LendingClub is a digital bank offering a complete line-up of deposit accounts. If you are looking for easy access and rewards on purchases, then LevelUp Checking fits best. LevelUp Savings offers the strongest rates if you want a higher savings yield. For attractive returns, LendingClub CDs provide fixed APYs.
In this review of LendingClub, we’ll cover each of its offerings, so you know how each option is actually beneficial for you.
LendingClub Bank, N.A. is a U.S.-based digital financial services company and digital bank that primarily operates online. LendingClub was founded in 2006 as a P2P lending marketplace. The company pivoted into a full-service digital bank with its 2021 Radius Bank acquisition. As a federally regulated institution, LendingClub offers a broad range of consumer lending products and deposit accounts, among other financial tools, through a D2C (direct-to-consumer) model.
The company still maintains the marketplace on which it was built and expanded, but instead of relying mainly on individual retail investors, the marketplace now offers:
LendingClub’s consumer deposit products are centered around liquidity, yield, and certainty – with products optimized for different trade-offs.
Before opening an account with LendingClub, you should check the official “Account Rates” table. It publishes APYs/interest rates “accurate as of” a specific date, and here you can find the CD terms as well.
It’s best to cross-check the specific product’s Terms & Conditions for:
| Liquidity | How do you earn the top value | Rates as of Feb 2026 | Notable constraints / fine print |
| High (spendable cash) | -Maintain rewards eligibility via direct deposit -Earn category cash back -An optional interest tier if the balance is high enough | 0.00% APY on spend of $0-$2,499.991.00% APY ($2,500+) (variable) | -Rewards require direct deposit -Debit cash back is category-coded (MCC) -ATM rebates are posted end of the statement cycle -Program terms can change |
LevelUp Checking is a cash flow account made for daily activity. Through this account, you can receive funds via a direct deposit, and can make bill payments, debit-card purchases, and transfers to other accounts. The interest you earn on your capital in the account depends on whether you are meeting a certain monthly balance threshold. LevelUp Checking uses a tiered APY model where:
The APY is variable and may change over time, so it’s best that you confirm the actual rates before signing up.
On purchases in specific categories, you earn 1% cashback and 2% cashback on on-time payments for certain LendingClub personal loans when payments are made from this checking account. Both of these reward programs will be considered only when your account is eligible during the review month. If you receive at least one “qualifying” direct deposit within that period, then you are eligible for the rewards.
Qualifying direct deposits, as LendingClub defined, are recurring ACH credits such as payroll, pension, or government benefits. Payments that do not count as qualifying direct deposits include:
Debit card cashback rewards apply to purchases in grocery, gas, and pharmacy categories. These categories are determined by the MCC (merchant category code) code assigned to merchants by the payment networks.
Because of this system, if a purchase seems to be from an eligible category, it may not qualify because the merchant category code may be different. For the account holders receiving payments via ACH and who maintain a $2,500 or more balance, you will receive both the interest on the maintained balance funds as well as earn cash back rewards on spending on eligible categories.
You also benefit from early paycheck availability of up to two days. The early access depends on the payer and payment processor’s support of early release of funds.
For ATMs, LendingClub doesn’t charge any of its own fees for using out-of-network ATMs. You get unlimited rebates for surcharges imposed by other banks or ATM operators. Rebates are credited at the end of each statement cycle. LendingClub plans to modify or discontinue the rebate program, and international ATM fee rebates may not always apply automatically.
This policy is beneficial to those account holders who make frequent domestic cash withdrawals and want flexibility in ATM choices without incurring per-transaction surcharges.
| Liquidity | How do you earn the top value | Rates as of Feb 2026 | Notable constraints / fine print |
| Medium to High | Meet the LevelUp Savings $250 deposit requirement (cumulative deposits per statement cycle) | LevelUp Rate: 4.00% APYStandard Rate: 3.00% APY (variable) | -Deposit requirement excludes some credits -ATM rebate caveats for international |
LendingClub’s consumer savings account offers are centered on the LevelUp Savings account. This account has a deposit-based rate structure rather than a single flat APY and has two variable rates:
4% APY LevelUp Rate is applied if you have at least recieved $250 in total deposits during each statement cycle. You earn 3% APY Standard Rate if the deposit threshold is not met in a given cycle. All the incoming credits are not accounted for in the qualifying deposit total; the $250 requirement excludes:
The new LevelUp Savings accounts receive the ‘LevelUp Rate’ until the first statement cycle. It generally extends through the first few statement cycles. This gives account holders plenty of time to set up recurring deposits or transfers so that they can maintain eligibility for the higher APY. There are no minimum opening deposit requirements, and account holders don’t have to pay a monthly maintenance fee. The account also includes ATM access at $0 fee at in-network machines and reimbursements for out-of-network ATM-owner fees. Although international usage may have limits or conditions.
LevelUp Savings is an attractive choice for savers who can consistently deposit $250 per month and get rewards with a higher yield. A traditional high-yield savings account will still be a good option for those who prefer not track monthly deposits and want a simpler “set and hold” account.
LendingClub also lists a High-Yield Savings single-rate account with a 3.30% APY. The product was closed to users and requires a $100 minimum opening deposit for those who already have access. That’s the reason most new customers who are reviewing LendingClub options are choosing between LevelUp Savings and the bank’s certificate of deposit options.
| Liquidity | How do you earn the top value | Rates as of Feb 2026 | Notable constraints / fine print |
| Low | Commit funds for a term to lock a fixed rate | Examples (APY): 6-mo 3.90%8-mo 4.10% 14-mo 3.75%5-yr 3.40% | -No additional deposits during the term -Early withdrawals require bank consent, and penalties apply -Auto-renew + 10-day grace period |
Certificates of deposit (CDs) are the fixed-rate option in LendingClub’s savings product lineup. In CDs, you deposit money for a set period of time in exchange for a guaranteed rate of return over that period. You are unable to access the funds for day-to-day transaction but it offers certainty about earnings during the term.
LendingClub advertises CD options ranging from six months to five years, with reported APY as mentioned:
Aforementioned CDs require a $500 minimum opening deposit. The rates are fixed once the CD is opened and applied through the selected terms. The CD agreement follows standard time deposit rules, where no additional deposits can be made during the term beyond credited interest.
If you want to get out of the term early then the maturity date, then you may require the bank’s approval, and you may have to pay some penalties to break the term (typically 90 to 180 days of interest on the principal amount, assuming you’ve got the bank’s approval). LendingClub also reveals an automatic renewal policy after the maturity date. It renews into a new CD of the same term unless action is taken during a 10-day grace period. During that window, withdrawals or changes can be made without any penalty.
You can select the right terms based on how you plan to use those funds in the future. If you plan to save for tuition or a planned purchase, and the goal is to lock a rate until that date, then a laddered approach is best, where you split funds across several CDs with different maturity dates. This improves flexibility. So as each CD matures, funds can be withdrawn or reinvested at current rates. It even reduces the risk of committing all funds to one rate at one point in time.
Overall, when comparing with the other deposit account options, including traditional banks, LendingClub sits in the middle. Rates on savings and CDs are competitive, but they are tied to simple behavioral requirements. Traditional brick-and-mortar banks typically offer simpler structures and lower yields, while some online banks offer higher headline APYs with fewer conditions but less integrated lending or rewards.
LendingClub works best for customers who are comfortable managing a few rules to earn top rates and prefer keeping checking, savings, and fixed-rate options within one digital banking platform. To select the right LendingClub option, consider ranking your priorities first:
Navigate to LendingClub’s official “Account Rates” table for current published APYs/interest rates and CD term menus. You should also confirm your details in the relevant product Terms & Conditions because rates are date‑stamped and some are variable.
Direct deposits are recurring ACH credits, like:
-Payroll
-Pension
-Government payments
It excludes categories like P2P payments, transfers, ATM deposits, and wire transfers
Make at least $250 in cumulative deposits during each statement cycle.
You get unlimited ATM surcharge rebates for fees charged by other banks/ATM owners. This is typically posted at the end of the statement cycle, with international caveats. There’s also $0 out‑of‑network ATM fees plus unlimited rebates of ATM‑owner fees that LendingClub advertises (again with international caveats).
LendingClub’s CD disclosures describe a maturity process that includes at least 30-day advance notice and a 10‑day grace period after maturity/renewal, where changes can be made without penalty; absent action, CDs may automatically renew into the same term at the then‑offered rate.
