Refinancing plus Laurel Road Linked Checking review

Are you interested in discovering all the details about Refinancing plus Laurel Road Linked Checking? Responsible Economy has taken a close look at every aspect of Refinancing plus Laurel Road Linked Checking, such as fees, qualifications, interest rates, and more. We’ve also compared it directly with the best checking accounts in the US. Let’s begin exploring the specifics together!

What is Refinancing plus Refinancing plus Laurel Road Linked Checking?

Refinancing plus Laurel Road Linked Checking is a checking account designed for students. In addition to enjoying all the features provided by Laurel Road, you also have the opportunity to secure a 4.47% APR interest rate for student loans.

Features

In this section, we analyze all the features of Refinancing plus Laurel Road Linked Checking.

Fees

Refinancing plus Laurel Road Linked Checking has no maintenance fees and no requirements to fulfill. This is a significant benefit, considering that numerous banks typically impose monthly fees.

Interest rate

Refinancing plus Laurel Road Linked Checking provides a 0.01% APY for its checking account. Yet, the connected savings account from Laurel Road, which is entirely free, offers an impressive 5% APY interest rate. This positions it as one of the most competitive high-interest savings accounts in the United States.

Student loans APR

Student loans come with a minimum interest rate of 4.47% APR when you set up a direct deposit of $7,500 in your account. If your direct deposit is $2,500, the minimum interest rate is 4.74% APR. If you don’t have a direct deposit, the minimum interest rate is 4.94% APR. The loan term also plays a crucial role in determining the interest rate. The longer it takes to repay the loan, the higher the interest rate will be.

Minimum deposit

You can open the account without needing to make a minimum deposit.

Welcome bonus

Laurel Road Linked 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 makes things even more convenient by offering Zelle functionality, allowing you to easily transfer money without any fees. Considering that traditional bank transfers in the United States can sometimes come with significant charges, we recommend considering accounts with Zelle as a more wallet-friendly choice.

Wire Transfers

Yet, there is a drawback with Refinancing plus Laurel Road Linked Checking regarding fees for bank transfers. Receiving funds from other banks carries a $20 fee, and sending money domestically comes with a $30 fee. For international outgoing transfers, there is an additional fee of $40.

ATMs

Refinancing plus Laurel Road Linked Checking allows you to withdraw money without any fees from all Key Bank and Allpoints ATMs. You’ll have access to over 40,000 ATMs across the United States where you can make fee-free withdrawals.

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 maximum fee per day is $60.

FDIC

Laurel Road is a member of the FDIC, which means your money is protected and insured for up to $250,000.

Summary table

Here is a summary table with all features:

FeaturesDescription
Fees$0
Interest Rate0.01% APY
Student loans4.47% APR-10.49% APR
Minimum Deposit$0
Welcome Bonus$300
ZelleYes
Wire Transfers$20-$40
ATMs$0 Allpoints and Key Bank
OverdraftYes
FDIC$250,000
Refinancing plus Laurel Road Linked Checking

Best checking accounts

We have conducted a comparison of Refinancing plus Laurel Road Linked Checking with the best checking accounts you can open in the United States:

Logo Chase
  • 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
Bank of America logo
  • 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
Wells Fargo logo
  • 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
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
Charles-Schwab-Logo
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • 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
Citibank-logo
  • 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 open a Refinancing plus Laurel Road Linked Checking, you just need to meet a few simple requirements:

Age Requirement: You need to be at least 18 years old to open this account. This makes sure you’re old enough to handle money matters and manage a bank account wisely.

US Residency: This account is for people who legally live in the United States. This way, it’s accessible to those who call this country home.

Documents

To start a Refinancing plus Laurel Road Linked Checking, you’ll need these papers:

  • Social Security Number or ID: When you’re setting up the account, you’ll have to give your Social Security Number (SSN) or a valid ID, such as a Driver’s License. This helps prove who you are and follows the rules.
  • 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.

ProsCons
No feesNo branches
5% APY in the linked savings account
$300
Refinancing plus Laurel Road Linked Checking advantages and disadvantages

Conclusion

After looking into everything, we’ve come to a conclusion: Refinancing plus Laurel Road Linked Checking is a top choice for students like you. It doesn’t have any fees, the interest you can earn is 5% APY, and you can take out money at over 40,000 ATMs across the U.S. without any fees. Plus, if you want to refinance a student loan, the interest starts at just 4.47% APR.

More information about Laurel Road

Here you can find more information about Laurel Road:

InformationDescription
Websitehttps://www.laurelroad.com/
Facebookhttps://www.facebook.com/laurelroadlending
Twitterhttps://twitter.com/laurelroad
YouTubehttps://www.youtube.com/channel/UC-4D1jneHKpxzhKlre6ae4Q
Interesting information about Laurel Road

Here is a list of articles we have written about Laurel Road:

To conclude, you have more related content about checking accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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