LendingClub Bank vs Varo Bank
Head-to-head comparison of LendingClub LevelUp Savings and Varo Savings Account, updated daily.
Varo Bank currently wins on APY: 5.00% vs 4.50%
| Feature | LendingClub BankUpdated 1d ago | Varo BankUpdated 1d ago |
|---|---|---|
| APY | 4.50% | 5.00%★ |
| Min opening deposit | $0 | $0 |
| Min balance for APY | $0 | $0 |
| Monthly fee | $0.00 | $0.00 |
| Insurance | FDIC | FDIC |
| Compounding | daily | daily |
| ATM access | Yes | Yes |
| Check writing | No | No |
| Mobile app | Yes | Yes |
| Editor rating | 4.3 / 5★ | 4.2 / 5 |
LendingClub Bank verdict
LendingClub LevelUp is a clever product — the bonus tier is unlocked with just $250/month in deposits, which is achievable for almost anyone. For accumulators (people building savings, not draining them), this is one of the best structures on the market.
Read full LendingClub Bank review →Varo Bank verdict
Varo offers the highest headline APY on our list, but the conditions are strict: you need direct deposit, qualifying debit card spend, and the rate only applies to the first $5,000. For users who can meet those conditions on a small emergency fund, Varo is mathematically the best option. For larger balances, look elsewhere.
Read full Varo Bank review →