LendingClub Savings Review (September 2026): Now Happen Bank, 4.20% APY LevelUp Savings
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Rates checked against happen.com (lendingclub.com redirects there) on September 24, 2026 · Updated
LendingClub Bank is now Happen Bank, N.A. The FDIC records a legal name change effective June 24, 2026 (same FDIC cert, 32551), and lendingclub.com's savings page now redirects to happen.com. LevelUp Savings pays 4.20% APY in any month you deposit $250 or more, and 3.00% APY otherwise (both accurate as of September 24, 2026, per Happen Bank). No minimum opening deposit.
Savings account vs MYGA, after tax
What $100,000 earns in 5 years: savings account vs MYGA, after tax
Rates used: Savings account 4.00%, the top online savings rate we tracked (bank sites, September 24, 2026); savings rates can change any day; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Savings account, interest taxed every year | $116,604 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the savings account, after tax | $9,531 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
LevelUp Savings at a glance
| Feature | Happen Bank LevelUp Savings |
|---|---|
| LevelUp Rate | 4.20% APY in months with $250+ in deposits (variable) |
| Standard Rate | 3.00% APY in months without the $250 deposit (variable) |
| Minimum opening deposit | None |
| Bank name | Happen Bank, N.A. (legal name changed from LendingClub Bank, N.A., effective June 24, 2026, per FDIC) |
| FDIC | Happen Bank, National Association, cert 32551 |
How 4.20% compares
| Option | Rate | Source / as of |
|---|---|---|
| Happen Bank LevelUp Savings ($250+/mo deposits) | 4.20% APY, variable | happen.com, as of 09/24/2026 |
| Happen Bank LevelUp Savings (no qualifying deposit) | 3.00% APY, variable | happen.com, as of 09/24/2026 |
| Marcus by Goldman Sachs Online Savings | 3.50% APY, variable | marcus.com, as of Sept 24, 2026 |
| Synchrony High Yield Savings | 3.30% APY, variable | synchrony.com, as of 9/24/2026 |
| American Express High Yield Savings | 3.10% APY, variable | americanexpress.com, as of 9/24/2026 |
| Capital One 360 Performance Savings | 3.10% APY, variable | capitalone.com, effective 9/24/2026 |
| Ally Bank Savings | 3.00% APY, variable | ally.com, as of 09/24/2026 |
| A-rated-or-better 5-year MYGAs | ~5.50%-6.05%, fixed for the term | public carrier rate sheets, October 14, 2026 |
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
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What we like
- 4.20% is among the higher savings rates checked on September 24, 2026.
- The requirement is simple: $250 in deposits a month.
- No minimum opening deposit.
What to watch
- Miss the $250 deposit and you earn 3.00% for that month.
- New name. Statements, the app and the website now say Happen Bank; the FDIC cert (32551) did not change, so existing deposits keep their coverage.
- The rate is variable and interest is taxed every year.
Happen Bank LevelUp Savings vs. a 5-year MYGA
A savings account is the right home for emergency money. For money you will not need for three to five years, a multi-year guaranteed annuity fixes the rate for the term and defers the tax.
| $250,000 for 5 years | Happen Bank LevelUp Savings | 5-yr MYGA at 5.50% |
|---|---|---|
| Rate | 4.20% APY, variable (assumed to hold all 5 years) | 5.50% fixed for the term |
| Tax on interest | Every year (1099-INT) | Deferred until withdrawn |
| Value after 5 years, after 24% federal tax | ~$292,500 | ~$308,300 (tax paid at the end) |
| Protection | FDIC, $250K per ownership category | Insurer claims-paying ability + state guaranty association (limits vary by state) |
| Getting money out | No penalty; the rate can change any day | Surrender charge above the free-withdrawal amount; IRS 10% penalty before 59½ |
About $19,300 more after tax on the MYGA if the savings rate never moved (24% federal bracket, state tax ignored). Savings rates are variable, so the real gap depends on where the rate goes. Emergency money belongs in savings; a MYGA is for money you will not need for the full term. Fixed annuity benchmark: carriers rated A or better topped out around 5.50% to 6.05% on 5-year compound-interest MYGAs, per public carrier rate sheets, October 14, 2026. Rates vary by state, premium and carrier.
Annuity vs CD · Current MYGA rates · HYSA or MYGA for 3-year money
Related: Best HYSA rates · HYSA or MYGA for 3-year money
Happen Bank LevelUp Savings: FAQ
What happened to LendingClub Bank?
It changed its legal name to Happen Bank, National Association, effective June 24, 2026, according to the FDIC's institution history. The FDIC certificate (32551) is the same, and lendingclub.com's savings page now redirects to happen.com.
What is the LendingClub (Happen Bank) savings rate?
LevelUp Savings pays 4.20% APY in months with at least $250 in deposits and 3.00% APY otherwise, both accurate as of September 24, 2026, per Happen Bank.
Is my LendingClub savings still FDIC insured?
Yes. Happen Bank, N.A. is FDIC cert 32551, the same certificate LendingClub Bank used, FDIC-insured up to $250,000 per depositor, per insured bank, per ownership category.
Is there a minimum to open LevelUp Savings?
No minimum opening deposit, per Happen Bank.
Is 4.20% a teaser rate?
It is conditional, not introductory: you earn it in any month with $250+ in deposits. The rate is variable and can change at any time.
Happen Bank savings or a MYGA for money I won't touch?
For 3-to-5-year money a MYGA fixes the rate and defers tax: A-rated-or-better insurers paid about 5.50%-6.05% on 5-year MYGAs on October 14, 2026.
My take
LendingClub's savings account lives on as Happen Bank LevelUp Savings: 4.20% APY if you deposit $250 a month, 3.00% if you don't. Good for an active savings habit. For money you will not touch for three to five years, compare a MYGA.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) and is not affiliated with Happen Bank (formerly LendingClub Bank). He does not sell or earn anything on bank accounts. Rates are copied from the sources named, with the as-of date each source prints; savings rates are variable, so confirm the current rate before opening. MYGA figures are illustrations, not quotes.
Run the MYGA vs savings math for your situation
Talk to Hans Goldstein, a licensed independent insurance producer.
Happen Bank LevelUp Savings pays 4.20% APY, variable (accurate as of September 24, 2026). A-rated 5-year MYGAs were paying about 5.50%-6.05% on October 14, 2026, fixed for the term and tax-deferred.
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Related reading
- HYSA hub: top 12 banks ranked
- Marcus by Goldman Sachs review
- Ally Bank review
- SoFi review
- Synchrony Bank review
- Discover Bank review
- MYGA vs. HYSA full comparison
- Current best MYGA rates
This page is general information for educational purposes; it is not a personalized recommendation, solicitation, or offer of any specific bank product. APYs change frequently (typically monthly), and the rates shown here are approximations as of the date above. Always confirm current rates and fees directly on the bank's website before opening an account. Hans Goldstein is an independent licensed insurance producer (NPN 20602398); he does not receive compensation from any bank discussed on this page. FDIC insurance limits apply ($250,000 per depositor, per ownership category, per insured bank). Annuity products mentioned on this page are insurance contracts with surrender charges and are regulated by state insurance commissioners; they are not FDIC-insured. Always read the actual contract and consult a licensed advisor before purchasing any annuity product.