Laurel Road Review 2024 (2024)

Laurel Road banking products include two checking and two savings accounts. The platform does not offer CDs or money market accounts.

For both checking and savings, Laurel Road provides some dedicated solutions for doctors and nurses in addition to its general accounts. While the accounts themselves are largely the same, qualified professionals may receive additional support, including specialized customer service and educational resources for managing their loans and finances.

Laurel Road Checking

Laurel Road has two rewards checking accounts in its lean product suite: Loyalty Checking and Linked Checking. Both accounts have similar features but offer additional benefits with qualifying direct deposits.

Laurel Road Loyalty Checking

Laurel Road Loyalty Checking is a checking account that earns cash-back rewards when you meet direct deposit requirements. During the first year of account ownership (from the second through the thirteenth month), customers can earn a $20 reward each month they receive at least $2,500 in qualifying ACH deposits over the statement period. After that, they can earn $10 in monthly cash-back rewards by meeting the same requirements for as long as the account is open.

In addition, this account offers a welcome bonus. New customers can earn $300 when they receive at least $2,500 in qualifying ACH direct deposits within 60 days of account opening. This offer is valid for new accounts opened by October 15, 2024.

This checking account has no monthly fees and no minimum opening or ongoing balance requirements. Its other features include access to KeyBank and Allpoint ATMs, online bill pay, early direct deposit, Zelle and overdraft protection. It earns just 0.01% APY on all balances.

Though this is a free account, Laurel Road charges fees for some activities, including out-of-network ATM use, ATM statements, stop payments and overdrafts.

If you’re looking for a cash-back debit card, this is not the right checking account for you. Instead, check out Axos Bank and Bank5 Connect for accounts that earn rewards on debit card spending.

Laurel Road Linked Checking

Laurel Road Linked Checking is specifically for student loan customers. It has the same basic banking features and fee structure as Loyalty Checking but differs from this account because it offers loan discounts instead of cash rewards. It barely qualifies as an interest-bearing account with an APY of just 0.01%.

The draw of Linked Checking is its student loan refinancing benefits. When you open an account, you receive a 0.25% rate reduction on your refinance loan for the first three billing cycles. After that, you can continue to earn a rate discount between 0.25% and 0.55% each billing cycle with qualifying ACH transactions. Your discount is determined by your credit history and direct deposit total—with 0.25% off for deposits of between $2,500 and $7,499 and 0.55% off for deposits greater than $7,500.

Laurel Road Savings

Laurel Road also has two savings accounts—a high-yield savings account and a linked savings account with student loan refinancing benefits.

Laurel Road High-Yield Savings

If you want to grow your savings, Laurel Road High Yield Savings® offers competitive rates with no monthly fee or minimum balance requirements. Currently, It earns 5.00% APY on all balance tiers.

This account limits withdrawals or transfers to seven per month, which is one more than many traditional banks and credit unions offer. However, Laurel Road doesn’t charge fees for exceeding this. Laurel Road does charge fees for incoming and outgoing wire transfers and transfers completed by a bank representative.

Laurel Road Linked Savings

Laurel Road’s Linked Savings account provides another path to lower student loan rates. You can qualify for a 0.25% rate reduction for the first two billing cycles when you refinance your student loans and open a Linked Savings account. After that, rate discounts range from 0.10% to 0.30%, based on your average daily balance. Like other Laurel Road accounts, Linked Savings has no monthly maintenance fee or account minimums.

Laurel Road Money Market Accounts

Laurel Road doesn’t offer any money market accounts at this time. To find the best money market account rates, start your search with online banks and credit unions.

Laurel Road CDs

Laurel Road doesn’t currently offer certificates of deposit (CDs) either. For the best CD rates, compare accounts with online banks such as EverBank and credit unions like CommunityWide Federal Credit Union.