A checking account that pays you cash back for buying groceries is rare. The LendingClub checking account, officially LevelUp Checking, does exactly that, and it charges no monthly fee to do it.
One thing to know up front: LendingClub rebranded as Happen Bank in June 2026, so do not be startled if the website greets you with a new name. Here is a full review of the account as of July 2026, including the cash back rules, the APY fine print, and the bank's unusual history.
First Things First: LendingClub Is Now Happen Bank
On June 22, 2026, LendingClub Corporation officially became Happen Bank, trading on Nasdaq under the ticker HAPN. The company has framed the rebrand as a name change, not a product change: existing accounts, logins, and routing numbers stayed the same.
So whether you see LendingClub or Happen branding, the LevelUp Checking account described below is the same product. Deposits remain FDIC insured through the bank, which holds a national bank charter.
LevelUp Checking at a Glance
| Feature | Details (as of July 2026) |
|---|---|
| Monthly fee | $0 |
| Minimum balance | $0 |
| Debit cash back | 1% at gas stations, grocery stores, and pharmacies (requires 1+ direct deposit per month) |
| APY | 1.00% on balances of $2,500+; 0.00% below $2,500 |
| ATM fees | Unlimited rebates of other banks' ATM surcharges |
| Branches | None, online only |
Rates are variable and can change at any time at the bank's discretion. Terms and conditions apply.
How the 1% Debit Cash Back Works
The headline perk pays 1% cash back when you use your LevelUp Checking debit card at qualifying gas stations, grocery stores, and pharmacies. To unlock it, you need to receive at least one direct deposit into the account each month.
Note the category limits. Earlier versions of this account (the old Rewards Checking) paid cash back more broadly, while LevelUp narrows earning to those three everyday categories. At launch, the bank also promoted extra cash back for making LendingClub loan payments from the account, a nod to its lending roots.
For a household spending $600 a month on gas and groceries with their debit card, that is about $72 a year for spending you were doing anyway.
The APY: Real, but Read the Threshold
LevelUp Checking pays 1.00% APY, but only on balances of $2,500 or more. Below that, you earn nothing. That structure rewards people who keep a healthy cushion in checking and gives everyone else exactly zero.
If yield is your priority, the same bank's LevelUp Savings account is the better tool: as of July 2026 it pays 4.00% APY when you deposit $250 or more in a month, and 3.00% APY in months you do not. Pairing the two accounts is the intended play, checking for spending and cash back, savings for yield.
Fees: Mostly Absent
There is no monthly maintenance fee and no minimum balance requirement. The account also rebates ATM surcharges charged by other banks and ATM operators, with no stated cap, which is unusual even among online banks.
As an online-only bank, there are no branches. Cash deposits are the real weak spot, as with most online banks, so heavy cash earners should plan around that.
The Radius Bank Heritage
This account has a distinctive backstory. LendingClub started in 2007 as a peer-to-peer lending marketplace, then acquired Radius Bancorp and its digital-first Radius Bank in February 2021, one of the first fintech acquisitions of a regulated U.S. bank. Radius had built a well-reviewed online checking product, and that DNA carried into LendingClub's deposit accounts.
The 2026 Happen Bank rebrand is the latest chapter: a lending marketplace that became a full digital bank and finally changed its name to match. For customers, the practical takeaway is that this is a real chartered bank with FDIC insurance, not a fintech app riding on a partner bank.
How LevelUp Checking Compares to Other Fee-Free Accounts
LevelUp Checking is strong on cash back but light on flexibility features like early payday or overdraft cushions. Current charges no monthly fee and adds fee-free overdraft of up to $200 with qualifying direct deposits, faster paycheck access, and a large fee-free ATM network.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Chime is also fee-free, pays direct deposits up to two days early, and its SpotMe feature can cover overdrafts up to $200 with no fee once you qualify.
Neither pays debit cash back the way LevelUp does, so the choice comes down to what you value: rewards on gas and groceries, or overdraft flexibility and early pay. Terms apply and features vary by account activity.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Who Should Open a LendingClub (Happen) Checking Account?
Open LevelUp Checking if you can commit a monthly direct deposit, spend regularly on gas, groceries, or pharmacy items with a debit card, and ideally keep $2,500+ in the account. Pair it with LevelUp Savings for the 4.00% APY. Look elsewhere if you deposit cash often, want branch service, or need overdraft flexibility more than rewards.
Frequently Asked Questions
Is LendingClub checking the same as Happen Bank checking?
Yes. LendingClub rebranded as Happen Bank on June 22, 2026, but accounts, features, logins, and routing numbers carried over unchanged. LevelUp Checking is the same account under either name.
How do I earn the 1% cash back on LevelUp Checking?
Receive at least one direct deposit into the account each month, then pay with your LevelUp debit card at qualifying gas stations, grocery stores, and pharmacies. Purchases outside those categories do not earn cash back.
Does the LendingClub checking account have monthly fees?
No. LevelUp Checking has no monthly maintenance fee and no minimum balance requirement as of July 2026, and it rebates ATM surcharges other banks charge you.
Is money in LevelUp Checking FDIC insured?
Yes. The account is held at a chartered, FDIC-member national bank, formerly LendingClub Bank and now operating under the Happen Bank name. Standard FDIC coverage limits of $250,000 per depositor, per ownership category apply.
