Once the minimum opening deposit is met, there is no monthly minimum balance requirement to maintain your account
What is the minimum balance to keep in my savings account?
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?
- How does early direct deposit work?
- 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
No. Additional deposits cannot be made to a CD following the initial deposit until the CD matures.
There is no minimum balance required to earn interest in your savings account. At the end of each month, the interest payment will be deposited into your account.
The goal of a CD is to lock in a fixed rate at the time of purchase for a fixed time horizon, and therefore, to get the most benefit from the CD purchase, you are going to want to remain in the product for the entire term, whether it is a 6 month, 1 year or 5 year CD.
There are no monthly maintenance, overdraft, or NSF fees for your account.
No, both new and existing LendingClub members can open a LevelUp Savings account.
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 total annual cost to borrow money, including fees, expressed as a percentage.
{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.
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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