Linked Savings - FAQ

About Linked Savings

• How many withdrawals or transfers am I allowed?
  You can make up to 7 monthly withdrawals or transfers to another KeyBank account of yours or to a third party without any additional fees; after you exceed 7 withdrawals or transfers during a month, your account will be charged $15 for each transfer or payment over the limit. Withdrawals and transfers include any check, preauthorized transfer, or withdrawal (including any electronic debit or automatic payment), and any telephone transfer or wire transfer of funds from your account.
• How can I access and manage my Linked Savings account?
  Your Linked Savings account can be accessed within Laurel Road online banking. When you close your student loan refinance, you will receive immediate access to online banking to manage your new savings account.
• How is the interest on my Laurel Road Linked Savings account calculated?
  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 your daily percentage rate, we divide the interest rate by the actual number of days in the year. 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. All Laurel Road savings accounts pay interest at a variable rate which may vary based on the balance in your account. Linked Savings account features may change from time to time, including interest rate and Annual Percentage Yield (APY). At closing, please refer to the Interest Rate and Annual Percentage Yield (APY) chart in your Personal Savings Account Fees and Disclosures agreement for APY information pertaining to your account.
• When will I start earning interest on new deposits?
  Once a Linked Savings account is opened, interest will begin to accrue on a deposit on the first business day we receive your deposit.
• Who is eligible – if I already have a Laurel Road student loan can I add a Linked Savings account?
  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.
• What is the student loan refinance interest rate discount I will receive for opening a Laurel Road Linked Savings account?
  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.
• What is a Laurel Road Linked Savings account?
  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.