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LendingClub’s account feature that offers customers 2% cash back for on-time loan payments made from checking account and 1% cash back when using the associated debit card for qualifying purchases drives 6X jump in daily account openings

July 30, 2025 //  by Finnovate

LendingClub said that two recent additions to its mobile-first platform are driving more account openings and more visits to the company’s app. CEO Scott Sanborn said the company’s latest innovation, LevelUp Checking, has increased the number of checking accounts opened each day by six times since its launch in June. LevelUp Checking offers customers 2% cash back for on-time loan payments made from this checking account and 1% cash back when using the associated debit card for qualifying purchases. “We’re rewarding borrowers for their financial discipline while allowing us to benefit from a stickier relationship,” Sanborn said.  “While it’s still early, the initial results are encouraging.” The target customer for LevelUp Checking and its rewards program has a high FICO score and a high individual income.

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Category: Channels, Innovation Topics

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