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.
- Reduce your student loan refi rate.
- No monthly fees or minimum balance requirements
- Earn a $500 welcome bonus with your first direct deposit
Laurel Road Banking Details
Laurel Road Checking And Savings
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%
Earn a $500 bonus after opening up a checking account and setting up qualifying direct deposits
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.
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
$0 – $2,499
$2,500 – $7,499
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
2-Month Intro Discount
$0 – $999
$1,000 – $9,999
$10,000 – $19,999
$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.
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:
Up to 0.55% Discount
40,000+ Free ATMs
60,000+ Free ATMs
How Do I Open An Account?
Ready to open a Laurel Road checking account? Start by clicking on the 'Get Started' button.
You’ll arrive at a form that asks for your basic information. You should be prepared to provide your name, email, birthday, phone number, address, citizenship status, and Social Security number to start.
Additionally, you’ll be asked to provide information about your education. Some of the required detail include your employment status, your loan balance, the degree you are refinancing, your graduation date, and the school you attended.
Finally, you’ll need to agree to a soft credit pull. From there, you’ll see your offered loan rates and will be able to add your deposit account of choice.
Is It Safe And Secure?
Laurel Road is owned by KeyBank, which provides bank-level security for your financial information. Additionally, KeyBank is a Member FDIC. That means your funds are protected for up to $250,000. Overall, I would feel safe working with Laurel Road with these security measures in place.
How Do I Contact Laurel Road?
Laurel Road Banking offers an option to email them through a form or you can email firstname.lastname@example.org. But you can also use a live chat feature to get in contact with a customer service representative 7 days a week.
If you prefer to call, the number is 1-833-427-2265. You can reach out between 7 AM and 11 PM every day of the week.
The company has earned 4.1 out of 5 stars on Trustpilot. But keep in mind that its banking products are relatively new.
Is It Worth It?
Laurel Road Banking offers a unique opportunity to tap into lower interest rates on student loan refinancing. Depending on your student loan amounts, this feature could actually save you a lot more money over time than you'd earn in interest with a traditional checking or savings account.
However, you'll want to choose a different banking solution if aren't planning to refinance student loans with Laurel Road. If want to explore your options, check out our favorite free checking and high-yield savings accounts.
Laurel Road Banking Features
Intro Rate Discount
Post-Intro Rate Discount
None (online-only bank)
40,000+ no-fee KeyBank and Allpoint ATMs
Customer Service Number
Customer Service Hours
7 AM - 11 PM (ET)
Mobile App Availability
iOS and Android
17534 (through KeyBank)
Earn a $500 bonus after opening up a checking account and setting up qualifying direct deposits
Laurel Road Banking Review
Fees and Charges
Ease of Use
Tools and Resources
Products and Services
Laurel Road Banking offers low-fee checking and savings accounts that can reduce your student loan refinancing rate.
- $500 welcome bonus on checking
- Intro rate discount of 0.25%
- Ongoing discounts of up to 0.55%
- No monthly fees
- Over 40,000 no-fee ATMs
- Pays virtually zero traditional interest
- Only one type of deposit account (checking or savings) can be opened
- Must refinance student loans to add a deposit account
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.