LendingClub Bank, America’s digital marketplace bank and a subsidiary of LendingClub Corporation (NYSE: LC), announced the launch of LevelUp Savings, a high-yield savings account that rewards members with competitive rates for making ongoing monthly deposit contributions.
Scott Sanborn, LendingClub CEO said:
“We’re excited to offer LevelUp Savings, an all-new deposit product that rewards members who regularly engage with us, while still allowing us the flexibility to manage funding costs as Fed rate policy eases. It’s just one example of how we’re designing products and experiences that provide a win-win for both our members and the company.”
Key Features of a LevelUp Savings account:
- Earn a LevelUp Ratei of 5.30% APY, 11x the national average, by depositing $250 per month into the LevelUp Savings account
- Earn a Standard Rate of 4.80% APY in months when the deposit minimum isn’t met
- No minimum opening balance required and no minimum balance requirement to earn rate
- No fees, ensuring that every dollar saved works harder for members
- Convenient 24/7 access to funds, with members able to easily manage their account online or through our mobile application
- Free ATM card for flexible access to money plus ATM Fee Rebatesii with unlimited rebates of fees charged by ATM owner
- Accounts are FDIC insured, meaning members can trust that their money is safe with LendingClub Bank and protected up to the maximum allowed by law
Mark Elliot, Chief Customer Officer at LendingClub, said:
“LevelUp Savings is one way we are encouraging our members to make smart financial decisions and rewarding them for it. Available to everyone but designed with our borrowers in mind, the product helps borrowers become savers by removing typical barriers to entry, such as minimum balance requirements, and rewarding their smart financial decisions with additional interest. Members who contribute at least $250 to their account each month – a contribution threshold designed to fit within most of our members’ budgets – earn the LevelUp Rate, which provides extra yield over our Standard Rate. The idea is that borrowers who have paid off their loan can now put that monthly payment, which they’ve already budgeted, to work for them in a savings account that earns a great interest rate. As their savings grow, they’re building a financial cushion to better meet unexpected financial emergencies and reduce their reliance on high-cost credit cards.”
To maintain the LevelUp Rate, members must “deposit at least $250 each month. Members automatically earn the LevelUp Rate for the first two statement cycles, giving new accountholders time to set up recurring deposits to meet the minimum requirement and continue earning the LevelUp rate. Members who aren’t able to meet the $250 monthly deposit threshold will earn the Standard Rate of 4.80% APY.”
For members who want to lock in a consistent rate over time, LendingClub Bank offers CDs with “6-month to 5-year terms.”
As covered, LendingClub Corporation is the parent company of LendingClub Bank, National Association, Member FDIC.
LendingClub Bank claims to be the leading digital marketplace bank “in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving.”
Based on more than 150 billion cells of data and over $90 billion in loans, our advanced credit decisioning and machine-learning models “are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors.”
Since 2007, more than 4.9 million members “have joined the Club to achieve their financial goals.”