Are you interested in discovering all the details of Laurel Road Loyalty Checking designed specifically for nurses? Responsible Economy has thoroughly examined and evaluated every aspect of Laurel Road Loyalty Checking for nurses, 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 nurses.
Fees
Laurel Road Loyalty Checking for nurses doesn’t have any maintenance fees and you don’t need to fulfill any specific requirements. This is a significant benefit because lots of banks usually charge monthly fees.
Interest rate
Laurel Road Loyalty Checking for nurses gives you a 0.01% APY interest rate on its checking account. But, the connected savings account from Laurel Road, which is totally free, offers an impressive 5% APY interest rate. 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 offers a $300 bonus. To qualify for this bonus, you need to make a valid direct deposit of over $2500 within the first 60 days of opening the account.
if you make a valid direct deposit (payroll direct deposit), you will receive an extra bonus of $20 each month for 12 months. This is a special offer from Laurel Road for nurses.
If we add the $300 from the welcome bonus + $240 from the monthly reward, you could get $540 in the first year. That’s not bad at all!
In the event that you have been a customer of Laurel Road in the last 24 months, the welcome bonus is $10 each month, as long as you keep the account open.
Zelle
Laurel Road makes things even easier by offering Zelle, which lets you transfer money smoothly without any fees. Considering that regular bank transfers in the United States can be quite costly, we recommend considering accounts with Zelle as a more wallet-friendly option.
Wire Transfers
Nonetheless, there is a drawback to Laurel Road Loyalty Checking for nurses regarding charges linked to bank transfers. Receiving funds from other banks comes with a $20 fee, and sending money within the country incurs a $30 fee. For international transfers, there is an additional fee of $40.
ATMs
Using Laurel Road Loyalty Checking for nurses, you’re able to withdraw money without any fees at all Key Bank and Allpoints ATMs. In total, you have the option to access over 40,000 ATMs throughout the United States where you can take out money without incurring any charges.
Overdraft
Laurel Road offers an Overdraft service. If you spend more than $20 than what’s in your account, there’s a $20 fee for each instance. The most you’ll be charged in a day is $60.
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 |
| Welcome Bonus | $300 |
| Monthly reward | $20 (only first year) |
| 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 nurses 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 nurses, you need to meet certain basic criteria:
- Being a Nurse: You need to be a nurse 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 $540 |
Conclusion
After reviewing everything, our conclusion is that Laurel Road Loyalty Checking for nurses is one of the best checking accounts you can open in the United States if you’re a nurse. This is because it doesn’t have any maintenance fees, the connected savings account offers a 5% APY, you don’t need to make a minimum deposit, you can get a welcome bonus of up to $540 in the first year, and it’s insured up to $250,000 by the FDIC.
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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