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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
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 with $0.
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:
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:
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.
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 -- 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.
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.
Do you have first-hand knowledge of LendingClub LevelUp Savings? Share your thoughts with us and your fellow Motley Fool Money readers.
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.
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.
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.
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.
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 |
You can fund your LendingClub LevelUp Savings account through multiple methods:
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.
Withdrawing money is simple, with several ways to access your funds:
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.
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.
This account is a great fit for:
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!
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 3.80%
Rate info
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
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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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, 4.50 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.
|
3.60%
Rate info
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
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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 Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
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.
|
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
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N/A
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
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.
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. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.