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 $540 for opening a new Laurel Road Loyalty Checking account.
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🔃 Updated July 2023 with the latest details of the Laurel Road offer, the bonus was increased by $100 and will expire in 2024. Previously, you only earned $200 when you opened an account and met the direct deposit requirements, that was increased to $300.
Laurel Road Loyalty Checking – up to $540
The bonus on their Laurel Road Loyalty Checking is up to $540 and to get it, you have to satisfy a few simple conditions.
First, you can earn $300 when you open an account and make qualifying ACH direct deposits totaling $2,500 or more within 60 days. This is, by itself, an already great bonus offer for something so simple but it gets better.
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 $540 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).
(This offer expires 1/08/2024)
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:
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
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® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a direct deposit 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!