LendingClub (LC) Launches LevelUp Checking

LendingClub Bank, America's leading digital marketplace bank and a subsidiary of LendingClub Corporation (NYSE: LC), today announced the launch of LevelUp Checking, the latest in its growing set of smart, simple, and rewarding digital-first financial solutions.

LevelUp Checking is designed to reward LendingClub members for making smart financial decisions and using money they have rather than money they borrow. Members will have the opportunity to receive 1% unlimited cash back¹ when they use their LevelUp Checking debit card for gas, grocery, and pharmacy purchases. What's more, if they have a LendingClub personal loan, they will have the opportunity to get 2% of their monthly payment in cash back² for making on-time loan payments from their LevelUp Checking account – demonstrating that LendingClub products deliver even more value when used together.

Additional features include:

• 1.00% APY on balances with $2,500 or more³
• No account fees
• No minimum balance requirements
• Unlimited ATM rebates
• Early paycheck access with direct deposit
• Free transfers

"LevelUp Checking delivers cash back for essential purchases like gas and groceries while stacking on additional cash back for our borrowers who make on-time payments to their LendingClub personal loan," said Mark Elliot, LendingClub's Chief Customer Officer. "By offering rewards consumers typically seek by using a credit card, we're fundamentally changing how our members spend – rewarding them for using money they have instead of money they borrow, and recognizing their smart money moves."

A recent LendingClub survey⁴ found that 31% of consumers consider rewards or cash back as their top priority when choosing a credit card versus 29% who cite interest rates as their top priority. At the same time, because of higher living costs, 42% cite food and groceries as their largest category of increased credit card spending. Taken together, providing cash back rewards for essential purchases that consumers make most often makes sense.

"Our emphasis on rewards is intentional," continued Elliot. "We fundamentally believe that our members should be rewarded for making smart everyday financial choices, and we're building that idea into everything we do. That's why LevelUp Checking members have the opportunity to earn 1% cash back when they use their debit card instead of credit, and why LevelUp Savings members earn a higher rate when they deposit at least $250 per month to their account. And we compound that value when members use multiple products together – rewarding our personal loans borrowers with the opportunity to earn 2% cash back for on-time loan payments made with their LevelUp Checking account."

LevelUp Checking is only available to current LendingClub members, who unlock these cash back benefits when they enroll in direct deposit. People can become a member by taking out a LendingClub personal loan, opening a LevelUp Savings account, or a Certificate of Deposit (CD). Once they become a member, they'll also gain access to LendingClub's highly rated mobile app and useful free tools like DebtIQ, which helps members monitor and manage their credit.

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