The Laurentian Bank 65+ Plan is a very simple and straightforward chequing account designed for seniors who don't do much spending or who prefer to use cash to complete their transactions. While clearly a niche product for those over the age of 65+ living in Quebec, this account from one of the country's oldest banking institutions still has excellent value for its target clients.
While not feature-rich, the lack of monthly fees and minimum balance requirements are details that can't be ignored. And while it does target a rather small demographic, there's still significant value to be had with this account.
Laurentian Bank 65+ Plan features
As a quick overview of all that the Laurentian Bank 65+ Plan has to offer, here's a summary of its essential features and key details:
Why You Want It
Access 3,000+ ATMs across Canada + Pay a $0 monthly fee.
Eligibility
- Be at least 65 years old
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
4
# Of Free Monthly Interac E-Transfers
N/A
Monthly Fee
$0.00
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
$1.00
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Laurentian Bank 65+ Plan product rating: 2.6 stars
It may be hard for many of us to imagine a scenario where we only need to make 4 banking transactions per month, but this is indeed how many Canadians operate. Especially for seniors who use cash or credit for most of their spending, the Laurentian Bank 65+ Plan's no monthly fee and easy ATM access (especially in Quebec) make it an excellent fit.
However, if you live outside of Quebec, prefer using your debit card over other payment types, and/or have substantial banking needs, this account falls short. It's a rather niche product that works best for clients in a small geographical area.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of Laurentian Bank 65+ Plan
First up, let's take a look at the benefits this account has to offer:
Pros
No monthly fee
While some banks offer discounts for seniors, Laurentian provides this seniors account at no cost whatsoever. Nobody likes paying for their bank account, no matter how low the monthly fee is, so it's pretty sweet that this option doesn't have a fee at all.
No minimum balance requirement
Not only does the Laurentian Bank 65+ Plan not have a monthly bank fee, but the lack of a fee doesn't hinge on the amount of money held in the account. Especially as seniors are typically on fixed incomes, not having to worry about the balance of their account in this way provides a welcomed peace of mind.
Access to an extensive ATM system
Laurentian Bank partners with THE EXCHANGE network of ATMs, which gives its clients access to over 3,000 machines across Canada. In the U.S., the American Accel Network and its 500,000 ATMs are also available to Laurentian Bank 65+ Plan holders at no charge.
The cons of Laurentian Bank 65+ Plan
All things considered, there are still a few areas where the Laurentian Bank 65+ Plan is lacking. Here's what we've noticed:
Cons
Limited features overall
The website isn't overly descriptive, but this certainly doesn't seem to be a feature-rich account. There aren't any free cheques, credit card waivers, or even discounts on safety deposit boxes available for these account holders, which is a shame as many seniors make frequent use of features such as these.
Only 4 free transactions included
There are only 4 transactions included with this plan. Not only is this a surprisingly low number, but it also includes many actions that aren't typically considered a "transaction." Online and in-branch bill payments, cash withdrawals, transfers between accounts, and pre-authorized payments all count as transactions.
Few branches outside of Quebec
Of Laurentian Bank's roughly 160 locations across the country, about 60 are in Quebec. Canada is a very large country, making it difficult for many to access the remaining 90 Laurentian branches. If you're someone who prefers making in-person transactions, this may not be the account or the bank for you.
Laurentian Bank 65+ Plan alternatives
To fully understand how the Laurentian Bank 65+ Plan performs as a chequing account, take a look at how it compares with similar accounts available to Canadians seniors:
 |  |  | |
|---|---|---|---|
| Account | CIBC Smart Account | BMO Practical Plan | National Bank The Minimalist Chequing Account |
| Genius Rating | |||
| Why You Want It | Get up $500 when you open an account + Lower monthly fee for seniors. | Get 12 transactions/month for a low monthly fee + No monthly fee for seniors. | $0 monthly for kids, students, and eligible seniors + Free Interac e-Transfers. |
| Minimum Balance To Waive Fee | $4,000 | N/A | N/A |
| # Of Free Monthly Transactions | Unlimited | 12 | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | 12 |
| Monthly Fee | $16.95 | $4.00 | $3.95 |
| Excess Transaction Fee | $1.25 | $1.25 | $1.25 |
Show More | |||
| Open an account See more CIBC products Compare | Learn More See more BMO products Compare | Open an account See more National Bank products Compare |
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FAQ
What is the Laurentian Bank 65+ Plan?
The Laurentian Bank 65+ Plan is a chequing account designed for seniors over the age of 65. Its $0 monthly fee and low transaction limit make it an excellent choice for anyone who prefers not to use debit.
Does the Laurentian Bank offer discounts for seniors?
Yes, Laurentian Bank provides seniors with a $5 rebate for its Preferred account and Laurentian Bank Unlimited Account. It also provides the Laurentian Bank 65+ Plan for $0 to clients over the age of 65.
How many branches does Laurentian Bank have?
There are 156 Laurentian Bank branches in Canada, nearly 60 of which are located in the province of Quebec. It also partners with THE EXCHANGE Network of ATMs, which has about 3,000 machines placed all across Canada.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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