Happen Bank (LendingClub) Review (2026)
Happen Bank, the former LendingClub Bank, sells LevelUp Savings: a no-fee online savings account with an optional ATM card. It suits people who add at least $250 to savings every month, because that deposit test decides the rate. The LevelUp rate was 4.20% APY as of October 16, 2026 (variable); a month without $250 in deposits drops the whole balance to 3.00% APY for the next statement cycle.
By Wealthy Pot Editorial · Facts checked October 19, 2026
Facts checked October 19, 2026 against Happen Bank (LendingClub)'s own rate page, account disclosures and fee schedule (5 sources, listed below). We re-check prices about once a month. We do not earn a commission from Happen Bank.
Happen Bank (LendingClub) at a glance
| LevelUp rate | 4.20% APY (4.12% interest rate) on all balances, as of October 16, 2026; variable [1] |
|---|---|
| Standard rate | 3.00% APY (2.96% interest rate) in cycles after a missed deposit test; variable [2] |
| Condition for LevelUp | At least $250 in total deposits during the statement cycle; interest, bonuses, credits and refunds do not count [1] |
| New accounts | LevelUp rate automatically for the first two statement cycles; the first test is the third cycle [1] |
| Balance tiers | None: one rate on all balances [2] |
| Minimum | $0 to open and no minimum balance [2] |
| Monthly fee | $0 [2] |
| ATM card | Optional; $0 Happen Bank fee at out-of-network ATMs, plus unlimited rebates of ATM owner fees [2] |
| Interest | Daily balance method; credited on the last business day of each monthly statement cycle [2] |
| Transfers out | External ACH transfers to another bank at no fee [4] |
| Checking | Yes, LevelUp Checking at the same bank [2] |
| Insured bank | Happen Bank, N.A., Member FDIC [1] |
Happen Bank (LendingClub) in official federal data
Rate compared with the national average
Happen Bank (LendingClub)'s savings APY of 4.20% (as of October 19, 2026) is about 11.1 times the FDIC's national average for savings accounts, 0.38% (as of October 19, 2026). On $10,000 kept for a year, that is about $420 in interest against $38 at the national average, before tax and assuming the rate stays the same (variable savings rates rarely do).
Who holds your money
- Deposits are held by Happen Bank, National Association, FDIC certificate #32551, based in Lehi, UT, established August 26, 1987 according to the FDIC. Happen Bank, N.A. is the former LendingClub Bank.
- FDIC insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. Money held at the same bank under another brand name counts toward the same limit.
- Size: $10.9 billion in deposits and $12.5 billion in total assets (June 30, 2026 call report). Primary federal regulator: Office of the Comptroller of the Currency.
Customer complaints filed with the CFPB
No company under the LendingClub or Happen Bank name in the CFPB database for this period.
Sources: FDIC BankFind (certificate, deposits and assets), FDIC national deposit rates (October 19, 2026), CFPB Consumer Complaint Database (product "Checking or savings account"). Updated monthly.
How Happen Bank (LendingClub) works
LevelUp Savings has two rates instead of balance tiers. If the account receives at least $250 in deposits during a statement cycle (Happen calls it the Evaluation Period), the whole balance earns the LevelUp rate, 4.20% APY as of October 16, 2026. If it does not, the whole balance earns the Standard rate, 3.00% APY, and the change takes effect in the next statement cycle. Interest, bonuses, credits and refunds do not count toward the $250. New accounts get the LevelUp rate for their first two statement cycles; the first test is the third cycle. Both rates are variable.
A hypothetical, using today's rates and a simple monthly approximation: on a $15,000 balance, a month at the LevelUp rate earns about $15,000 x 4.20% / 12 = $52.50. A month at the Standard rate earns about $15,000 x 3.00% / 12 = $37.50. Missing the $250 deposit once costs about $15 for that following cycle. If you skip it all year, you earn about $450 instead of $630, which is less than several no-condition accounts in our high-yield savings comparison pay.
The account is online only, but it comes with an optional ATM card, and Happen charges no fee at out-of-network ATMs and rebates the ATM owner's fee without a cap. That is rare for a savings account. Happen also offers LevelUp Checking, so you can keep both accounts at one bank. The federal data section on this page shows how Happen Bank's deposits and rate compare with the FDIC national average.
Pros
- 4.20% APY on all balances when you deposit $250 a cycle
- Optional ATM card with unlimited rebates of ATM owner fees
- No minimum to open, no minimum balance, no monthly fee
- Checking available at the same bank
Cons
- Missing the $250 deposit test drops the whole balance to 3.00% APY
- Interest and refunds do not count toward the $250
- Outgoing wire fees and ACH dollar limits are not published
- The opening bonus that ran through September 30, 2026 was by invitation only
Who Happen Bank (LendingClub) fits, and who should skip it
A good fit if
- You move at least $250 into savings every month, for example through an automatic transfer on payday.
- You want cash access from savings with an ATM card and no ATM fees.
- You want savings and checking at the same bank.
Look elsewhere if
- You save irregularly and do not want a monthly condition: Bread Savings pays one rate with no deposit test.
- You park a lump sum and rarely add to it: Openbank has no monthly deposit condition on its standard rate.
- You need to know the outgoing wire fee and transfer limits before you open: Happen does not publish them on its public pages.
Limitations to know
- The LevelUp rate needs at least $250 in deposits each statement cycle; a missed test changes the rate starting with the next cycle. [1]
- New relationships may have lower transaction limits for the first 30 days. [2]
- The deposit agreement lets Happen refuse withdrawals or transfers above the frequency its policy permits; the policy limits are not published. [3]
- Mobile check deposits made after 4:00 p.m. ET, Monday through Friday, miss that day's cut-off. [3]
- Happen says outgoing wire fees and limits depend on the wire type and are shown before you send. [5]
Happen Bank (LendingClub) compared with alternatives
| Account | APY | Monthly fee | To open | For the APY | Insurance |
|---|---|---|---|---|---|
| Happen Bank (LendingClub) | 4.20% APY "LevelUp" rate (needs $250+ in deposits per period; otherwise 3.00%), Oct 16, 2026 | $0 | $0 | $250 in deposits per period | FDIC-insured (Happen Bank, N.A.) |
| Bread Savings | 4.05% APY (Oct 2026) | $0 | $100 | $100 | FDIC-insured (Comenity Capital Bank) |
| Openbank | 4.00% APY standard (4.35% for 6 months for new customers), Oct 19, 2026 | $0 | $500 | $0 | FDIC-insured (Santander Bank, N.A.) |
| UFB Direct | 3.26% APY on all balances (new customers: 4.01% for 6 statement cycles with code UFB75, opened by Oct 31, 2026) | $0 | $0 | $0 | FDIC-insured (Axos Bank) |
| SoFi | 3.30% APY with direct deposit or $5,000 in deposits per 31 days (Oct 19, 2026); new members up to 4.20% for 6 months | $0 | $0 | $0 | FDIC-insured via SoFi Bank + partner-bank sweep |
- Pick Bread Savings if you want one rate with no monthly deposit condition.
- Pick Openbank if you will park a lump sum of $500 or more and want a 4.00% standard rate.
- Pick UFB Direct if you want an ATM card on savings and no deposit test.
- Pick SoFi if you want savings bundled with checking and a direct deposit already set up.
Security and privacy
- Deposits are held at Happen Bank, N.A., Member FDIC, a wholly owned subsidiary of Happen, Inc. [1]
- FDIC insurance covers up to $250,000 per depositor, per bank, for each ownership category. [1]
- Joint accounts with right of survivorship are available, which is a separate ownership category for FDIC purposes. [3]
- New relationships start with lower transaction limits for 30 days, which Happen describes as an account security measure. [2]
Recent changes
| Date | What changed |
|---|---|
| Oct 16, 2026 | LevelUp rate set at 4.20% APY (it was 4.00% in our previous check); the Standard rate stays at 3.00%. [1] |
| Sep 30, 2026 | Last day to open an account for the invitation-only $200 bonus (it required a $2,000 balance). [2] |
Happen Bank (LendingClub) FAQ
Is Happen Bank FDIC insured?
Yes. Happen Bank, N.A., the former LendingClub Bank, is a Member FDIC bank. Deposits are insured up to $250,000 per depositor, per bank, for each ownership category.
What is the Happen Bank savings rate today?
LevelUp Savings paid 4.20% APY as of October 16, 2026 in cycles where you deposit at least $250, and 3.00% APY otherwise. Both rates are variable and can change at any time.
Does Happen Bank have a minimum?
No. There is no minimum to open and no minimum balance. The only condition is the $250 in deposits per statement cycle for the higher LevelUp rate.
Is LendingClub Bank now Happen Bank?
Yes. FDIC records list the bank as Happen Bank, National Association, the former LendingClub Bank, and the savings account is now called LevelUp Savings.
Does Happen Bank savings come with an ATM card?
Yes, an optional one. Happen charges no fee at out-of-network ATMs and rebates fees the ATM owner charges, with no limit on the number of rebates.
How we researched this review
We did not get paid for this page. On October 19, 2026 we read Happen Bank (LendingClub)'s own rate page, account disclosures, fee schedule and help pages, quoted each fact and link every one below. FDIC and CFPB figures come straight from the agencies' public data. We did not open an account to test it, and we do not rate banks with stars. Savings rates are variable; we re-check them about once a month.
Sources
- Happen Bank, LevelUp Savings product page, checked October 19, 2026.
- Happen Bank, Personal products terms and conditions (rate chart and fees), checked October 19, 2026.
- Happen Bank, Personal deposit agreement, checked October 19, 2026.
- Happen Bank help, How do I withdraw from my account?, checked October 19, 2026.
- Happen Bank help, Domestic and international wires: fees and limits, checked October 19, 2026.
This review is for general information, not financial advice. Savings rates are variable and can change at any time; confirm the current APY with the bank before opening an account.