Laurel Road savings account review

Do you want to discover all the features of the Laurel Road savings account? Responsible Economy has thoroughly examined the fees, requirements, yields, and all the conditions that Laurel Road offers in its savings account. We’ve also prepared a comparison with the best savings accounts available in the United States, along with an informative video.

Informative video

We’ve created a video that provides a simple and easy-to-understand summary of all the features of the Laurel Road savings account. If you enjoy our content, we invite you to subscribe to our channel for daily videos:

Key Features

In this section, you’ll find a comprehensive overview of the key features of the Laurel Road savings account.

Interest rate

Undoubtedly, the most important aspect of any savings account is the interest rate. Laurel Road offers an impressive interest rate of 5% APY, making it one of the highest in the United States.

Fees

Understanding the fees is crucial, as they can impact your returns. Laurel Road provides an online savings account with no opening fees or monthly maintenance fees.

Minimum deposit

There’s no requirement to make a minimum deposit when opening the savings account.

ATMs

Please note that Laurel Road does not have ATMs or physical branches in the United States.

Deposit funds

You can deposit funds into the Laurel Road savings account through bank transfers or by mailing a check.

Withdrawls

To withdraw money, you need to initiate a bank transfer from your Laurel Road account to your desired account.

Best savings accounts 2023

We’ve conducted a comparison between the Laurel Road savings account and the best savings accounts available in the United States in 2023. We highlight the key characteristics of each savings account:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Video with the best savings accounts

Additionally, we’ve created a video showcasing the top savings accounts:

Pros and cons

Now that we’ve explored all the features of the Laurel Road savings account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing all the advantages and disadvantages:

ProsCons
High yieldsNo branches in the United States
No fees
No minimum balance
Pros and cons Laurel Road savings account

Requirements

Opening a Laurel Road savings account is a straightforward process. You simply need to meet the following requirements:

  • Must be at least 18 years old..
  • Live in the United States.
  • Have an American phone.

Documentation

They may also ask you for the following documentation:

  1. Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
  2. Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
  3. Your signed Client Agreement.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

Based on the review, we believe that Laurel Road provides one of the top savings accounts in the United States. The reasons are clear: you can enjoy a remarkably high interest rate, zero commissions, and no minimum deposit requirements. However, it’s worth noting that Laurel Road lacks branches or ATMs.

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
Interest information about Laurel Road

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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