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Our VerdictA well-rounded bank with plenty of financial products and competitive interest rates, but due to its regionality, it is best for individuals who live in Quebec as their personal banking branches are there, even though they have real estate and business banking services in B.C., Ontario and Alberta. Laurentian Bank also charges much higher transaction fees than other banks. Specifically, e-Transfers and non-sufficient funds fees.
Our ratings take into account the card’s rewards, fees, rates along with the card’s category. All ratings are determined solely by our editorial team.
Credit cards, chequing accounts, savings accounts, U.S. dollar accounts, mortgages, personal loans, line of credit, GICs, TFSAs, RESP, RRSP, RRIF, LIRA, and LIF.
$75 withdrawal from select registered investment accounts (excluding TFSAs), $75 closing fee from select investment accounts (excluding TFSAs), $150 transfer to another institution for registered accounts, $30 annual fee per portfolio of mutual funds if less than $25,000, $1 per e-Transfer sent (excluding unlimited account plan), $65 non sufficient funds fee for chequing accounts.
ATM NetworkLaurentian Bank offers three main bank accounts:
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.
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.
Laurentian Bank offers both fixed-rate and market-linked GIC options.
The 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.
*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
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.
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.
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.
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%:
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.
If you live in Quebec and are looking for a well-rounded regional bank, look no further than Laurentian Bank
On Laurentian Bank’s Secure Website
