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Our quick take: LendingClub LevelUp Savings offers excellent rates, zero account fees, and easy ATM access, a rare triple combo. Consider opening an account if you're happy to deposit at least $250 monthly to earn the best APY.
Robin Hartill, CFP®, is The Ascent’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including Yahoo! Finance, NerdWallet, Investopedia, CNN Underscored, MSNBC, USA Today, and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column.
LendingClub LevelUp Savings
On LendingClub's Secure Website.
On LendingClub's Secure Website.
The LendingClub LevelUp Savings account has a lot to offer. At the top of the list is its high APY, though you must deposit monthly to earn the best rate. Next is zero account fees, a strong and straightforward perk. Finally, you get a free ATM card, which you can use to withdraw from thousands of ATMs nationwide. Interested? You can open an account for as little as $1.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
The LendingClub LevelUp Savings account offers one of the simplest ways to earn high interest. Let's delve deeper and see how it works.
Account | APY | Minimum Deposit |
---|---|---|
LendingClub LevelUp Savings | 5.30% with $250+ in monthly deposits | $0 to open, $250 monthly for max APY |
You snag the best LendingClub LevelUp Savings account APY by making monthly deposits of at least $250. Otherwise, you get the standard rate on deposits. The standard rate is much better than the typical savings account APY, but to be competitive with the best high-yield savings accounts, you need LendingClub's best rate.
Interest compounds daily and is available to you every month.
LendingClub LevelUp Savings is one of those rare accounts that charges no fees. There are no monthly service fees or ATM fees when using the SUM or MoneyPass network. LendingClub will even reimburse you for out-of-network ATM surcharge fees.
Fee type | Fee amount |
---|---|
Monthly service fee | $0 |
ATM fee | $0 and reimbursement for out-of-network surcharges |
You can open a LendingClub LevelUp Savings account with $0. No minimum deposit required.
All balances earn a competitive APY. But you need to deposit at least $250 monthly to earn the best APY, currently 5.30% with $250+ in monthly deposits. Both APYs are competitive with brick-and-mortar bank rates.
The LendingClub LevelUp Savings doesn't impose a limit on the number of withdrawals you can make. That said, there is a limit on how much you can withdraw from an ATM.
Depending on your banking status (Preferred, Elite, or Reserve), you can withdraw between $500 and $2,000 each day. Considering that most savings accounts don't have an ATM card, these limits are still above the industry standard.
LendingClub's mobile app has decent ratings, but it's pretty average in comparison with other banks. For example, it has 3.3 out of 5 stars on Google Play, while on the Apple App Store it has 4.3 out of 5 stars. Many of the best bank apps have at least 4 stars on both platforms.
The LendingClub app lets you link and visualize external accounts, giving you one place to check on your finances. Although most bank apps will let you link external accounts for transfers, not all will synchronize to give you a birds-eye view of your finances.
LendingClub will impose daily transaction limits on your deposits and withdrawals. Your account's limits will depend on how long it's been open (more or less than 30 days) and your banking status (Classic, Preferred, Elite, or Reserve).
The status requirements and transaction limits are as follows:
New clients | Classic | Preferred | Elite | Reserve | |
---|---|---|---|---|---|
Eligibility | Accounts open 30 days or less | Accounts open for 30 days or more | Minimum $2,000 daily relationship balance for at least seven consecutive days | Minimum $10,000 daily relationship balance for at least 30 consecutive days; or $30,000 for seven days | Minimum $50,000 daily relationship balance for at least 60 consecutive days; or $150,000 for seven days |
Incoming ACH transfers | $5,000 | $5,000 | $250,000 | $250,000 | $250,000 |
Outgoing ACH transfers | $5,000 | $5,000 | $10,000 | $50,000 | $250,000 |
Mobile check deposits | $20,000 | $20,000 | $50,000 | $150,000 | $250,000 |
Debit card transactions | $500 | $2,000 credit transactions, $2,000 PIN | $2,000 credit transactions, $2,000 PIN | $3,000 credit transactions, $3,000 PIN | $4,000 credit transactions, $4,000 PIN |
ATM withdrawals | — | $500 | $500 | $1,000 | $2,000 |
You can fund your account via the banking app, at select ATMs, or by initiating ACH transfers and wires. You can also deposit by using your debit card.
You can deposit cash at any MoneyPass Deposit Taking ATMs and NYCE Shared Deposit ATMs. To make the initial deposit, you can transfer money from your account at another financial institution using your account and routing number or by using your debit card.
You can easily access the funds in your account via the following methods:
Free electronic banking transfers (ACH) between your account and an account at another bank
While there aren't many reviews for the LendingClub LevelUp Savings account specifically, the bank has excellent ratings as a whole. In fact, it boasts one of the highest ratings for a bank on both Trustpilot and BBB.
Its Trustpilot rating is 4.7 out of 5 stars, while its BBB rating is A+ (and BBB customer reviews are 4.4 out of 5 stars). Since people usually go to these two sites to voice their complaints, its excellent ratings speak volumes to its customer satisfaction.
High APY: APY is an important factor when choosing a high-yield savings account. LendingClub LevelUp Savings account's best APY of 5.30% with $250+ in monthly deposits is far above the national average savings rate of 0.46%.
No account fees: LendingClub charges no account or transfer fees. As an online bank, LendingClub is able to pass down its savings to its customers.
Free ATM card and no ATM fees: You receive a free ATM card with your LendingClub LevelUp Savings account. Most savings accounts don't offer a debit card or checks. LendingClub does not charge you for using ATMs. At the end of each month, it calculates the amount of ATM fees you incurred during the month and automatically rebates your account.
Digital convenience and integrated financial dashboard: According to its website, you can open a LendingClub LevelUp Savings account in as little as three minutes. You will need to provide your address, phone, email, and Social Security number. You can manage your accounts 24/7 and from a dashboard that helps you analyze your spending habits, create budgets, develop a plan to pay off debts faster, link your external financial accounts, and more.
Insurance and security: LendingClub is FDIC insured. It offers 256-bit encryption to ensure that data is protected with the highest level of security.
APY deposit requirement: All accounts earn interest, but you must deposit $250 monthly to earn the best rate. This is unusual among savings accounts.
No physical branch access: LendingClub is an online-only bank with no physical branches. LendingClub may not be the best fit for you if you prefer to bank in person.
Yes, LendingClub is an FDIC member. Deposit accounts at LendingClub are insured up to $250,000 per depositor, per ownership category.
The LendingClub LevelUp Savings account is an excellent choice for those wanting a fee-free savings account with the convenience of an ATM card. In addition, it offers a significantly higher interest rate compared to regular savings accounts.
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
LendingClub Bank is safe. Deposit accounts are FDIC insured, meaning up to $250,000 per depositor, per ownership category, is covered by the FDIC.
LendingClub was originally founded in 2006 and became the first company in the peer-to-peer lending industry to go public. In 2020, LendingClub acquired Radius Bank and announced that it would be shutting down its peer-to-peer lending platform.
With the acquisition, Radius Bank became LendingClub Bank, an FDIC-insured financial institution that offers personal and business banking services and according to its site, it is the only digital marketplace bank at scale.
You can open your account with $0. There is no minimum deposit requirement.
You can withdraw money from your LendingClub LevelUp Savings account with your ATM card at MoneyPass or SUM ATM locations, or through external (ACH) and wire transfers.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.