Update 5/22/24: Deal is back until 01/10/2025
Offer at a glance
Maximum bonus amount: $200
Availability: Nationwide
Deposit required: $5,000 – $30,000
Additional requirements: Deposit must be in account on day 90
Hard/soft pull: Soft pull
ChexSystems: No, Chexsystems sensitive
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: None
Household limit: None listed
Expiration date: 4/30/2024
The Offer
No direct link to offer, requires a referral. Find & share your referrals in this linked post. Direct link for terms here.
Laurel Road is offering a bonus of up to $200 when you open a new savings account and deposit $1 within 20 days of account opening. The bonus you receive depends on your balance at 90 days after account opening:
Deposit total between $5,000–$14,999.99 and get a $50 bonus
Deposit total between $15,000–$29,999.99 and get a $100 bonus
Deposit total more than $30,000+ and get a $200 bonus
The Fine Print
Starting at 12:00AM EST on January 30, 2024, through 11:59PM EST on April 30, 2024 (“Campaign Period”), a $50 bonus (the “Bonus”) will be awarded to Laurel Road members (“Referrer”) for each friend who opens a new Laurel Road High Yield Savings (HYS) account (the “Referred”) and meets the following requirements, the Referred must 1) submit the HYS account application through the Referrer’s link during the Campaign Period. 2) have a minimum HYS account balance of at least $1 by 7PM EST within the first twenty (20) calendar days of account opening, and 3) have a minimum balance of $5,000 by 11:59PM EST on the ninetieth (90th) calendar day of account opening for Referrer to earn the Bonus. T
his offer cannot be combined with any other programs and is not eligible for the standard Refer-A-Friend split.
All other Laurel Road Referral Program Rules apply. For full information see https://www.laurelroad.com/hys-raf2024/#disclaimer.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
None
Our Verdict
Bonus is interesting for two reasons:
Account earns 5% APY and this is competitive with other high yield rates
You only need a balance on day 90
You’ll likely need to tie up funds for a week or so but still worth doing if you have a lot of liquid funds available. Person referring also gets a $50 bonus. We will add this to our list of the best checking bonuses. Do not share your referrals in the comments below, you can share them in this linked post.
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times