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LendingClub LevelUp Savings Review: Why I Opened This Account and Haven’t Looked Back

Review Updated
Brooklyn Sprunger
Author: Brooklyn Sprunger
Brooklyn Sprunger
Brooklyn Sprunger

Brooklyn leads the content team behind product reviews and ratings at Motley Fool Money, ensuring readers get well-researched, expert-backed insights to make smarter financial decisions. With nearly seven years working full-time in financial content -- four of them at The Motley Fool -- she has developed a deep passion for personal finance, from investing strategies to everyday money management. Her financial goals include buying a house and planning as many trips as her budget allows. In her free time, you’ll likely find her listening to a pop culture podcast or telling anyone who will listen to get a high-yield savings account.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Are you someone who consistently saves at least $250 a month and wishes your hard-earned cash could work harder for you? I was too. That's when I stumbled upon the LendingClub LevelUp Savings account, which boasts one of the best interest rates you'll find anywhere -- comparable to top-tier savings accounts and even some CDs. Intrigued, I took the plunge and haven't looked back since.

Curious about how it works and whether it's the right fit for you? Keep reading to find out everything you need to know before diving in.

LendingClub LevelUp Savings
Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of May 19, 2025
Award Icon 2025 Award Winner

LendingClub LevelUp Savings

Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

APY
4.40% APY with $250+ in monthly deposits Rate info Circle with letter I in it. LevelUp Rate of 4.40% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.40% APY. LevelUp Rate applies for first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs
Min. To Earn APY
$0 to open, $250 cumulative monthly deposits for max APY
  • 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.

https://www.lendingclub.com/legal/deposits/levelup-savings-t-and-cs

At Motley Fool Money, 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:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, 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:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

What I like about the LendingClub LevelUp Savings account

Competitive APY

The APY is no doubt the best part of this account. At 4.40% APY with $250+ in monthly deposits, this account offers one of the best savings rates out there. Sure, you need to deposit at least $250 a month to get that top-tier rate, but even if you don't, you'll still earn a competitive APY.

I use this account to stash my future home down payment, and earning a strong APY on that savings has been a game changer.

Pro tip: I have a recurring $250 deposit scheduled at the end of each month. This ensures I always hit the deposit requirement without having to remember to do it manually.

No fees or opening deposit

No fees -- seriously. No maintenance fees, no hidden costs, nothing eating away at your savings. And the best part? No minimum opening deposit. Most banks that offer an APY this high require a couple thousand dollars to open an account, but not LendingClub.

Free ATM card

A perk that not all online banks offer is an ATM card. Some online-only banks don't even offer ATM access or in-person branches -- you're stuck doing online transfers to get money in or out. LendingClub not only has ATM access but goes a step further with a free ATM card you can use like a debit card.

Depending on your banking status (Classic, Preferred, Elite, or Reserve), you can withdraw between $500 and $2,000 each day. Considering that some of the best high-yield savings accounts don't have an ATM card, these limits are still above the industry standard.

We want to know what you think about LendingClub LevelUp Savings

Do you have first-hand knowledge of LendingClub LevelUp Savings? Share your thoughts with us and your fellow Motley Fool Money readers.

LendingClub LevelUp Savings
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LendingClub LevelUp Savings

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I authorize Motley Fool Money to use my name and comments on their site without compensation or final approval from me, and I will not hold them liable for any errors or distortions. I acknowledge that Motley Fool Money may choose not to use my comments, or make edits, and I have not been promised any compensation for this testimonial. I confirm that granting this license does not conflict with any of my existing commitments.

Downsides you should consider

As with any financial product, there are both pros and cons of a high-yield savings account to consider. Here are two of the biggest things to keep in mind with LendingClub LevelUp Savings.

Deposit requirement to earn the highest APY

As I mentioned above, while the APY is a great perk, it comes with a catch -- you'll need to deposit at least $250 each month to qualify. If you're already saving that amount or can easily commit to it, this isn't much of a drawback beyond remembering to transfer the funds on time.

However, some high-yield savings accounts, (ahem, American Express® High Yield Savings Account, Member FDIC), offer competitive rates without requiring monthly deposits. If you miss the $250 mark, you'll still earn an APY that's not far off from our list of the best savings account APYs, but it's lower than what some no-requirement accounts offer. Before opening an account, consider whether this monthly deposit requirement fits your savings habits.

Online-only bank

LendingClub operates entirely online, so there are no physical branches for in-person banking. If you prefer face-to-face customer service or like having the option to visit a branch, this could be a drawback. In that case, a high-yield savings account from a bank with physical locations, like the Capital One 360 Performance Savings account, may be a better fit.

Customer service

LendingClub's customer service is reliable but not exceptional. I've had to contact them twice in my 3+ years with a high-yield savings account there, including changing my legal name and adding a joint owner. They were helpful enough over the phone both times, plus they followed up in email ensuring I had records of the changes.

Customer service is available by phone 8 a.m. - 8 p.m. ET, Monday-Saturday. Most large, well-known banks offer 24/7 customer service, so LendingClub falls behind a bit here. However, I've always found the bank's online interface to be very simple and straightforward, so you hopefully won't need to reach out very often.

Accessing your money

LendingClub imposes daily transaction limits on deposits and withdrawals, which vary based on how long your account has been open and your banking status. Your status -- Classic, Preferred, Elite, or Reserve -- is determined by how long you've had the account and your balance history.

Status Eligibility Incoming ACH Transfers Outgoing ACH Transfers Mobile Check Deposits Debit Card Transactions ATM Withdrawals
New Clients Accounts open 30 days or less $5,000 $5,000 $20,000 $500 —
Classic Accounts open for 30+ days $5,000 $5,000 $20,000 $2,000 credit / $2,000 PIN $500
Preferred $2,000+ daily balance for 7+ days $250,000 $10,000 $50,000 $2,000 credit / $2,000 PIN $500
Elite $10,000+ daily balance for 30+ days OR $30,000+ for 7+ days $250,000 $50,000 $150,000 $3,000 credit / $3,000 PIN $1,000
Reserve $50,000+ daily balance for 60+ days OR $150,000+ for 7+ days $250,000 $250,000 $250,000 $4,000 credit / $4,000 PIN $2,000
Data source: LendingClub

Deposit options

You can fund your LendingClub LevelUp Savings account through multiple methods:

  • Online transfers: Link an external account for easy ACH transfers.
  • ATM deposits: Use MoneyPass Deposit Taking ATMs or NYCE Shared Deposit ATMs to deposit cash.
  • Debit card deposits: Fund your account instantly by using your debit card.
  • Wire transfers: Transfer funds directly from another financial institution.

For your initial deposit, you can transfer money using your account and routing number or fund the account with a debit card. I've always done online transfers from an external account and never had an issues.

Withdrawal options

Withdrawing money is simple, with several ways to access your funds:

  • Mobile banking: Send money to friends and family, transfer funds internally or externally, and pay bills.
  • ATM withdrawals: Use your free ATM card to withdraw cash as needed.
  • Free ACH transfers: Move money between your LendingClub account and an external bank account without fees.

While the transaction limits may take some getting used to, LendingClub offers a variety of ways to manage your money conveniently. I've personally never felt restricted by the limits here.

Security and reliability

LendingClub is an FDIC-insured bank, meaning your money is protected up to $250,000 per depositor, per account ownership category in the event of a bank failure. That's really the bottom line with an online bank -- as long as you stay within that limit, your money is fully secure.

In my experience, LendingClub has been reliable, with clear communication about any account changes. I've never had issues and trust them to keep my online savings safe.

Who will benefit from the LendingClub LevelUp Savings account?

This account is a great fit for:

  • Consistent savers: If you can deposit at least $250 each month, you'll unlock the highest APY, maximizing your savings potential.
  • Fee-averse customers: If you want every dollar you save to go towards growth.
  • Online banking users: If you're comfortable managing your money digitally, LendingClub's user-friendly platform and mobile access make banking easy.

If you're looking for a high-yield savings account with no fees and one of the best APYs available, LendingClub LevelUp Savings is a strong choice -- especially if you can meet the deposit requirement.

Don't miss out on maximizing your savings. Open an account today and watch your money grow!

Compare savings rates

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
up to 3.80%
Rate info Circle with letter I in it. 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 http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
3.60%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

FAQs

  • The LendingClub LevelUp Savings account stands out with its high interest rate, which rivals many of the best savings and CD rates on the market, and it rewards users who make a minimum monthly deposit of $250, helping their savings grow faster.

  • No, you can get started with just $1, but you'll need to maintain a monthly deposit of at least $250 to earn the highest interest rate.

  • Yes, the account includes features like easy mobile access, automatic savings tools, and a clear, user-friendly interface that helps you track your progress towards your savings goals.