Bonus reduced to $200.
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
Direct link to offer | For everybody, for Nurses
- 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
This is back for $200 again, plus the $20/month for a year then $10 a month yadda yadda
https://www.laurelroad.com/checking/loyalty-checking/
They use the same server as KeyBank, FYI. So if you have/have had a KeyBank login, they’ll make you use that KeyBank login as part of your identity verification. Then you have to verify your phone number with a security text no less than 3 times in the process. But that is the entirety of it.
For those who’ve tried before and were denied, try again. I applied back in October and was denied. Applied today, received an email a couple hours later to finish my application and provide ‘more information’, and was successfully approved after aforementioned login/texts. Got the account and routing numbers right off the bat, which was nice.
Chex: 3 in 6mo, 13 in 12 mo, 19 in 18mo
I was stuck at this step, the pop up window ‘Before you see your application decision, you’ll be asked to log in using the User ID and password which you use to access Laurel Road or KeyBank online banking and the mobile banking app’, however I don’t have any username from Laurel Road or Keybank.
When I clicked ‘enroll’ online banking, it asked me for the account number or credit card number, it seems like a dead circle. Anyone know how to solve this?
Solved. Applied Keybank before, got a keybank user ID even without approval.
Declined due to Chex sensitive. Second time on Laurel Road.
DP: For laurel bank…Cap one worked perfect but disc only worked first time…showed as p2p afterwards so I wouldn’t bother
How a DD appears doesn’t indicate effectiveness. There is a tracker, so there is no question if something worked. Tracker updates after a day or two.
DP: Ally, Cap1, Axos all worked for DD requirements
Got the $300 + $20 bonus today! P2 and I were both denied for this account when the first $500 bonus offer came out, so it was great that we were approved this time around. I missed out on my first possible month of getting the $20, but oh well. I signed up on 12/21 but my account was not opened officially until 12/27.
I did a single DD of $2500 from Wells Fargo that posted on 2/21 and my bonus posted today, 3/1. My P2 has a similar timeline and also used Wells Fargo. The bonus tracker immediately indicated that our direct deposits qualified once they went from pending to fully posted. Thus, we didn’t have to try any other direct deposit sources since we were assured by the bonus tracker that Wells Fargo worked.
P3 got in on the previous $500 bonus and is eligible to receive $10 monthly now. She used multiple DD’s from Liberty Federal Credit Union adding up to $2500 this month and got the $10. The sign up bonus is not churnable by any means. P2 and I used the nurse link, are not nurses, and never received anything additional in the mail.
First $20 monthly bonus finally posted. IDK if you guys who opened on 12/31 (or later in the yr) caught this, but your acct opening date is likely in January. The problem is that the tracker says that you’ll start earning the monthly bonus on the first day of your first full monthly statement. Pretty sneaky of them. But, I w/d my funds the same day that my qualifying deposit hits, so I guess we’re even.
I hate it when Laurel Road (or any bank) sends an email:
“Your checking account statement is ready. …your checking account statement is now online. We just wanted to let you know that your statement for your Laurel Road checking account ending in xxx is ready for you to view.”
And you log in, and no, the statement is not there/ready.
12/29/2022: Account opened.
01/09/2023: $1,251 push from Fidelity Cash Management account. In-account tracker turned yellow for the month indicating progress made toward the $2,500 DD requirement.
01/17/2023: $1,251 push from Fidelity Cash Management account. In-account tracker turned blue for the month and shows $320 for “Earned in 2023”.
01/30/2023: Pulled everything except $1 out into Schwab brokerage account.
02/01/2023: $300 posts as “Laurel Road Loyalty Welcome Bonus”. $20 posts as “Loyalty Checking Reward”.
02/09/2023: $2,500 push from Schwab brokerage account. In-account tracker turned blue for the month and shows $340 for “Earned in 2023”.
Easy enough bonus. Will keep pushing and pulling between Fidelity and Schwab to get $20 monthly bonus and probably keep the account for the $10 monthly bonus thereafter. Interesting note is that trial deposits counted toward the $2,500 monthly DD requirement.
Awesome DP. Your 02/01 doesn’t really make sense though because you aren’t supposed to get the $20 for the first month, it starts from the second.
Their account was opened in December, so January was actually the second calendar month and eligible for the $20.
Ah didn’t catch that, thanks
Quick question: For the $20 bonus per month is the requirement to direct deposit $2,500 in 30 days, or $2,500 in 60 days? So in other words if I have $1,250 every 30 days in Direct deposit, would that be enough for the $20 bonus per month? Thanks.
You need $2500 each calendar month to get that month’s bonus. No, $1250 per 30 days would not be enough for the monthly bonus.
You’re confusing the monthly bonus w the main bonus. Main bonus required $2,500 in 60 days. Monthly bonus requires $2,500 every month. There’s also a tracker that shows you your dep and the bonus target. Click on “Details” to see the chart.
Applied 1/4/2023
NEVER heard back from them
no mail , no email, no phone calls… Absolute silence
I must assume it was a decline, who knows..
Are the Discover pushes from checking, savings, or does it not matter?