Laurel Road Bank review
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
Overview
Laurel Road is a fintech company offering a variety of financial products and services, including home and personal loans, credit cards and a handful of deposit accounts. While there’s ATM access, Laurel Road doesn’t have branches. As such, Laurel Road is best for customers who are comfortable with solely banking online.
Highlights:
High APY No Min Balance No Monthly FeesHighlights:
Checking
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Laurel Road offers a couple of checking and savings accounts with competitive yields and unique perks. Yields can be earned with as little as one cent. And while most banking at Laurel Road comes without fees, there are a couple that stand out, including overdraft fees that can be charged three times a day.
Pros
-
The High Yield Savings account comes with a high APY.
-
There are no monthly maintenance, excessive withdrawal or non-sufficient funds fees.
-
The Loyalty Checking account rewards you with cash for making qualifying direct deposits.
-
Customers get access to approximately 40,000 ATMs nationwide.
Cons
-
Using out-of-network ATMs comes with a $3 fee.
-
There are limits on debit card transactions.
-
Laurel Road charges overdraft fees.
Laurel Road banking products
Laurel Road savings overview
Laurel Road’s High Yield Savings account is easy to open because there isn’t a minimum balance or opening balance requirement. The account offers a rather competitive annual percentage yield, or APY, which you can start earning with as little as one cent. There’s no monthly maintenance fee, and customers can make unlimited withdrawals out of the account.
Account holders have a variety of ways they can deposit money into Laurel Road’s High Yield Savings, including mobile check deposit, direct deposit and domestic wire transfer.
Pros
-
Laurel Road’s High Yield Savings offers a high APY.
-
You earn a high yield on any balance.
-
There are no monthly maintenance or excessive withdrawal fees.
-
There’s no minimum balance or opening balance requirement.
Cons
-
Domestic wire transfers come with a $20 fee.
-
There’s a $3 fee if a bank representative helps you transfer money between accounts.
-
Laurel RoadAPYAPY last updated between 2/15 and 2/21.APYAPY last updated between 2/15 and 2/21.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $20 |
| Non-sufficient funds fee | None |
| Account maintenance fees | None |
| Out-of-network ATM fee | $3 |
| Excessive transaction fee | None |
Customer experience
Customer support. Customers can contact Laurel Road through an online form, email and phone. Service hours are 8 a.m. to 8 p.m. Eastern time, Monday through Friday. There is no customer support on weekends.
Mobile app. While not many users have reviewed it, Laurel Road’s mobile app receives high marks on the Apple App and Google Play stores. The app features all the essentials of digital banking, including access to Zelle, bill pay, mobile check deposit and access to account statements and tax forms.
About Laurel Road Bank
While Laurel Road is a fintech company — not a bank — it’s a division of KeyBank, which is a member of the Federal Deposit Insurance Corporation (FDIC). Through KeyBank’s membership, Laurel Road accounts are FDIC-insured up to the limit allowed by law: $250,000 per depositor, per FDIC-insured bank, per ownership category.
Laurel Road offers a handful of financial products and services, ranging from student refinance services, personal and home loans, credit cards and deposit accounts.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
Thank you for sharing your experience with Bankrate
