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Laurel Road Bank review 2024

Updated April 25, 2024
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At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 5 stars out of 5

About Bankrate Score

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 Monthly Fees
  • No Min Balance
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/19/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 5/19/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 5/19/2024
Rating: 4.7 stars out of 5
$0
Minimum deposit
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Promoted offer:

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

  • Checkmark

    The High Yield Savings account comes with a high APY.

  • Checkmark

    There are no monthly maintenance, excessive withdrawal or non-sufficient funds fees.

  • Checkmark

    The Loyalty Checking account rewards you with cash for making qualifying direct deposits.

  • Checkmark

    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

5.0
Rating: 5 stars out of 5
Bankrate Score

Laurel Road savings overview

Laurel Road offers two savings accounts: Linked Savings and High Yield Savings. This review covers the latter.

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

  • Checkmark

    Laurel Road’s High Yield Savings offers a high APY.

  • Checkmark

    You earn a high yield on any balance.

  • Checkmark

    There are no monthly maintenance or excessive withdrawal fees.

  • Checkmark

    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.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Laurel Road
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/19/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

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

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.