Laurel Road Bank review
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Edited by
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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 Savings rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 Savings rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 CD 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.
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.
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.
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
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The High Yield Savings account comes with a high APY.
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There are no monthly maintenance, excessive withdrawal or non-sufficient funds fees.
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The Loyalty Checking account rewards you with cash for making qualifying direct deposits.
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Customers get access to approximately 40,000 ATMs nationwide.
Cons
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Using out-of-network ATMs comes with a $3 fee.
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There are limits on debit card transactions.
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Laurel Road charges overdraft fees.
Laurel Road banking products
Laurel Road savings overview
Pros
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Laurel Road’s High Yield Savings offers a high APY.
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You earn a high yield on any balance.
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There are no monthly maintenance or excessive withdrawal fees.
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There’s no minimum balance or opening balance requirement.
Cons
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Domestic incoming wire transfers come with a $20 fee.
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Domestic outgoing wire transfers come with a $30 fee.
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You can’t deposit cash into your account via ATM.
Laurel Road checking overview
Pros
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The Loyalty Checking account earns interest.
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There are no monthly maintenance fees or opening balance requirements.
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Qualifying direct deposits earn extra cash.
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Customers have access to approximately 40,000 ATMs nationwide.
Cons
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There’s a $20 overdraft fee that can be charged up to three times a day.
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There’s a $1,000 daily ATM withdrawal limit.
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. 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.
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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.
