Is Happen Bank Legit and FDIC Insured? What to Know About the Former LendingClub Bank
Happen Bank is the new name of LendingClub Bank, an FDIC insured national bank. Here is who runs it, how your money is protected and what its savings and CD accounts pay.
How we make money: Some links on this page may earn us a commission. That never affects our scores or the order of our picks, which follow our published methodology. Advertiser disclosure
Yes. Happen Bank is FDIC insured and a legitimate national bank. It is the new name of LendingClub Bank, which became Happen Bank in 2026. Deposits are insured up to $250,000 per depositor, per ownership category under FDIC certificate 32551, and its LevelUp Savings account pays 4.20% APY in months you deposit $250 or more. We confirmed certificate 32551 is active in the FDIC BankFind database on Oct 14, 2026.
If you have seen Happen Bank’s savings rate near the top of comparison lists and never heard the name, that is because the brand is new. The bank behind it is not. Here is what changed, how your money is protected and what to watch for before you open an account.
Who is Happen Bank?
Happen Bank, N.A. is a national bank based in Lehi, Utah. Until 2026 it was called LendingClub Bank. LendingClub started in 2006 as an online lender and became a bank after buying Radius Bank, a deal it announced in 2020. In April 2026 the company announced that its bank would become Happen Bank, and the new name took effect in the summer of 2026.
The company said there was no change to its products and services with the new name, and that it serves about five million members. The bank charter and FDIC certificate stayed the same, so an account opened under the LendingClub name is still at the same insured bank.
Is Happen Bank FDIC insured?
Yes. Happen Bank, N.A. is FDIC insured under certificate 32551, which we confirmed in the FDIC BankFind database. Deposits are covered up to $250,000 per depositor, per ownership category. That covers savings, checking and CDs at the bank.
Because the certificate did not change, money you hold in old LendingClub accounts and new Happen accounts counts toward the same $250,000 limit. If you have more than that, a joint account or a payable on death beneficiary can raise your coverage.
Why the name change can look suspicious
A new bank name on a top savings rate is exactly the pattern scammers copy, so it is smart to check. Three ways to confirm you are dealing with the real bank:
- Use the official site. Type happen.com into your browser rather than clicking links in texts or emails.
- Check the FDIC certificate. Search BankFind for certificate 32551 and confirm the name Happen Bank, National Association.
- Be wary of calls asking you to move money. A real bank will not ask you to transfer funds to a “safe account” or share a one time passcode.
What does Happen Bank offer savers?
| Account | Rate | Minimum | Good to know |
|---|---|---|---|
| LevelUp Savings | 4.20% APY with $250+ in monthly deposits; 3.00% otherwise (as of Oct 23, 2026) | $0 | Free ATM card with ATM fee rebates |
| Happen Bank CDs | Up to 4.76% APY on 2 years; 3.50% on 12 months (as of Oct 27, 2026) | $500 | Terms from 6 months to 5 years; up to $500,000 |
Rates are variable and can change at any time. Each rate shows the date the bank says it applies; we check every figure against the bank’s own website.
LevelUp Savings is the standout. Deposit at least $250 during each monthly evaluation period, from any source, and your whole balance earns the LevelUp rate. Miss a month and it earns the standard rate for that period. There is no minimum, no monthly fee and a free ATM card that works at MoneyPass and SUM ATMs, with rebates of fees other ATM owners charge. It scores 4.6 out of 5 on our published scorecard, the highest of any savings account we track.
What do customers say?
The Happen Bank app is rated 4.8 on the App Store and 4.5 on Google Play (checked Sep 28, 2026). Phone support runs Monday to Saturday, 5am to 5pm PT, and is closed Sundays. The most common source of confusion is the name: older reviews, forum posts and statements use LendingClub.
What to watch for
- The $250 rule. The top savings rate depends on new deposits every period. Set up an automatic transfer so you do not miss it.
- When the first period starts. We found Happen’s product page and FAQ describe the start of the first evaluation period differently. New accounts start on the LevelUp rate, but ask support how your first period is counted if it matters to you.
- Sunday support. If you need help on a weekend, plan for Saturday.
- Rates are variable. Like every savings account, the rate can change after you open.
Who Happen Bank is a good fit for
- Savers who add money every month and can automate a $250 transfer
- Anyone who wants ATM access to savings, which few online savings accounts offer
- People opening their first high yield account with little to start, since the minimum is $0
If you would rather not track any monthly rule, compare it with Peak Bank in Happen Bank vs. Peak Bank.
Our verdict
Happen Bank is legitimate: an FDIC insured national bank with a long track record under its old name, a top savings rate and a solid app. Read our full Happen Bank LevelUp Savings review or see how it ranks among the best high yield savings accounts.
Frequently asked questions
Is Happen Bank a real bank?
Yes. Happen Bank, N.A. is a national bank in Lehi, Utah, FDIC insured under certificate 32551. It was called LendingClub Bank until 2026.
Is Happen Bank the same as LendingClub?
Yes. LendingClub Bank changed its name to Happen Bank in 2026. The charter, FDIC certificate and products carried over.
Is my money safe at Happen Bank?
Deposits are FDIC insured up to $250,000 per depositor, per ownership category, the same protection as any FDIC insured bank.
What is Happen Bank’s savings rate?
LevelUp Savings pays 4.20% APY in months you deposit at least $250, and 3.00% APY otherwise, as of Oct 23, 2026.
Does Happen Bank have branches?
No. Happen Bank is an online bank. You bank through its website and app, and use its ATM card for cash.
Compare today’s top savings rates
Happen Bank LevelUp SavingsAPY as of Oct 23, 20264.20%with $250 or more in deposits each monthReview →
