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:
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 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:
| Pros | Cons |
|---|---|
| High yields | No branches in the United States |
| No fees | |
| No minimum balance |
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:
- 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.
- 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.
- 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:
| Information | Description |
|---|---|
| Website | https://www.laurelroad.com/ |
| https://www.facebook.com/laurelroadlending | |
| https://twitter.com/laurelroad | |
| YouTube | https://www.youtube.com/channel/UC-4D1jneHKpxzhKlre6ae4Q |
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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