This Account Could Help You Save $5,000 Faster
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I'll never forget the first time my savings account crossed the $5,000 mark.
I felt more confident, less stressed, and finally had some real breathing room. It wasn't just the number -- there was a mindset shift that came with it. Once I hit $5,000, I wanted more. It unlocked a whole new motivation to keep saving.
If you're trying to hit that next level, I've found a system that can make it easier to get there -- and keep going.
Meet the savings account that helps you save more
The LendingClub LevelUp Savings account isn't just another place to stash cash -- it's a smarter system built to reward consistency.
It offers one of the highest APYs available today, but there's a catch to unlocking that top rate.
You need to set up a monthly direct deposit of $250 or more.
That might sound like a chore, but it's actually the best part. Automating your savings means less thinking, less temptation to spend, and more progress without effort.
Just $250 a month adds up fast. You'll have $5,000 in under two years, plus be earning a top interest rate in the meantime. And if you can afford to save more than that, even better!
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- Competitive APY
- No fees
- Easy ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- Requires you to make monthly deposits to earn the best APY
- ACH outbound transfers limited to $10,000 per day for some accounts
- No branch access; online only
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 with $0.
Access your money anytime, with no fees
Unlike most high-yield saving accounts, LendingClub LevelUp Savings comes with a debit card.
That means if you need cash in a pinch you can hit the ATM right away.
Hopefully that's a last resort (the goal is to not touch your money and let the balance build). But still, it's nice to know you don't have to wait days for a transfer if you need cash ASAP.
You also get ATM fee reimbursements when using out-of-network machines. So it won't cost you anything no matter which machine you pull from.
So while this account is built for growth, it's also built for real life. If your car breaks down, your kid needs new shoes, or you hit a surprise bill -- you can get money without penalties or delay.
Extra features that help you stay consistent
LendingClub also bakes in some extras that make it easier to keep your momentum going:
- Daily interest compounding, so your money grows every day it sits
- Mobile app and budgeting tools to track progress
- FDIC insurance up to legal limits
- No minimums or monthly fees so you won't be penalized for having a low balance
These features trump what most big banks offer for checking and savings accounts. It's one of the biggest reasons I recommend it for people starting up a savings fund.
An example $5K savings plan
If you're wondering what this could look like in practice, here's a basic example:
- Open an account and set up $250/month in automatic deposits
- In around 20 months, you'll cross the $5,000 mark
- You'll earn interest every day in the meantime on your balance with a high APY (currently 4.20% APY with $250+ in monthly deposits currently)
If you're able to save double that much ($500 per month), you'll hit that $5,000 milestone in just 10 months.
But no matter where you start, the key is getting a system in place that keeps the momentum going.
Final thoughts
Saving $5,000 doesn't happen overnight -- but it also doesn't have to feel like an uphill battle every month.
The LendingClub LevelUp Savings account takes the pressure off. It gives your money a purpose, helps you build a steady habit, and keeps everything moving forward in the background.
Ready to get started? Read our full review of LendingClub LevelUp Savings and open an account today.
Our Research Expert
Joel O’Leary is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, mortgages, and other personal finance topics. Joel has been writing about personal finance since 2018, previously leading editorial content for the How To Money podcast and serving as a resident writer at Budgets Are Sexy. He bought his first rental property at age 18, funding the down payment with savings from his high school job at McDonald’s -- a testament to his lifelong passion for smart money decisions. His work aims to make personal finance accessible and actionable for everyday readers. When he’s not writing, Joel enjoys surfing and spending time with his family.