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Laurel Road Banking Review | Checking And Savings

Laurel Road Banking

What if your checking account or savings account could reward you with a discount on your student loan interest rate? That’s a possibility when you're a Laurel Road Banking customer.

You have the most to gain from Laurel Road banking if you're looking to manage your loans and your bank accounts all in one place. With a unique combination of services and incentives, Laurel Road could be exactly what you are looking for.

Let’s take a closer look at what Laurel Road Banking has to offer. 


Laurel Road

Quick Summary

  • Reduce your student loan refi rate.
  • No monthly fees or minimum balance requirements 
  • Earn a $500 welcome bonus with your first direct deposit
OPEN AN ACCOUNT

Laurel Road Banking Details

Product Name

Laurel Road Checking And Savings

Monthly Fees

$0

Intro Rate Discounts

Checking: 0.25% (For 3 Months)

Savings: 0.25% (For 2 Months)

Post-Intro Rate Discounts

Checking: Up to 0.55%

Savings: Up to 0.30%

Promotions

Earn a $500 bonus after opening up a checking account and setting up qualifying direct deposits

Table of Contents
What Is Laurel Road Banking?
What Does It Offer?
Are There Any Fees?
How Does Laurel Road Banking Compare?
How Do I Open An Account?
Is It Safe And Secure?
How Do I Contact Laurel Road?
Is It Worth It?
Laurel Road Banking Features

What Is Laurel Road Banking?

Since launching in 2013, Laurel Road has become best known for its student loan refinancing opportunities. Throughout its tenure, the company has provided professionals the opportunity to consolidate and refinance more than $9 billion in both federal and private student loans.

Back in 2019, Laurel Road was acquired by KeyBank. With that, the platform has evolved to place more focus on providing useful banking products. The company kicked off this effort by launching its "Linked Savings" accounts. Just a few months later in September 2021, Laurel Road launched its new checking account option. It also offers a cashback credit card.

The new digital banking platform is designed to suit the needs of professionals with student loan refinancing goals. You’ll have the opportunity to open a Laurel Road Checking or Laurel Road Linked Saving account during the refinancing process. At that point, you can tap into lower APRs on your refinanced student loans.

What Does It Offer?

While Laurel Road also offers a cashback credit cards, this review will focus on the company's checking and savings products. Here’s what you need to know about them.

Student Loan Interest Rate Reductions

If you refinance your student loans with Laurel Road, you can lower your refi rate by opening a checking account or savings account at the same time.

Note that you can't open both account types with Laurel Road. At the end of your student loan refinancing process, you'll have the option to add either a Checking or Linked Savings account to reduce your interest rate.

Checking

To kick things off, Laurel Road provides a 0.25% rate discount to all new checking account customers. This introductory rate discount will last for three months. After the three-month introductory period, you can still enjoy a potential rate discount if you make qualifying direct deposits.

The size of your discount will vary based on your qualifying monthly direct deposits. The minimum monthly direct deposit required to receive a discount is $2,500. For monthly direct deposits ranging from $2,500 to $7,499, you'll get a 0.25% rate discount. And if your monthly direct deposit is more than $7,500, you'll enjoy a rate discount of 0.55%.

Rate Discounts For Laurel Road Checking

Direct Deposit Amount

3-Month Intro Discount

Post-Intro Discount

$0 – $2,499

0.25%

0.00%

$2,500 – $7,499

0.25%

0.25%

$7,500+

0.25%

0.55%

Savings

Laurel Road also offers a 0.25% intro rate discount on its savings account. But while the checking account promotion period is three months, the savings account intro discount only lasts for two months.

After your first two months, you can still earn a discount of up to 0.30% on your Laurel Road refinanced student loans. You'll need a savings balance of at least $1,000 to lower your rate by 0.10%, $10,000 to receive a 0.20% discount, and $20,000 to earn the 0.30% rate reduction.

Rate Discounts For Laurel Road Savings

Savings Balance

2-Month Intro Discount

Post-Intro Discount

$0 – $999

0.25%

0.00%

$1,000 – $9,999

0.25%

0.10%

$10,000 – $19,999

0.25%

0.20%

$20,000+

0.25%

0.30%

$500 Welcome Bonus

You can earn a $500 welcome bonus for opening a Laurel Road Checking account and setting up a direct deposit. That’s a great way to score some extra cash just for handling your banking tasks.

You’ll need to receive direct deposits of $2,500 or more within the first 60 days to take advantage of this bonus.

Streamline Mobile App To Handle Banking Needs

You won’t have to forgo the convenience of a straightforward banking app to work with Laurel Road. The banking platform provides an easy-to-use app that will allow you to manage your funds efficiently with your smartphone.

A few of the tasks you can complete with the banking app include checking your account activity, using Zelle to send or receive funds, managing bill payments, and depositing checks.

Laurel Road Banking - Checking Features

Are There Any Fees?

Laurel Road Banking keeps its account fees to a minimum. There are no monthly maintenance fees or minimum balance requirements. Plus, you can avoid ATM fees with access to over 40,000 fee-free ATMs.

However, there are other fees you could encounter. These include:

  • Out-of-network ATM fee: $5
  • Stop payment charge: $34
  • Chargeback fee: $15
  • Overdraft fees:
    • Tier 1: $33 (first 2)
    • Tier 2: $38.50 (3 and above)
    • Recurring overdraft service charge: $28.50 (charged if your account remains overdrawn for five business consecutive days)
  • Paper statement fee: $10

How Does Laurel Road Banking Compare?

What sets Laurel Road apart is the ability to tap into potentially lower student loan refinancing APRs as a checking or savings account holder. If student loans are a big financial burden in your life, then every little discount can help. And with that, Laurel Road might be offering exactly what you’ve been looking for.

However, if you don't have student loans that you need to refinance, you'll want to choose a different bank that pays traditional interest. Technically Laurel Road's account are interest-bearing as well, but they pay very low interest (0.01% APY for checking and 0.03% APY for savings). Here's a quick look at how Laurel Road Banking compares:

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Laurel Road
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Axos Bank logo

Rating



This post first appeared on The College Investor | Investing And Student Loan, please read the originial post: here

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Laurel Road Banking Review | Checking And Savings

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