Open a new Laurel Road Loyalty Checking account with a free debit card and no monthly maintenance fees or minimum balance requirements to earn a $200 bonus when you make 1 or more qualifying ACH direct deposits totaling at least $2,500 within the first 60 days of account opening, plus earn a $20 bonus every month that you make qualifying ACH direct deposits totaling at least $2,500 during the statement period during the first 12 months, and earn a $10 bonus every month after that for as long as your account is open, available nationwide to anybody in the U.S.A. with no student loan needed to qualify.
Laurel Road offers 2 checking account options: the Laurel Road Loyalty Checking account (no student loan needed to be eligible for the initial $200 bonus, plus earn extra $20/$10 monthly bonuses); and the Laurel Road Linked Checking account (requires that you also refinance your student loan with Laurel Road to be eligible for the $200 bonus).
Both the Loyalty Checking and Linked Checking accounts offer the initial $200 bonus with 1 or more ACH direct deposits totaling at least $2,500 within 60 days of account opening.
However, only the Loyalty Checking account is offering the ongoing $20/$10 monthly direct deposit bonuses, and you do not need to refinance a student loan with Loyalty Checking in order to be eligible for the initial $200 bonus.
The Linked Checking account requires that you must simultaneously refinance your student loan with Laurel Road while opening the checking account in order to be eligible for the initial $200 bonus, and it also does not offer the ongoing $20/$10 monthly bonuses.
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington D.C., and Puerto Rico.
Additional benefits of a Laurel Road Checking accounts including overdraft protection, no minimum opening deposit, no account maintenance fees, World Debit Mastercard benefits, including chip capabilities and no monthly or annual fee, and access to 40,000+ ATMs nationwide.
Laurel Road Loyalty Checking Account up to $440+ Bonus (No Student Loan Needed)
1. Visit the Laurel Road Loyalty Checking $440+ Promotion to open your account online.
2. Earn a $200 bonus when you make 1 or more qualifying direct deposits via an ACH transaction (includes most payroll, Social Security, pension and government benefits deposits) totaling at least $2,500 within the first 60 days after account opening ($200 bonus will be deposited into your account within 60 days of meeting the requirements).
3. Earn a $20 bonus per month from the 2nd through 13th statement periods when you make qualifying ACH direct deposits totaling at least $2,500 during the statement period (bonuses are deposited into the account in the statement period after they are earned).
4. After the 13th statement period, earn a $10 bonus per month for as long as your account is open when you make qualifying ACH direct deposits totaling at least $2,500 during the statement period.
The $20/$10 monthly bonuses cannot be combined with other checking bonus, reward or rate discount offers, excluding the $200 bonus or any other promotional offer for opening the account, and accounts closed within first 180 days will be charged a $25 early closure fee.
Laurel Road Linked Checking Account $200 Bonus (Student Loan Refinance Required)
1. Visit the Laurel Road Linked Checking $200 Promotion to open your account online simultaneously while refinancing your student loan with Laurel Road.
2. Earn a $200 bonus when you make 1 or more qualifying direct deposits via an ACH transaction (includes most payroll, Social Security, pension and government benefits deposits) totaling at least $2,500 within the first 60 days after account opening ($200 bonus will be deposited into your account within 60 days of meeting the requirements).
The $200 promotion cannot be combined with any other bonus offer, such as their Laurel Road Student Loan Refinance Bonus, and accounts closed within first 180 days will be charged a $25 early closure fee. However, you can access lower student loan refinancing rates when you open a new checking account during refinancing.
The $200 Laurel Road Linked Checking account bonus is also available from Laurel Road for Doctors if you need medical school loan refinancing.
Take advantage of this offer for up to a $440+ bonus for opening a Laurel Road Loyalty Checking account with a qualifying direct deposit.
If you are planning to refinance your student loan with Laurel Road, or you have an open student loan with any servicer, you may also wish to consider the Laurel Road Student Loan Cashback Credit Card to help you pay off your student loan faster.
Gray Jones says
I live in Charlotte, NC, not near any branches. Upon opening the account, they immediately locked it, sent me a debit card anyway, and told me that I needed to come into a branch to verify my identity. This was not possible, so I had them “close the account.” I already set up my direct deposit so truly hoping this doesn’t cause any issues. Oh well, would’ve been a good bonus, but be aware if you don’t live near a branch.
Ron says
Looks like the bonus is tied to applying for a student loan refinancing + checking account!
There was a link “not ready to refinance” on the page which has been removed today and therefore checking account application without loan refinance application wont qualify for the bonus as I read on the forums. What is maximizingmoney’s take on this ?
MM Team says
Hello Ron,
Thanks for the update. Yesterday, when I posted this article, you could apply for only the checking account through that “not ready to refinance” section you are referencing, which I also mentioned in the article, but as you said, it looks like they have since removed that option.
I chatted with their customer service and was also told that the option to apply for a Laurel Road Checking account without applying for student loan refinancing is no longer available.
When I asked if there was an option to just apply for the checking account, they said, “There is not I apologize! This may change in the future. be sure to check back with us.”
Looks like they found out about people taking advantage of the checking account deal pretty quickly and put an end to it. I’ve updated the above article to reflect this new update. Thank you for your help.
Bob says
Anyone know what counts as dd?
Marcus says
What I normally do is I use Gatsby to DD myself. It comes through as employment income and it costs $6 to run a payroll through them. Also you can get some money for opening an account with them. You’ll need a business EIN but it’s worth it.
Ava says
How to get an EIN?