Laurel Road Review July 2024: checking, high-yield savings, and student loans

Our review details its personal banking products. All rates and fees are current as of July 2, 2024, and are subject to change. 

Laurel Road

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with as little as $0
Specialty:	Student loan refinancing

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Pros and Cons

Pros

• Attractive 5.00% annual percentage yield (APY) on savings accounts
• No monthly fees
• Send money with Zelle

Cons

• There are no bank branches, it’s all online
• Numerous reports of new accounts having their money tied up for months while awaiting verification it isn’t fraud

Who is Laurel Road good for?

Laurel Road’s bread and butter is student loan refinancing, and it offers several account perks designed specifically for those who maintain student loans with it. Additionally, its high-yield savings accounts make them an attractive option for those who are only looking for a place to park a chunk of change.

Who shouldn’t use Laurel Road?

Laurel Road is an online bank, so you won’t have any branches you can stop in, despite its affiliation with KeyBank. It also doesn’t offer money market accounts (MMAs) or CDs, so if you want a wide variety of product options under one banking roof, look elsewhere.

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Laurel Road rates and products

As an online bank, Laurel Road doesn’t offer many products you might find in a bank that operates both online and through local branches. However, it offers high-yield savings accounts, a variety of checking accounts, and student loans.

Checking accounts

Laurel Road offers three different types of free checking accounts: Laurel Road Checking Account, Laurel Road Loyalty Checking Account, and Laurel Road Linked Checking Account. There are no monthly fees, and no minimum deposit is required to open the account. 

Laurel Road is one of the few banks with a free checking account that also offers a checking account bonus and continues to reward you for qualifying direct deposits to your account. It pays $20 monthly for the first year and $10 monthly after that.

Savings accounts

The best high-yield savings accounts charge no monthly fees and have no minimum deposit. Laurel Road is no different and offers a competitive 5.15% APY.

Laurel Road savings rates compared to current top rates*

Laurel Road provides some of the most competitive interest rates on savings accounts—see how it stacks up against its competitors:

Other services Laurel Road offers 

• Personal loans: Whether you're renovating your home, relocating, consolidating credit card debt, or making a major purchase, Laurel Road has several loan options available. 
• Credit cards: With the Laurel Road Student Loan Cashback Card, get 2% cash back toward your student loans and 1% cash back toward all other eligible purchases.
• Student loans: One could argue that Laurel Road is a student loan refinance company with a side hobby of providing banking services. Many of its services are related to its student loan offerings. For example, opening a checking account can lead to much cheaper refinance rates. 
• Mortgages: While Laurel Road doesn't have mortgages, it can refer you to KeyBank for your home loan.
• Online banking: Laurel Road is an online bank with no physical branches. All banking, including transfers, deposits, and bill payments, is handled through its online portal and mobile app. 

The Laurel Road platform and customer support 

You may reach Laurel Road by telephone Monday through Friday from 8 a.m. to 8 p.m. Eastern time, via email at help@laurelroad.com, through live chat five times per week, and via its contact form on its website. You can view your accounts online or via its mobile app, which has 4.6 stars out of 5 on the App Store with 1,100 reviews. Its Android app has 4.4 out of 5 stars on the Google Play store with 279 reviews. 

Is Laurel Road secure?

If you were to Google Laurel Road data breaches, you’re not going to find anything. However, in 2022, KeyBank, the banking infrastructure Laurel Road operates under, had a data breach with a third-party service provider that impacted its mortgage customers. 

Laurel Road user reviews

Most of the customer reviews, especially in recent months, complain about negative experiences they've had with account access issues. Many users on Trustpilot and in Reddit forums report their accounts were locked, and some have had their money tied up for months with little communication from Laurel Road. Positive reviews talk about how easy the app is to use, although these are far fewer than the negative experiences customers have shared. Out of 557 Trustpilot reviews, it has 3.0 out of 5 stars, with 20% of those being 1 star.

Compare Laurel Road alternatives

Laurel Road	SoFi Checking & Savings	Ally
Standard checking account bonus	Standard checking account bonus	Standard checking account bonus
$100	Up to $300*	N/A
Top CD APY	Top CD APY	Top CD APY
N/A	N/A	4.75%
Online banking	Online banking	Online banking
Yes	Yes	Yes
View offer at Fiona	View offer at SoFi	View offer at Bankrate

*New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.60% 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 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Is Laurel Road right for you?

Laurel Road is ideal for customers who appreciate the efficiency of banking online as well as those who either have student loans they're looking to refinance or who are in the process of getting student loans. Its high-yield savings accounts are also an attractive option. However, it might not be a great fit for someone who values being able to stop into a physical branch or who wants a CD or MMA. 

Frequently asked questions