LendingClub vs. Varo Bank
Comparing LendingClub and Varo Bank for high-yield savings: LendingClub's LevelUp Savings pays 4.00% APY while Varo Bank's High-Yield Savings Account pays 3.75% APY.
Note: Varo Bank caps its top rate at $5,000 and requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? LendingClub pays $163 more than Varo Bank annually ($400 vs $238).
Choose LendingClub if getting the best rate matters most, or you want a no-strings-attached account. Choose Varo Bank if you want Zelle for quick transfers.
Important Considerations
Watch out: Varo Bank's 3.75% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 2.38% APY ($238 annually).
Varo Bank requires a checking account to unlock its top savings rate, while LendingClub offers its savings account standalone.
| Metric | LendingClubLevelUp Savings Aug 7, 2026 | Varo BankHigh-Yield Savings Account Aug 7, 2026 |
|---|---|---|
| APY | 3.00% - 4.00% | 1.00% - 3.75% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$188 $10,000+$238 $25,000+$388 |
Min Deposit | $0 | $0 |
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. | Earn 3.75% APY on up to $5,000 and 1.00% APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
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 LendingClub vs. Varo Bank
Executive Summary
LendingClub offers a competitive LevelUp Savings account with an APY of 4.00%, provided that a monthly deposit of $250 or more is made; otherwise, the standard rate drops to 3.00%. This account is online-only with no minimum balance or maintenance fees. In contrast, Varo Bank's High-Yield Savings Account provides an APY of 3.75% on deposits up to $5,000, requiring a Varo bank account and a minimum direct deposit of $1,000 per month. While both accounts are online-only and have no maintenance fees, LendingClub's LevelUp Savings account stands out with a higher APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why LendingClub?
- ✓Higher potential APY (4.00% vs 3.75%) on all balances
- ✓No checking account or direct deposit required
Why Varo Bank?
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
LendingClubLendingClub's LevelUp Savings earns more on smaller deposits (approx. $400 vs $238/yr).
Better Returns at $25,000
LendingClubLendingClub's LevelUp Savings pulls ahead with larger amounts (approx. $1000 vs $388/yr).
Shared Benefits
Over a 1-year period, LendingClub's LevelUp Savings pays $163 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
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LendingClub vs. Varo Bank Savings Calculator
You earn $162.5 more with LendingClub than Varo Bank 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
Varo Bank
High-Yield Savings Account
3.75% on first $5,000 and 1.00% thereafter.
Savings Breakdown
- Interest Earned+$237.50(2.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,237.50
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $237 per year in interest.
Both LendingClub and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | LendingClub | Varo Bank |
|---|---|---|
| APY | 4.00% Range: 3.00% - 4.00% Verified: 8/7/2026 Stable (90d) | 3.75% Range: 1.00% - 3.75% Verified: 8/7/2026 ↘︎ 1.25%90d Change |
| Product Name | LevelUp Savings | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| 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. | Earn 3.75% APY on up to $5,000 and 1.00% APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | Visit SiteVerify at LendingClub Non-sponsored link to official site | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | LendingClub | Varo Bank |
|---|---|---|
| LevelUp Savings | High-Yield Savings Account | |
Current APY | 4.00% | 3.75% |
Trend | Stable | Stable |
Velocity (bps/mo) | -2.2 | -2.1 |
Days Since Change | 238 | 9 |
12-Month High | 4.20% | 5.00% |
12-Month Low | 4.00% | 3.75% |
Adjustments / Mo | 0.08 | 0.08 |
Volatility Score | 0.023 | 0.041 |
How to read these metrics(Click to expand)
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Compare LendingClub's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| LendingClub vs Ally Bank | 3.00% | $0 |
| LendingClub vs American Express | 3.00% | $0 |
| LendingClub vs Axos Bank | 4.21% | $0 |
| LendingClub vs Barclays | 3.65% | $0 |
| LendingClub vs Capital One | 3.00% | $0 |
| LendingClub vs Chime | 3.75% | $0 |
| LendingClub vs CIT Bank | 3.75% | $100 |
| LendingClub vs Discover Bank | 3.30% | $0 |
| LendingClub vs EverBank | 3.90% | $0 |
| LendingClub vs Marcus by Goldman Sachs | 3.40% | $0 |
| LendingClub vs Newtek Bank | 4.20% | $0.01 |
| LendingClub vs Openbank | 3.80% | $500 |
| LendingClub vs Pibank | 4.10% | $0 |
| LendingClub vs SoFi Bank | 3.80% | $0 |
| LendingClub vs Synchrony Bank | 3.30% | $0 |
| LendingClub vs Wealthfront | 4.20% | $0 |