Laurel Road Review April 2024: checking, high-yield savings, and student loans
Laurel Road is best known for its student loan products, but it’s expanded its repertoire to online banking products, such as checking, high-yield savings, and lending thanks to joining the KeyBank family in 2019. Headquartered in New York, Laurel Road doesn’t have any physical branches as it operates entirely online.
Our review details its personal banking products. All rates and fees are current as of March 22, 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 |
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
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 5.00% APY.
Laurel Road savings rates compared to current top rates*
Laurel Road provides some of the most competitive interest rates on savings accounts, but its checking rates aren’t great. See our list of the high-yield savings accounts to compare rates.
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.
For a comprehensive list of other top online banking options, explore this resource of the best online banks and credit unions.
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 | $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 |
| See more comparisons | View offer | View offer |
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
Is Laurel Road a legitimate bank?
Despite what some Reddit users might suggest, Laurel Road is a legitimate bank that is a brand of KeyBank. Laurel Road is tailored toward those in the healthcare and business fields and is an online-only bank with no branches.
Is Laurel Road FDIC-insured?
KeyBank, N.A., being FDIC-insured, means that deposits in Laurel Road are also FDIC-insured up to $250,000.
Is Laurel Road owned by KeyBank?
Yes, KeyBank owns Laurel Road. It became part of its brands in April 2019.
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.