Bank of America vs. LendingClub
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
LendingClub
LevelUp Savings
Up to4.20%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppRange: 3.20% – 4.20%Show Fine Print & Trends Hide Details
LendingClub
LevelUp Savings
Comparison Analysis
Comparing Bank of America vs. LendingClub
Why Bank of America?
- ✓No checking account or direct deposit required
Why LendingClub?
- ✓Higher potential APY (4.20% vs 0.01%) on all balances
— Key Feature Differences —
Better Returns at $10,000
LendingClubLendingClub's LevelUp Savings earns more on smaller deposits (approx. $420 vs $1/yr).
Better Returns at $25,000
LendingClubLendingClub's LevelUp Savings pulls ahead with larger amounts (approx. $1050 vs $3/yr).
Shared Benefits
Over a 1-year period, LendingClub's LevelUp Savings pays $419 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
LendingClub offers a significant advantage with its LevelUp Savings account, providing an impressive APY of 4.20%, contingent upon a monthly deposit of $250 or more. This online-only account has no maintenance fees and requires no minimum balance, making it accessible for savers. In contrast, Bank of America's Advantage Savings account yields a minimal APY of 0.01% with a $100 minimum deposit and an $8 monthly maintenance fee, which can be waived under certain conditions. Overall, LendingClub's LevelUp Savings is the clear winner for those seeking higher returns.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Bank of America and LendingClub.
| Feature | Bank of America | LendingClub |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 4.20% Range: 3.20% - 4.20% Verified: 12/6/2025 Stable (90d) |
| 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 Android4.7 |
| 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 4.20% is only available if you deposit $250+ into the account each month. Otherwise the "Standard Rate" of 3.20% applies. |
| Next Steps |
Savings Comparison
LendingClub earns $2,558.6 more than Bank of America.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
LendingClub
LevelUp Savings
Savings Breakdown
- Interest Earned+$2,564.30(12.5%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,564.30
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | LendingClub |
|---|---|---|
| Advantage Savings | LevelUp Savings | |
Current APY | 0.01% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -3.6 |
Days Since Change | 311 | 148 |
10-Month High | 0.01% | 4.50% |
10-Month Low | 0.01% | 4.20% |
Adjustments / Mo | 0.00 | 0.19 |
Volatility Score | 0.000 | 0.028 |
How to read these metrics(Click to expand)
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