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How do I earn interest on my savings account?

Savings

There is no minimum balance required to earn interest in your savings account. At the end of each month, the interest payment will be deposited into your account.


Certificate of Deposits

Like savings accounts, CDs earn interest, and our minimum to open a CD is $2,500. Interest begins to accrue on the day the CD is opened. Interest will be credited monthly. The Annual Percentage Yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.

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Related FAQ's
Can I add additional funds to my CD?
No. Additional deposits cannot be made to a CD following the initial deposit until the CD matures. 
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What is the minimum balance to keep in my savings account?
Once the minimum opening deposit is met, there is no monthly minimum balance requirement to maintain your account
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Can I withdraw my money early from my CD and are there penalties?
The goal of a CD is to lock in a fixed rate at the time of purchase for a fixed time horizon, and therefore, to get the most benefit from the CD purchase, you are going to want to remain in the product for the entire term, whether it is a 6 month, 1 year or 5 year CD.
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Are there any fees for my savings account?
There are no monthly maintenance, overdraft, or NSF fees for your account.
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Is LevelUp Savings only for new members?
No, both new and existing LendingClub members can open a LevelUp Savings account.
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Related Glossary
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{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
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{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
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Accrued Interest
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment. 
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A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
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{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
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