This Bank Will Pay You $10 a Month for the Rest of Your Life

It's not uncommon for big national banks to charge monthly fees on their checking accounts. For example, the Chase Total Checking® account has a $12 monthly fee and the Wells Fargo Everyday Checking charges $10 monthly.

While service fees are typical for banks with branches, most online banks have done away with service fees entirely. In fact, one digital bank is now radically inverting the concept of monthly fees and is paying clients to remain account holders for life.

That bank is Laurel Road, and if you earning $10 monthly for the rest of your life sounds like a deal to you, read on to learn how you can start earning it.

Laurel Road Loyalty Checking: Get paid when you get paid

The Laurel Road Loyalty Checking is a free checking account with no opening deposit or minimum balance requirements. The account comes with a free debit card, has FDIC insurance, and can gain you access to over 40,000 fee-free ATMs.

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

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American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 10, 2025. 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 January 10, 2025. 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 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, 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.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, 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.

Recently, Laurel Road attached a mega bank bonus to its Loyalty Checking account. For new account holders, this bonus comes in three parts:

• Earn $300. You'll earn a flat $300 when you receive at least $2,500 in direct deposits within the first 60 days of opening your account.
• Earn $20 monthly. Account holders will earn $20 monthly for 12 months when they receive at least $2,500 in direct deposits during the statement period.
• Earn $10 monthly. After the account's first year (technically 14 statement periods), account holders can earn $10 monthly for as long as the account is open by receiving at least $2,500 in direct deposits during the statement period.

Simply put, you can earn up to $540 in your account's first year with eligible direct deposit activities. Then, you can earn $10 monthly for the rest of your life (so long as your account is open and in good standing) by continuing to receive the designated direct deposit amount.

RELATED: Laurel Road High Yield Savings Account Review

How much do you stand to gain if you receive $10 monthly for the rest of your life? In 2022, life expectancy in the United States was about 73.2 years old for men and 79.1 years old for women. Meanwhile, the median age in that same year was about 38.9. Taking 39 years old as our departure and 73 as our endpoint, we would earn about $4,080 in our lifespan. Likewise, if we live to 79, we would earn about $4,800.

Why you might not want the Laurel Road Loyalty Checking account

This account isn't ideal if you rely on in-branch banking. As an online-only bank, Laurel Road doesn't allow cash deposits, nor does it reimburse fees incurred at ATMs outside its network. While it does have an extensive network of ATMs, the nearest one might be inconveniently located depending on where you live.

It's also important to note that Laurel Road could choose to discontinue the $10 monthly payment at its own discretion. In other words, there's no binding contract between you and Laurel Road that would legally require it to pay you $10 for the rest of your life.

In spite of these objections, it's hard to disparage a $540 bank bonus and $10 monthly payment thereafter. If you're on the hunt for a new checking account, take a look at its offer page. Then compare it with some of the best checking accounts to see how it stacks up against the competition.