Laurel Road, a brand of KeyBank, announced earlier this week the launch of Laurel Road for Doctors, a digital bank specifically for physicians and dentists. According to Laurel, the goal of the new digital bank is to help ease the burden for doctors of paying down student debt, finding more balance between work and life, and planning for the future—many of whom have worked tirelessly through the COVID-19 pandemic.
“With Laurel Road for Doctors, Laurel Road and KeyBank expand on its existing suite of tailored digital banking and lending products and extensive experience working directly with doctors to create a platform that meets the distinct challenges of this community.”
. The online experience, from originations to servicing tools, will include new offerings such as:
- Student Loan Cashback Credit Card: The only credit card that offers 2% cashback to pay down student loans with most loan servicers.
- Student Loan Refi & Linked Savings: Link new savings accounts when refinancing student loans to build savings while obtaining an even lower interest rate.
- High Yield Savings Account: Qualified borrowers can open an account and earn 10x the national average Annual Percentage Yield (APY), with $0 to open, no minimum balance, and no monthly maintenance fees to fast-track savings goals.
- Financial Insights: Personalized data and guidance that allows doctors to compare against those in similar specialties on salary, debt and more, utilize educational content to build financial literacy, and access custom insights for budgeting.
- Laurel Road Perks!: Exclusive offers, discounts and benefits through a newly established and growing partner network of premium brand partners such as P.volve, Sakara, Rent the Runway, Brooklinen, KidPass, Talkspace and The White Coat Investor.
- Premium Care Team: Financial healthcare support specialists to provide personalized care seven days a week.
While speaking about the launch, Chris Gorman, Chairman and CEO of KeyCorp, added:
“We acquired Laurel Road in 2019 with the intention of scaling this digital born business. Through this new digital bank offering we are able to provide a secure online experience and customized banking solutions to meet the special needs of physicians and dentists.”
