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Laurentian bank review: A quick look at services, accounts and customer feedback

Money.ca / Money.ca

Colin Graves

By Colin Graves

🗓️

Updated: November 25, 2024

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Laurentian Bank is a Quebec-based Canadian Schedule 1 bank that has been in business since 1846, when it began as Montreal City and District Savings Bank.

While it has commercial and business banking locations in several provinces, its personal banking business, with 128 branches and more than 2,000 employees, is centred in Quebec. 

Laurentian offers a wide range of personal banking products, including chequing and savings accounts, investment products, credit cards, loans and mortgages. You can even open a no-fee digital chequing, High Interest Savings Account (HISA), or Guaranteed Investment Certificate (GIC) account.

Our Laurentian Bank review covers the bank’s personal banking products, fees and pricing, and pros and cons. 

Go to Laurentian Bank

Who’s Laurentian Bank for?

Laurentian Bank is best suited for Quebec residents, especially seniors and students who can qualify for reduced monthly fees on chequing accounts. If you’re comfortable banking online, you can also avoid fees by opening a Laurentian digital chequing or savings account.

Laurentian Bank account options

Chequing accounts:

  • Basic account - $4.00 per month: This account includes 12 monthly transactions. The monthly fee is waived for seniors who areGuaranteed Income Supplement (GIS) and Registered Disability Savings Plan (RDSP) beneficiaries. 
  • Preferred account - $7.50 per month: Includes 20 monthly transactions and discounts for eligible students and seniors. 
  • Unlimited - $14.75 per month: Unlimited monthly transactions, including Interac e-Transfers. Discounts are available for eligible students and seniors. 
  • Digital Checking (Available only to LBC Digital clients): No monthly fees, free electronic transactions, including cheque writing, pre authorized debits/deposits and EXCHANGE Network ATM withdrawals. 

Related: Best no-fee chequing accounts

LBC digital accounts

Laurentian Bank also offers digital chequing, high-interest savings and GIC accounts through its online arm, LBC Digital. Clients benefit from no monthly maintenance fees and competitive savings and GIC yields. Digital accounts cannot be accessed in-branch through the teller. Depending on the account, you can deposit funds by transferring from a linked account at another financial institution or via ATM. You can also make ATM withdrawals. Here’s a closer look at the three account types: 

  • Digital chequing: No monthly account fee or minimum balance requirement, and free, Canada-wide access to 3,500 EXCHANGE network ATMs.  (Also see our best chequing accounts page)
  • Digital High-Interest Savings Accounts (HISA): No monthly account fee or minimum balance requirement. The account currently pays 2.75% on the entire balance. (Also see our best high interest savings accounts page)
  • Digital Guaranteed Investment Certificate (GIC): Terms are available from one to five years, with a low, $100 minimum investment. Digital GICs are non-registered and non-redeemable. Rates currently range from 3.35% to 4.00%.  (Also see our best GICs page)
Get banking with Laurentian

Investment accounts

Laurentian Bank offers both non-registered and registered investment accounts, including Tax Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Locked-In Retirement Accounts (LIRAs), Registered Education Savings Plans (RESPs) and Life Income Fund accounts (LIF). 

Within those accounts, you can hold cash, term deposits, GICs and mutual funds. Here’s a closer look at the available investment options: 

  • Cash accounts: You can hold cash in any registered or non-registered investment account with Laurentian, however, the interest rates are minimal. For example, for RESP and TFSA accounts, the maximum yield is 0.10%. For all other registered plans and non-registered accounts, it’s only slightly higher, at 0.15%. 
  • Mutual funds: Long-term investors can choose from a wide selection of mutual funds in a Laurentian Bank investment account. Unlike many big banks, which offer proprietary funds, Laurentian offers funds through its partnership with Mackenzie Investments, one of Canada’s largest investment management firms. 
  • GICs: Laurentian Bank offers a wide selection of GICs, including fixed-rate and ActionGICs, which offer market-linked returns with a principal guarantee. Here are a few the current fixed rates being offered: 

Laurentian bank GIC rates

Fixed-Rate GIC Term 
Annual Percentage Yield (APY%)*
3 months 
3.00%
6 months 
3.40%
9 months 
3.45%
1 year 
3.75%
14 months 
4.00%
2 years 
3.90%
3 years 
3.35%
4 years 
3.35%
5 years 
3.40%
7 years 
3.55%
10 years 
3.75%

*Rates are current as of November 13, 2024 

Laurentian Bank credit cards

Laurentian Bank has several credit cards, including premium rewards cards for gas, groceries, travel and cash back. Here are key features of some top cards: 

Laurentian Bank Visa Infinite*

4.0

up to $890

Welcome offer

Good

Suggested credit score

Earn up to $890 worth of points, plus get a first and second year annual fee rebate.

Pros

  • Waived annual fee first year

  • Generous signup bonus worth up to $890

  • Unlimited 1X points on all purchases

  • Flexible point redemption options

  • No minimum value for point redemption

  • Comprehensive insurance protections

  • Promotional 2.99% balance transfer APR with for balances of at least $400 that are transferred within the first 9 months

Cons

  • Limited eligibility: only available to Alberta residents

  • Income requirement

  • Expensive annual fee

  • High purchase APR

  • High spend to earn the signup bonus

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • Waived annual fee first year

  • Generous signup bonus worth up to $890

  • Unlimited 1X points on all purchases

  • Flexible point redemption options

  • No minimum value for point redemption

  • Comprehensive insurance protections

  • Promotional 2.99% balance transfer APR with for balances of at least $400 that are transferred within the first 9 months

Cons

  • Limited eligibility: only available to Alberta residents

  • Income requirement

  • Expensive annual fee

  • High purchase APR

  • High spend to earn the signup bonus

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

points on gas, groceries, travel and transit

2

points on recurring payments

2

point on all other purchases

1

Purchase APR

20.99%

Balance Transfer Rate

21.99%

Cash Advance APR

22.99%

Annual Fee

$130

Foreign Transaction Fee

2.5%

This premium credit card earns 2 points on gas, groceries, travel and transit purchases, as well as 2 points on recurring payments. It has a generous welcome offer, which can be worth up to 60,000 bonus points. This includes 1st year waived; 2nd year rebated of the annual fee, which is $130 per year.

Laurentian Bank Visa* Cashback Card

3.0

Good

Suggested credit score

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Eligibility

Recommended Credit Score

Good

Eligibility

Recommended Credit Score

Good

Variable APR

20.99% - 20.99%

Balance Transfer Rate

21.99%

Cash Advance APR

22.99% - 22.99%

Annual Fee

$65

Foreign Transaction Fee

2.5%

Laurentian Bank Visa Cashback Card: Cardholders earn 2% cash back for every $1 spent on gas and grocery, 2% cash back for every $1 spent on recurring payments and 1% cash back for every $1 spent on everything else. Like the Visa Infinite, this card has a generous welcome bonus: Earn up to $570 in cash back within the first 6 months. Plus, get no annual fee for two years when you activate your card, make a purchase, and spend $10,000 within the first year.

Laurentian Bank Visa* Reduced Rate

3.5

up to $210 in value†

Welcome offer

Good

Suggested credit score

Earn up to $210 worth of points, plus 0.99% interest for 6 months on a balance transfer.

Pros

  • Low, manageable annual fee

  • Welcome bonus offers up to 18,000 points in the first year plus a second-year annual fee waiver

  • 0.99% interest for 6 months on balance transfers

Cons

  • No ongoing rewards outside of the welcome offer

  • No insurance coverage

Eligibility

Recommended Credit Score

Good

Pros

  • Low, manageable annual fee

  • Welcome bonus offers up to 18,000 points in the first year plus a second-year annual fee waiver

  • 0.99% interest for 6 months on balance transfers

Cons

  • No ongoing rewards outside of the welcome offer

  • No insurance coverage

Eligibility

Recommended Credit Score

Good

back in points on special merchant offers

up to 15%

Balance Transfer Rate

12.49%

Cash Advance APR

13.99%

Annual Fee

$30

Foreign Transaction Fee

2.5%

If you plan on carrying a balance on your credit card from time to time, the Reduced Rate Visa card may be the right choice. It offers a low 12.49% interest rate on balance transfers, and 13.99% on cash advances. New cardholders can receive an introductory balance transfer rate of only 0.99% interest for for 6 months.

Related: Best credit cards in Canada

Digital banking experience

  • Online and mobile banking: Laurentian Bank offers online banking and a mobile banking app which is available for iOS and Android devices. You can perform most transactions online including checking your balances, transferring funds and paying bills. 
  • App performance: You can perform most basic features with the mobile app, but there are some key exceptions. Perhaps the biggest drawback is the lack of a mobile cheque deposit feature, though Laurentian says it plans to add it in the future. Additionally, you can only view personal accounts via mobile. Business customers must use the regular online banking to view their accounts. And, LBC Digital clients cannot access their digital chequing, savings or GIC accounts via the mobile app.
  • Security features: Laurentian Bank uses standard bank encryption to protect your personal information when banking online. In addition to two factor authentication, Laurentian employs biometric authentication on its mobile app, such as fingerprint and facial recognition. 

Fees and charges at Laurentian Bank

Here is a list of fees you can expect to pay when dealing with Laurentian Bank: 

Monthly fees: Laurentian Bank offers three main chequing account plans, with discounts offered to qualifying students and seniors. Monthly fees range from $4.00 to $14.75, but unlike many banks, they cannot be waived. If you can maintain a minimum account balance of $3,000 or more, you can forgo a service plan and have most transaction fees waived, though this does not include Interac e-Transfers or debit transactions.  

Other account fees: Below is a list of other fees you may have to pay, depending on your account activity or minimum monthly balance. Note that Laurentian charges an NSF fee of $65, much higher than what most banks charge: 

  • Pre Authorized payment: $1.00
  • Interac Network ABM: $2.00 
  • PLUS Network ABM: $4.00
  • Interac e-Transfer: $1.00 
  • Interac Direct Payment: $1.25 per transaction
  • Annual overdraft interest: 22%
  • Paper bank statement: $3.00 per month
  • Official cheque: $10.00
  • NSF fee: $65
  • Postdated cheque: $5.00
  • Estate administration fee: $350
  • Account research: $5.00 per item or $40.00 per hour (min. $20)

Investment fees: The following fees apply to various Laurentian Bank investment and credit card accounts: 

  • Registered account withdrawal (except for TFSA): $75 per withdrawal, per account
  • Registered account closing (except for TFSA): $75
  • Transfer to another institution: $150 per transfer
  • Annual fee for mutual fund portfolio less than $25,000: $30 per account

Credit card fees: 

  • Visa Infinite Card: $130 annual fee, $50 additional cardholder
  • Visa Cashback Card: $65 annual fee, free additional cardholder
  • Visa Reduced Rate Card: $30 annual fee, free additional cardholder
  • Visa Reward Me Card: No annual fee
  • Foreign transaction fee: 2.5%
  • Cash advances made in Canada: $3.50
  • Cash advances made abroad: $5.00
  • Balance transfer fee: 2% of the transaction amount

Customer reviews of Laurentian Bank

Based on online forums and reviews, customer sentiment is mixed about Laurentian Bank. Some are enticed by its Visa Infinite card welcome offer1, though many feel it’s a mediocre rewards card overall. Other comments online suggest a concern for the bank’s future, due to various news reports that the bank was for sale. 

In this Reddit thread2, one user commented that the bank “is still profitable, just not competitive.” And while Laurentian Bank’s mobile app has solid ratings on the Apple App and Google Play stores, a 2021 Surviscor review1 ranked Laurentian dead last among 24 mobile banking platforms in Canada. 

How Laurentian Bank compares to other banks

  • Laurentian Bank versus online Banks

    +

    Online banks, such as EQ Bank and Simplii, have become synonymous with low-fee banking, while offering higher interest rates on savings than most traditional banks. However, Laurentian Bank is no slouch in this area.

    It offers its digital banking clients a HISA with no monthly maintenance fees and a competitive 2.75% APY at the time of this writing. While it’s slightly lower than the 3.75% APY offered by EQ Bank, it’s well above Simplii’s standard APY of 0.35% (but until January 31st, 2025, you can earn 6% interest for 5 months) Digital banking clients can also open a no-fee chequing account and access GICs with rates as high as 4.00%.

  • Laurentian Bank versus credit unions

    +

    If you live in Quebec, you may compare Laurentian Bank with Desjardins, a credit union with over 200 branches in Quebec and Ontario and the largest ATM network in Quebec, with over 1,500 machines. When it comes to standard chequing accounts, the two institutions are similar.

    A chequing account with unlimited transactions at Laurentian costs $14.75 monthly; with Desjardins, it’s $15.95, although the fee can be waived if you maintain a balance of $4,000 throughout the month. Both institutions offer a range of credit card products, including rewards credit cards, although Desjardins credit card lineup includes both Visa and Mastercard. Laurentian only offers Visa credit cards.

    If in-branch access is most important to you, then Desjardins has more physical locations and service points in Quebec. On the other hand, if you are willing to open digital-only bank accounts, Laurentian is your best bet, as it offers free, unlimited banking with its digital chequing account and a high APY on its digital high-interest savings account.

Is Laurentian Bank right for you?

If you live in Quebec, there are a few reasons to consider Laurentian Bank. It offers a competitive yield on its HISAt, a broad range of financial products and services and you can access no-fee banking with a Laurentian Digital chequing or savings account. While its regular chequing account fees are high, discounts are available for seniors and students. 

Unfortunately, if you value cutting-edge mobile banking features or need access to a Canada-wide branch network, you’ll want to look elsewhere. Laurentian’s mobile app doesn’t offer mobile cheque deposit or allow you to view business banking accounts. A recent update added auto deposit set up for Interac e-Transfers, more proof that Laurentian’s mobile experience lags behind other banks. 

The Visa Infinite card’s welcome offer is outstanding, but there are better rewards credit cards available from other banks. Also, Laurentian does offer Mastercard credit cards. 

Frequently Asked Questions (FAQs)

  • Is Laurentian Bank a safe bank?

    +

    Yes, Laurentian Bank is safe to deal with. It’s a Canadian Deposit Insurance Corporation (CDIC)-member institution, meaning eligible deposits are covered up to $100,000 per depositor per category. Like other federally registered Canadian financial institutions, Laurentian is regulated by several authorities, including the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC).

  • What is the ranking of Laurentian Bank?

    +

    Laurentian Bank is Canada’s ninth largest bank based on market capitalization. With a market cap of $1.2 billion, in ranks just behind EQ Bank, which has a market cap of $4.1 billion.

  • What is the outlook for Laurentian Bank?

    +

    The financial outlook for Laurentian Bank is subjective and will vary depending on the source. However, for the third quarter of 2024, the bank reported a net income of $34.1 million and diluted earnings per share (EPS) of $0.67. These results are down from the same quarter in 2023, when the company reported a net income of $49.3 million and diluted EPS of $1.03. Total revenue and net interest income was down, partly due to lower commercial loan levels. Also, non-interest expenses and credit loss provisions were up over the previous year.

  • Are Laurentian Bank deposits covered by CDIC?

    +

    Yes, Laurentian Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means that eligible deposits, including balances in chequing and savings accounts, and GICs, are protected up to $100,000 per account per category.

  • sources

    +

    1. https://forums.redflagdeals.com/laurentian-bank-laurentian-visa-infinite-860-cashback-promo-fyf-2717209/#p39472602

    2. https://www.reddit.com/r/PersonalFinanceCanada/comments/14xfcvk/is_laurentian_bank_going_under/

    3. https://www.surviscor.com/blog/news/canadas-best-and-worst-mobile-banking-experiences

Colin Graves Freelance Writer

Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.

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