topic Re: Laurel Road Rewards Checking, any others? in Personal Finance

Laurel Road Rewards Checking, any others?

ptatohed — Fri, 10 Mar 2023 20:40:48 GMT

I have to admit, I am pretty intrigued by the Laurel Road Loyalty Checking dangling carrot. $200 welcome bonus for making $2500 worth of direct deposits in 60 days. $20 cash reward per month for the first year with $2500 direct deposit(s) per month. Then $10 per month after the first year.

It got me wondering, is Laurel Road the only bank paying their customers for direct deposits? Any other banks with the same or similar rewards?

Anyone currently banking with Laurel Road? Do you like them?

Opinions/thoughts?

https://www.laurelroad.com/checking/loyalty-checking/

Re: Laurel Road Rewards Checking, any others?

SlideOrInsert — Fri, 10 Mar 2023 21:39:48 GMT

I participated when the bonus was $300 sign up, for each month of $1000 deposits it was a $20 kicker but only for the first year. they paid out very consistently with no hassles.

I used the debit card once and if I remember correctly the ach pushes from them were in my other account next day. never used them for banking as there was never any other advantages like free checks, etc.

don't remember if I got a 1099-int for the bonuses, I supposed I should start looking into that.

Re: Laurel Road Rewards Checking, any others?

ptatohed — Fri, 10 Mar 2023 22:05:47 GMT

@SlideOrInsert wrote:
I participated when the bonus was $300 sign up, for each month of $1000 deposits it was a $20 kicker but only for the first year. they paid out very consistently with no hassles.

I used the debit card once and if I remember correctly the ach pushes from them were in my other account next day. never used them for banking as there was never any other advantages like free checks, etc.

don't remember if I got a 1099-int for the bonuses, I supposed I should start looking into that.

So you had your paycheck(s) direct deposited into Laurel Road to get the monthly cash reward but then you had the money ACH'ed over to your main bank? I thought about that too. Thanks for the input.

Re: Laurel Road Rewards Checking, any others?

SlideOrInsert — Fri, 10 Mar 2023 22:24:04 GMT

@ptatohed wrote:

So you had your paycheck(s) direct deposited into Laurel Road to get the monthly cash reward but then you had the money ACH'ed over to your main bank? I thought about that too. Thanks for the input.

my direct deposits always go to my main bank because it is not convenient to switch with my employer. I have a fidelity cash management account I pushed to laurel road.

direct deposits > main bank > $1000 to fidelity > laurel road > main bank