When you set up direct deposit into your LendingClub bank savings account, we make your funds available as soon as we receive notification from the depositor when funds will be available. Instead of holding on to the funds until your official deposit date from your employer, you may receive your funds up to two days early. Early receipt is contingent upon and subject to the payor’s support of such features.
How does early direct deposit work?
Additional Product Features FAQ
- Can I transfer money out of my LevelUp Savings account during the month?
- When is the First Evaluation Period for a new LevelUp Savings Account?
- How do I earn a LevelUp Rate?
- Can I make multiple deposits in a month to meet the requirement?
- What type of deposits qualify for the LevelUp Rate?
- Do I need to make deposits prior to the First Evaluation Period?
- What is the Evaluation Period?
- Can I set up recurring deposits to ensure I always make a deposit?
- What happens if I miss the deposit requirement for a month?
- Is there a minimum amount required for a deposit?
- What is a LevelUp Savings Account?
- Is LevelUp Savings only for new members?
- What happens when my CD matures?
- How do I earn interest on my savings account?
- Can I add additional funds to my CD?
- What is a CD and how does it work?
- What is the minimum balance to keep in my savings account?
- How do I activate a new ATM/Debit card?
- Can I withdraw my money early from my CD and are there penalties?
- Will I be notified as my CD nears maturity?
- Are there any fees for my savings account?
LendingClub Resources
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Related FAQ's
The First Evaluation Period starts after the first two statement cycles following account opening.
The LevelUp Rate is the rate you’ll earn if you make at least $250 in cumulative deposits during the previous statement cycle.
Yes, you can make multiple deposits during the Evaluation Period to meet the minimum deposit amount of at least $250 to earn the LevelUp Rate.
There’s no minimum individual deposit requirement.
Yes, as long as you make a qualifying $250 deposit during the Evaluation Period, you will qualify for the LevelUp Rate in the following month.
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
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