Laurentian Bank of Canada (“Laurentian Bank”) has been helping families and businesses with their banking needs since 1846.
Whether you’re looking for personal or commercial banking services, this financial institution has got you covered with its range of bank offerings, including savings, chequing accounts, and investment accounts.
This article covers everything you need to know about Laurentian Bank. Learn about its services, pros and cons, and application process, and discover whether this bank suits your financial needs.
Who is Laurentian Bank of Canada?
Laurentian Bank is a financial institution that offers financial products and services across Canada.
The bank was founded in 1846 under the name Montreal City and District Savings Bank. However, when the Laurentian Group Corporation became the majority shareholder in 1987, the bank’s name officially changed.
This financial institution has been awarded many times and continuously works to improve its bank offerings, making it a reliable option for those seeking a bank that can handle their personal and business financing solutions.
Laurentian Bank Offerings
Below, I discuss this financial institution’s various offerings, primarily focusing on Laurentian Bank’s personal banking products and services.
Laurentian Bank Savings Accounts
High Interest Savings Account
The Laurentian Bank’s High Interest Savings Account lets you earn up to 4.00% annual interest on your money.
For savings under $100,000, you can earn a 3.00% annual interest rate with no minimum balance required, 4.00% on all savings from $100,000 to $5,000,000, and a 1.00% interest rate if you keep more than $5,000,000 in your account.
Simple interest is calculated on the daily minimum balance and is paid monthly based on the tiers. Laurentian Bank reserves the right to change the annual interest rate.
You can receive eStatements for free. However, note that Interac e-transfers®, pre-authorized payments, and transfers between Laurentian Bank accounts with LBCDirect are charged $1 per transaction.
Here’s a detailed review. For more information about this product, refer to Laurentian Bank’s website.
Laurentian Bank Chequing Accounts
These are the chequing accounts you can open at the Laurentian Bank. All of these accounts let you complete banking transactions online and offline, but their fees vary.
The account transactions for most Laurentian Bank’s chequing accounts are free when you maintain a minimum account balance of $3,000 at all times during the month (Except for e-transfers and Interac debit transactions).
Unlimited Account
The Unlimited Account is the Laurentian Bank’s most popular chequing account.
For $14.75 a month, this account lets you enjoy unlimited monthly banking transactions, including withdrawals, bill payments, and transfers at the bank and THE EXCHANGE™ Network ATMs.
Interac e-transfers, debit transactions, cheques, and pre-authorized payments are also unlimited and free. While eStatements come at no charge, you’ll need to pay an additional $3 per month if you prefer paper statements.
Preferred Account
In exchange for a $7.50 monthly fee, the Preferred Account lets you enjoy 20 free monthly banking transactions, including bill payments, transfers, withdrawals, Interac® Debit transactions, cheques, and pre-authorized payments.
eStatements are free, but paper statements will cost you $3 per month.
Basic Account
If you’re fine with having limited banking transactions in exchange for a cheap monthly fee, the Basic Account may be the best Laurentian chequing account for you.
It only costs $4 a month and allows you to make 12 free monthly banking transactions, including transfers, bill payments, Interac debit transactions, cheques, and pre-authorized payments.
Similar to the previous chequing accounts, the Basic Account also charges $3 monthly for the paper statements.
You can also take advantage of these banking plans:
The Youth Plan
The Youth Plan is a free chequing account specifically designed for users who are under the age of 18. This account offers unlimited monthly banking transactions that include but are not limited to withdrawals, transfers, bill payments, and pre-authorized payments.
The only eligibility requirement for The Youth Plan is that you must be under 18. However, you must call or personally visit the bank to apply.
The 65+ Plan
The 65+ Plan is a free chequing account designed for seniors aged 65 years and older. Individuals with this account can make 4 free monthly banking transactions and request eStatements at no additional charge.
To apply, seniors must call the bank or visit one of its branches in person.
Laurentian Bank Online Banking
You can access Laurentian Bank’s services and products online through LBCDirect‘s online electronic services.
Using the bank’s website and application, you can check the balances of your accounts, credit cards, loans, mortgages, and investments. Moreover, you can use the Laurentian Bank Online Banking to transfer funds, pay bills, and check your transaction history.
Any existing Laurentian Bank customer can register for LBCDirect online banking services. To proceed with the application, simply call or visit the bank.
Laurentian Bank Credit Cards
Let’s go over the types of credit cards that the Laurentian Bank offers.
Laurentian Bank Visa Infinite Card: For a $130 annual fee, this card lets you earn up to 2 points for every eligible dollar you spend on gas, grocery, travel, transportation, and recurring payments. Earn 1 point on everything else.
Laurentian Bank Visa Cashback Card: This card has an annual fee of $65 and lets you earn up to 2% cash back on eligible purchases. You’ll get the maximum rewards on gas, grocery, and recurring payments and 1% cash back on everything else.
Laurentian Bank Visa Reduced Rate Card: In exchange for a $30 annual fee, this credit card lets you enjoy a low 12.49% APR on purchases and 13.99% on cash advances. You can add up to 4 additional cardholders for free.
Laurentian Bank Visa Reward Me Card: This zero-fee credit card lets you earn 0.5 to 1 point for every eligible dollar you spend.
Laurentian Bank Mortgages
These are the mortgages you can apply for on the Laurentian Bank.
Fixed-Rate Mortgage: This mortgage is ideal for homebuyers who aren’t comfortable with a variable interest rate. Regardless of your chosen term and payment frequency, you’ll know exactly how much to pay every single time.
Variable-Rate Mortgage: The Variable-Rate Mortgage lets you enjoy competitive interest rates by always letting you choose the available market rate at the time of your payment. Note that fluctuating interest rates could potentially be higher or lower over the term of your mortgage.
Equity Line of Credit: Secured by your home, the Equity Line of Credit lets you enjoy readily available funds that you may access both online and offline.
Homeowner’s Kit: The Homeowner’s Kit is a smart and flexible financing solution for all your clients’ borrowing needs throughout their life stages. It combines two credit products—a mortgage and a re-advanceable Home Equity Line of Credit (HELOC)—into one easy-to-use lending solution.
Laurentian Bank Lines of Credit
Here are the lines of credit that the Laurentian Bank offers.
Personal Line of Credit: Get the financing you need with lower interest rates than credit cards offer. Access to your funds is instant and can be done through LBCDirect.
Student Line of Credit: Designed for post-secondary students and those enrolled in specialized training programs, the Student Line of Credit allows you to pay only the monthly interest on your borrowed funds, not the principal, while you’re at school.
RRSP Line of Credit: This line of credit provides you with accessible funds to contribute to your RRSP when it’s time.
Laurentian Bank Personal Loans
These are the 3 personal loans Laurentian Bank customers can apply for.
Personal Loan: The Laurentian Bank Personal Loan allows you to borrow a lump sum amount that you can repay with flexible interest rates and terms.
Student Loan: For students residing in Quebec, the Laurentian Bank provides a convenient way to apply for Student Financial Assistance from the Quebec government.
RRSP Loan: This personal loan lets you borrow money that you can use to contribute to your RRSP and reduce your taxable income.
Laurentian Bank Investment Accounts
You may grow your money with these Laurentian Bank Investment Accounts.
Guaranteed Investment Certificates: Park your savings with guaranteed returns and principal through a fixed-rate GIC or invest in the market while fully protecting your principal with Laurentian Bank’s ActionGIC.
Term Deposits: Earn high interest on your money while still having the option to cash it out after 30 days through a term deposit. You’ll know exactly how much your return will be before the investment.
Mutual Funds: Pool your money with people and let expert portfolio managers handle your investments. Your returns will vary based on market fluctuations and note that your capital isn’t going to be guaranteed.
Is Laurentian Bank Safe?
Yes, the Laurentian Bank of Canada is a safe financial institution. It adheres to the principles adopted by the Canadian Bankers Association, which requires banks to use secure encryption techniques during financial transactions.
On top of being secured, Laurentian Bank is also a safe place to keep your money. As this financial institution is a member of the Canada Deposit Insurance Corporation (CDIC), each of your eligible Laurentian Bank accounts will be covered for up to $100,000 if the bank ever goes into bankruptcy.
Laurentian Bank Locations
The Laurentian Bank of Canada has more than 60 branches across Quebec. You may use the bank’s “Where to find us” page on its website to find a location near you.
Laurentian Bank Customer Service
The Laurentian Bank provides customer support through online platforms, calls, and in-person. You can receive banking and credit card support from 8 AM to 8 PM (ET) on weekdays and from 8 AM to 5 PM (ET) on weekends.
For lost or stolen cards, though, you may contact the support team 24/7.
Pros and Cons of Laurentian Bank of Canada
Pros
- It offers products and services to various customer groups.
- The bank provides banking services online, by phone, and in person.
- Maintenance fees are free for chequing accounts if you maintain a monthly balance of $3,000.
Cons
- This bank doesn’t offer a Mastercard credit card.
- Unlike other banks, the Laurentian Bank has fewer branches.
How to Apply for a Laurentian Bank Account
To apply for a Laurentian Bank account, simply find a chequing account or HISA that’s suited for you and apply for it online on the bank’s website. The application process should only take about 5 to 10 minutes, provided that you meet the eligibility criteria, which require you to be:
- A Canadian resident
- Part of the age of majority in your province
You’ll be asked to show a government-issued ID and to answer some questions for identity confirmation during the process, so make sure to prepare accordingly.
Of course, you may also apply for a Laurentian Bank account in person by visiting one of the bank’s branches.
Should You Open a Laurentian Bank Account?
Whether you should open a Laurentian Bank account or not highly depends on your financial situation. If the bank’s products and services align with your priorities and it has a local branch nearby, it could be a suitable choice.
However, on the flip side, you may find the bank’s limited number of branches a disadvantage and choose alternative banking options with better accessibility instead.
FAQs
Yes, the Laurentian Bank GIC is safe. There is a bit of risk associated with the ActionGIC, but this level of risk is expected when you invest in stocks.
Laurentian Bank was founded in Montreal, Quebec, in 1846. It was initially known as the Montreal City and District Savings Bank.
The DBRS Morningstar, the world’s 4th largest credit ratings agency, rated Laurentian Bank of Canada. They have given the bank an “A” for its Long-Term Issuer Rating and an “R-1” for its Short-Term Issuer Rating, signifying the bank’s secure and stable ability to meet its short-term debts and long-term financial obligations.
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