High Yield Savings - FAQ

Like most high yield savings accounts at other banks, the Laurel Road High Yield Savings account APY is a variable rate (rather than a fixed rate) and is subject to change at any time. While Laurel Road offers competitive rates that are consistently higher than the national average, variables such as the federal funds rate and the banking marketplace could lead to changes in future rates offered by Laurel Road and other banks. Our current APY can be found here. While it can be difficult to predict how rates will increase or decrease in the future, one can look for announcements by the Federal Reserve to understand if potential rate fluctuations are on the horizon. To learn more about how the APY on your high yield savings account is determined, see this resource article Federal Rate Changes and Your High Yield Savings Account.

You can find your current savings account interest rate on your monthly statement, or you can contact us by calling (833) 427-2265 or emailing [email protected] for assistance.

For TTY/TRS (for the hearing impaired), dial 711.

A high yield savings account is a deposit account that typically pays more interest than an average savings account.

No, the Laurel Road High Yield Savings account does not include a debit card or checks.

As part of a national bank, Laurel Road relies on advanced data protection, strong encryption and continual monitoring to protect your account and keep your money secure. Additionally, your savings deposits are FDIC-insured up to $250,000. Laurel Road is a brand of KeyBank N.A. KeyBank, N.A. is Member FDIC. To learn more about FDIC insurance, contact the FDIC toll-free at 1.877.ASK.FDIC (1.877.275.3342) or visit www.fdic.gov.

No, there is no monthly maintenance fee with the Laurel Road High Yield Savings account.

The interest for the Laurel Road High Yield Savings account compounds daily and is paid to you monthly.

No, there is no minimum deposit to open this account.

The annual percentage yield (APY) is a standardized rate of return showing how much you can earn with compounded interest over the course of a year. The annual percentage yield earned (APYE) shown on your statement is an annualized rate of return that reflects what you actually earned during the statement period. If the APY on your account has changed during the statement period, then the APYE will reflect those changes. For example, if the APY was 3.00% on March 1 and then changed to 3.50% later in March, then the APYE shown on your March statement would be between 3.00-3.50%. Two important pieces of the APYE calculation are the average daily balance in your account and the amount of interest you earned in that period. Therefore, the APYE will be affected by deposits and withdrawals made during the statement period.  

There are several ways to add money to your Laurel Road savings or checking account.

• • • Start a transfer from your other bank account to your new Laurel Road account by using your Routing Number and Account Number.
    • Send a domestic wire transfer from another bank. This is the best option for making large transfers. Reach out to your other bank to initiate a wire transfer to your Laurel Road account.
    • Set up direct deposit. Visit our Direct Deposit page to learn more about how to enroll.
    • Make a mobile check deposit. With the Laurel Road Mobile Banking app, you can deposit a check by simply taking a picture.
    • Send us a check by US mail. For deposits into a checking account, mail the check and a deposit slip. You can find a deposit slip in the checkbook if you ordered one for your account. For deposits into a savings account, mail the check with your Laurel Road savings account number and routing number written in the memo section. Send your check (and deposit slip) to:Standard (USPS) Mail Laurel Road P.O. Box 5998 Cleveland, OH 44101-0998Overnight/Express Mail: Laurel Road 3 Corporate Drive Ste. 420 Shelton, CT 06484
   

• Make a mobile check deposit. With the Laurel Road Mobile Banking app, you can deposit a check by simply taking a picture.
• Go to Laurel Road Online Banking and set up an external transfer from a non-Laurel Road bank account.

You can withdraw from your account by logging into your online banking and withdraw or transfer the funds into another account.

At this time, we do not accept physical cash deposits at this time. However, you can transfer money from your other account at other institutions into Laurel Road High Yield Savings account.