Discover Bank vs. LendingClub
Compare rates, requirements, and features side-by-side to find the best option for you.
Discover Bank
Online Savings Account
3.40%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Discover Bank
Online Savings Account
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
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing Discover Bank vs. LendingClub
Why Discover Bank?
- ✓No checking account or direct deposit required
Why LendingClub?
- ✓Higher potential APY (4.20% vs 3.40%) on all balances
— Key Feature Differences —
Better Returns at $10,000
LendingClubLendingClub's LevelUp Savings earns more on smaller deposits (approx. $420 vs $340/yr).
Better Returns at $25,000
LendingClubLendingClub's LevelUp Savings pulls ahead with larger amounts (approx. $1050 vs $850/yr).
Best for Simplicity
Discover BankDiscover Bank's Online Savings Account offers 3.40% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, LendingClub's LevelUp Savings pays $80 more interest on a $10,000 balance than Discover Bank's Online Savings Account.
Executive Summary
LendingClub offers a competitive LevelUp Savings account with an APY of 4.20%, significantly higher than Discover Bank's Online Savings Account, which provides an APY of 3.40%. Both accounts require no minimum deposit or maintenance fees and are online-only. However, to earn the higher APY with LendingClub, a monthly deposit of $250 or more is necessary; otherwise, the standard rate drops to 3.20%. Discover Bank's offering is straightforward with no such conditions. Overall, LendingClub's LevelUp Savings account is the superior choice for those able to meet the deposit requirement.
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 Discover Bank and LendingClub.
| Feature | Discover Bank | LendingClub |
|---|---|---|
| APY | 3.40% Verified: 12/6/2025 ↘︎ 0.10%90d Change | 4.20% Range: 3.20% - 4.20% Verified: 12/6/2025 Stable (90d) |
| Product Name | Online Savings Account | LevelUp Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.9 Android4.8 | iOS4.8 Android4.7 |
| BBB Rating | A+ | A+ |
| Important Notes | - | 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 $513.8 more than Discover Bank.
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$2,050.50(10.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,050.50
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 | Discover Bank | LendingClub |
|---|---|---|
| Online Savings Account | LevelUp Savings | |
Current APY | 3.40% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.8 | -3.6 |
Days Since Change | 67 | 148 |
10-Month High | 3.75% | 4.50% |
10-Month Low | 3.40% | 4.20% |
Adjustments / Mo | 0.38 | 0.19 |
Volatility Score | 0.035 | 0.029 |
How to read these metrics(Click to expand)
Compare Similar High-Yield Accounts
Compare Discover Bank vs...
Comparing against Standard Savings
Compare LendingClub vs...
Comparing against Standard Savings
Higher Rates (With Checking)
Looking for something different? Check out these top-rated alternatives.