Earn Up to $340 (and More) With This Bank’s Checking Account Bonus

Laurel Road, a student loan refinancing platform turned online bank, wants to reward your loyalty when you open a new Loyalty Checking account. Unlike most bank account bonuses, which typically pay a one-time reward, this checking account offer keeps on rewarding you with monthly bonuses. Between the welcome bonus and monthly rewards, you can pocket up to $340 in free cash during the first year your account is open.

Laurel Road’s Loyalty Checking is one of the few checking accounts that pays a flat sum indefinitely, assuming you meet the direct deposit requirements. Is Laurel Road’s checking account bonus a good fit for you? Let’s dig in.

Laurel Road’s bonus overview

Laurel Road’s $100 welcome bonus is available to new Loyalty Checking account holders who open an account by April 30, 2024. Receive one or more qualifying direct deposits totaling at least $2,500 from an employer, payroll provider service or government benefits payer such as Social Security within the first 60 days and the bank will deposit the cash into your account. Your account must be open and in good standing to receive the bonus.

In addition to the initial welcome bonus, you can qualify for a $20 reward each month when you make at least $2,500 a month in qualifying direct deposits for the first year your Loyalty Checking account remains open. After the first year, the reward amount dips to $10, but you’ll receive it indefinitely each month you meet the direct deposit requirement.

If you can comfortably meet the monthly direct deposit minimums, this checking account’s free money bonus is a welcome perk.

Laurel Road Loyalty Checking account overview

Laurel Road is the digital arm of KeyBank National Association. It’s a financial services company that tailors its services to healthcare and business professionals. You can access its Loyalty Checking account through Laurel Road’s online platform and mobile banking app, but you can’t deposit cash directly into this account. So if you deal with large quantities of cash, you’ll need to pair this bank with another account.

We like that this account doesn’t charge monthly fees or require a minimum balance. And overdraft fees are waived if your account is overdrawn up to $20. Your account balance earns a 0.01% annual percentage yield, or APY, which isn’t exciting on its own. But added to a monthly reward, every little bit helps.

You’ll also have access to over 40,000 fee-free ATMs through the KeyBank and Allpoint ATM networks.

Here’s how Laurel Road’s Loyalty Checking welcome bonus stacks up against other online account bonuses.

Factors to consider with a new account bonus

While the welcome bonus shouldn’t be your primary reason for opening Laurel Road’s Loyalty Checking account, the incentive has straightforward requirements, and the ongoing reward is a value-add that’s worth considering.

Before deciding to open an account that offers a bank account bonus, keep the following in mind:

• Read the fine print. Make sure you’re eligible for the bonus, understand what activities are required to receive it, review applicable deadlines and know how long you’ll need to wait to receive the bonus. 
• Remember bank bonuses are taxable income. You’ll receive a 1099-INT form from your bank. You’ll need to report any bank account bonuses earned to the IRS. 
• Consider all fees. The benefits associated with an account bonus are diminished if the account charges hefty fees that you can’t avoid.
• Review the account closure policy. Make sure you note any early account closure fees and avoid closing the account within that window.

Is Laurel Road’s new account bonus worth it?

Laurel Road’s Loyalty Checking account bonus has reasonable requirements to earn free cash. As long as you can comfortably meet the $2,500 monthly direct deposit requirement, this bank’s bonus and ongoing reward structure make it one of the more generous bank bonus programs we’ve reviewed. 

Bear in mind that you’ll only have access to a checking and a high-yield savings account at Laurel Road. If you’re looking for a money market account or certificate of deposit, you’ll need to combine Laurel Road with accounts at other banks. 

That said, using the Loyalty Checking account as your main checking account allows you to earn indefinite rewards, leverage a helpful set of digital tools such as the credit score monitor, access your money through an extensive surcharge-free ATM network and avoid pesky fees that drain your account. And if you don’t need to deposit cash frequently, this account’s $100 bonus and ongoing reward program is worth considering.