Laurel Road Advances Digital Banking with New Checking and Mobile Application

Rhea-AI Summary

Laurel Road, a digital banking platform of KeyBank, announced the launch of its new checking account and mobile application aimed at healthcare and business professionals. The account offers features like a $500 cash bonus for direct deposits and discounts on student loan refinancing. A survey revealed that 45% of Gen-Z and millennials are interested in switching banks for better savings options. With no minimum deposit and a wide ATM network, the new offerings cater to the financial needs of busy professionals while promoting financial growth.

Positive

• Launch of Laurel Road Checking account enhances product offerings.
• Offers a $500 cash bonus for direct deposits over $2,500 within 60 days.
• Discounts of up to 0.55% on student loan refinancing for checking account holders.
• No minimum opening deposit and no account maintenance fees.
• Wide accessibility with mobile application features and 40,000+ ATMs.

Negative

• None.

NEW YORK, Sept. 23, 2021 /PRNewswire/ -- Laurel Road, a digital banking platform of KeyBank with specialized offerings for healthcare and business professionals, unveiled today the Laurel Road Checking account and mobile application, allowing existing and new members the ability to more easily manage their finances, save money while paying down student debt, and bank from anywhere, anytime.

Just six months after launching Laurel Road for Doctors, a new suite of financial and banking products tailored to physicians and dentists, the company is advancing even further as a digital banking platform with the launch of Laurel Road Checking.

This new offering adds to Laurel Road's existing line-up of digital banking products, which includes a Student Loan Refi & Linked Savings℠ account and Student Loan Cashback℠ Credit Card, along with student loan refinancing, personal lending, and mortgage options, making it a comprehensive platform for all the financial solutions that healthcare and business professionals need.

As part of this launch, and to also understand how young Americans are banking, Laurel Road recently conducted a survey of 2,000 Gen-Z and millennials. The findings show that many are looking for a change, as 45% of respondents said they are interested in switching to a new bank but are not sure where to start and 38% noted they would be encouraged to make the switch to a new bank because they're looking for better savings options.

"We know that the majority of Americans, both healthcare professionals and young Americans navigating high student debt and in demanding careers, are looking for banking and financial solutions that fit into their busy lifestyles and help them meet their goals. That's why our new checking account and mobile app are designed to provide ease to our members as they manage their money, while also helping to develop best practices around saving and growing their finances," said Alyssa Schaefer, Chief Experience Officer at Laurel Road. "As we strive to continue our efforts of providing exceptional digital experiences with high-touch human support, it's important to keep in mind that no one's financial journey is stagnant, which is why we have created products that will continue to grow with each of our members."

To support this desire for new banking experiences that also provide savings opportunities, Laurel Road Checking offers discounts of up to 0.55% on refinancing your student loan with Laurel Road when you open up a Laurel Road checking account and make recurring monthly direct deposits – that means reaching variable APRs as low as 1.37%. Those approved for a student loan are eligible to secure a student loan rate reduction by contributing to the checking account with monthly direct deposits, securing significant savings – and this is achieved all online in one cohesive experience. Additional benefits that come with opening a Laurel Road Checking account include:

• A limited time offer of $500 cash bonus when making direct deposits totaling $2,500 or more within 60 days of opening the account.
• Overdraft protection, no minimum opening deposit, and no account maintenance fee
• World Debit Mastercard benefits, including chip capabilities and no monthly or annual fee
• 40,000+ ATMs nationwide

Members can also easily access the new Laurel Road mobile application as it is both iOS and Android accessible. It features exciting capabilities, including an ATM finder, mobile check deposit, P2P/Zelle contact list integration and transfers, bill payment management, and check ordering options.

Additionally, those who choose Laurel Road as their digital banking platform of choice have access to Laurel Road Perks!, a growing partner network of exclusive offers, discounts and benefits for all Laurel Road members, which includes partners such as P.volve, Sakara,  Brooklinen, KidPass, and Talkspace.

To learn more about Laurel Road Checking, the new mobile app and Laurel Road's growing digital banking offerings, visit (laurelroad.com/checking-launch).

About Laurel Road
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $9 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, mortgages and personal loans that helps simplify lending through customized technology and personalized service. Additionally, Laurel Road's physician and dentist customers have access to Laurel Road for Doctors, a tailored digital experience and specialized service launched in March 2021. In April 2019, Laurel Road was acquired by KeyBank, one of the nation's largest bank-based financial services companies. For more information, visit www.laurelroad.com. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. The mortgage product is not offered in Puerto Rico. KeyBank is a Member FDIC.  Equal Housing Lender. NMLS ID # 399797.

About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $170.3 billion at December 31, 2020. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,000 branches and approximately 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/.

Media Contact:
KWT Global for Laurel Road
610-908-9874
laurelroad@kwtglobal.com

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SOURCE Laurel Road

FAQ

What does the new Laurel Road Checking account offer?

The Laurel Road Checking account offers a $500 cash bonus for direct deposits, discounts on student loan refinancing, overdraft protection, and no maintenance fees.

When was the Laurel Road Checking account launched?

The Laurel Road Checking account was launched on September 23, 2021.

What is the significance of the survey conducted by Laurel Road?

The survey of 2,000 Gen-Z and millennials indicated that 45% are interested in switching banks for better savings options.

How does the Laurel Road mobile application enhance banking?

The mobile application facilitates features such as ATM finding, mobile check deposit, and bill payment management.

Can Laurel Road Checking account holders refinance their student loans?

Yes, account holders can receive discounts on student loan refinancing when they make recurring monthly direct deposits.