Laurel Road Linked Savings® for Doctors
Lower refi rates when you add a linked savings account.
Save on your student loans when you open a Laurel Road Linked Savings account during med school refinancing. Depending on your savings balance, you could lower your refi rate up to 0.30%.1
If you refinance a federal student loan with Laurel Road, you will no longer qualify for existing or future benefits offered by the federal government to federal student loan holders. Please consult www.studentaid.gov for the most current information about any federal student loan benefits.
$0 monthly account maintenance fees
No minimum balance to open an account
Discount on student loan refinance rates
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
| 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
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.2 Depending on how much you save, you could lower your student loan refinancing rate by up to 0.30%.1
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. For physicians, dentists, optometrists, and physician assistants, the calculator will also show the estimated impact of Laurel Road’s special price reduction.
With Discounts
With Discounts
Student Loan Payment And Interest Estimator
This calculator is for illustrative purposes only and does not take into account benefits currently offered by the federal government and should not be used for loans being repaid under a federal program. For additional details click here.
Personal Savings Account Fees and Disclosures
Effective September 16, 2022
Laurel Road, a Brand of KeyBank National Association, Member FDIC
Laurel Road Linked Savings© Account
| $.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%* |
It is important to note that there could be more than one interest rate balance tier earning interest at the same interest rate.
*For Personal Accounts, 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-HCP-Bank (1-833-427-2265), or writing Laurel Road P.O. Box 191, Bridgeport, CT 06601. For clients using a TDD/TTY device, please call 1-800-539-8336.
Interest Rates & Payments
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 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.
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 Account
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).
OTHER CHARGES
Excess Withdrawal/Transfer Charge
If the number of withdrawals/transfers made to another KeyBank account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic (including data transmission) agreement, order or instruction, or by check, draft, debit card, or similar order and payable to a third party exceeds a total of seven (7) per monthly period, your account will be charged $15.00 for each transfer or payment over the limit.
Service Charges in Connection with an Account:
| Overdraft Item (OD) and Return Item (NSF) Charges | 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. |
|
| Overdraft Item (OD) | $20.00 | Per overdraft item when the end of the day overdraft balance is greater than $20 |
| Return Item (NSF) Charges | $00.00 |
- Recurring Overdraft Service Charge: In addition to a base overdraft service charge (and excess overdraft charge, if any) assessed for each item that overdraws your Account, if your Account remains overdrawn for five consecutive business days your Account will be assessed a Recurring Overdraft Service Charge of $20.00
- Daily Overdraft Item (OD) Charge Cap: There is a daily cap of 3 OD charges, based on transactions posted to the account each day. In 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
- Monthly Overdraft Item (OD) Charge Cap: There is a monthly cap of 20 OD charges per account per service charge cycle. If 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.
| Stop Payment Charge (for each stop payment or to renew a stop payment on a check/withdrawal) | $34.00 |
| To stop payment or to renew a stop payment on a range of checks (multiple items in sequence) | $34.00 |
| Chargeback Fee (for each check deposited to your account that is returned to us unpaid). Assessed at the end of each statement period. | $15.00 |
| Charge for Account Early Close-out (Account closed within 180 days after opening) | $25.00 |
| Charge for Handling Legal Process (for processing legal papers if you or your account are affected by any litigation) | $100.00 |
| Official Bank Checks | $8.00 |
| Money Orders | $5.00 |
| Account to Account Transfers: A fee will be assessed to the Account if funds are transferred between accounts when completed by a Bank Representative. | $3.00 |
| Charge for Copy of Items(s) | |
| Statement Copy Item Photocopy |
$6.00 $3.00 |
| Fedwire Service Charge | |
| Incoming (domestic and International) Domestic Outgoing |
$20.00 $30.00 |
- Repetitive Outgoing Wire Transfers (those in which transfer debit and credit parties remain the same; date and dollar amount may be different) will be discounted $10.00 from the standard prices above.
- Incoming Wire Transfer Notification Fee: If you have requested that you be notified by phone of incoming wire transfers, each incoming wire transfer charge will be increased by $5.00.
- Returned Statement Charge If your statement is returned to the bank due to an incorrect address, your Account will be assessed a $10.00 Returned Statement Charge. For each month that follows (months two through a maximum of 12 consecutive months) where a current address has not been provided, a Statement Information Safekeeping Fee of $10.00 per month will be assessed.
- Statement Special Handling Charge: If you request special handling of your deposit account statement, your Account will be charged $10.00 per month for this service. If you have combined statements for your deposit Accounts only your primary Account will be assessed the monthly charge.
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Frequently Asked Questions
QUESTIONS? WE'VE GOT ANSWERS.
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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.
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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.
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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.
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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.
Disclaimers
All credit products are subject to credit approval.
The calculator on this page compares an individual's current student loan to a student loan refinanced with Laurel Road. The calculator assumes: (1) the current loan is being repaid under a standard repayment plan where the individual makes consecutive monthly payments based on the number of monthly payments remaining on the loan as inputted by the user; (2) the current loan has a fixed interest rate over the remaining term of the loan; and (3) that the monthly payment amount the user inputs pays off the loan in the number of monthly payments remaining.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, legal, financial, or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculators do not include the fees and restrictions that certain products may have. This calculator does not indicate whether you would qualify for a Laurel Road loan. Please visit the applicable banking product pages on laurelroad.com for specific terms and conditions.
If you are refinancing any federal student loans with Laurel Road, you will no longer be able to take advantage of any federal benefits, including but not limited to: COVID-19 payment relief, Income Based Repayment (IBR), Pay As You Earn (PAYE), or Revised Pay As You Earn (REPAYE), and Public Service Loan Forgiveness (PSLF). For more information about the benefits of these federal programs and other federal student loan programs, please visit https://studentaid.gov.
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Borrowers who open a Laurel Road Linked Savings account during their application to refinance their student loans are eligible for the Laurel Road Linked Savings discount. Borrowers receive a 0.25% interest rate discount for their first two billing cycles of their 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. The discount can vary from 0.10% for balances between $1,000 and $9,999 and 0.30% for balances of $20,000 or greater. 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 and maintain a minimum account balance of $1000.
Click here to learn more about the Laurel Road Linked Savings discount.
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AutoPay/EFT Discount: if the borrower chooses to make monthly payments automatically by electronic fund transfer (EFT) from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the borrower’s bank account. The 0.25% AutoPay/EFT Discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.
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Eligibility: Laurel Road Perks! for Doctors and Financial Insights are available to current Laurel Road Members with an existing checking or savings account, credit card, student loan, personal loan, or mortgage who are physicians and dentists, including interns, residents, fellows, clinical professors, researchers, and managing physicians or dentists with one of the following qualifying medical or dental degrees: Doctor of Medicine, Doctor of Osteopathic Medicine, Doctor of Dental Surgery, Doctor of Medicine in Dentistry/Doctor of Dental Medicine, Doctor of Audiology, Doctor of Chiropractic, Doctor of Naturopathic Medicine, Doctor of Optometry, Doctor of Podiatry, or Doctor of Veterinary Medicine.
Estimated Student Loan Refinance Payment Examples
Assumptions: Repayment examples below assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount or the Laurel Road Linked Savings discount.
| Fixed Rate Loans | |||||
| Term | Interest Rate | APR | No. of Payments | Monthly Payment | Total Payments |
| 5 Year | |||||
| 7 Year | |||||
| 10 Year | |||||
| 15 Year | |||||
| 20 Year | |||||
| Variable Rate Loans | |||||
| Term | Interest Rate | APR | No. of Payments | Monthly Payment | Total Payments |
| 5 Year | |||||
| 7 Year | |||||
| 10 Year | |||||
| 15 Year | |||||
| 20 Year | |||||
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the 30-day Average Secured Overnight Financing Rate (“SOFR”) and changes in the SOFR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%. There is no limit on the amount your interest rate can increase at one time. The Index is currently published by the Federal Reserve Bank of New York (“New York Fed”). If the Index is no longer available, it will be replaced by a replacement Index according to the terms of the promissory note.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of September 23, 2021. Information and rates are subject to change without notice.
STUDENT REFINANCING LOAN – TERMS AND CONDITIONS
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Borrowers may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school.
Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information.
LOAN AMOUNT
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing.
FEE INFORMATION
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.