Laurel Road has one of the best high-yield savings accounts right now. It also might be a good fit if you want an online bank account that offers discounts for student loan refinancing. Just keep in mind that Laurel Road student loans is a private lender, which means you lose any benefits or protections you may have had with federal student loans.
Laurel Road Overall Rating
| Feature | Personal Finance Insider Rating (out of 5) |
| High-yield Savings | 4.25 |
| Linked Savings | 3.5 |
| Loyalty Checking | 4.25 |
| Linked Checking | 3.5 |
| Trustworthiness | 3.5 |
| Total | 3.75 |
Laurel Road Pros and Cons
| Pros | Cons |
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Laurel Road High Yield Savings Review
$0 monthly service fee
3.80%
$0
- Competitive interest rate
- No minimum balance requirements
- No monthly maintenance fees
- Cannot deposit cash
- Laurel Road is an online brand of KeyBank, N.A.
- Interest compounded daily and deposited monthly
- FDIC insured
You'll earn a competitive 3.80% 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 $0 minimum opening deposit and $0 monthly service fee.
Laurel Road Linked Savings Account Review
no monthly service fee
0.03%
$0
- No minimum opening deposit
- No monthly service fees
- You may qualify for a discount on refinanced student loan rates
- Pay a low interest rate
- Cannot deposit cash
- Laurel Road is an online brand of KeyBank, N.A.
- To receive student loan discounts, you must have loans from a Title IV school and refinance with Laurel Road
- You’ll receive a 0.25% discount for the first two billing cycles, then your discount depends on your monthly savings account balance: 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; no discount for balances of $999 or less
- The rate is based on your average daily savings account balance for the previous month.
- Interest earned is compounded daily and deposited monthly
- FDIC insured
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 Laurel Road Linked Savings Account. 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 $0 minimum deposit and no monthly service fee, but you'll earn a paltry 0.03% 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
no monthly service fee
0.01%
$0
- You may qualify for a bonus
- You may qualify for a $20 monthly cash reward for the first year, then a $10 monthly cash reward after the first year
- No minimum opening deposit
- No monthly service fees
- Free overdraft protection if you set up automatic transfers from savings, or cover it with your Laurel Road credit card
- $3 out-of-network ATM fee ($1.50 for checking your account balance, $5 international ATM fee)
- Cannot deposit cash
- $20 overdraft fee
Laurel Road has one of the best high-yield savings accounts right now. It also might be a good fit if you want an online bank account that offers discounts for student loan refinancing. Just keep in mind that when you refinance student loans with a private lender, you lose any benefits or protections you may have had with federal student loans.
Laurel Road Loyalty Checking Account- Laurel Road is an online brand of KeyBank, N.A.
- 40,000 free ATMs in the KeyBank and Allpoint networks
- To earn $20 monthly bonus ($10 after the first year), make $2,500 in qualifying direct deposits for the statement period; money will show up in your account the following statement period
- Member FDIC
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 Laurel Road Loyalty Checking Account.
There is a $0 minimum opening deposit and no monthly service fee. 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
no monthly service fee
0.01%
$0
- You may qualify for a monthly discount on refinanced student loans
- No minimum opening deposit
- No monthly service fees
- Free overdraft protection if you set up automatic transfers from savings, or cover it with your Laurel Road credit card
- $3 out-of-network ATM fee ($1.50 for checking your account balance, $5 international ATM fee)
- $20 overdraft fee
- Cannot deposit cash
- After the first 3 months, you won’t receive a discount on refinanced student loans if you receive less than $2,500 in direct deposits in a month
Laurel Road has one of the best high-yield savings accounts right now. It also might be a good fit if you want an online bank account that offers discounts for student loan refinancing. Just keep in mind that when you refinance student loans with a private lender, you lose any benefits or protections you may have had with federal student loans.
Laurel Road Linked Checking℠- Laurel Road is an online brand of KeyBank, N.A.
- 40,000 free ATMs in the KeyBank and Allpoint networks
- If you refinance your student loans with Laurel Road and link them to the Linked Checking Account, you can qualify for discounts on your refinanced loan by making direct deposits
- For the first three months, you’ll earn an intro monthly discount of 0.25% regardless of your direct deposit amount
- For the post-intro discount, receive a 0.55% discount for a month with direct deposits totaling $7,500 or more; 0.25% with direct deposits totaling $2,500 to $7,499; no discount with direct deposits totaling $2,499 or less
- Member FDIC
The Laurel Road Linked Checking℠ 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 no monthly service fee. 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 0.01% 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 Laurel Road Student Loan Cashback® 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 4.6 stars from around 1,000 reviews in the Apple store and 4.7 stars from around 250 reviews in the Google Play store.
Is Laurel Road Trustworthy?
Laurel Road has an A+ rating from the Better Business Bureau. 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.
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 account is important to you, know that Laurel Road High Yield Savings® pays 3.80% APY and the Bask Bank Interest Savings Account pays 4.35% APY.
Laurel Road vs. SoFi®
Laurel Road and SoFi have a few similarities, including zero monthly fees and no minimum opening deposit. Both are FDIC-insured, but SoFi offers up to $3 million in FDIC coverage through a network of participating banks and a bonus of up to $300 (terms apply). Also, SoFi® Checking and Savings (Member FDIC) is a hybrid checking/savings account, while Laurel Road has separate checking and savings options.
You'll earn up to 3.80% APY with SoFi, so it pays the same interest as 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), and more customer support hours.
Why You Should Trust Us: How We Reviewed Laurel Road Banking
We rated Laurel Road's accounts and services using Personal Finance Insider's bank account methodology. We generally look at customer support, mobile apps, security, 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.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Bonus Disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
APY disclosures: SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Fee Policy: SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. SoFi does charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. SoFi's fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Additional FDIC Insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
ATM Access: We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at our discretion at any time.
Early Access to Direct Deposit Funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the"30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
