Act Fast to Get a $540 Bonus on This Free Checking Account

Over the last year, I've seen plenty of impressive bank bonuses. I've also benefited from them. Since last summer, banks have paid me about $1,850 in bonuses. That's an extra paycheck just for meeting direct deposit and balance requirements.

But recently, I came across a bonus that really seemed different. From now until the end of August, Laurel Road is offering you the chance to earn more than $540 on a new checking account. If you can meet the requirements, it might just be the best bank bonus you ever get. Below, I'll explain how to get the bonus and whether or not it's right for you.

Laurel Road will pay you an upfront bonus, plus a monthly payment for as long as your account is open

First off, the bonus is available for new account holders of the Laurel Road Loyalty Checking account. This checking account has no monthly fees and no minimum opening deposit, and it comes with a debit card. You can earn a total bonus of $540 in the first year with eligible direct deposit activities. Here's how it works.

• Get $300 with direct deposits. Set up qualifying ACH direct deposits and receive $2,500 or more within 60 days of opening your account. This offer expires on Aug. 29, 2024.
• Get $20 monthly for the first year. To earn monthly rewards, you must receive at least $2,500 in qualifying direct deposits during the month. If you meet that requirement, you'll get $240 for the first year.

Together, these make a $540 bonus after one year. Right now, no other bank bonus can beat this total.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of December 29, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of December 29, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

What's more, you'll continue earning $10 monthly when you receive $2,500 or more in qualifying direct deposits each month. This monthly payment will continue for as long as your account remains open and in good standing. In essence, this could mean getting paid $10 monthly for the rest of your life, so long as Laurel Road doesn't discontinue this monthly bonus.

One major reason I wouldn't use Laurel Road as my primary bank

To be sure, this is an incredible offer from a bank. But, if you're thinking about switching to Laurel Road, be sure you're ready for an online-only banking experience.

Laurel Road is a digital bank and doesn't have branches. True, it has over 40,000 fee-free KeyBank and Allpoint ATMs nationwide. But unlike other online-only banks, it doesn't reimburse you for fees incurred at out-of-network ATMs. Instead, you'll pay $3 per regional ATM withdrawals and $5 internationally. You also can't deposit cash directly into your Laurel Road Checking account.

For those accustomed to in-branch banking, this could be a problem. However, if you're already using an online-only bank, or ready to make the transition, the Laurel Road Loyalty Checking is a compelling offer. Very few banks are willing to pay you $10 monthly for an indefinite period, let alone after offering you up to $540 within the first year. Compare this account with other checking accounts, but don't let this offer go to waste if you think it's a fit for you.