Review
Updated
Fact Checked
Nathan Alderman
Savings accounts are traditionally very safe, very boring places to store cash for a rainy day. And while the Laurel Road High Yield Savings Account is about as safe as an FDIC-insured bank account can be, its competitively high APY has enough oomph to make even the most boring saver do a little dance.
If you like making money on money, this in-depth review will give you the lowdown on the Laurel Road High Yield Savings Account.
Ratings Methodology
Rates as
of Jun 02, 2024
Laurel Road High Yield Savings Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
= Best
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APY
5.00%
Min. To Earn APY
$0
- Competitively high APY
- No minimum balance needed
- No monthly maintenance fees
- FDIC insurance
- Limited customer service hours
- No ATM access
- No cash deposits
If a high APY is important to you, look no further than the Laurel Road High Yield Savings Account. This is a great account for long-term savers, but may pose some problems for those who want to withdraw cash frequently.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.50%
Min. to earn: $0.01
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Laurel Road High Yield Savings Account interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Laurel Road High Yield Savings Account | 5.00% | $0 |
Data source: Laurel Road.
The Laurel Road High Yield Savings Account is online only, and online savings accounts usually offer the highest APYs. This one is no exception -- it's one of the highest we've seen, and best of all, you can open this account without a minimum deposit.
Full Laurel Road High Yield Savings Account review
Top perks
Competitively high APY: The headliner perk on this account is its unbelievably high APY. The interest is compounded daily and credited to your account every month.
No monthly maintenance fees: Like other online banks, the Laurel Road High Yield Savings Account doesn't charge fees, nor does it require a minimum balance to open an account.
Get ATM access with a Laurel Road Loyalty Checking account: Laurel Road's checking accounts earn cash rewards for qualifying direct deposits, plus have no account fees or minimum balances. They're a perfect match for Laurel Road High Yield Savings Accounts, as you can move money from your savings to your checking account in order to access it through Laurel Road's network of 40,000 no-fee ATMs.
What could be improved
No branches: Laurel Road is 100% online with no brick-and-mortar banks for in-person consultation. Not only that, but its customer service hours are limited to business days between 8:00 a.m. and 9:00 p.m. That can be a real bummer if you need help on a weekend, especially with other online banks offering 24/7 customer service hotlines.
No ATM cards: Some banks will give you an ATM card to withdraw cash from a savings account. Not Laurel Road. You won't be able to access your high yield savings account through an ATM unless you move money to another account first.
No cash deposits: Laurel Road accepts only checks and electronic transfers. This is true for both its savings accounts and its checking account.
Getting cash fast could be cumbersome: If you need to withdraw cash, you have to transfer it to another account first. This might not be a problem if you have a Laurel Road Checking Account. However, for those with savings accounts only, you'll have to wait a few business days for the money to transfer.
How to access your money
While Laurel Road is an online-only bank, it's pretty flexible with options to access your money electronically. Let's take a look at how you can fund and withdraw money from this account.
Deposit options
Laurel Road provides account holders with numerous ways to deposit money, including the following five:
- Electronic bank transfers
- Domestic wire transfers ($20)
- Direct deposit
- Mobile check deposits
- Send a check by U.S. mail
Noticeably absent from this list is cash deposits. Since Laurel Road doesn't accept cash, you'll need to deposit it at another financial institution, then transfer it electronically or through a check.
Withdrawal options
Laurel Road will only let you withdraw savings through electronic transfers from your Laurel Road High Yield Savings Account to an external account. Unlike savings accounts at other banks, this one doesn't come with a debit or ATM card, nor will you have check-writing privileges. You can also transfer money through a wire transfer, though it could cost you an additional $30.
Laurel Road High Yield Savings Account is right for you if:
- You don't need to access your savings account every day and don't mind having limited withdrawal options.
- You don't need to deposit cash frequently.
- You're looking for an FDIC-insured online bank.
- You already have a checking account at Laurel Road and want to add a high-yield savings account for bigger earnings.
If Laurel Road High Yield Savings Account isn't the right choice for you, check out our other best high-yield savings accounts for more options.
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Yes, Laurel Road is a legitimate, online-only bank. It was founded in 2013 and offers checking and savings accounts, along with loans.
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In 2019, Laurel Road was acquired by KeyBank and is now backed by KeyBank's immense asset holding (roughly $195 billion). With FDIC insurance, this makes Laurel Road a pretty safe place to do your banking.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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