Laurel Road Bank Promotions: up to $540 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 Checking – up to $540
  2. Laurel Road Referral Program
  3. How Does This Compare?

🔃 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 $540

The bonus on their Laurel Road 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, 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 $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 7/31/2024)

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:

U.S. Bank – up to $700

Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.

Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

👉 Click here to learn more

BMO Relationship Checking – $500

BMO Bank is offering a $500 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

👉 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® – $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!

👉 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 Empower Personal Dashboard, 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.

>> 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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Hugo Barbe
1 year ago

Hey Jim,

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


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