Laurel Road Review 2024

Advertiser disclosure: Content provided by www.redventures.com. Fox and its content partners earn compensation from the affiliate companies below. This content doesn’t include all available offers, and compensation may impact how and where links appear in the content.

Laurel Road is a banking platform ideal for consumers who prioritize competitive interest rates, minimal fees, and a seamless digital banking experience. The bank's unique perks, such as student loan discounts, make it particularly appealing to certain customers. 

Here’s what you need to know about Laurel Road, including its features, benefits, and potential drawbacks, to help you decide if it's the right choice for your goals. 

About Laurel Road 

Laurel Road is a digital banking platform founded in 2013. Initially specializing in student loan refinancing, Laurel Road has expanded its offerings to include personal banking services, such as checking and savings accounts, as well as credit cards and personal loans.

As a division of KeyBank, Laurel Road leverages the strength and stability of a well-established financial institution while maintaining its innovative, digital-first approach. 

Laurel Road doesn't currently offer certain banking products like CDs or money market accounts.

Laurel Road Bank accounts 

Laurel Road checking accounts 

• Minimum deposit to open: $0
• APY: 0.01%
• Monthly maintenance fee: None 
• Minimum balance requirement: None 
• ATM rebate: N/A

Laurel Road offers two rewards checking accounts: Loyalty Checking and Linked Checking. Both accounts are structured similarly, but each offers different rewards. 

The Loyalty Checking account offers cash back rewards if you meet the direct deposit requirements. If you receive at least $2,500 in qualifying ACH deposits in a statement period, you can earn a $20 reward in the first year. After the first year, that amount drops to $10. 

The Linked Checking Account is best for Laurel Road student loan customers. It offers refinancing benefits. You’ll get an initial 0.25% off your interest rate for the first three months of account opening. After that, your rate discount will vary between 0.25%-0.55% depending on your total direct deposit amount. 

Both checking accounts have no minimum balance requirements or monthly maintenance fees. You can also access over 40,000 in-network ATMs, online bill pay, early direct deposit, and overdraft protection. 

Laurel Road high-yield saving accounts 

• Minimum deposit to open: $0
• APY: 5.00%
• Monthly maintenance fee: None 
• Minimum balance requirement: None 

Laurel Road's high-yield savings account offers a competitive 5.00% APY. This isn’t the highest rate, but it’s very competitive compared to traditional savings accounts. 

The account has no minimum balance requirements or monthly maintenance fees, ensuring your money works harder without unnecessary costs. You can easily set up automatic transfers from your checking account to boost your savings consistently. 

Remember there are limits to the amount of monthly transactions you can make. There are also fees for wire transfers. 

Laurel Road also offers a Linked Savings Account, which works similarly to the Linked Checking Account. You’ll get an initial 0.25% off your interest rate for the first three months of account opening. After that, your rate discount will vary between 0.10%-0.30% depending on your total direct deposit amount.

Additional services Laurel Road offers

In addition to its checking and savings accounts, Laurel Road offers: 

• Credit card: Laurel Road offers a cash back credit card with no annual fee and a competitive rewards program.
• Personal loans: Customers can apply for loans with fixed rates and flexible repayment terms.
• Student loan refinancing: Laurel Road specializes in helping graduates refinance their student loans to potentially lower their interest rates and monthly payments.

Laurel Road online and mobile banking experience 

Laurel Road's website is intuitive, allowing you to view account balances, transfer funds, pay bills, and manage your profile with just a few clicks.

Laurel Road’s mobile banking app is a win with customers. It has 4.6/5 stars on the App Store and 4.4/5 on Google Play. With the app, customers can:

• Check account balances and transaction history
• Deposit checks using mobile check deposit
• Transfer funds between Laurel Road accounts and external banks
• Pay bills and manage bill-pay recipients
• Locate in-network ATMs
• Contact customer support
• Monitor your credit score 

Laurel Road fees 

One of the advantages of banking with Laurel Road is its minimal fee structure. The bank doesn't charge monthly maintenance fees for checking or savings accounts. There are also no minimum balance requirements to open an account.

However, there are a few fees to be aware of:

• Out-of-network ATM fee: $3
• Outgoing wire transfer fee: $30 for domestic transfers and $45 for international transfers 
• Incoming wire transfer fee: $20

Laurel Road offers fee-free access to over 40,000 ATMs nationwide. While the bank's ATM access is sufficient for most, it may be a consideration for those who frequently rely on cash transactions.

Laurel Road customer service

Laurel Road offers multiple support channels, including:

• Phone support: Available Monday through Friday, 8 a.m. to 8 p.m. ET
• Email support: Typically responded to within 1-2 business days
• Secure online messaging: Available through the online banking platform and mobile app
• FAQs and online resource center: Provides answers to common questions and educational materials. 

The bank currently has a 2.9-star review on Trustpilot. Most reviews noted high APY and an easy sign-up process. However, several complained of being randomly locked out of their accounts or having funds held for lengthy periods. 

Is Laurel Road a good bank to bank with? 

Laurel Road is an excellent choice to earn a competitive rate on your savings and access unique perks like student loan discounts. The bank’s lack of fees and requirements makes it appealing to all types of consumers. 

This banking platform is especially ideal if you want to link your student loans to your bank accounts. 

However, Laurel Road may not be the best fit for everyone. If you want a wider range of account options, such as CDs or money market accounts, or if you prefer the convenience of in-person banking, you may want to consider other options. 

How we rated this bank 

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all financial institutions on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

Interest rates, fees, and requirements (60%)

Laurel Road scores highly in several key areas, including its competitive interest rate on high-yield savings accounts, minimal fees, and lack of minimum deposit or balance requirements. These factors make it an attractive option to maximize your savings without incurring extra costs.

Product mix and accessibility (20%)

Laurel Road only offers checking and savings accounts. You'll have to look elsewhere if you’re looking for CDs or money market accounts. Also, as an online-only bank, there are no physical branches. 

Digital experience (10%) 

The bank's digital experience is another strong point, with a user-friendly website and highly-rated mobile app that offers a range of features to manage accounts on the go. 

Customer Service (10%)

Customer service is available by phone, email, and chatbot, but phone hours are limited, and the chatbot doesn't seem very responsive, based on reviews. The lower Trustpilot rating also suggests some customer frustrations.

The bottom line 

Laurel Road offers a compelling online banking experience with competitive rates, minimal fees, and a user-friendly digital platform. The bank's checking and savings accounts and perks for student loan borrowers make it a great choice for many consumers. 

While the bank's limited account options and lack of physical branches may not suit everyone, Laurel Road's offerings make it worthwhile for anyone looking to simplify their banking experience and maximize their savings. 

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.