Laurel Road built a name for itself as a student loan refinancing company but they’ve recently expanded into online banking as well.
They now offer a full suite of financial services, from credit cards to mortgages to traditional banking.
Today, I’m excited to share with you a new offer where you can get up to $240 for opening a new Laurel Road Loyalty Checking account.
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🔃 Updated September 2024 with the latest details of the Laurel Road offer, the bonus remained the same and the offer expires on 10/15/2024.
Laurel Road Checking – up to $240
The bonus on their Laurel Road Checking is up to $240 and to get it, you have to satisfy a few simple conditions.
First, you can earn $300 when you open an account and make qualifying ACH direct deposits totaling $2,500 or more per month, starting within 60 days of account opening. This is, by itself, a OK bonus offer for something so simple but it improves.
Then, you continue earning a $20 cash reward for every month you make qualifying ACH direct deposits during the first 12 months, and $10 for every month after that for as long as you have the account.
That’s up to $240 in your first year and you continue to get $10/month after that. For as long as your account is open. So, that’s another $120 each year.
No minimum deposit needed to open, no monthly maintenance service charge, and a sliver of interest (it’s better than zero but not much).
Learn more
(This offer expires none listed)
Laurel Road Referral Program
Once you have an account, you can begin earning cash rewards for each friend you refer that refinances a student loan, refinances a personal loan, or opens a new credit card. The limit is $400 a year (up to 10 referrals).
You can read more about their refer a friend program here.
Reader Experiences
From WalletHacks reader S.W.:
This is one I’ve done almost 2 years and it’s great one for both my wife adn I. We are already into this into our 2nd year. I was able to qualify easily but my wife got declined the first time around since [ChexSystems report] denied her on the online application process. But perseverance played a part in it and she eventually got approved. They have a great 5.10% APY Savings rate, pay you a day early for [direct deposit], and the promo does require $2,500 per month for the bonus which is not a problem as we deposit $1,250 ppd. Awesome deal and highly recommend as this is one of my favorites bank promo with an ongoing rates that’s hard to beat elsewhere.
And from reader George:
Don’t forget that they also have a savings account that pays 5.15% interest. Nothing compared to the State income tax free ETF, SGOV; which is the absolute best for safe, access on short notice savings vehicle 😀
Easy as can be. The $2500 per month is on the high side, but I like the $20 and then $10 per month. Its like a monthly bank free in reverse 😀
How Does This Compare?
Laurel Road’s offer is a nice one because you can get paid quite a bit in your first year but also because you can get $10 a month after the first year’s offer runs out. This type of reward structure is rare and while you could make more money opening another account elsewhere, it is nice that you can get a little cash if you stay put.
Here are some of the other competitive bank offers we track:
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 31, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
BMO Checking – $300
BMO is offering a $300 bonus* when you open a BMO Checking account and have $4,000 in direct deposits within 90 days of opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $300 Bonus Offer
Bank of America offers a $300 Bonus Offer cash bonus if you open a new account and Set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
Hey Jim,
For the 20$ / month reward, how much does the direct deposit need to be (monthly)?
Thanks
Hugo – there doesn’t appear to be a minimum listed.
Great offer. Also pays interest?
Yes!