LendingClub vs. My Banking Direct
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | LendingClubLevelUp Savings Jan 7, 2026 | My Banking DirectHigh Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 3.00% - 4.00% | 4.02% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$201 $10,000+$402 $25,000+$1,005 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
Terms | 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 InsuredNo MinimumsGreat iOS AppGreat Android App | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing LendingClub vs. My Banking Direct
As of LendingClub offers an APY of 4.00% for its LevelUp Savings account, with a minimum balance of $0, compared to My Banking Direct's 4.02% APY for its High Yield Savings Account, with a minimum balance of $1.
My Banking Direct pays $2 more than LendingClub on a $10,000 balance after one year. LendingClub pays $400, while My Banking Direct pays $402 - an APY advantage for My Banking Direct.
Why LendingClub?
- ✓Higher rated Android app (4.7 vs 4.3)
Why My Banking Direct?
- ✓No checking account or direct deposit required
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $2 more interest on a $10,000 balance than LendingClub's LevelUp Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the winner in this comparison. This account does not require direct deposit and has no maintenance fees, providing a straightforward savings option. In contrast, LendingClub's LevelUp Savings account offers an APY of 4.00%, but this rate is contingent upon depositing $250 or more each month; otherwise, a lower rate of 3.00% applies. Both accounts are online-only and FDIC insured, but My Banking Direct requires a minimum deposit of $500 and a minimum balance of $1.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
LendingClub vs. My Banking Direct Savings Calculator
You earn $2 more with My Banking Direct than LendingClub 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.
LendingClub
LevelUp Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | LendingClub | My Banking Direct |
|---|---|---|
| APY | 4.00% Range: 3.00% - 4.00% Verified: 1/7/2026 ↘︎ 0.20%90d Change | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change |
| Product Name | LevelUp Savings | High Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $1 |
| 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 | iOS4.8 Android4.7 | iOS4.7 Android4.3 |
| Zelle® Support | Not Supported | Available Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | F |
| Important Notes | 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 LendingClub Non-sponsored link to official site | Visit SiteVerify at My Banking Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | LendingClub | My Banking Direct |
|---|---|---|
| LevelUp Savings | High Yield Savings Account | |
Current APY | 4.00% | 4.02% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.0 | -3.9 |
Days Since Change | 26 | 53 |
12-Month High | 4.75% | 4.55% |
12-Month Low | 4.00% | 4.02% |
Adjustments / Mo | 0.33 | 0.49 |
Volatility Score | 0.036 | 0.035 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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