The Laurentian Bank Basic Account is a cost-effective option for those who don’t need too many transactions. For $4.00 per month, account holders can make 12 transactions including ATM withdrawals, bill payments, and debit transactions. The monthly fee is waived for RDSP beneficiaries and seniors receiving the Guaranteed Income Supplement (GIS).
Other than that, this account lives up to its name – it’s basic without all the extra perks. If you’re looking for a no-fuss, low-fee account with a few transactions, this one’s for you.
Laurentian Bank Basic Account features
Here’s a quick overview of the Laurentian Bank Basic Account features for easy reference:
Why You Want It
12 monthly transactions + Free for RDSP beneficiaries and GIS recipients.
Eligibility
- Age of majority
- Residents of Canada
Provinces
ALL
Features
Minimum Balance To Waive Fee
$3,000
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
N/A
Monthly Fee
$4.00
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 Basic Account product rating: 2.6 stars
The Laurentian Bank Basic Account is a solid choice for those with minimal banking needs. Its $4.00 monthly fee and fee waiver for GIS-collecting seniors and RDSP beneficiaries demonstrate inclusivity and affordability. Account holders also have access to an extensive ATM network to easily access cash.
However, this account has a limit of 12 transactions per month before extra bank fees are incurred, which could be restrictive for active users. While Laurentian Bank Basic Account scores well for its reasonable fee and ATM network, its transaction limit and additional charges make it less attractive for high-frequency users and those preferring traditional banking methods.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Laurentian Bank Basic Account
The Laurentian Bank Basic Account offers several advantages for users seeking an affordable and straightforward banking solution. Let’s explore the key benefits:
Pros
Free for seniors receiving GIS and RDSP beneficiaries
The Laurentian Bank Basic Account is free for RDSP beneficiaries and seniors receiving GIS payments. Account holders are required to provide proof of eligibility in order to receive this discount.
Low monthly fee
The Laurentian Bank Basic Account stands out for its affordability, with a low monthly fee of only $4.00 – similar to other basic bank accounts on the market.
Access to over 3,000 ATMs across the country
Account holders of the Laurentian Bank Basic Account benefit from convenient access to THE EXCHANGE network – a vast network of over 3,000 ATMs across Canada.
The cons of Laurentian Bank Basic Account
While the Laurentian Bank Basic Account has its benefits, it's important to also consider its limitations. Let’s discuss the areas where this account might fall short for some users:
Cons
Minimum balance requirements
Many banks have a minimum balance requirement that allows you to waive the monthly fee, but Laurentian works a bit differently. The Laurentian Bank Basic Account requires you to keep at least $3,000 in your account to avoid fees for many basic services including withdrawals, transfers between accounts, pre-authorized payments, and cheques.
Only 12 transactions per month
The Laurentian Bank Basic Account includes only 12 free transactions per month, and this doesn’t include sending Interac e-Transfers. Once your transaction limit is exceeded, additional fees apply. This restriction might be challenging for those who use their account frequently.
Excess transaction fees
If account holders exceed the 12 free transactions per month in the Laurentian Bank Basic Account, they incur extra transaction charges, making that low monthly fee of $4.00 not seem quite as affordable. Additionally, account holders are charged $1 for each Interac e-Transfer they send.
Laurentian Bank Basic Account alternatives
How does the Laurentian Bank Basic Account hold up to other basic accounts? See below:
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Basic Bank Account | BMO Practical Plan | CIBC Everyday Chequing Account |
| Genius Rating | |||
| Why You Want It | Free for seniors + Low $3.95 monthly fee. | Get 12 transactions/month for a low monthly fee + No monthly fee for seniors. | Access 3,000+ ATMs across Canada + Pay a low monthly fee of $4.00. |
| Minimum Balance To Waive Fee | N/A | N/A | N/A |
| # Of Free Monthly Transactions | 12 | 12 | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | 12 |
| Monthly Fee | $3.95 | $4.00 | $4.00 |
| Excess Transaction Fee | $1.25 | $1.25 | $1.25 |
Show More | |||
| Open an account See more Scotiabank products Compare | Learn More See more BMO products Compare | Learn More See more CIBC products Compare |
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FAQ
What kind of chequing accounts does Laurentian Bank offer?
Laurentian Bank offers 5 different chequing accounts to service clients with a range of personal banking needs. These accounts are the Laurentian Bank Unlimited Account, Laurentian Bank Preferred Account, Laurentian Bank Basic Account, Laurentian Bank 65+ Plan, and Laurentian Bank Youth Plan.
What is the Laurentian Bank Basic Account monthly fee?
The Laurentian Bank Basic Account monthly fee is $4.00, but this fee is waived for Registered Disability Savings Plan (RDSP) beneficiaries and seniors receiving the Guaranteed Income Supplement (GIS).
How do you open an online Laurentian bank account?
To open a Laurentian bank account, visit their Chequing Account page, select the account you wish to open, and click "Open an Account". You’ll be asked a few qualifying questions and then prompted to provide the information needed to open your account.
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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