Deal has ended, view more bank account bonuses by clicking here.
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
Contents
The 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
Would you rather keep this for the $10/mo or close it and hope a good offer comes back? For the same offer, the difference including the $20/mo reward would be $170 ($370 over the next 24+13 months vs $540 about 24+13 months later).
I’m thinking I’ll just keep it.
What qualifies as a deposit for the $10? Does it have to be a real DD or can it be another type of transfer in?
I have a Treasury Direct T-Bill redemption every 4 weeks. You can find other ways under the post “List Of Methods Banks Count As Direct Deposits”.
While your strategy works fine, keep in mind that you are purchasing an extra T-Bill every year than is needed.
Yeah. I’m not taking advantage of the early pay here either… I’m using LR as the source for the purchases.
I don’t take advantage of the early-DD for Laurel either because the funds arrive too late in the day for me to pull using LCB so I just wait until Tuesday to initiate the pull.
BTW, what you are doing is kind of dangerous for 2 reasons.
#1. At some point, Laurel could notice that you are using the same FI (TrD) to push to and pull funds from. It’s much better to have an intermediary (eg LCB) between Laurel and TrD.
#2. More importantly, you are banking (pun intended) on the DD arriving to Laurel with no issues by scheduling the withdrawal before the funds even arrive. All you need is for something to go wrong 1 time and then you’ll have issues with Laurel and TrD.
Thanks
Eric 🔗 you made me realize I need precautions for #2.
It looks like they don’t offer this account anymore, so unless they bring it back, not sure if monthly activities make it worth $120 per yr
I don’t follow your logic. If the account is no longer available for new customers, the $120/year that we are getting as existing customers is even more valuable.
Ha, yeah I meant to point that out since the original comment was comparing the regular $10/mo vs offer plus $20/mo. But since the account type doesn’t exist, who knows what they’ll offer down the road. So essentially comes down to whether 120/yr with monthly activities is worth it.
Personally, I consider buying a T-Bill and then transferring the funds out using LCB 12 times a year well worth it. 😀
Yeah, I’m inclined to agree, just wish there was a way to automate the Treasury side of things
Hm, my $20 reward for April hasn’t posted yet… Edit: It just posted.
My DD expected May 1st came in on April 30th, but the Laurel screen also shows “you have hit $2500 in direct deposits this month.” Took a screenshot but wondering if anyone else has seen this?
Laurel offers early-DD. That’s why your DD posted 1 day early. If you are concerned that it won’t count for May, do a C of I transfer as TrD still counts as a QDD for Laurel.
eBay Seller payouts are not counting as DD
Never mind, it DOES count. it took a few days to reflect. Usually with other DDs, it is immediate for me.
Can confirm Chase Biz payroll push to Laurel Road qualifies as Direct deposit!
I used Chase Biz to complete the remaining DD requirement for this month’s bonus.
Does anyone’s tracker show that they got the bonus last month, but it hasn’t been deposited it?
They never deposit on weekends.
Thanks. I thought that they were not paying ppl who did alternative DDs.
It posted today.
does anyone know if i still get the $10 monthly reward on the 14th month and afterward if i stop the $2.5k direct deposit? It said “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.”…so it sounds like as long as I keep the checking account open, I will get the $10?
The bonus stops when the DD stops… and the bonus will resume if you re-start the DD. No bank I know of just hands out $10 a month just to have an account without some qualifying activity.
JTX
Is it worth continuing for 12 months or closing the account after 6 months and being ready for the next churn? Continuing the monthly DD is not an issue.
Up to you. Personally, I closed it after the $20/month was completed. At $10 a month, it’s kind of weak. If the $300 offer + $20 per month comes back, it’s definitely worth churning. But there are no guarantees that will happen, nor that you would get approved for a new account. For whatever reason, I cannot even get P2 approved for the savings account, and she was a past checking customer for the 13 months.
You need to be without an account for 24 months to come back for the $20 per month deal. Maybe the $300 offer will be back by then?
Voyager
I plan to keep the checking account till $20 continues sometime around SEP 2025. Is there any up/down side for keeping the savings account till the checking account is open?
The upside is once a DD hits your checking you can immediately transfer it to the savings and then pull it out over the weekend while earning double interest.
If I miss a month of direct deposits >=2500, will I still earn the bonus if I direct deposit >=2500 in the subsequent month?
Oops, looks like yes from this tree. Thanks!! https://www.doctorofcredit.com/laurel-road-300-checking-bonus-25-per-month-available-nationwide-must-be-a-nurse/#comment-1948733
I don’t remember who all was discussing the Treasury Direct stuff regarding form 5444 – but I think I’d made a comment in here for somebody to be sure to NOT rely on TD for a quick turn-around direct deposit attempt here.
Just for the posterity, Treasury Direct just now finally unlocked my account – exactly three months after their receipt of my completed/notarized 5444 form.
Ninety-four total days from the day they locked my account until the day I re-gained access.
Did you followup with them in between? https://www.doctorofcredit.com/u-s-treasury-direct-makes-it-easy-to-add-change-bank-accounts/#comment-2016959
I did follow-up in between – multiple phone calls to them in those three months and each time was basically just told “tough luck, wait until it gets reviewed by an employee” type response each time. The last time I called, I was told it had been assigned to somebody but basically still just had to wait until that person could get to it.
Ladies and Gentlemen: Just to make sure I am not missing anything, but it seems no minimum balance is required for this bonus…