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
So much info what doesn’t work. But except business DD transfers, is there anything that still works? I personally tried DCU CU — no luck.
What seems to work, so far and for now:
Treasury Direct
https://www.doctorofcredit.com/laurel-road-300-checking-bonus-25-per-month-available-nationwide-must-be-a-nurse/#comment-1824412
First Financial Federal Credit Union (Maryland)
https://www.doctorofcredit.com/laurel-road-300-checking-bonus-25-per-month-available-nationwide-must-be-a-nurse/#comment-1824416
Wells Fargo DirectPay
https://www.doctorofcredit.com/laurel-road-300-checking-bonus-25-per-month-available-nationwide-must-be-a-nurse/#comment-1828786
Chase Business Payroll
https://www.doctorofcredit.com/laurel-road-300-checking-bonus-25-per-month-available-nationwide-must-be-a-nurse/#comment-1829357
Chase business $2.50 ACH worked for me.
Amex business payee ACH transfer does not work
ETFCU no longer works
now known as Liberty FCU
you are technically correct
Literally and figuratively as well. OST
I decided to move on. I closed my account, savings account and credit card. P2 closed her checking account. It was easy to do via online chat.
Nice I’m thinking about closing both checking and HYSA with them, was there any complications moving your money out? Should I push or pull?
I did push and pull. The ONLY thing is that you have to wait for the money to clear LR. I had a zero balance but the transaction was pending and they told me to wait until it cleared to make the request.
The way it works is that the CSR “puts in a request” and it will take a day or two. They say even with a zero balance they will mail you a check in about 10 days or so. It was easier than I thought it would be.
Wise did not work. I will try Chase business.
Has anyone had success with Novo direct deposit qualifying?
Similar dp as below:
4/8: $2500.27 push Schwab (Direct Deposit Schwab Brokeragemoneylink)
Tracker did not update
jcalling Just curious – did the deposit get credited a day early? Did you use a “Future date” on your deposit or next day?
I ask because my Schwab deposits always arrive a day early when sent to banks that credit DDs early – as Laural Road (Key Bank) does now. For that to work, you have to schedule the Schwab deposit with a future date (not next day). Schwab then sends the deposit (a day early) with a deposit “effective date” (the future date) and banks recognize it as a DD and credit the account when received (a day early). Below is an example:
4/8 – Schedule Schwab deposit to arrive 4/10
4/9 – Schwab sends deposit with 4/10 effective date
4/9 – Bank credits account (late afternoon/early evening)
If this is similar to what you did, then Laural Road probably implemented an exclusion list, maybe based on the banks routing number.
As far as I remember I did a next-day transfer, so it’s possible that the scheduled push could still work
jcalling – If no one chimes in to confirm the “future date” method doesn’t work I’ll give it a shot next week.
I already have a TD deposit in the queue but will hold off until confirmation.
Unfortunately I’ve got a lot moving around different places already so not sure I can squeeze in another push. At this point I’m feeling like it might just be better to move on if business checking is the only thing that works. I’ll miss the easy $20 though
Chase Biz Payroll triggered the monthly credit for me.
Can confirm. Deposit posted from Chase biz and tracker updated.
Great! I scheduled mine today 4/12, and will post to my acct. on Monday 4/15. Luckily I only need to do this once, as I can switch my real DD next month to LR. I’m still working on $20 a month bonus, so this was worth the $2.50 Chase biz ACH to me.
Made a $2500 payment from Wells Fargo DirectPay (payroll payments for business accounts) and the tracker moved showing a completed direct deposit for April, so this method works.
For the inevitable question: WF “Direct Pay access costs $10 per monthly billing cycle for each business enrolled.”
Might be a better value for hardcore players than Chase biz at $2.50 per DD.
you read my mind. Was going to ask if it is a $2.50 ach fee for WF biz, as Chase biz does. No need to ask now, lol
$10 monthly fee and $0.50 per ACH payment.
It doesn’t work for everything though, for instance I tried using it for USAlliance $250 bonus, never posted, but when they ran the promo again I used Wise and got the bonus.
Gotcha. Good to know.
delete
Just saw Gadget’s answer.