Key Bank brand Laurel Road unveils a digital bank tailored to physicians and dentists dubbed Laurel Road for Doctors. Specifically, the bank reimagines banking experiences for physicians and dentists with new products informed by and tailored to their needs. And provide the financial help and peace of mind they need through each career stage.
So, Laurel Road for Doctors aims to help ease the burden for doctors of paying down student debt. It also aims to ensure a better balance between work and life, and planning for the future.
Laurel Road and KeyBank are expanding on the existing suite of tailored digital banking and lending products. And they build on the bank’s experience working directly with doctors to create a platform that meets their distinct challenges.
Laurel Road for Doctors features
The new digital bank offers, inter alia:
- Student Loan Cashback Credit Card. The only credit card that offers 2% cashback to pay down student loans with mostloan servicers.
- Student Loan Refi & Linked Savings. Links a new savings account when refinancing student loans to build savings while obtaining a 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. It features no minimum balance, and no monthly maintenance fees to fast-track savings goals.
- Financial Insights. Personalised data and guidance that allows doctors to compare against those in similar specialties on salary and debt.
Laurel Road Perks
The new offering also includes Laurel Road Perks. This includes 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.
In addition, the service offers healthcare support specialists to provide personalised care seven days a week.
“We believe in providing our customers with the choice to digitally fulfil their financial needs, especially when it makes their lives easier to do so,” says Chris Gorman, Chairman and CEO of KeyCorp.
“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 customised banking solutions to meet the special needs of physicians and dentists.”