Bank of America vs. LendingClub
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 21, 2026 | LendingClubLevelUp Savings Jan 21, 2026 |
|---|---|---|
| APY | 0.01% | 3.00% - 4.00% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
Min Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | The advertised "LevelUp Rate" APY of 4.00% is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" of 3.00% applies. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Bank of America vs. LendingClub
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to LendingClub's 4.00% APY for its LevelUp Savings account, with a minimum balance of $0.
LendingClub pays $399 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while LendingClub pays $400 - an APY advantage for LendingClub.
Why Bank of America?
- ✓No checking account or direct deposit required
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why LendingClub?
- ✓Higher potential APY (4.00% vs 0.01%) on all balances
— Key Feature Differences —
Better Returns at $10,000
LendingClubLendingClub's LevelUp Savings earns more on smaller deposits (approx. $400 vs $1/yr).
Better Returns at $25,000
LendingClubLendingClub's LevelUp Savings pulls ahead with larger amounts (approx. $1000 vs $3/yr).
Shared Benefits
Over a 1-year period, LendingClub's LevelUp Savings pays $399 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
LendingClub offers a compelling savings option with its LevelUp Savings account, providing an APY of 4.00% for those who deposit $250 or more each month. This account has no maintenance fees or minimum balance requirements, making it accessible for a wide range of savers. In contrast, Bank of America's Advantage Savings account features a significantly lower APY of 0.01%, with a minimum deposit of $100 and a monthly maintenance fee of $8, which can be waived under certain conditions. Overall, LendingClub stands out as the more lucrative choice for savers seeking higher returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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Top Market Contenders
Bank of America vs. LendingClub Savings Calculator
You earn $399 more with LendingClub than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
LendingClub
LevelUp Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | LendingClub |
|---|---|---|
| APY | 0.01% Verified: 1/21/2026 Stable (90d) | 4.00% Range: 3.00% - 4.00% Verified: 1/21/2026 ↘︎ 0.20%90d Change |
| Product Name | Advantage Savings | LevelUp Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.8 Android4.8 |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | The advertised "LevelUp Rate" APY of 4.00% is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" of 3.00% applies. |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at LendingClub Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | LendingClub |
|---|---|---|
| Advantage Savings | LevelUp Savings | |
Current APY | 0.01% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -4.2 |
Days Since Change | 36 | 40 |
12-Month High | 0.03% | 4.50% |
12-Month Low | 0.01% | 4.00% |
Adjustments / Mo | 0.17 | 0.25 |
Volatility Score | 0.120 | 0.037 |
How to read these metrics(Click to expand)
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