Laurel Road Savings Review 2023
High-yield savings accounts can help you grow your money faster, and Laurel Road is a compelling option to consider if you’re tired of low savings interest rates and are looking for a new place to bank.
Savers can earn a competitive rate without monthly fees or minimum balance requirements with Laurel Road.
Our Laurel Road savings review offers a closer look at how this account works.
Laurel Road High-Yield Savings Account At-a-Glance
Laurel Road’s savings account has some solid features that savers might appreciate. Here are some of the main highlights to know.
The Laurel Road High-Yield Savings Account offers a generous APY to savers with no minimum deposit or minimum balance requirements.
There are no monthly maintenance fees and no fees for excess withdrawals, but withdrawal options are limited to ACH transfers to a linked bank account.
Overall, Laurel Road offers a secure way to save while earning a competitive interest rate.
Which Banks Have the Best Savings Account Rates?
Savings rates are higher than they’ve been in over 10 years, but if you’re using a traditional, big-name bank to stash your savings, you’re missing out on these rates.
Here are our top picks for those who want to earn a competitive APY on their savings.
Pros and Cons
No savings account is 100% perfect, and it’s always helpful to consider the advantages and disadvantages. If you’re considering opening a savings account with Laurel Road, it’s good to know what we like (and what’s lacking).
- Savers can earn a generous APY across all balance tiers without minimum balance requirements
- There’s no opening deposit requirement, which could make it attractive for new savers who are just getting started
- You won’t pay a monthly maintenance fee, so you get to keep more of the interest you earn
- Laurel Road offers multiple ways to deposit money, including ACH transfers, direct deposits, wire transfers, and mobile check deposits
- You can also open a rewards checking account here, which could be a plus if you want to manage your money in one place.
- You won’t get an ATM card or debit card with your savings account, which could be a drawback if you want to make cash withdrawals
- While there’s no monthly maintenance fee, there are other fees you might pay that could detract from your interest earnings
- Laurel Road doesn’t offer CDs or money market accounts, which may be a drawback if you’re looking for multiple ways to save and earn interest
Compare to Other Savings Accounts
Laurel Road is one option for saving, but plenty of other banks offer competitive rates, features, and benefits. We’ve compared a few other high-yield savings accounts here to give you an idea of how Laurel Road measures up.
Ally Online Savings Account
Ally’s online savings account offers an above-average APY, slightly below what Laurel Road pays to savers. This account has no opening deposit, minimum balance requirements, or monthly maintenance fees.
Savers can set up savings buckets to fund individual goals, and Ally makes it easy to save with round-ups, recurring savings, and surprise savings automatic transfers. Deposits are FDIC-insured, and support is available 24/7 if you need help.
Read our full Ally online savings account review.
Synchrony High-Yield Savings Account
Synchrony’s high-yield savings account has no minimum deposit or balance requirements and no monthly fees. The APY is higher than what you could earn with Ally but less than what Laurel Road offers. If you’re looking for other ways to save, you can also open money market and CD accounts here.
One nice feature Synchrony offers is an optional ATM card that you can use to make withdrawals from your savings account. Synchrony doesn’t charge a fee for ATM withdrawals and refunds up to $5 in foreign ATM fees per month.
Read our full Synchrony savings account review.
M1 is primarily an investment platform, but you can also open an online savings account here. The APY is the same as what you’ll get with Laurel Road if you have an M1 Plus membership. Membership is $10 per month or $95 per year.
Saving with M1 could make sense if you prefer to keep larger amounts of cash in a bank account. Instead of the usual $250,000 in FDIC coverage limit, M1 can offer up to $5 million in coverage through its network of partner banks.
Read our full M1 savings review.
Upgrade Savings Account
Upgrade offers the highest APY of any savings accounts mentioned here, but there’s a catch. You’ll need to maintain a balance of $1,000 or more in your account to earn the highest rate.
There are no monthly fees for this account, and deposits are FDIC-insured. Access is limited to online banking and mobile banking through the Upgrade app.
Read our full Upgrade savings account review.
Who Is a Laurel Road High-Yield Savings Account For?
Saving with Laurel Road could be attractive for anyone wanting to earn a competitive balance APY. You might choose to open an account here if you:
- Already have a loan, credit card, or checking account with Laurel Road
- Prefer an online savings account with no monthly maintenance fees
- Are looking for a savings account with no minimum deposit requirement
- Don’t mind forgoing ATM or debit card access to your savings
Laurel Road may not be a good fit if you’re interested in branch banking access. Consider another savings option from a traditional bank, like Bank of America or Chase. However, your interest rate will be meager compared to Laurel Road and other online savings accounts.
Rating the Features
Laurel Road offers some exciting features with its high-yield savings account. As you shop around for the best savings option, here are some main factors to remember.
Laurel Road offers online and mobile banking access to easily manage your money from anywhere, anytime.
Both usability and features provide a good user experience, and signing up for a new account online isn’t difficult. It’s easy to find the most essential information about the savings account online.
The Laurel Road app has a 4.8-star rating in the Google Play Store and a 4.5-star rating in the App Store.
Customer Service and Experience
Branch banking isn’t an option with Laurel Road, but there are other ways to connect with customer service when you need help or have questions.
You can connect via live chat, email, secure messaging, or phone. Phone support is available Monday through Friday from 8:00 a.m. to 9 p.m. ET at 1-833-427-2265.
An extensive FAQ section on the Laurel Road website answers the most critical questions about opening and accessing a savings account.
Laurel Road doesn’t charge a monthly maintenance fee for its savings accounts or an excess withdrawal fee. However, you will pay fees for official bank checks, overdrafts, stop payments, and wire transfers. The fees are on par with what other banks charge, and you can read the full breakdown on the Laurel Road website, which is great if you value transparency when opening a bank account.
Savers earn a competitive rate with Laurel Road, and the same APY applies across all balance tiers.
Compared to other online savings accounts, Laurel Road outshines the competition for the most part. You don’t need a minimum balance to open this account, and you’ll need just $0.01 to start earning interest.
Laurel Road offers some extra resources that savers might find valuable, including an extensive library of personal finance articles, videos, and financial calculators.
Laurel Road members with a student loan, personal loan, or credit card with the company also get access to additional perks such as discounts on goods and services from partner merchants.
You can access your Laurel Road savings account online or through the Laurel Road mobile app.
You won’t get an ATM or debit card with this account, but you could with a Laurel Road checking account. You have multiple ways to contact customer support, including a chat feature.
Safety and Security
Laurel Road savings account deposits are FDIC-insured, which means your money is safe in the rare event of a bank failure.
Like other banks, Laurel Road implements numerous security measures to protect customer information, including data encryption and secure sign-on.
Minimum Deposit or Balance Requirement
There is no minimum balance or deposit requirement for a Laurel Road savings account. That’s common for online savings accounts.
Frequently Asked Questions (FAQs)
Laurel Road is a brand of KeyBank, which is an FDIC-member bank. That means your deposits with Laurel Road are safe and secure.
No, Laurel Road does not offer CD or money market accounts. If you’re interested in banking here, you can open a high-yield savings account, rewards checking account, or credit card. Laurel Road also offers student loans to eligible borrowers.
Saving with Laurel Road is worth it to earn a solid APY on balances and pay no monthly fees. Overall, Laurel Road offers one of the highest rates of any online savings account.