Laurel Road Review 2024

Laurel Road is a digital banking platform originally known for student loan refinancing. Since its founding in 2013, the financial technology (fintech) company has expanded its offerings to include checking and savings accounts, credit cards and other personal banking products and services. Laurel Road provides bank accounts to the general public in addition to offering specialized services for healthcare professionals.

As an online-only platform, Laurel Road does not operate physical branch locations. And though KeyBank acquired Laurel Road in April 2019, Laurel Road banking customers cannot visit KeyBank branches to service their accounts. Laurel Road checking account holders can, however, withdraw money fee-free at over 40,000 KeyBank and Allpoint ATMs nationwide.

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 $100 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 April 30, 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.

FEATURED PARTNER OFFER

Axos Bank Rewards Checking

Annual Percentage Yield

Accurate as of 8/09/2023

Up to 3.30%

on balances up to $50,000

Minimum Deposit Requirement

$50

Monthly Maintenance Fee

$0

Learn More

On Axos Bank's Website. Use Promo Code "AXOS300" by 06/30/2024 for an up to $300 bonus. Then have qualifying direct deposits to earn up to a $300 bonus!† Terms apply

Accurate as of 8/09/2023

Up to 3.30%

on balances up to $50,000

$50

$0

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 5.15% 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.

Credit Cards

The Laurel Road Student Loan Cashback® Card* is the bank’s only credit card offering. The no-annual-fee card earns 2% cash back in rewards for every dollar spent on eligible purchases if redeemed towards student loans and 1% cash back per dollar spent on eligible purchases, terms apply. It also features a 0% intro APR for the first 12 billing cycles on balance transfers made within the first 60 days of account opening. After that, a variable APR of 19.24% - 28.24% on purchases and balance transfers applies. Balance transfer fee is $10 or 3% of the amount of each transaction, whichever is greater.

Loans

Laurel Road built its reputation on its lending products and services. The platform continues to offer several loan options, including:

• Student loan refinancing
• Parent student loan refinancing
• Personal loans
• Credit card debt consolidation loans
• Home renovation loans
• Major purchase loans
• Relocation loans
• Mortgage lending

Laurel Road accounts can be managed online or through the platform’s mobile app, available for iOS and Android. The app scores highly with users, with a rating of 4.6 out of 5 stars on the App Store and 4.5 out of 5 stars on Google Play.

The company’s digital banking tools provide 24/7 access to mobile check deposits, online bill pay, Zelle and other account management tools and resources.

Laurel Road does not charge monthly service fees for any of its checking or savings accounts, but that doesn’t mean these products are entirely free. You can expect to pay for certain services and activities.

Laurel Road banking fees include:

• Out-of-network ATM fee: $3 for domestic withdrawals and $5 for international withdrawals
• Stop payment fee: $34
• Overdraft fee: $20 each (up to three times per day and 20 times per month)
• Recurring overdraft service fee: $20
• Incoming wire transfer fee: $20
• Outgoing wire transfer fee: $30 for domestic transfers and $45 for international transfers
• Statement request fee: $6

In terms of how customers feel about Laurel Road, bank reviews are generally average for the financial platform. The company has a rating of 3 out of 5 stars on Trustpilot, which is fairly typical for banking, and it responds to many consumer comments—positive or negative. Both Laurel Road and KeyBank have A+ Better Business Bureau (BBB) ratings.

But if you’re wondering how Laurel Road compares to other banks overall, read more about how it stacks up against a few popular alternatives.

Laurel Road vs. SoFi

SoFi is another option to consider if you’re looking for just checking and savings accounts. The online bank offers a combination SoFi Checking and Savings Account that includes a host of perks when you set up direct deposits, but it doesn’t have standalone accounts. SoFi also doesn’t offer rate discounts on its student loan products, but that doesn’t mean it’s a lesser option than Laurel Road. With qualifying direct deposits, you can earn up to 4.60% APY on savings and up to 0.50% APY on checking balances.

Similar to Laurel Road, SoFi doesn’t charge a monthly fee or have minimums. SoFi also provides many of the same types of loan options as Laurel Road, in addition to member benefits like partner discounts and experiences. Consider SoFi if you want to earn interest and Laurel Road if you want to save on your loan or keep your savings and checking accounts separate.

Laurel Road vs. Discover

Discover may be a better fit than Laurel Road if you’re looking for full-service online banking. Beyond its popular credit cards, Discover offers a wider range of banking products than Laurel Road. In addition to a competitive high-yield savings account and cash-back rewards checking account, Discover has short- and long-term CDs and a high-yield money market account. The online bank also caters to those in the market for student, personal and home loans.

Laurel Road vs. UFB Direct

Few banks compare to UFB Direct for sheer interest-earning potential. UFB Secure Savings currently earns up to 5.25% APY on all balance tiers, with no minimums or monthly fees. The savings account even comes with an ATM card. You can earn a boosted rate of up to 5.45% APY on your savings when you open a UFB Freedom Checking Account with a Secure Savings account. UFB Direct provides home loan solutions through its parent company, Axos Bank, but it does not offer the range of lending products or discounts available with Laurel Road.

Forbes Advisor rates banks, credit unions and fintech companies based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks using a scale of one to five stars, with one star as the poorest rating and five stars as the best.

To learn more about our review methodology and editorial process for rating products and institutions, visit our guide on How Forbes Advisor Reviews Banks.