Happen Bank LevelUp Savings (formerly LendingClub)

Happen Bank LevelUp Savings (formerly LendingClub) is a high-yield savings account that pays its headline rate as a reward for a deposit habit rather than for parking a large balance. It suits disciplined auto-savers: people who can move $250 or more in every statement cycle and want the full balance, not just new deposits, to earn the top rate. If that describes you, the economics are strong. If it does not, this is the wrong account, and the gap is 120 basis points. The mechanics are behavioral, not balance-based. When total deposits in a statement cycle (the Evaluation Period) reach $250 or more, the LevelUp Rate of 4.20% APY applies to the full balance. Otherwise the Standard Rate of 3.00% APY applies. Both rates are accurate as of 10/13/2026 per Happen Bank's page, which we read on October 14, 2026. New accounts earn the LevelUp Rate at opening until the First Evaluation Period, the third statement cycle, and a rate change takes effect the following statement cycle. Interest, bonuses, credits and reversals do not count as deposits. There is no minimum opening deposit, no minimum balance and no account fees on LevelUp Savings, so the only thing standing between you and the top rate is the $250 in deposits per statement cycle. On the concrete terms: deposits are held at Happen Bank, N.A. (formerly LendingClub Bank), Member FDIC, and are insured up to $250,000 per depositor per ownership category. A free ATM card is optional, LevelUp Checking is available alongside the savings account, and Happen says internal and external transfers are free. Now the honest flags. The largest risk here is user error. Missing the $250 in deposits in a statement cycle moves the whole balance from the 4.20% LevelUp Rate to the 3.00% Standard Rate from the next cycle, 120 basis points on the entire balance. Casual savers can easily assume the advertised 4.20% is automatic; it is not. None of this is a dealbreaker for someone who automates a recurring transfer of $250 or more and forgets about it. For someone who saves irregularly, the effective rate trends toward 3.00%, the rate that applies in the cycles they miss.