LendingClub LevelUp Checking Review [2025]: Rewards Checking

LendingClub LevelUp Checking basics

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. 

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5.0

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2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit 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 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit 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.&nbsp;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>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.² <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly 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>
• Get your paycheck up to two days early⁴ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million⁵ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

5.0

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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 4.20%. 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.&nbsp; 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 &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; 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, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

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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

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.