Would you like to explore all the features of Laurel Road Loyalty Checking? Responsible Economy has carefully reviewed and assessed every aspect of Laurel Road Loyalty Checking, including fees, requirements, interest rates, and detailed information. You’ll also find a direct comparison with the top checking accounts in the US. Let’s start diving into the specifics!
Features
In this section, we analyze all the features of Loyalty Checking.
Fees
Laurel Road Loyalty Checking comes with no maintenance fees and no requirements to meet. This is certainly a major advantage of this checking account, as many banks charge monthly fees.
Interest rate
Loyalty Checking offers an interest rate of 0.01% APY on its checking account. However, the linked savings account from Laurel Road, which is completely free, provides a 5% APY interest rate. This makes it one of the highest interest-earning savings accounts in the United States.
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.
Zelle
Laurel Road provides the added ease of Zelle functionality, enabling seamless money transfers without any attached fees. Given that traditional bank transfers in the United States often entail substantial costs, we suggest exploring accounts with Zelle as a more budget-friendly alternative.
Wire Transfers
However, one downside of Laurel Road Loyalty Checking is its fees associated with bank transfers. Inbound bank transfers incur a $20 fee, while domestic outgoing transfers have a $30 fee. For international outgoing transfers, there is a $40 fee.
ATMs
With Laurel Road Loyalty Checking, you can make fee-free withdrawals at all Key Bank and Allpoints ATMs. In total, you have access to over 40,000 ATMs across the United States where you can withdraw money without any fees.
Overdraft
Laurel Road provides Overdraft service. For each item that exceeds $20 in overdraft, there is a $20 fee, with a maximum of $60 per day.
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 |
| Minimum Deposit | $0 |
| 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 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 account, you need to meet certain basic criteria:
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: Presenting a document like a utility bill or an official record that confirms your U.S. address is important. This proof verifies your legal residency and makes you eligible to create 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 | |
| $300 |
Conclusion
After conducting our analysis, our conclusion is that the Laurel Road Loyalty Checking account is one of the best checking accounts you can open in the United States. It has no maintenance fees, the linked savings account offers a 5% APY, no minimum deposit is required, 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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