Are you interested in discovering all the details of Laurel Road Loyalty Checking designed specifically for doctors? Responsible Economy has thoroughly examined and evaluated every aspect of Laurel Road Loyalty Checking for doctors, covering fees, qualifications, interest rates, and detailed information. We’ve also provided a direct comparison with the best checking accounts in the United States. Let’s begin delving into the specifics together!
Features
In this section, we analyze all the features of Laurel Road Loyalty Checking for doctors.
Fees
The special checking account from Laurel Road for doctors is really simple. You don’t have to pay any fees to keep the account, and there are no special things you have to do to qualify. This is great because many other banks usually make you pay money every month to use their accounts.
Interest rate
The Laurel Road Loyalty checking account for doctors gives you an interest rate of 0.01% APY on your account. But the connected savings account from Laurel Road, which is completely free, offers an impressive interest rate of 5% APY. This makes it one of the savings accounts in the United States that earns one of the highest interests.
Minimum deposit
You can open the account without needing to make a minimum deposit.
Welcome bonus
Laurel Road Loyalty Checking for doctors provides a $300 bonus. To be eligible for this reward, you must initiate a valid direct deposit of more than $2500 during the initial 60 days of account activation.
Loans
You can refinance your student loan with an interest rate starting from 4.47% APR, as long as you set up direct deposit for your paycheck.
Zelle
Laurel Road simplifies matters further by providing Zelle, a tool that enables you to move money seamlessly without any charges. Given that standard bank transfers within the United States can often be expensive, we suggest exploring accounts featuring Zelle as a more budget-conscious choice.
Wire Transfers
However, there is a downside to Laurel Road Loyalty Checking for doctors when it comes to fees associated with bank transfers. Receiving money from different banks includes a $20 charge, while sending money within the country results in a $30 fee. Additionally, international transfers come with an extra cost of $40.
ATMs
By utilizing Laurel Road Loyalty Checking tailored for doctors, you have the advantage of withdrawing cash free of charge from Key Bank and Allpoints ATMs. Altogether, you have the opportunity to use over 40,000 ATMs across the United States to access your money without facing any fees.
Overdraft
Laurel Road provides an Overdraft service. If you spend more than $20 than what’s in your account, there’s a $20 fee for each occurrence. The maximum you can be charged in a single day is $60.
Early Pay
If you set up direct deposit, you can access the Early Pay service, which allows you to receive your paycheck up to 2 days early.
FDIC
Laurel Road is a member of the FDIC, ensuring that our money is insured up to $250,000.
Summary table
Here is a summary table with all features:
| Features | Description |
|---|---|
| Fees | $0 |
| Interest Rate | 0.01% APY |
| Savings account linked | 5% APY |
| Minimum Deposit | $0 |
| Early Pay | Up to 2 days earlier |
| Loans | From the 4.47% APR. |
| Welcome Bonus | $300 |
| Zelle | Yes |
| Wire Transfers | $20-$40 |
| ATMs | $0 Allpoints and Key Bank |
| Overdraft | Yes |
| FDIC | $250,000 |
Best checking accounts
We have conducted a comparison of Laurel Road Loyalty Checking for doctors with the best checking accounts you can open in the United States:
- It is very easy to avoid monthly commissions
- Welcome bonus of 200 dollars fulfilling conditions
- More than 16,000 ATMs in the United States
- $25 minimum deposit
- Very low interest rates
- It is very easy to avoid monthly commissions
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings
- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs
- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs
- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings
- No fees no direct deposits
- More than 50,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs and Savings
- Commissions of $10 if you do not meet requirements
- No fees at Citibank ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
Requirements
To be eligible for opening a Laurel Road Loyalty Checking for doctors, you need to meet certain basic criteria:
- Being a doctor: You need to be a doctor in the United States to open the account.
- Minimum Age: You should be at least 18 years old to open a Loyalty Checking. This is to ensure that you’re of legal age to handle financial matters and manage a bank account responsibly.
- Reside in the US: Loyalty Checking is meant for individuals who are legal residents of the United States. This ensures that the account is available to those living in the country.
Documents
To open a Laurel Road Loyalty Checking account, you’ll need these documents:
- Social Security Number or ID: When opening the account, you’ll need to provide either your Social Security Number (SSN) or a valid ID like a Driver’s License. This step is taken to verify your identity and comply with regulations.
- Proof of U.S. Address: Having a document like a utility bill or an official record that shows your U.S. address is a big deal. It proves you live here legally and lets you make the account.
Pros and cons
We’ve put together a table outlining the positive and negative aspects of the account.
| Pros | Cons |
|---|---|
| No fees | No branches |
| 5% APY in the linked savings account | |
| Welcome bonus up to $300 |
Conclusion
After conducting our analysis, our conclusion is that the Laurel Road Loyalty Checking for doctors is one of the top checking accounts if you’re a doctor with a student loan. This checking account has no maintenance fees, the savings account offers up to a 5% APY, and you can lower the student loan interest rate to as low as 4.47% APR.
More information about Laurel Road
Here you can find more information about Laurel Road:
| Information | Description |
|---|---|
| Website | https://www.laurelroad.com/ |
| https://www.facebook.com/laurelroadlending | |
| https://twitter.com/laurelroad | |
| YouTube | https://www.youtube.com/channel/UC-4D1jneHKpxzhKlre6ae4Q |
More articles about Laurel Road
Here is a list of articles we have written about Laurel Road:
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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