Laurel Road, $440 Checking Bonus and $400 for Credit Card Referrals

Update: The checking account bonus has been extended until June 30, 2023. But the bonus has been reduced by $100.

Laurel Road is a digital lending platform and part of KeyBank since 2019. They offer several financial services, including checking accounts and credit cards. Now they are also offering some big bonuses. You can earn $540 when opening a new checking account, and $400 when you refer friends or family members to sign up for a credit card. Let’s see how it all works.

Laurel Road Checking Account Bonus

You can get up to $540 for opening a new checking account with Laurel Road. The bonus comes in two parts:

• Earn a $20 cash reward for every month you make qualifying ACH direct deposits during the first 12 months, and $10 for every month after that – for as long as your account is open! To earn monthly rewards, you must make qualifying Automated Clearing House (ACH) direct deposits into the Account totaling at least $2,500 during the statement period.
• Plus, you can earn a $300 welcome bonus. To get this bonus, you need to open a Laurel Road Loyalty Checking account by 12/31/2022 at 11:59 p.m. (ET). You then need to make one or more qualifying direct deposits via an Automated Clearing House (ACH) transaction into the Laurel Road Loyalty Checking account totaling at least $2,500 within the first 60 days after account opening to receive the $300, which will be deposited into your account within 60 days of meeting requirements.

You can see the checking account offer here.

By opening the Laurel Road checking account, you’re also able to refer other to sign up for credit cards.

Laurel Road Credit Card Referral Bonus

You can earn up to $400 for each friend you refer when they refinance a student loan, finance a personal loan, or get approved for a credit card with Laurel Road. You can get up to 10 referrals per year for a total of $4,000.

Referrers must have log in credentials for Laurel Road’s Online Banking in order to participate in the Referral Program. You get log in credentials with the checking account that you opened in the previous step.

The person signing up doesn’t have to complete any spending for the referrer to get the $400 bonus. They just need to be approved for a Laurel Road Student Loan Cashback Card, and they can’t be an existing Laurel Road member.

When you refer friends or family members to sign up for the credit card, you can also choose to split the bonus with them. For example, you can split the bonus 50/50 and each party gets $200.

You can see this offer here.

Guru’s Wrap-up

You can stack these two offers together for some serious cash. You start with the checking account to earn up to $540. Then you refer your friends and family members to sign up for the credit card.

The credit card bonus is not huge, but it doesn’t require any spending. So this could be a good opportunity for those who don’t have a lot of generic spend, and are unable to go for bigger and better signup bonuses.

In two player mode, you can get up to $1,480. The first person signs up for the checking account and gets $540. Then invite P2 and get the $400 referral bonus. P2 can also get the checking account bonus for another $540. 

Let me know if you have done any of these bonuses already.

HT: Doctor of Credit