LendingClub LevelUp Savings

If you’re exploring high-yield savings accounts to maximize your emergency fund or save for a big purchase, LendingClub’s offering is one of the most competitive options out there. With an impressive APY and several unique features, it’s worth taking a closer look before deciding if it fits your financial goals. This guide breaks down everything you need to know about their savings account in 2025.

Understanding LendingClub and Its High-Yield Savings Account

LendingClub is primarily known as a peer-to-peer lending platform, connecting borrowers with investors. While that remains the bread and butter of the organization, they also offer a high-yield savings account that stands out in today’s market.

In fact, LendingClub’s high-yield savings account offers one of the highest annual percentage yields (APYs) available—up to 5.3%. This is notable especially in the current environment where the Federal Reserve has begun cutting interest rates, causing many savings accounts to reduce their APYs.

Key Features and Requirements of LendingClub’s High-Yield Savings

Two Tiers of Interest Rates

• Level Up Savings Account (Highest Tier): Offers a remarkable 5.3% APY.
• Lower Tier: If you don’t meet the monthly deposit requirement, your rate drops to 4.8% APY, which is still very competitive.

To qualify for the highest APY of 5.3%, you need to deposit at least $250 each month. Missing a monthly deposit means you’ll be moved to the 4.8% APY tier.

Deposit and Balance Requirements

• Minimum Opening Deposit: $0
• Minimum Balance to Avoid Fees: $0
• Monthly Deposit Requirement: $250 to maintain the highest APY

The monthly deposit rule is a bit flexible. For example, if you open your account in September, you have until December to make your $250 deposit to qualify for the 5.3% APY. This grace period allows time to set up direct deposits or automate your savings.

No Fees and ATM Access

• Monthly Maintenance Fees: None
• ATM Card: Free ATM card available upon request, which is quite rare for high-yield savings accounts.
• ATM Fee Reimbursement: All ATM fees are reimbursed monthly.
• Daily ATM Withdrawal Limit: Approximately $2,000 (varies by account status)
• Withdrawal Restrictions: No limit on the number of withdrawals per month, which is a great perk.

Having ATM access with fee reimbursement is a significant advantage compared to many online banks that don’t offer ATM cards with their savings accounts.

Access and Security

• Access your account via a user-friendly mobile app or online banking.
• FDIC insurance covers up to $250,000 per depositor. Joint accounts are insured up to $500,000.
• You can increase your FDIC coverage by adding beneficiaries, potentially up to $1.25 million, which is great for estate or financial planning.

What You Should Know About Funds Availability and Customer Experience

One common concern is how long it takes for your deposited funds to become available. LendingClub holds your initial deposit for five business days to validate your account. This is longer than some banks that typically take 1–3 business days but is not unusual for online banks.

Some customers have expressed frustration about delays or access issues, but understanding this five-day hold period can help set expectations and avoid surprises.

Customer support is available through online chat, phone, and email. Reviews from sources like NerdWallet and Bankrate give LendingClub a solid 4.5 out of 5 for savings and customer service, reflecting generally positive experiences with some variability.

Pros and Cons of LendingClub’s High-Yield Savings Account

Pros

• Very high APY up to 5.3%—one of the best in the market.
• No minimum opening deposit or balance requirements.
• No monthly maintenance fees.
• FDIC insured for safety and peace of mind.
• Free ATM card with ATM fee reimbursements.
• Flexible withdrawal policies with no limit on the number of withdrawals.
• Access through mobile app and online banking.
• Additional financial tools available, like peer-to-peer lending and budgeting dashboards.

Cons

• No physical branches—fully online banking only.
• Must deposit $250 monthly to maintain the highest APY.
• Initial deposit funds are held for five business days before becoming accessible.
• Peer-to-peer lending focus may not appeal to everyone, especially if you are uncomfortable with the lending model.
• Some users prefer banks with longer-established brand recognition and physical presence.

Is LendingClub’s High-Yield Savings Account Right for You?

If you’re comfortable with online banking and want to maximize your savings with a high APY, LendingClub is an excellent option to consider. The mandatory $250 monthly deposit can be a helpful savings discipline, forcing you to consistently set money aside.

It’s also a great choice if you value ATM access directly linked to your savings account and want FDIC insurance protection. Plus, if you’re interested in peer-to-peer lending or managing multiple financial products in one place, LendingClub offers a unique ecosystem.

However, if you prefer banking in person, want a cash sign-up bonus, or prefer a bank with a more traditional footprint, you might look elsewhere. Other online banks like Capital One 360 offer high-yield savings accounts with physical branches, though usually at a lower APY.

Frequently Asked Questions

How Long Will High-Yield Savings Rates Stay This High?

With the Federal Reserve already lowering interest rates, it’s likely that high-yield savings rates will start to dip soon. However, as long as the Fed maintains relatively high rates, these accounts remain a powerful tool to grow your emergency fund or savings.

Can I Add a Beneficiary to My Account?

Yes. Adding beneficiaries is straightforward through online banking. This is especially useful for estate planning or increasing FDIC insurance coverage.

How Soon Can I Access My Money After Opening an Account?

Your initial deposit will be held for five business days to validate your account. After that, funds become available, which is a bit longer than some banks but standard for online-only institutions.

Final Thoughts

LendingClub’s high-yield savings account offers a compelling blend of high interest rates, no fees, ATM access, and FDIC insurance. The $250 monthly deposit requirement to maintain the top APY might be a dealbreaker for some but can also serve as a disciplined savings strategy.

Whether LendingClub is the right choice depends on your banking preferences, financial goals, and comfort with online-only institutions. If you value high returns and don’t need physical branches, LendingClub deserves serious consideration.

For those looking to explore more options, compare other top high-yield savings accounts and CDs to find the best fit for your unique needs.

Remember, the best bank is one that aligns with your financial lifestyle and helps you reach your goals faster.