IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-Driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult Federal Student Aid for the most current information.
Let your savings work for you.
$0 monthly account maintenance fees
Save more with no monthly maintenance fees.
Deposits are FDIC-insured2
Deposits are FDIC insured up to $250,000.
No minimum balance to open
Get started with no minimum balance.
Intro Rate for Refinancing with Linked Savings
Start Saving With An Extra 0.25% Off Your Refi Rate
When you refinance your medical school loans and open a Laurel Road Linked Savings account, you'll qualify for an introductory 0.25% off your interest rate for the first 2 billing cycles.1
How Linked Savings Works
The More You Save, The More You Could Save
After your first two billing cycles with a funded Laurel Road Linked Savings account, your interest rate discount will vary based on your average daily savings account balance for the previous month.1 Depending on how much you save, you could lower your student loan refinancing rate by up to 0.30%.1
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| Average Daily Balance |
2-Month Intro Discount |
Post-Intro Discount* |
|---|---|---|
| $0 – $999 | 0.25% | 0.00% |
| $1,000 – $9,999 | 0.25% | 0.10% |
| $10,000 – $19,999 | 0.25% | 0.20% |
| $20,000+ | 0.25% | 0.30% |
*Potential discount after 2 months and qualifying average daily balance
Is Refinancing Now Right for You?
You may be asking if now is a good time to take advantage of low rates to refinance. Use the Student Loan Rates slider below to see how adding a Laurel Road Linked Savings account could lower your rate.
Personal Savings Account Fees and Disclosures
Effective June 14th, 2024
Laurel Road is a brand of KeyBank N.A. All products are offered by KeyBank N.A. Member FDIC. ©2024 KeyCorp® All Rights Reserved.
Laurel Road Linked Savings® Account
Interest Information
| Balance Tier | Interest Rate | Annual Percentage Yield (“APY”) * |
| $.01 – $2,499.99 | Interest Rate 0.030% | APY 0.03%* |
| $2,500 – $4,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $5,000 – $9,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $10,000 – $24,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $25,000 – $49,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $50,000 – $99,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $100,000 – $249,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $250,000 – $499,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $500,000 – $999,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $1,000,000 – $1,999,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $2,000,000 – $4,999,999.99 | Interest Rate 0.030% | APY 0.03%* |
| $5,000,000 and above | Interest Rate 0.030% | APY 0.03%* |
Please note that there could be more than one interest rate balance tier earning interest at the same interest rate.
*The Interest Rates quoted, and corresponding Annual Percentage Yields (“APY”) are those which were in effect on the day the account was opened, or an inquiry was made as specified above. The applicable Interest Rate applies to the entire balance in the account. Rates are guaranteed only to the extent specified in this Personal Savings Account Fees and Disclosures.
This Personal Savings Account Fees and Disclosures (“Disclosure”) provides information about deposit accounts we offer. While this Disclosure is accurate as of the effective date noted above, specific product features may be changed from time to time. A copy of the current Disclosure may be obtained upon request by contacting us. Current Interest Rate information may be obtained by contacting Laurel Road customer service at (1-833-427-2265), or writing Laurel Road P.O. Box 191, Bridgeport, CT 06601. Dial 711 for TTY/TRS.
All savings accounts pay interest at a variable rate and rates may vary based on the balance in your account. Refer to the Interest Rate and Annual Percentage Yield (APY) chart for interest rate and APY information pertaining to your account. We may change the interest rate and APY at our discretion and as often as daily. There are no limits on the amount that the interest rate or APY may change. The interest rate and APY for this account may vary based on multiple factors including, but not limited to: your overall relationship with the bank as defined by other accounts you have, the balances in all of your accounts, account location, account usage and other bank services you use. We use the daily balance method to compute interest on accounts. This method applies a daily percentage rate to the balance in the account each day. To determine the daily percentage rate, we divide the interest rate by 365 days. Interest begins to accrue on non-cash items (for example, checks) presented to us no later than the business day we receive credit for the deposit. Interest is compounded daily and credited to your account monthly.
If you close your account within ten (10) business days after the last interest payment date, the accrued but not yet credited interest will not be paid. If you close your account after the tenth business day, interest accrued up to, but not including, the day of withdrawal will be paid at closing.
Laurel Road Linked Savings
The minimum deposit required to open this account is $0.00. This account pays a variable rate of interest as described in the “Interest Rates & Payments” section. The monthly Maintenance Service Charge is $0.00.
Your canceled checks and digital images of your canceled checks will be held by KeyBank in our secure system. We reserve the right to limit opening deposits in this account to $500,000.00 per account.
Additional Account Information
In addition to your specific account service charges described above, your account may also incur service charges as described in the OTHER CHARGES section listed at the end of this document. Your account is also subject to our Deposit Account Agreement and Funds Availability Policy.
The term Withdrawal means any check, any preauthorized transfer or withdrawal (including any electronic debit or automatic payment), and any telephone transfer or wire transfer of funds from your account. The term checks/withdrawals paid as referenced in this Disclosure means a check, or each withdrawal made in a KeyBank branch. Deposit means a deposit of funds into your account, including any electronic direct deposit, automatic deposit or telephone transfer.
The Daily Balance is the balance in your account each day. The Average Daily Balance is calculated by adding the Daily Balance in your account for each day of the statement period and dividing that amount by the number of days in the statement period.
We provide detailed statements for all accounts (except passbook savings). Check safekeeping is required. Check safekeeping means that your canceled checks and other items are not returned with the statement but are stored for you on microfilm records. If you request a copy of a canceled check or item, we will send you the copy (refer to the OTHER CHARGES section for applicable service charges), provided that the check or item was presented for payment within the time period during which we maintain copies of checks (normally seven years).
Service Charges in Connection with an Account
Overdraft Services
| Standard Overdraft Services1 | We MAY choose to pay/process certain items into overdraft. You may ask us not to pay/process any of these items into overdraft:
We DO NOT authorize and pay the items listed below into overdraft. However, you may ask us to pay these items into overdraft:
If we DO NOT authorize and pay an overdraft, your transaction will typically be declined. |
|
|
Key Coverage Zone ® |
No Overdraft Item Charge or Recurring Overdraft Service Charge will be assessed if your end of day overdraft balance is $20.00 or less. | |
|
Overdraft Item (OD) and Returned Item Charges |
||
| Overdraft Item (OD) Charge | $20.00 | Per each overdraft item when the end of day available balance* is overdrawn by more than $20.00 |
| Daily OD Charge Cap | 3 | Based on transactions posted to the account each day2 |
| Monthly OD Charge Cap | 20 | Based on transactions posted to the account within the monthly period3 |
| Recurring Overdraft Service Charge | $20.00 | If your end of day account balance remains overdrawn by more than $20.00 for five consecutive business days4 |
| Return Item Charges | $00.00 |
1Paying your account into overdraft is done at Laurel Road’s discretion.
2In rare cases, OD Charges may not post on the same day as the transaction which triggers the fee(s). As a result, more than 3 OD Charges may post to your account on a single day, but you will never be assessed fees for more than 3 transactions posted per day.
3If more than 20 OD Charges are incurred within the monthly period, we may, in our discretion, continue to pay items into overdraft, but you will not be assessed additional OD Charges for such transactions.
4This fee is based on end of day current (Ledger) balance.
Current (ledger) balance shows the total amount of money in your account at the end of the day, but the total amount may not be ready for use.
*Available balance is the amount of money in your account available for use. This balance does reflect deposit and withdrawal transactions that have not yet posted.
For more detail on transaction posting, please reference section 6 of your Deposit Account Agreement and Funds Availability Policy.
Other Charges
| Returned Statement Handling Charge | $10.00 | For statements returned to the Bank due to an incorrect address.
Fee is applied when Key receives a returned statement and is processed prior to the Posting Order process described in the Deposit Account Agreement and Funds Availability Policy. |
| Charge for each Additional Copy of Statement | $6.00 | Fee for each copy of a statement requested by a Bank representative |
| Fedwire Service Charge | $20.00
$30.00 $45.00 |
Each Incoming Domestic and International
Each Domestic Outgoing Each International Outgoing Fee is assessed with the wire transfer |
| Stop Payment Charge | $34.00 | For each stop payment or to renew a stop payment on a check or withdrawal or on multiple checks in sequence Fee is applied at the time of the request and is processed prior to the Posting Order process described in the Deposit Account Agreement and Funds Availability Policy |
| Chargeback Fee | $0.00 | For each check deposited to your account that is returned to us unpaid. |
| Legal Order Processing Fee | Up to $100.00 | For processing court orders served against you, such as Garnishments, Levies, or delinquent Child Support Orders Fee is applied when Key processes Legal Order items and is processed prior to the Posting Order process described in the Deposit Account Agreement and Funds Availability Policy |
| Book-to-Book Wire Transfer(s) | $4.50 | Domestic Outgoing Wire to a Key account Domestic Incoming wires to Key accounts are not charged a fee Fee is assessed with the wire transfer |
| Repetitive Outgoing Wire Transfers | Repetitive wire transfers are those in which debit credit transfer parties remain the same (date and dollar amount may be different) and will be discounted $10.00 from the standard Fedwire Service Charge prices. |
062024COMP-1566
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Laurel Road Linked Savings is an FDIC-insured savings* account with a $0 minimum balance to open and $0 monthly maintenance fee. Laurel Road members that close on a new student loan refinance and open a Linked Savings account are eligible for an interest rate discount on their student loan that adjusts monthly based on the savings account average balance. To take full advantage of rate discounts, members need to fund the savings account. Click here to see the full Linked Savings discount table. Click here to view rates and fees for the Laurel Road Linked Savings.
* Deposits are insured up to the maximum allowable limit. Laurel Road is a part of KeyBank N.A. All single accounts owned by the same person at KeyBank N.A. are added together and insured up to the maximum allowable limit. To learn more, contact the FDIC toll-free at 1.877.ASK.FDIC (1.877.275.3342) or visit www.fdic.gov.
Members who open a Laurel Road Linked Savings account in conjunction with an application to refinance their student loans will receive an introductory 2-month 0.25% interest rate discount on their Laurel Road student loan, which will be applied during the first two billing cycles of the student loan. Starting with the 3rd billing cycle, and continuing with each billing cycle thereafter, the interest rate discount applied during a billing cycle will be based on the average daily balance held in the borrower’s Laurel Road Linked Savings account for the preceding calendar month according to the table below.
Note: To continue to receive a discount for the 3rd billing cycle, you must fund your Laurel Road Linked Savings account the month after your loan funds.
| Average Daily Balance | 2-Month Intro Discount | Post-Intro Discount* |
|---|---|---|
| $0 – $999 | 0.25% | 0.00% |
| $1,000 – $9,999 | 0.25% | 0.10% |
| $10,000 – $19,999 | 0.25% | 0.20% |
| $20,000+ | 0.25% | 0.30% |
*Potential discount after 2 months and qualifying average daily balance Discounts updated as of 9/23/21
Example: If your first payment due date is June 15th, you will receive the introductory 0.25% interest rate discount for the first two billing cycles (e.g. May 16th – June 15th and June 16th – July 15th). The discount for the third billing cycle (from July 16th – August 15th) will be based on the average daily balance in your Laurel Road Linked Savings account for the preceding calendar month (June in this example). Consistent with the table above, for subsequent billing cycles your discount will be based on the average daily balance in your Laurel Road Linked Savings account for the previous calendar month.
You cannot open a Laurel Road Linked Savings account and link it to an existing Laurel Road student loan. To open a Linked Savings account, you would need to refinance your existing Laurel Road student loans; however, you may receive a rate offer higher than your current rates.
Once a Linked Savings account is opened, interest will begin to accrue on a deposit on the first business day we receive your deposit.