Upstart does not offer checking accounts
Upstart is a personal loan lender, not a bank. The company does not provide checking accounts, savings accounts, debit cards, or any deposit products. If you are looking for a checking account, you will need to open one with a bank or credit union instead.
Upstart specializes in personal loans ranging from $1,000 to $50,000, funded through a network of partner banks and credit unions. The company uses artificial intelligence to assess loan applications, which means approval decisions sometimes happen faster than traditional lenders make them. But once your loan is funded, the money goes into a checking account you already have or open elsewhere — Upstart itself does not hold your deposits.
Key Takeaways
- Upstart is a loan company, not a bank, so it cannot issue checking accounts or store your money.
- If you receive an Upstart loan, the funds are deposited into a checking account at your own bank or credit union.
- You will need to open a checking account with a separate financial institution before or at the time you receive a loan from Upstart.
- Banks, credit unions, and online banks all offer checking accounts with different fee structures and minimum balance requirements.
Where to open a checking account if you have a loan pending
If you have applied for or received an Upstart loan and do not yet have a checking account, you have several options. Traditional banks like Chase, Bank of America, and Wells Fargo offer checking accounts in branches and online, though many charge monthly fees unless you maintain a minimum balance. Credit unions often have lower fees and may not require a minimum balance, but membership is usually limited to people who work in a certain industry, live in a certain area, or belong to a specific organization.
Online banks such as Chime, Ally, Charles Schwab, and Discover have no monthly fees and no minimum balance requirements. These accounts are opened entirely online and typically take a few minutes to set up. If your Upstart loan is being funded soon, an online bank is often the fastest route because you can open the account immediately and receive account details the same day.
When you open a checking account, you will receive a routing number and account number. You will need both of these to tell Upstart where to deposit your loan funds. If you open the account after applying for the loan, contact Upstart's customer service to update your banking information before the loan is funded.
What happens when your Upstart loan is funded
Once Upstart approves your loan, the money is transferred to the checking account you provided during the application. This transfer typically takes one to two business days, though some online banks deposit funds faster. You can then use the money for whatever purpose you need — paying off debt, covering expenses, or making a purchase.
The loan itself is separate from your checking account. You will make monthly payments on the loan through automatic withdrawals from your checking account, or by paying online through Upstart's website. Your checking account is simply where the loan money lands and where your payments are drawn from.
Checking account requirements for Upstart borrowers
Upstart does not require you to use a specific bank or type of checking account. You can use a traditional bank, credit union, or online bank. The only requirement is that the account must be in your name and must be able to receive electronic transfers (ACH deposits).
Most checking accounts meet this requirement automatically. However, some specialized accounts — such as accounts for minors, joint accounts with restrictions, or accounts at very small institutions — may not accept ACH transfers. When you open a checking account, confirm with the bank that the account can receive electronic deposits and that automatic loan payments can be withdrawn from it.
Comparing checking account options for loan recipients
| Account Type | Monthly Fee | Minimum Balance | Setup Time |
|---|---|---|---|
| Traditional bank (Chase, Bank of America) | $10–$15, often waived with direct deposit or minimum balance | $500–$1,500 (varies by account) | 1–2 days in branch or online |
| Credit union | $0–$10, often lower than banks | $0–$500 (varies by union) | 1–3 days (membership required first) |
| Online bank (Chime, Ally, Discover) | $0 | $0 | Minutes to hours |
If you already have a checking account
If you already have a checking account at any bank or credit union, you can use it to receive your Upstart loan. Simply provide your routing number and account number when you apply, or update your banking information in your Upstart account before the loan is funded. There is no need to open a new account.
Make sure the account you provide is one you check regularly and can access easily, since you will need to monitor it for the loan deposit and to make sure automatic payments are withdrawn on time each month.
What to do if your loan is funded but you do not have a checking account yet
If Upstart has already funded your loan but you have not opened a checking account, contact Upstart's customer service immediately. You will need to provide new banking information so the loan can be transferred to an account in your name. Upstart cannot hold the money indefinitely, and delaying this step may result in the loan being returned to the lender.
Open a checking account as soon as possible — online banks are the fastest option — and then call or message Upstart with your new routing and account numbers. Keep documentation of when you provided this information in case there are any delays in the transfer.
Frequently Asked Questions
Can Upstart hold my loan money in a savings account instead of checking?
Upstart will deposit funds into whatever account you specify during the application, whether it is checking or savings. However, you will need a checking account eventually to make your monthly loan payments, since most lenders withdraw payments via ACH from a checking account. Ask Upstart whether you can make payments from a savings account if that is your only option.
What if I do not have a bank account at all?
You will need to open a checking account before your Upstart loan can be funded. An online bank is the fastest option — you can open an account in minutes and receive your account number the same day. Traditional banks and credit unions take longer but may offer additional services or lower fees.
Does Upstart charge a fee to deposit my loan into my checking account?
No. Upstart does not charge a fee for depositing your loan funds. Your bank may charge a fee if you exceed a certain number of transfers in a month, but this is rare for incoming deposits. Check your bank's terms to be sure.
Can I change my checking account after my Upstart loan is funded?
Yes. If you want to switch banks or close your current checking account, log into your Upstart account and update your banking information. Make sure the new account is active and can receive transfers before you make the change, and confirm that automatic payments will be withdrawn from the new account on your next payment date.