Banking » Reviews » Laurel Road High Yield Savings Review 2024
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Laurel Road High Yield Savings Review 2024

Laurel Road High Yield Savings provides one of the highest savings rates, without a minimum deposit. However, savings features are limited
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Laurel Road High Yield Savings

Laurel road logo svg
Laurel road logo svg

Laurel Road High Yield Savings

APY

5.15%

Minimum Deposit

$0

Promotion

None

Our Rating

4.5
4.5/5

The Laurel Road High Yield Savings Account offers a competitive interest rate and no monthly fees. As of today, the APY is 5.15%, which is one of the highest yields on the market. Interest compounds daily and is paid out monthly.

The Laurel Road High Yield Savings Account does not have a minimum deposit requirement, so anyone can open an account and start earning the high APY. 

You can fund your savings account through a variety of ways, including transfers from another bank, domestic wire transfers, direct deposit, or mobile check deposits.

Table Of Content

Main Features

Here are the main features of Laurel Road High Yield Savings:

  • Strong Rates: The Laurel Road High Yield Savings Account offers an attractive APY of 5.15%, which is among the highest yields in the market.
  • No minimum deposit or monthly maintenance fees: There are no requirements for a minimum deposit, making the high APY accessible to most US consumers. Additionally, you won't be charged any monthly maintenance fees, allowing you to save without worrying about additional costs.
  • Variety of ways to deposit: You can conveniently fund your savings account through various methods, including transferring funds from your other bank account, domestic wire transfers, direct deposit, mobile check deposit, or even by sending checks through the US mail.
  • FDIC insured: The Laurel Road High Yield Savings Account is FDIC insured, ensuring that your deposits are protected up to the maximum allowable limit by law. This provides peace of mind and safeguards your savings against unexpected circumstances.
Benefits
Limitations
Strong rates
No physical branch
No minimum deposit or monthly maintenance fees
No savings tools
Variety of ways to deposit
Limited customer support
FDIC insured
No ATM card

Drawback To Consider

There are some drawbacks each saver should know before making a decision. These include:

  • No physical branch: While there are no physical branches, the account offers alternative funding options such as transfers from other banks, domestic wire transfers, direct deposit, and mobile check deposits.
  • No savings tools: The account doesn't offer savings tools as you can get with other banks, such as calculators, savings buckets, and automatic transfers.
  • Limited customer support: Although customer support may not be available seven days a week, weekly assistance is provided to address any inquiries or concerns.
  • No ATM card: There is no ATM card associated with the account, as you can get with other savings accounts,

How's Laurel Road Savings Compared To Others?

When it comes to choosing a bank for your savings, Laurel Road Savings is a standout option. Their savings account outperforms the average national rate by a wide margin, consistently ranking among the top free savings accounts.

Let's compare it with some of the highest-rated savings accounts available in the country to give you an idea of just how competitive Laurel Road Savings is. As you can see, Laurel Road Savings offers one of the most appealing interest rates in the market.

Bank/Institution
Savings APY
Laurel Road High Yield Savings
5.15%
American Express
4.25%
Capital One
4.25%
Upgrade
5.21%
Marcus
4.40%
CIT Platinum Savings
Up to 5.00%
Discover Bank
4.25%
Citizens Access
4.50%
Bread Financial
5.15%
Lending Club
5.00%
Quontic
4.50%
UFB Direct
Up to 5.25%
Alliant Credit Union
3.06% – 3.10%
Ally Bank
4.2%
SoFi
up to 4.60%

About Laurel Road

Laurel Road started originating student loans in 2013, assisting a significant number of professionals with undergraduate and postgraduate degrees in consolidating and refinancing over $7 billion in federal and private school loans. 

Alongside student loans, Laurel Road provides a range of online lending products, including graduate school loans, personal loans, and mortgages, offering simplified borrowing processes through technology and personalized service.

In April 2019, KeyBank, one of the nation's prominent bank-based financial services companies, acquired Laurel Road. As a brand of KeyBank National Association, Laurel Road extends its online banking products to all 50 U.S. states, Washington, D.C., and Puerto Rico.

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Savings Rate: 5.21% APY
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Savings Rate: 4.75% APY APY

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CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers

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Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
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Savings Rate: Up to 5.00% APY
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Savings Rate: 4.50% APY

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Savings Rate: 4.75% APY

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CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

FAQs

To withdraw funds, simply log into your online banking and initiate a withdrawal or transfer to another account.

No, the Laurel Road High Yield Savings account does not provide a debit card or checks.

The interest for the Laurel Road High Yield Savings account is compounded on a daily basis and paid out monthly.

Laurel Road is a subsidiary of KeyBank N.A., which is an FDIC-insured bank.

Currently, Laurel Road does not accept physical cash deposits.

Laurel Road Checking offers a digital banking experience with comprehensive checking services. It offers the convenience of depositing checks on-the-go using mobile check deposit, access a network of 40,000 no-fee ATMs, easily send money with Zelle®, benefit from secure banking with FDIC insurance, and take advantage of online bill pay with no monthly fees or minimum balance requirements.

Savings Account Reviews Methodology

The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:

  • Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
  • Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
  • Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for  savers.
  • Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.

By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Advertiser Disclosure
We get compensated for these product offers
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Promotion:
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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
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APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

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The product offers that appear on this site are from companies from which this website receives compensation.

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