Best known for its student loan products, you may not suspect Laurel Road of being a powerhouse institution for personal banking. But after joining the KeyBank family in 2019, you’ll find excellent checking, high-yield savings, and lending options. The only rub is that Laurel Road is headquartered in New York and doesn’t have any physical branches as it operates entirely online—not ideal for those who like in-person banking.
Our review details Laurel Road’s personal banking products. Rates are current as of Aug. 18 2025, and are subject to change.
Laurel Road at a glance
Laurel Road
| Checking accounts | $0 minimum deposit to open |
| Savings accounts | $0 minimum deposit to open |
| Specialty | Student loan refinancing |
at MoneyLion
- Year Founded: 2013
- Company Headquarters: New York, NY
- CEO: Alyssa Schaefer
at MoneyLion
Pros
- Competitive 3.80% annual percentage yield (APY) on savings accounts
- No monthly fees
- Option to send money with Zelle
Cons
- There are no bank branches
- Numerous reports of new accounts having their money tied up for months while awaiting verification it isn’t fraud
- You can likely find higher interest rates at some competing banks
Who is Laurel Road good for?
Laurel Road’s bread and butter is student loan refinancing, and it offers several account perks designed specifically for those who maintain student loans with it. Additionally, its linked checking and savings accounts make them an attractive option for those looking for a way to earn a better rate on their student loans.
Who shouldn’t use Laurel Road?
Laurel Road is an online bank, so you won’t have any branches you can stop in, despite its affiliation with KeyBank. It also doesn’t offer money market accounts (MMAs) or CDs, so if you want a wide variety of product options under one banking roof, look elsewhere.
Laurel Road rates and products
As an online bank, Laurel Road doesn’t offer many products you might find in a bank that operates both online and through local branches. However, it offers a high-yield savings account, a variety of checking accounts, and student loans.
| Laurel Road product | APY |
|---|---|
| Checking accounts | 0.01% |
| Savings accounts | 3.80% |
| Bank details checked Aug. 18, 2025. | |
|---|---|
| Checking accounts | |
| APY | 0.01% |
| Savings accounts | |
| APY | 3.80% |
Checking accounts
Laurel Road offers three different types of free checking accounts: Laurel Road Freedom Plus Checking Account, Laurel Road Loyalty Checking Account and Laurel Road Linked Checking Account. There are no monthly fees, and no minimum deposit is required to open one of these accounts.
Savings accounts
The best high-yield savings accounts typically charge no monthly fees and have no minimum deposit. Laurel Road is no different and offers a competitive 3.80% APY. While this is on the higher end of APYs that banks offer, it isn’t the highest available on the market.
- Personal loans: Whether you’re renovating your home, relocating, consolidating credit card debt, or making a major purchase, Laurel Road has several loan options available.
- Credit cards: With the Laurel Road Student Loan Cashback Card, redeem 2% cash back toward your student loans and 1% cash back toward all other eligible purchases.
- Student loans: One could argue that Laurel Road is a student loan refinance company with a side hobby of providing banking services. Many of its services are related to its student loan offerings. For example, opening a checking account can potentially lead to much cheaper refinance rates.
- Mortgages: While Laurel Road doesn’t have mortgages, it can refer you to KeyBank for your home loan.
Online banking
Laurel Road is an online bank with no physical branches. All banking, including transfers, deposits, and bill payments, is handled through its online portal and mobile app.
For a comprehensive list of other top online banking options, explore this resource of the best online banks and credit unions.
The Laurel Road platform and customer support
You may reach Laurel Road by telephone (1-833-427-2265 for general inquiries) Monday through Friday from 8 a.m. to 8 p.m. Eastern Time, via email at help@laurelroad.com, through live chat five times per week, and via its contact form on its website.
You can view your accounts online or via the bank’s mobile app, which has 4.7 stars out of 5 on the App Store with over 2,000 reviews. Its Android app has 4.4 out of 5 stars on the Google Play store with over 700 reviews.
Is Laurel Road secure?
As a division of KeyBank, Laurel Road is FDIC-insured which means your deposits are covered up to $250,000 per depositor per account type. In the bank’s online privacy statement, they lay out how they use your personal information and the measures they take to protect it, which include technical and physical safeguards.
Laurel Road user reviews
Laurel Road receives mixed reviews on Trustpilot, earning a 2.9-star rating out of a possible 5. Many users complain on both Trustpilot and in Reddit forums of being locked out of their accounts with little recourse to regain access and unresponsive customer service. Positive reviews talk about how easy the app is to use, although these appear to be fewer than the negative experiences customers have shared.
Out of 602 Trustpilot reviews, it has 2.9 out of 5 stars at the time of writing, with 22% of those being 1 stars.
Compare Laurel Road alternatives
If Laurel Road is too limited in scope for what you need, other popular online banks that might offer what you’re looking for include SoFi, Ally, and Capital One.
 Laurel Road |  SoFi® Member FDIC |  Ally |
|---|---|---|
| Top checking APY | Top checking APY | Top checking APY |
| 0.01% | 0.50% | 0.25% |
| Top savings APY | Top savings APY | Top savings APY |
| 3.80% | Up to up to 3.80%%.1 Get a 0.70% Boost on Savings APY to up to 4.50% for up to 6 months on new accounts with eligible Direct Deposit. Terms apply.2 | 3.50% |
| Top CD APY | Top CD APY | Top CD APY |
| N/A | N/A | 3.90% on a 6-month CD |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at SoFi | View offer at MoneyLion |
Terms apply.
Bank details checked Aug. 18, 2025.
Is Laurel Road right for you?
Laurel Road could be a fit for customers who appreciate the efficiency of banking online as well as those who either have student loans they’re looking to refinance or who are in the process of getting student loans. Opening a checking account and high-yield savings accounts are also an attractive option, especially for those who can pair them with refinancing student loans to get an optimal rate. However, it might not be a great fit for someone who values being able to stop into a physical branch or who wants a CD or MMA.
Frequently asked questions
Is Laurel Road a legitimate bank?
Laurel Road is a legitimate bank that is an online division of KeyBank. Laurel Road is tailored toward those looking to refinance their student loans in the healthcare and business fields and is an online-only bank with no branches.
Is Laurel Road FDIC-insured?
Laurel Road is a division of KeyBank, N.A. which is FDIC-insured. This means that deposits in Laurel Road are also FDIC-insured up to the maximum allowable amount of $250,000.
Is Laurel Road owned by KeyBank?
Yes, KeyBank owns Laurel Road. It acquired Laurel Road in April 2019.
SoFi disclaimer
1:
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
2: 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.