The terms and conditions for your Rewards checking are provided below and are applicable until June 16, 2025. Starting on June 17, 2025, Rewards Checking will transition to LevelUp Checking. Terms and conditions for LevelUp Checking can be found below.
Rewards Checking Terms & Conditions
ACCOUNT OPENING & MAINTENANCE | |
|---|---|
Minimum Opening Deposit | $25.00 |
Statement Cycle | Monthly |
Monthly Maintenance Fee | $0.00 |
ATM & DEBIT CARD FEES | |
|---|---|
LendingClub Fee to Use an In-Network ATM (LendingClub, SUM or MoneyPass ATM) | $0.00 |
LendingClub Fee to Use Out-of-Network ATM | $0.00 |
1International ATM rebates may not apply automatically. LendingClub makes its best effort to identify ATM fees eligible for rebate. In the event you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272.
INACTIVE/ZERO BALANCE ACCOUNTS
If your account remains inactive, meaning no customer-initiated transactions, for a term of 3 months and during that time your account also falls to a zero balance and remains there, the Bank reserves the right to either keep the account open or close the account without further notice.
CHANGES IN NAME AND CONTACT INFORMATION
You are responsible for notifying us of any change in your name, address, or other information we use to communicate with you. We will attempt to communicate with you only by use of the most recent information you have provided to us. Account owners must have a U.S. address at all times in order to maintain a deposit account with LendingClub Bank.
HOW INTEREST IS EARNED ON YOUR ACCOUNT
Daily Balance Computation Method -- We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Your account earns interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle.
If you close your account before accrued interest, if any, is credited you will receive the accrued interest.
The following chart shows the annual percentage yield (“APY”) and interest rate effective as of 05/22/2025. Interest rates and the annual percentage yield are variable and are subject to change without notice at any time, at the sole discretion of the bank.
Balance to Earn Interest | Interest Rate | APY |
|---|---|---|
$0.00 - $2,499.99 | 0.00% | 0.00% |
$2,500.00- $99,999.99 | 0.10% | 0.10% |
$100,000.00 and above | 0.10% | 0.10% |
DEBIT CARD CASH BACK REWARDS
The Debit Card Rewards Program (“Debit Card Cash Back”) provides 1.00% cash-back on all Qualified Purchases using a debit card tied to an Eligible Account.
Eligible Accounts are: Rewards Checking accounts that meet the following requirements for the calendar month in review:
(1) Maintain an average monthly balance of at least $2,500.00; or
(2) Receives at least $2,500.00 in Qualifying Direct Deposits.
Qualified Direct Deposits are defined as: Recurring Automated Clearing House (ACH) credits, including payroll, pension or government payments (such as Social Security) made by your employer, or an outside agency. We may require documentation to verify that credits are Qualifying Direct Deposits. Qualifying Direct Deposits do not include peer to peer payments or ACH transfers (funds transfers) from your external accounts. Transaction codes are set by payor, and business-to-business or business-to-contractor payments or transfers may be excluded from Qualified Direct Deposits, dependent on the code set by payor.
Qualified Purchases are defined as: Signature-based purchases made using the debit card tied to an Eligible Account. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and is based on how the transaction is transmitted at the time of processing. Qualified Purchases do not include: (1) any goods or services purchased that are returned or otherwise credited to your Eligible Account; (2) unlawful purchases; or (3) purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Checks, gift cards, cryptocurrency, casino chips, peer to peer payments, prepaid debit cards, account openings, loan payments, or other cash equivalents).
We may report the value of Cash Back Rewards to the IRS as required by law. Any client whose tax status would require us to impose tax withholding of any sort will not be eligible for Cash Back Rewards.
Accounts are reviewed after the end of each month. Any earned Debit Card Cash Back will be credited to your account on or before the 10th calendar day of the next calendar month. The Eligible Account must be open and active at the time the Cash Back Reward is credited.
LOAN PAYMENT CASH BACK
Loan Payment Cash Back feature: Effective as of April 1, 2025
The Loan Payment Cash Back provides the opportunity to earn 2% cash back on Qualifying Payments made electronically from a Rewards Checking account with a Qualified Direct Deposit.
Qualifying Payments are: On-time monthly loan payments made electronically from your Rewards Checking Account with a Qualified Direct Deposit. Any payment received after the due date is not eligible for cash back. Payment amounts in excess of the monthly payment amount are not eligible for cash back. The monthly payment amount can be paid in multiple payments, as long as the full amount is received prior to the due date. The full monthly payment amount must be paid from a single Rewards Checking Account; payments made from multiple accounts are not eligible. Payments made to LendingClub Auto Loans, revolving purchase finance loans and CleanSweep do not qualify for cash back.
We may report the value of Loan Payment Cash Back to the IRS as required by law. Any client whose tax status would require us to impose tax withholding of any sort will not be eligible for Loan Payment Cash Back.
Accounts are reviewed after the end of each month. Any earned Loan Payment Cash Back will be credited to your Rewards Checking account the next calendar month. The Rewards Checking account must be open and active at the time the Loan Payment Cash Back is credited.
TRANSACTION LIMITS
New Client | Classic | Preferred | Elite | Reserve | |
|---|---|---|---|---|---|
Eligibility | Account open for 30 days or less | Account open for more than 30 days | Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days6 | Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days, OR >$30,000 for >7 consecutive calendar days 6 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days 6 |
Incoming External | $5,000 | $50,000 | $250,000 | $250,000 | $250,000 |
Outgoing External | $5,000 | $5,000 | $10,000 | $50,000 | $250,000 |
Mobile Deposit | $20,000 | $20,000 | $50,000 | $150,000 | $250,000 |
Debit Card | $500 | $2,000 signature-based | $2,000 signature- | $3,000 signature-based | $4,000 signature- |
6Relationship Balance is the combined balance of your LendingClub deposit accounts.
For additional terms governing your account, please consult the Personal Deposit Account Agreement.
LendingClub Bank, N.A., Member FDIC
Rev. Date 4/2025
LevelUp Checking
LevelUp Checking is available exclusively to existing LendingClub customers
ACCOUNT OPENING & MAINTENANCE
Minimum Opening Deposit | $0.00 |
Statement Cycle | Monthly |
Monthly Maintenance Fee | $0.00 |
ATM & DEBIT CARD
LendingClub Fee to Use and In-Network ATM (LendingClub, SUM or MoneyPass ATM) | $0.00 Plus, no fees charged ATM Owner |
LendingClub Fee to Use Out-of-Network ATM | $0.00 Plus, Unlimited Rebate of fees charged by ATM owner1 |
1. International ATM rebates may not apply automatically. LendingClub makes its best effort to identify ATM fees eligible for rebate. In the event you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272.
INACTIVE/ZERO BALANCE ACCOUNTS
If your account remains inactive, meaning no customer-initiated transactions, for a period of 3 months and during that time your account reaches a zero balance and remains there, the Bank reserves the right to either keep the account open or close the account without further notice.
CHANGES IN NAME AND CONTACT INFORMATION
You are responsible for notifying us of any change in your name, address, or other information we use to communicate with you. We will attempt to communicate with you only by use of the most recent information you have provided to us. Account owners must always have a U.S. address in order to maintain a deposit account with LendingClub Bank.
HOW INTEREST IS EARNED ON YOUR ACCOUNT
Daily Balance Computation Method -- We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Your account earns interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle. If you close your account before accrued interest, if any, is credited you will receive the accrued interest.
The following chart shows the Annual Percentage Yields (“APY”) and interest rates effective as of 6/17/2025. Interest rates and APYs are variable and are subject to change without notice at any time, at the sole discretion of the bank.
Balance to Earn Interest | Interest Rate | APY |
$0-$2,499.99 | 0.00% | 0.00% |
$2,500.00+ | 1.00% | 1.00% |
LEVELUP CHECKING REWARDS AND ELIGIBILITY
LevelUp Checking offers the opportunity to earn cash back on everyday debit card purchases and on-time payments made from your LevelUp Checking account to your LendingClub loan.
To qualify for LevelUp Checking Rewards:
Receive a Direct Deposit into your LevelUp Checking account during the month in review (an “Eligible Account”); and
Meet the qualifying requirements outlined below for the Debit Card Cash Back and/or Loan Payment Cash Back
Direct Deposits are defined as: Recurring Automated Clearing House (ACH) credits, including payroll, pension or government payments (such as Social Security) made by your employer or an outside agency. Direct Deposits do not include peer to peer payments, transfers from one account to another, cash advances, ATM deposits, or wire transfers. Transaction codes are set by payor and business-business, and business-to-contractor may be excluded, dependent on the transaction code set by payor.
DEBIT CARD CASH BACK
Debit Card Cash Back provides the opportunity to earn 1.00% cash-back on Qualified Purchaseswhen using a debit card tied to an Eligible Account (as defined above). Qualified Purchases are: Signature-Based Purchases in Eligible Categories made using the debit card associated with an Eligible Account. Qualified Purchases do not include: (1) any goods or services purchased that are returned or otherwise credited to your Eligible Account; (2) unlawful purchases; or (3) purchases of currency, cash or cash equivalents (including, without limitation, gift cards, prepaid debit cards, or other cash equivalents). Signature-Based Purchases are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card
Eligible Categories include grocery, gas, and pharmacy, as defined by their Merchant Category Code (“MCC”).The MCC are assigned by merchants based on the types of products and services they primarily sell. MCCs are not assigned by LendingClub. A merchant, or some of the items sold by a merchant, may seem to fall within an Eligible Category; however, the MCC may not fall into the Eligible Category. Qualified Purchase determinations are based on the MCC that LendingClub receives in connection with a particular transaction.
LOAN PAYMENT CASH BACK
Loan Payment Cash Back provides the opportunity to earn 2% cash back for Qualifying Payments made electronically from an Eligible Account (as defined above).
Qualifying Payments are: Payments made on-time from an Eligible Account in the amount of the monthly payment amount. Payments must be made electronically. Any payment received after the due date or amounts in excess of the monthly payment amount are not eligible for cash back. The monthly payment amount [Monthly can be paid in multiple payments, as long as the full amount is received prior to the due date. The full monthly payment amount must be paid from a single Eligible Account; payments made from multiple accounts are not eligible. Payments made to LendingClub Auto Loans, revolving purchase finance loans and CleanSweep do not qualify for cash back.
Reward Fulfillment: Accounts are reviewed after the end of each month. Any earned cash back will be credited directly to your Eligible Account on or before the 5th calendar day of the next calendar month. The Eligible Account must be open and active at the time the cash back is credited. We may report the value of any cash back to the IRS as required by law. Any client whose tax status would require us to impose tax withholding of any sort will not be eligible for LevelUp Checking Rewards.
TRANSACTION LIMITS
New Client | Classic | Preferred | Elite | Reserve | |
|---|---|---|---|---|---|
Eligibility | Account open for 30 days or less | Account open for more than 30 days | Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days2 | Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days, OR >$30,000 for >7 consecutive calendar days 2 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days 2 |
Incoming External | $5,000 | $50,000 | $250,000 | $250,000 | $250,000 |
Outgoing External | $5,000 | $5,000 | $10,000 | $50,000 | $250,000 |
Mobile Deposit | $20,000 | $20,000 | $50,000 | $150,000 | $250,000 |
Debit Card | $500 | $2,000 signature-based | $2,000 signature- | $3,000 signature-based | $4,000 signature- |
2. Relationship Balance is the combined balance of your LendingClub deposit accounts.
For additional terms governing your account, please consult the Personal Deposit Account Agreement.
LendingClub Bank, N.A., Member FDIC
Rev. Date 5/2025
LevelUp Savings Terms & Conditions
ACCOUNT OPENING & MAINTENANCE | |
|---|---|
Minimum Opening Deposit | $0.00 |
Statement Cycle | Monthly |
Monthly Maintenance Fee | $0.00 |
ATM & DEBIT CARD FEES | |
|---|---|
LendingClub Fee to Use SUM or MoneyPass ATM (“In-Network ATMs”) | $0.00 |
LendingClub Fee to Use Out-of-Network ATM | $0.00 |
1International ATM rebates may not apply automatically. LendingClub makes its best effort to identify ATM fees eligible for rebate. In the event you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272.
INACTIVE/ZERO BALANCE ACCOUNTS
If your account remains inactive, meaning no customer-initiated transactions, for a period of 3 months and during that time your account reaches a zero balance and remains there, the Bank reserves the right to either keep the account open or close the account without further notice.
CHANGES IN NAME AND CONTACT INFORMATION
You are responsible for notifying us of any change in your name, address, or other information we use to communicate with you. We will attempt to communicate with you only by use of the most recent information you have provided to us. Account owners must have a U.S. address at all times in order to maintain a deposit account with LendingClub Bank.
HOW INTEREST IS EARNED ON YOUR ACCOUNT
Daily Balance Computation Method -- We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Your account earns interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle.
If you close your account before accrued interest, if any, is credited you will receive the accrued interest.
The following chart shows the annual percentage yield (“APY”) and interest rate effective as of 05/22/2025. Interest rates and the APYs are variable and are subject to change at any time at the discretion of the bank. Rates may change prior to funding and any interest being earned.
LevelUp Rate2
Balance to Earn Interest | Interest Rate | APY |
All Balances | 4.31% | 4.40% |
Standard Rate2
Balance to Earn Interest | Interest Rate | APY |
All Balances | 3.35% | 3.40% |
2The LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period.
An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place at the end of the first business day of the month and will be based on deposits in the previous statement cycle.
TRANSACTION LIMITS
Preferred | Elite | Reserve | |
|---|---|---|---|
Eligibility | Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days3 | Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days OR >$30,000 for >7 consecutive calendar days 3 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days 3 |
Incoming External Transfers (ACH) (daily limit) | $250,0004 | $250,000 | $250,000 |
Outgoing External Transfers (ACH) (daily limit) | $10,000 | $50,000 | $250,000 |
Mobile Deposit (daily limit) | $50,0004 | $150,000 | $250,000 |
ATM Withdrawal (daily limit) | $500 ATM withdrawal | $1,000 ATM withdrawal | $2,000 ATM withdrawal |
3Relationship Balance is the combined balance of your LendingClub deposit accounts.
4Due to batch processing, the full transaction limit may not be available until the second business day after your account is opened. The initial daily limit will be $50,000 for incoming external transfers originated through Online Banking or the Mobile app and $20,000 for Mobile Deposits.
For additional terms governing your account, please consult the Personal Deposit Account
Agreement.
LendingClub Bank, N.A., Member FDIC
Rev. Date: 5/2025
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