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
I tried one more hail mary with Revolut. It arrived on Apr 22, as of today the tracker didn’t accept it. It failed. It shows up as
“Ach,Revolut sent from <alphanumericcode>
Deposit”
I think if it shows up as ACH, you are cooked.
I have another successful DP that TD works to trigger the $10 bonus. I somehow forgot to set up a reminder that the DD hit this week so I lost 2 extra days of interest.
BTW, the website shows that the DD arrived on Monday so I guess that Laurel has early DD as my T-Bills have hit on a Tuesday in almost all of my other accounts.
Yeah, my DD came last Monday as well, which means if you schedule your purchases so they pay out on a Monday that is a federal holiday you should* receive it the Friday before. Put the 8/1, 9/19, and 10/10 auctions on your calendar.
*This was my first TD DD to Laurel, but I can confirm it works this way with Fidelity.
Eric they have early dd , that’s what the text message was about. Are you just transferring 2500 back and forth from TD or actually cashing bonds each month?
Do you mean the text that I received the other day was actually notifying me that my early DD had arrived? If so, the message was very poorly worded.
Neither. I buy a 4 week T-Bill pulling the funds from 1 of my accounts and then I choose Laurel as the Destination account. I then move the money from Laurel to my external account since I earn 0% APY on my Laurel account.
Not notifying, they were advertising early deposit.
I just closed my account via online chat. It could not have been easier. The process took literally 90 seconds.
Closed my account with them, juice is not worth the squeeze for $10 a month with most ACH transfers no longer qualifying.
I just received a text from Laurel. For some reason, this text froze my phone and I wasted several minutes trying to read it. It turns out that it was just an invitation to sign up for their “2 days early” service with DD. How irritating that they sent this by text instead of by email.
I got this message too, I thought it was a scam so I deleted it. I checked my accounts and no messages are there.
How do you delete old bank linked bank accounts from laurel road? I only see an option to hide (not remove) them in account display settings.
Day before the DD tracker updates, I get a ‘Your Early Pay deposit is here’ email from Laurel, letting me know the DD’s considered payroll.
Johnz I got the same message from my Schwab Brokerage deposit, but it didn’t trigger an update to the tracker. So, you have to wait until the next day to verify the tracker updates.
My TD deposit worked as others have reported.
thanks
So Schwab push works?
Myke No.
I think they overdid it. Even DD from IRS is not counted.
Even if that had worked, wouldn’t that only get you the $10 bonus once per year?
Question for discussion: what is the risk of LaurelRoad clawing back previous bonuses that were not real DD’s?
I am considering closing my account now rather than take that risk in the future.
Almost zero. They set a starting date for the new terms. There was no agreement stating anything about being retroactive.
While I agree with the “Almost zero.” response from the previous commentator, they are incorrect about there being “new terms”.
Laurel is simply enforcing the terms already on the books. They updated their backend system to prevent most “fake” DDs from working.
It was enough of a “new term” for them to send out an email, so I’d think that indicates a change in terms/conditions.
Plus, retroacting claw backs would make them a pariah. How fair would that be? Punish existing loyal customers, but presumably not punish those, like myself, that closed months ago, all who benefitted from their piss-poor enforcement of “qualifying DD’s”. This sounds like something Govt would do, since we have no choice in providers (other than moving), but not a business.
When is the last time you saw a deposit account bonus claw back? In the CC world (Amex), yes, but not typically bank bonuses.
Enough of this lol, I got my schwab referral bonus, thanks Gadget - Bank Bonus Geek
The description for a Cash App cash-out says “Direct Deposit Cash App * Cash App,” but the tracker did not update