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Frazz
Frazz

DP from Pennsylvania. I am not a nurse. I was able to open this Laurel Road account while also having a regular Key Bank “Smart Checking” account:

2022/06/27: “Loyalty Checking” account opened.
2022/07/29: Real DD of $2505 posts*.
2022/08/01: “Loyalty Checking Reward” ($20) and “Laurel Road Loyalty Welcome Bonus” ($300) posts.
2022/09/01: “Loyalty Checking Reward” ($20) posts.
2022/10/03: “Loyalty Checking Reward” ($20) posts.
2022/11/01: “Loyalty Checking Reward” ($20) posts.
2022/12/01: “Loyalty Checking Reward” ($20) posts.
2023/01/03: “Loyalty Checking Reward” ($20) posts.
2023/02/01: “Loyalty Checking Reward” ($20) posts.
2023/03/01: “Loyalty Checking Reward” ($20) posts.
2023/04/03: “Loyalty Checking Reward” ($20) posts.
2023/05/01: “Loyalty Checking Reward” ($20) posts.
2023/06/01: “Loyalty Checking Reward” ($20) posts.

*For brevity’s sake, I didn’t list all of the monthly deposits I did. In short, the following methods worked for me to trigger the monthly DD requirement for the $20 bonuses:

Real DDs (coded as “Direct Deposit EMPLOYER NAME HERE Direct Dep”).
Fidelity CMA (coded as “Direct Deposit Fid Bkg Svc Llc Moneyline”).
Discover Checking/Cash Back Debit (coded as “Direct Deposit Discover Bank Prearrange”).
Ally Checking (coded as “Ach,Ally Bank P2p MY NAME HERE”).

I always initiated the deposit from the Fidelity/Discover/Ally side. I typically did the monthly deposit towards the end of the month, and withdrew it back soon after the deposit posted. (I initiated these withdrawals from the Fidelity/Discover/Ally side as well.)

Thank you, Doc and team.

Ken L.
Ken L.

anyone got their 20$ bonus this month yet? as of June 1 1035am PST, i have not.

Otto
Otto

Yes, 1:16pm eastern

Ken L.
Ken L.

update: just got a email alert 15 minutes later after i posted the previous message. 20$ posted to account now.

Nap
Nap

Opened early this year. Push in 2.5k, pay credit card, pay credit card, push out (different account then push in) 1k, pull payment. All within about one week. They locked account. Pull payment failed as account was restricted with it should have posted (at least I got the external fee for the failed payment waived). Called multiple times. Took them one month to unlock account. At least got the $200 bonus. Will not do the $20 monthly as too much hassle if locked again. Terrible bank. Fraud department is handled by Key bank and Key as no clue about Laurel and Laurel no clue about Key.

Wilhlem
Wilhlem

Opened in late 2022. Got initial lump sum bonus & had been getting monthly bonus. Got a certified mail letter today that they’re closing my account in mid June. Guess they don’t like how I keep only about $100 in there for a bunch of the month. RIP $20 a month.

Gadget - Bank Bonus Geek 🔗

Something else must have triggered a manual review. I have only been leaving $25 in the in-between weeks. I haven’t been too quick to pull or push, because I am using a non-interest earning account so really doesn’t matter who is holding the hot potato. Loss of ~$125/yr in interest by doing it my way, for a $240 bonus… guess I should switch the ACH account I’m using.

Novacat05
Novacat05

FYI I tried linking a US Bank Biz account to this(Alliant CU sent me a nasty-gram in the mail for linking and transferring to a biz account) and it wouldn’t work, tried a few times and gave up. Went to log in this AM and was locked out, had to call. Fortunately they were able to unlock after simple verification. I was told don’t try multiple times to link a new account. Reasons like this why I usually don’t bother linking accounts from the new bank, I only establish a link from my hub(s).

I did open a HYSA with them in addition to the checking account(still doing the $20 a month reward for months 2-13) since 4.8% is a very good rate and well above Sofi(one of my hubs)

Steve
Steve

Restricted access to account and funds!!!
I don’t recommend this bank if you want access to your own funds and lack of customer service. I opened a Laurel Road Checking and Savings account recently. They locked the Account for no reason and restricted my access. I called the customer service they told me I had to wait 15-30 business days to review and up to 7 business days to receive a piece of mail for more information on the why my account is under review! Why couldn’t they review my account before opening and accepting deposits instead of locking me out for over a month?

knuds1b
knuds1b

I also had this happen, about a month after opening with LR in March, I opened a KeyBank account in April. KeyBank froze BOTH accounts (they also own LR). Had to go through ridiculous hoops to unfreeze KeyBank, THEN they unfroze LR.

Alec
Alec

I just got frozen for “fraud” too. All I did was deposit some into the savings, not even the checking for the bonus yet. Useless bank

snailrock
snailrock

Approved with Chex frozen. I’d had a KeyBank account before so it forced a login, and initially the online banking page was screwed up (from other comments assuming that’s possibly related), but it sorted itself out within a few days. Also I applied after business hours, if that’s relevant

knuds1b
knuds1b

3/15/2023 Account opened
4/12/2023 “Direct Deposit [Employer] Payroll” $1250
4/26/2023 “Direct Deposit [Employer] Payroll” $1250
5/1/2023 “Laurel Road Loyalty Welcome Bonus” $200
5/1/2023 “Loyalty Checking Reward” $20

It says will get another $20 when my next DD hits this month.

Novacat05
Novacat05

FYI their DD requirement is very lax, I’ve found the monthly $20 is triggered by a simple push from Sofi or Alliant CU, and likely many/most other banks. You don’t need to bother with real DD from work. The tracker lets you know by the next day if it counts.

Will
Will

Hello everyone, is this the only checking account out there that pays monthly cash rewards for depositing cash into the account? Are there other checking accounts like Laurel Road Loyalty Checking? I am tempted to make Laurel Road my main bank because the checking rewards is very nice, and the savings has one of the higher interest rates out there. Thanks for everyone’s input.

Christopher Robin
Christopher Robin

Will Valley National pays $20/month when you meet the monthly requirement. However, the $20/month is only good for the first year.

Will
Will

Too bad the cash per month is only up to a year, but I still appreciate the info, Christopher. May I ask how you found out about Valley National’s checking account? I’ve been trying to search up checking accounts with monthly cash incentives like that, but no luck.

Christopher Robin
Christopher Robin

Will They have a few branches in my area so I searched their website.

Novacat05
Novacat05

Will After the first year they pay $10 a month. Not quite as good but free $ for very little work. You don’t need real DDs either, many banks trigger it with a simple push from them.

I also opened the HYSA recently as 4.8% is a great rate. However be warned they still charge a fee for >7 transactions out of savings per month, and no early paycheck availability either… many other banks make the funds available on Thursday, or even Wednesday evening.

Josh
Josh

anyone else considering opening their 4.8% APY savings?

jd
jd

yeah, i did for p1 and p2, will just leave the monthly 2500 there and pay some bills instead of pulling out right away

MARYANN
MARYANN

When you opened the 4.8 % APY savings, did it allow you to fund with a credit card?

jd
jd

i didn’t see any funding of any kind, the account just shows up next time you login

Christopher Robin
Christopher Robin

jd Did they pull your Chex when you applied for the Savings account even though you already have a Checking? Thank you.

jd
jd

no chex pull, but probably not the best DP since they didn’t pull for the checking accounts either