Members Who Regularly Save Are Rewarded With a
5.30% Annual Percentage Yield (APY)
SAN
FRANCISCO, Aug. 22, 2024 /PRNewswire/
-- LendingClub Bank, America's leading 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.
"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," said Scott
Sanborn, LendingClub CEO. "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
"LevelUp Savings is one way we are encouraging our members to
make smart financial decisions and rewarding them for it," said
Mark Elliot, Chief Customer Officer
at LendingClub. "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.
To learn more and access the LevelUp Savings account,
visit: https://www.lendingclub.com/personal-savings/high-yield-savings.
For members who want to lock in a consistent rate over time,
LendingClub Bank offers CDs with 6-month to 5-year terms. For
more information on LendingClub Bank savings accounts, visit:
https://www.lendingclub.com/personal-deposits.
About LendingClub
LendingClub Corporation (NYSE: LC) is the parent company of
LendingClub Bank, National Association, Member FDIC. LendingClub
Bank is 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. For more
information about LendingClub,
visit https://www.lendingclub.com.
CONTACT:
For Investors: IR@lendingclub.com
Media Contact: Press@lendingclub.com
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i LevelUp Rate of 5.30% Annual Percentage
Yield ("APY") 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 of 4.80% APY. 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.
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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 on the second business day and will be
based on deposits in the previous statement cycle.
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APY accurate as of
August 22, 2024. Rates are variable and subject to change at
any time without notice, at the sole discretion of the bank. Fees
may reduce earnings. $0 minimum opening deposit. Additional
information can be found in the Product Terms & Conditions and
FAQs.
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ii
LendingClub does not charge a fee to use another bank's ATM.
Plus, get unlimited ATM surcharge rebates for ATM fees charged by
other banks and ATM owners. International ATM rebates may not apply
automatically. In the event you have not received a rebate for an
international ATM, please contact Customer Service at
800.242.0272.
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SOURCE LendingClub Corporation