Update 10/20/21: Terms now state: ‘Effective October 20, 2021, you must open a Laurel Road CheckingSM account simultaneously while refinancing your student loan with Laurel Road’. Hopefully the bonus is honored for those that applied before this was added.
Offer at a glance
- Maximum bonus amount:Â $500
- Availability: Nationwide
- Direct deposit required: $2,500+ within 60 days
- Additional requirements:Â None
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown, Chexsystems sensitive
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee:Â $25, 180 days
- Household limit:Â None listed
- Expiration date:Â December 31, 2021
Contents
The Offer
- Laurel Road is offering a $500 bonus when you open a new checking account and complete 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 CheckingSM account by 12/31/2021 at 11:59 p.m. (ET) and make one or more direct deposits totaling at least $2,500 within 60 days after account opening to receive the $500, which will be deposited into your account within 60 days of meeting requirements.
- Normal account service charges and balance requirements apply to these accounts
- . Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits.
- Limit one gift per qualifying account.
- Limit one gift per individual.
- The value of the gift will be reported to the IRS on Form 1099-INT.
- If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.
- Other miscellaneous charges may apply. Accounts overdrawn or closed at the time of gift payment are not eligible. Offer is subject to cancellation without notice and cannot be combined with any other offer. Laurel Road / KeyBank is not responsible for, and will not honor, promotional offers that appear on third-party websites that are not authorized by the Laurel Road/KeyBank.
- 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
Laurel Road seems to be the Keybank subsidiary for student loans, you don’t need to refinance a loan to be eligible for this account though (scroll down to ‘Not Ready To Finance’). I assume it’s a soft pull to open as that’s what Keybank is as well. Honestly this promotion is almost certainly going to be pulled early as I can see it’s going to be extremely popular. I’d recommend signing up ASAP if interested and don’t be surprised if there are some issues along the way. We will add this to the best checking account bonuses.
Hat tip to Maximizing Money
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
