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Laurel Road Overall Rating
| Feature | Insider Rating (out of 5) |
| High-yield Savings | 4.50 |
| Linked Savings | 3.75 |
| Loyalty Checking | 3.50 |
| Linked Checking | 3.50 |
| Trustworthiness | 3.50 |
| Total | 3.75 |
Laurel Road Pros and Cons
| Pros | Cons |
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Laurel Road High Yield Savings Review
You'll earn a competitive APY (Annual Percentage Yield) with Laurel Road's high-yield savings account. The rate applies to your entire account balance, with the disclaimer that Laurel Road might cap your opening deposit at $500,000.
In addition to a competitive interest rate, the account has a minimum opening deposit and .
Laurel Road Linked Savings Account Review
If you have a student loan from a Title IV school and refinance with Laurel Road, you can lower your refi rate by up to 0.30% when you open a . The rate is based on your average daily savings account balance for the previous month. The higher your balance, the more you can save. Here's a rundown of the discounts available at different balances:
- 0.30% discount for balances of $20,000 or more
- 0.20% discount for balances of $10,000 to $19,999
- 0.10% discount for balances of $1,000 to $9,999
- 0% discount for balances of $999 or less
A special introductory rate gives you a 0.25% discount on your refi rate for the first two billing cycles. There is a minimum deposit and , but you'll earn a paltry APY at any balance — which doesn't feel like much of a reward for stashing your cash. Still, the savings from the refi discount could outweigh any "losses" from the low APY.
Laurel Road Loyalty Checking Account Review
Laurel Road pays a $20 cash reward every month for the first year — and $10 a month after that — when you make qualifying direct deposits to your . You can also earn a bank account bonus if you make qualifying direct deposits totaling at least $2,500 within 60 days of opening the account.
There is a minimum opening deposit and . Laurel Road has a free network of 40,000 KeyBank and Allpoint ATMs. Still, you'll pay ATM fees of $3 at out-of-network machines and $5 at international ATMs, and $1.50 if you request to see your account balance at a machine. Convenience features include mobile check deposit, online bill pay, and the option to send money to friends and family via Zelle.
Laurel Road Linked Checking Review
The account has many of the same features as the Loyalty Checking account, including mobile check deposit, online bill pay, Zelle, the same ATM network, , and a bonus. Keep in mind, though, that you can open either a Linked Checking or Loyalty Checking account, not both.
Linked Checking offers a student loan refinance discount based on your qualifying monthly direct deposits. Here's how much you can save:
- 0.55% with direct deposits totaling $7,500 or more
- 0.25% with direct deposits totaling $2,500 to $7,499
- 0.00% with direct deposits totaling $2,499 or less
As with the Loyalty Checking account, you'll earn APY and pay a $20 overdraft fee, capped at three daily overdraft charges.
Note: You can't combine your student loan refi rate discounts by opening both a Linked Checking and Savings account.
About Laurel Road Banking
Laurel Road is an online institution best known for offering student loan refinancing. It also offers two checking accounts, two savings accounts, mortgages, personal loans, and a student loan cash-back credit card that lets you redeem 2% cash back toward your student loan or 1% cash back toward anything else. Several of Laurel Road's offerings are geared toward helping doctors, nurses, and dentists save money on their student loans.
Live support is available via phone or chat Monday through Friday from 8 a.m. to 9 p.m. ET. As an online-only bank, there are no physical branch locations. Laurel Road's parent company is KeyBank, which is a Member FDIC bank. As such, deposits at Laurel Road are FDIC-insured up to $250,000 per person, per account ownership type.
Laurel Road's mobile app has fewer reviews than many other online banks, with 4.1 stars from a little over 200 ratings in the Apple store and 3.8 stars from under 100 reviews in the Google Play store.
Is Laurel Road Trustworthy?
Laurel Road has an A+ rating from the Better Business Burea. Its parent company, KeyBank, has been a BBB-accredited business since 1933 and has an A+ rating.
A strong BBB grade indicates that a company responds to customer complaints, has transparent business practices, and makes truthful advertising claims. However, remember that BBB ratings don't guarantee a company's reliability or performance.
According to the Identity Theft Resource Center, Laurel Road has had no data breaches within the last five years. However, KeyBank had a data breach in 2022 that exposed mortgage customer records, including Social Security numbers, addresses, and account numbers.
The Consumer Financial Protection Bureau hasn't received any complaints about Laurel Road in the past year. However, it has received about 300 complaints about KeyBank, mostly involving grievances about managing or closing a checking or savings account.
Laurel Road Banking FAQs
Is Laurel Road a real bank?
Laurel Road is a real company that serves online customers nationwide. It is a subsidiary of KeyBank, whose roots trace back to 1825 with the founding of the Commercial Bank of Albany.
Is Laurel Road FDIC-insured?
Yes, Laurel Road accounts are insured through its parent company, KeyBank, a Member FDIC bank. Deposits are protected up to $250,000 per depositor, per account ownership type. This means that if Laurel Road or KeyBank shuts down, your deposited money will still be safe.
Does Laurel Road have any branch locations?
No, Laurel Road is a digital bank. All banking services are online; however, you can reach live customer support via phone or chat Monday through Friday from 8 a.m. to 9 p.m. ET.
When was Laurel Road founded?
Laurel Road has operated since 2013. In April 2019, it became part of KeyBank, a Member FDIC bank headquartered in Cleveland, Ohio.
What does Laurel Road offer?
Laurel Road offers student loan refinancing, mortgages, personal loans, checking accounts, savings accounts, and a student loan cash-back credit card that lets you redeem 2% cash back toward your student loan or 1% cash back toward anything else.
How Laurel Road Banking Compares
Laurel Road vs. Bask Bank
Laurel Road and Bask Bank both have FDIC insurance, zero monthly fees, no account minimums, and the option to add a joint account owner. However, the two banks differ in a couple of key areas.
Bask Bank offers two types of savings accounts (a high-yield account and a mileage rewards account) and high-yield CDs. Laurel Road has two types of savings accounts (one high-yield and one for student loan refi discounts) and two types of checking accounts (one for cash rewards and one for refi discounts). So your choice could come down to what type of account you want.
If a high-yield savings acc out is important to you, know that pays APY, while the pays APY.
Laurel Road vs. SoFi
Laurel Road and SoFi have a few similarities, including zero monthly fees, no minimum opening deposit, and a welcome bonus ( at Laurel Road and at SoFi; terms apply). Both are FDIC-insured, but SoFi offers up to $2 million in FDIC coverage through a network of participating banks. Also, is a hybrid checking/savings account, while Laurel Road has separate checking and savings options.
You'll earn with SoFi, so it pays less interest than Laurel Road's high-yield savings account. However, SoFi offers a more extensive ATM network (55,000+ ATMs versus Laurel Bank's 40,000 ATMs), zero overdraft fees (Laurel Road charges $20), more customer support hours, and 15% cash back at local retailers when you use your SoFi debit card.
Why You Should Trust Us: How We Reviewed Laurel Road Banking
We rated Laurel Road's accounts and services using Insider's bank account methodology. We generally look at customer support, mobile apps, ethics, and other factors depending on the type of account we're reviewing. For example, we consider overdraft fees for checking accounts and interest rates for savings accounts.
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