Laurentian Bank Review
Laurentian Bank at a glance
🏦 Montreal’s Laurentian Bank, or Laurentian Bank of Canada was established over 175 years ago and has around 60 branches in Quebec.
Laurentian Bank account options
Savings
Chequing
Visa credit cards
Investing
Other Laurentian Bank services
Loans
Mortgages
Loan and line of credit insurance
Pros and Cons of Laurentian Bank
There’s plenty to like about Laurentian Bank of Canada, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros
- Chequing account fees waived, except for e-transfers and Interac debit transactions, if a minimum monthly balance of $3,000 is maintained.
- Competitive interest rate on savings and investments.
Cons
- High NSF fee.
- No Mastercard credit card options.
- Branch banking is limited to Quebec.
Laurentian Bank overview
Laurentian Bank may not be a household name outside of Quebec, but its banking and credit products are available for all Canadians via online banking.
Established in 1846 as the Montreal City and District Savings Bank, the financial institution changed its name to Laurentian Bank of Canada in 1987. It now has around 60 branches in Quebec with approximately 2,800 employees.
Online banking capabilities at Laurentian Bank of Canada
Laurentian Bank of Canada’s customers can do much of their banking online, including paying bills, transferring funds and opening a chequing or savings account. Laurentian Bank’s mobile app also allows many of the same transactions. That said, the mobile app currently does not allow mobile cheque deposits. If you need to deposit a cheque, you can visit a branch or use an ATM.
Is my money safe at the Laurentian Bank of Canada?
Laurentian Bank of Canada is a Canada Deposit Insurance Corporation (CDIC) member institution. CDIC insurance covers deposits up to $100,000 per eligible account category, such as individual accounts, joint accounts, registered retirement savings plans and more.
In addition, Laurentian Bank’s Visa credit cards come with Zero Liability fraud insurance. It protects you from unauthorized purchases made with your card, which means you won’t be liable for any purchases you didn’t make.
Laurentian Bank account types
Laurentian Bank of Canada is a full-service bank that offers various accounts, so you can choose the best fit for your needs.
Laurentian Bank savings accounts
High Interest Savings Account: Earns a competitive tiered interest rate with no minimum balance requirement.
Day By Day Interest Plus US Account: Holds U.S. dollars with small transaction fees if you don’t have a $3,000 minimum balance, and offers modest interest.
Let your savings work for you by earning interest on every dollar. Earn 2.75% on all savings under $100,000 & Earn 3.75% on all savings from $100,000 up to $5,000,000. No minimum balance.
Laurentian Bank chequing accounts
Most of Laurentian Bank’s chequing accounts include free transactions, except for e-transfers and Interac debit transactions, when you maintain a minimum balance of $3,000 at all times during the month. Personal chequing account options include:
Basic account: Pay $4 per month for 12 monthly transactions.
Preferred account: Get 20 monthly transactions for $7.50 per month.
Unlimited account: Pay a monthly fee of $14.75 and get unlimited transactions (including e-transfers).
The Youth Plan: Those under 18 years of age get unlimited transactions (excluding e-transfers)and pay no monthly fees.
The 65+ Plan: Get 4 free monthly transactions (excluding e-transfers) and pay no monthly fee if you’re 65 and over.
Laurentian Bank credit card accounts
Laurentian Bank of Canada offers a variety of Visa credit card options for personal use, including:
Laurentian Bank Visa Infinite*: Earn 2 points per dollar spent on gas, groceries, travel, transportation and recurring payments. All other eligible purchases earn you 1 point per dollar spent. The annual fee is $130.
Laurentian Bank Visa* Cashback: Get 2% cash back on gas, groceries and recurring payments and 1% cash back on all other eligible purchases. The annual fee is $65.
Laurentian Bank Visa* Reduced Rate: Pay low interest rate of 12.49% for purchases and balance transfers. The annual fee is $30.
Laurentian Bank Visa* Reward Me: Earn 1 point per dollar spent on gas, groceries and recurring payments, and 0.5 points per dollar spent on all other qualifying purchases. There is no annual fee.
Laurentian Bank investing accounts
Laurentian Bank of Canada offers the following investment products:
Other Laurentian Bank services
Mortgages (fixed and variable).
Student loan.
Student lines of credit.
RRSP lines of credit.
RRSP loan.
Credit insurance products.
Laurentian Bank fees
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Laurentian Bank of Canada’s financial products and services:
Interac e-transfer: $1.00.
Paper statements: $3 per month.
RRSP, LIRA, RRIF, LIF or LIRA transfer to another institution: $125.
Who is Laurentian Bank best for?
Businesses and individuals who prefer banking with an established Montreal-based financial institution offering many of the standard financial solutions to fit their needs.
Laurentian Bank’s range of accounts and services accommodate the unique needs of customers of all ages by offering multiple product options, competitive interest rates and ease of banking. The bank’s many branches in Quebec make it a good fit for residents of that province, especially those who prefer to bank in person.
How Laurentian Bank compares to other financial institutions
PRIMARY REGION OF SERVICE | MOBILE AND ONLINE BANKING | ARE DEPOSITS INSURED? | |
|---|---|---|---|
Quebec. | Yes. | Yes, by the Canada Deposit Insurance Corporation. | |
Manitoba. | Yes. | Yes, by the Deposit Guarantee Corporation of Manitoba. | |
Northern Ontario. | Yes. | Yes, by the Financial Services Regulatory Authority of Ontario’s Deposit Insurance Reserve Fund. | |
Nova Scotia. | Yes. | Yes, by the Nova Scotia Credit Union Deposit Insurance Corporation. | |
Alberta. | Yes. | Yes, by the Credit Union Deposit Guarantee Corporation. |
» MORE: Explore more Banking Reviews, and see what other Canadian Big Banks, credit unions and online-only banks have to offer.
Frequently asked questions
Is Laurentian Bank safe?
Is Laurentian Bank safe?
Eligible account deposits up to $100,000 made by Laurentian Bank customers are insured by the Canada Deposit Insurance Corporation (CDIC). Additionally, the bank’s Visa credit card offerings come with Zero Liability insurance to cover unauthorized purchases on your card.
Does Laurentian Bank offer online banking?
Does Laurentian Bank offer online banking?
Yes, Laurentian Bank customers can do most of their banking online or through Laurentian Bank’s mobile app. However, the mobile app currently does not allow mobile cheque deposits so you will need to visit a branch or use an ATM.
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