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LendingClub LevelUp Savings Review: Free High-Interest Savings Account With No Cap

Review Updated
Steven Porrello
Author: Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Cole Tretheway
Reviewer: Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on Motley Fool Money and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Eric McWhinnie
Fact Checked: Eric McWhinnie
Eric McWhinnie
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Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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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. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
LendingClub LevelUp Savings
Open Account for LendingClub LevelUp Savings

On LendingClub's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024
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
4.75% APY with $250+ in monthly deposits Rate info Circle with letter I in it. LevelUp Rate of 4.75% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.75% 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 for as little as $1.

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

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. 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
3.80%
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 Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full LendingClub LevelUp Savings review

The LendingClub LevelUp Savings account offers one of the simplest ways to earn high interest. Let's delve deeper and see how it works.

LendingClub LevelUp Savings interest rate

Account APY Minimum Deposit
LendingClub LevelUp Savings 4.75% APY with $250+ in monthly deposits $0 to open, $250 monthly for max APY
Data source: LendingClub.

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.

Fees

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
Data source: LendingClub.

Minimum balance

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 4.75% APY with $250+ in monthly deposits. Both APYs are competitive with brick-and-mortar bank rates.

Withdrawal limit

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.

Mobile app

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.

How to access your money

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
Data source: LendingClub.

Deposit options

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.

Withdrawal options

You can easily access the funds in your account via the following methods:

  • Use the mobile app or online banking to send money to friends and family, make internal and external transfers, and pay your bills
  • ATM

Free electronic banking transfers (ACH) between your account and an account at another bank

Online user reviews

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.

Top perks

High APY: APY is an important factor when choosing a high-yield savings account. LendingClub LevelUp Savings account's best APY of 4.75% APY with $250+ in monthly deposits is far above the national average savings rate of 0.42%.

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.

What could be improved

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.

Is LendingClub LevelUp Savings FDIC insured?

Yes, LendingClub is an FDIC member. Deposit accounts at LendingClub are insured up to $250,000 per depositor, per ownership category.

LendingClub LevelUp Savings is right for you if:

  • You want a competitive APY with no fees.
  • You want a fee-free debit card with your savings account.
  • You want a robust financial dashboard.
  • You're comfortable with an online-only savings account.

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.

Keep reading about LendingClub

Our savings account methodology

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%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • 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.