LendingClub will hold every deposit you make for five business days within the first 30 days of account opening.
Bottom line
The opportunity to earn cash back and APY on the LendingClub LevelUp Checking account, along with ATM rebates and no fees, makes it an appealing option, especially if you're already a loan customer with the bank.
As you search for a new checking account, pay attention to the various fees and minimum balance requirements at each bank. Read the account disclosure information and customer reviews to see if current account holders are experiencing problems and how the company is addressing them. While finding the best checking account can take some legwork, doing your research upfront can help you make your money work for you.