Laurentian Bank Review 2024: A Well-Rounded Regional Bank

Chequing Accounts

Laurentian Bank offers three main bank accounts:

• Unlimited Account: Offers unlimited monthly banking transactions, including withdrawals, transfers and bill payments at dedicated ATMs. It also offers unlimited Interac e-Transfers and debit transfers, unlimited account transfers and bill payments through the app or online banking and unlimited cheques and preauthorized payments.
• The Preferred Account: Offers 20 monthly banking transactions, including withdrawals, transfers and bill payments at dedicated ATMs, transfers and bill payments through online banking or the app, Interac debit transactions, or cheques and preauthorized payments.
• Basic Account: Offers 12 monthly banking transactions, including withdrawals, transfers and bill payments at dedicated ATMs, transfers and bill payments through online banking or the app, Interac debit transactions or cheques and preauthorized payments.

There are also special plans for youth and seniors, including The Student Advantage Account. To discuss them, get in touch with a Laurentian Bank representative.

To learn more about terms and conditions of these products, visit https://www.laurentianbank.ca/en/personal/accounts/chequing.

Savings Accounts

Laurentian Bank offers a high-interest savings account with no minimum balance required. Clients will earn interest on every dollar. Clients will earn 3% interest on all savings under $100,000, 4% interest on all savings between $100,000 and $500,000, and 1% interest on all savings over $500,000.

GICs*

Laurentian bank offers both fixed rate and market linked GIC options.

Minimum investment is $500 and fixed rate GIC terms can range from three months to 10 years. They will earn simple interest paid at maturity if the term is under two years. For terms over two years you can choose between simple interest paid annually or compound interest which is compounded annually and paid at maturity.

*Fixed-rates current as of May 3 2024. Rates are for illustrative and informational purposes only. For the most current rates go to: https://www.laurentianbank.ca/en/personal/investments/gics/fixed-rate

• Mortgages
• USD account
• Lines of Credit
• Personal Loan
• Student Loan
• Term Deposits
• Mutual Funds
• TFSA
• RESP
• RRSP
• RRIF
• LIF
• LIRA
• Credit cards

Laurentian Bank offers online banking on the web and through their app, LBCDirect. To sign up, you need to be an existing Laurentian Bank member and agree to their terms and services. Once you have registered, you can access and manage your banking from home and on the go without having to visit a physical branch.

That being said, there are a couple of limitations. With online banking and the app you are unable to deposit funds, such as a cheque. For deposits, you will need to visit an ATM as there is no mobile cheque deposit functionality on the app. You also cannot order or view void cheques via the app.

Laurentian Bank vs. RBC

RBC is one of Canada’s “Big Six” banks. As such, it has branches nationwide, making it easier to access than Laurentian Bank, which only has branches available in Quebec. While both Laurentian and RBC have a range of products, RBC does offer more. This is especially apparent when it comes to credit cards. Laurentian Bank is limited to Visa options while RBC offers Visa and Mastercard options and even co-branded credit cards with some airlines. Rates vary from product to product between the two, so it’s best to do your research based on what you are looking for.

Laurentian Bank vs. TD

TD Bank is another one of Canada’s “Big Six” banks which gives it a leg up in terms of accessing physical branches since they have locations across the country. Like Laurentian Bank, when it comes to credit cards TD only offers Visa products. However, they do have co-branded Aeroplan credit cards which are very popular with travellers. Again, when it comes to rates you will need to compare both banks on a product-by-product basis, but TD pulls ahead in terms of accessibility.

Laurentian Bank vs. EQ Bank

EQ Bank is an online bank, which means it has no physical locations. The upside to this is that their rates are incredibly competitive since there are no overhead costs. So, when it comes to chequing accounts they are able to offer no-fee accounts that allow you to earn interest. Their GIC rates tend to be higher as well. However, while they do have some investment options, EQ Bank’s financial product offering is quite limited when compared to Laurentian Bank which has a lot more financial products to offer.

Forbes Advisor compared 41 banks, 20 of which are nationally available. We compared both traditional brick-and-mortar institutions and online-only banks to find the best options available. To make this list, the bank had to be available to Canadians nationwide unless they were rated as the best bank in a specific province or they are classified as a regional credit union. All banks that qualified were rated out of five stars according to the following data points and formula out of 100%:

• Product Offerings – 11%
• APY – 25%
• Fees – 20%
• Minimum Deposit – 5%
• Minimum Balance – 5%
• Availability – 5%
• 3P Ratings – 5%
• Customer Reviews – 2%
• Live Chat – 2%
• Digital Experience – 10%
• ATM Network – 10%

Laurentian Bank may not be one of the “Big Six” national banks in Canada, however, it still has plenty to offer when it comes to financial products and interest rates on its accounts. That being said, since it is regional, this bank is best for individuals who live in Quebec or one of the other areas in which the bank operates. It’s also not ideal if you are someone looking for a Mastercard (essential if you are a big Costco shopper). Right now, Laurentian bank only offers Visa credit cards.