Laurel Road Bank Promotions: $440 for Checking

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.

Table of Contents
  1. Laurel Road Loyalty Checking – up to $540
  2. Laurel Road Referral Program
  3. How Does This Compare?

🔃 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).

Learn more
(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.

👉 Click here to learn more

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.

👉 Click here to learn more

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.

👉 Click here to learn more

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!

👉 Click here to learn more

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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  1. Hugo Barbe says

    Hey Jim,

    For the 20$ / month reward, how much does the direct deposit need to be (monthly)?


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