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 $340 for opening a new Laurel Road Loyalty Checking account.
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🔃 Updated February 2024 with the latest details of the Laurel Road offer, the bonus was decreased by $200 and will expire in 2024. Previously, you earned $300 when you opened an account and met the direct deposit requirements, that was decreased to $100.
Laurel Road Checking – up to $340
The bonus on their Laurel Road Checking is up to $340 and to get it, you have to satisfy a few simple conditions.
First, you can earn $100 when you open an account and make qualifying ACH direct deposits totaling $2,500 or more within 60 days. 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 $340 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 4/4/2024)
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.
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:
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 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 account within 90 days of account opening. 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!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
Hugo Barbe says
Hey Jim,
For the 20$ / month reward, how much does the direct deposit need to be (monthly)?
Thanks
Hugo – there doesn’t appear to be a minimum listed.