Laurel Road $300 Checking Bonus + $20 Per Month, Available Nationwide

Update 5/2/24: Bonus is back up to $300.

Update 2/28/24: They have changed what qualifies for the direct deposit. This is important for the ongoing $20 monthly bonus (this bonus has been reduced to $10).

Changes go into effect April 1:

We are changing the method we utilize to identify qualifying direct deposit transactions for the Loyalty cash rewards when you make qualifying direct deposits each month. Starting April 1st, 2024, transactions will be identified through a qualifying direct deposit.

Qualifying Direct Deposit:

• A direct deposit from an employer payroll, payroll provider service, or benefits payer (such as Social Security or Military Pay),or pension, and must be clearly identifiable to Laurel Road as such.

Non-Qualifying Deposits:

• Person to Person payments such as but not limited to (Zelle, PayPal, Cash App, or Venmo). Mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions.

Update 1/9/24: Bonus reduced to $100.

Update 7/5/23: Extended until Extended to 1/8/24.

Update 1/13/22: Deal now good through  01/12/2023.

Update 8/1/22: Bonus has begun posting for people.

Update 6/24/22: This link works for non nurses.

Offer at a glance

• Maximum bonus amount: $300 + $20 per month for first year
• Availability: Nationwide
• Direct deposit required: $2,500+ within 60 days
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: No, Chexsystems sensitive
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: $25, 180 days
• Household limit: None listed
• Expiration date: December 31, 2022

The Offer

Direct link to offer

• Laurel Road is offering nurses and non nurses a $300 bonus when you open a Laurel Road Loyalty Checking account and complete the following requirements:
  • Make one or more direct deposits totaling at least $2,500 within 60 days after account opening
• You can also earn a $20 bonus each month for the first year (second statement cycle through 13th and $10 each month thereafter) when you meet the following requirements:
  • Make one or more direct deposits totaling at least $2,500 within 60 days after account opening

The Fine Print

• You must open a Laurel Road Loyalty Checking account by 12/31/2022 at 11:59 p.m. (ET) and make one or more qualifying direct deposits via an Automated Clearing House (ACH) transaction into the Laurel Road Loyalty Checking account totaling at least $2,500 within the first 60 days after account opening to receive the $300, which will be deposited into your account within 60 days of meeting requirements.
• Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits.
• Limit one bonus per qualifying account and per individual.
• If you were the primary owner on any Laurel Road checking account within the prior 24 months before opening the new checking account, you are not eligible for the bonus offer.
• The value of the bonus will be reported to the IRS on Form 1099-INT. If you close your account within the first 180 days of account opening, you will be charged a $25 account early closure fee.
• Accounts closed at the time of bonus payment are not eligible
• $540 can be earned by qualifying for up to $240 in rewards your first year combined with the $300 welcome bonus.
• Primary account holder is eligible to earn monthly rewards of $20/month from the second through thirteenth statement periods, which is considered your “first year.” From the fourteenth statement period onward, the eligible reward will be $10/month for as long as the Laurel Road Loyalty Checking account (“Account”) is open.
• To earn monthly rewards, you must make qualifying Automated Clearing House (ACH) direct deposits into the Account totaling at least $2,500 during the statement period.
• Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits.
• Rewards will be deposited into your Account in the statement period after they are earned.
• Only one Loyalty Checking account per primary account holder.
• Primary account holder is eligible to earn monthly rewards of $20/month from the second through thirteenth statement periods, which is considered your “first year.”
• From the fourteenth statement period onward, the eligible reward will be $10/month for as long as the Laurel Road Loyalty Checking account (“Account”) is open. To earn monthly rewards, you must make qualifying Automated Clearing House (ACH) direct deposits into the Account totaling at least $2,500 during the statement period. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. Rewards will be deposited into your Account in the statement period after they are earned.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees

Early Account Termination Fee

$25 if closed within 180 days

Our Verdict

Not sure how they determine if you’re a nurse or not. Unlike the other recent bonus this does not require refinancing. Good deal if you’re eligible, we will add this to the highly specific bank bonus section.

Hat tip to SDubbs

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times