The Laurentian Bank Preferred Account offers an average banking solution for a monthly fee of $7.50. The monthly fee includes 20 transactions that cover a wide range of financial activities, making it advantageous for users with moderate banking needs.
Account holders can access additional benefits if they’re eligible, such as discounts for seniors and waived fees for students. There are fees if you exceed your monthly transactions, but you can avoid some of them if you maintain a monthly balance. Let’s dive into the details of this account.
Laurentian Bank Preferred Account features
This table offers an easy-to-read summary of the Laurentian Bank Preferred Account offerings, giving you a quick snapshot into its various features and benefits:
Why You Want It
Discounted fee for seniors and students + 20 monthly transactions.
Eligibility
- Residents of Canada
- Age of majority
Provinces
ALL
Features
Minimum Balance To Waive Fee
$3,000
# Of Free Monthly Transactions
20
# Of Free Monthly Interac E-Transfers
N/A
Monthly Fee
$7.50
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 Preferred Account product rating: 2.7 stars
The Laurentian Bank Preferred Account comes with a $7.50 monthly fee which is waived for students and heavily discounted for those over 60. This fee, while slightly higher than some basic accounts, is reasonable given the allowance of 20 monthly transactions. Additionally, account holders who maintain a $3,000 balance will not incur excess fees for basic services like withdrawals, transfers between accounts, pre-authorized payments, and cheques.
However, this account does have limitations. The cap of 20 transactions means account holders must monitor their usage throughout the month. Overall, the Laurentian Bank Preferred Account is an attractive choice for moderate users, seniors, or students.
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 Preferred Account
Let’s take a look at the advantages of the Laurentian Bank Preferred Account:
Pros
Free for students
Students can access the Laurentian Bank Preferred Account for no monthly fee, making it an exceptionally budget-friendly choice for those pursuing their education.
Discounted rate for seniors
Seniors aged 60 and above also benefit from the Laurentian Bank Preferred Account, as they receive a substantial discount on the monthly fee. Instead of the standard $7.50 fee, seniors can access this account for just $2.50 per month.
Access to thousands of ATMs in Canada
Laurentian Bank Preferred Account holders enjoy convenient access to thousands of ATMs across Canada through THE EXCHANGE network. This extensive ATM network makes it easy for account holders to access cash no matter where they are in Canada.
The cons of Laurentian Bank Preferred Account
While it offers several benefits, it's important to understand where this account may fall short for some users. Let’s explore the limitations of the Laurentian Bank Preferred Account:
Cons
Limited transactions
The Laurentian Bank Preferred Account, while generous in many respects, does come with a cap on free monthly transactions. Users are allowed 20 transactions per month, and exceeding this limit will result in significant extra charges that can add up quickly.
Fees for additional transactions and e-Transfers
One of the most common types of banking transactions is an Interac e-Transfer, and these are not included in the 20 free transactions that come with this account. Each e-Transfer incurs an extra cost of $1. In addition, once the account holder exceeds their 20 free monthly transactions, they must pay extra fees for each additional transaction.
Minimum balance to avoid (some) fees
Many banks have a minimum balance requirement that allows you to waive the monthly fee, but Laurentian takes a different, somewhat strange approach. Keeping at least $3,000 in your Laurentian Bank Preferred Account allows you avoid fees for many basic services. But if you go below this amount, you'll be dinged for withdrawals, transfers between accounts, pre-authorized payments, and using cheques.
Laurentian Bank Preferred Account alternatives
It’s wise to compare bank accounts before opening one. Here are other options to consider:
 |  |  |  | |
|---|---|---|---|---|
| Account | Laurentian Bank Preferred Account | Coast Capital Free Chequing, Free Debit, and More Account | BMO Premium Chequing Account | RBC VIP Banking |
| Genius Rating | ||||
| Why You Want It | Discounted fee for seniors and students + 20 monthly transactions. |  $100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
| $50 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Get an Apple Watch Series 10 + Save 3 cents per litre at Petro-Can. |
| Minimum Balance To Waive Fee | $3,000 | N/A | $6,000 | N/A |
| # Of Free Monthly Transactions | 20 | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | N/A | 0 | Unlimited | Unlimited |
| Monthly Fee | $7.50 | $0.00 | $30.95 | $30.00 |
| Excess Transaction Fee | $1.25 | N/A | N/A | $0.00 |
Show More | ||||
| Open an account See more Laurentian Bank products Compare | I Want This Deal See more Coast Capital Savings products Compare | I Want This Deal See more BMO products Compare | Learn More See more RBC products Compare |
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FAQ
What is the Laurentian Bank Preferred Account?
The Laurentian Bank Preferred Account is a flexible banking option with a $7.50 monthly fee. It includes 20 monthly transactions, fee waivers for students and discounts for seniors, and provides access to a vast ATM network.
What is the Laurentian Bank Preferred Account fee?
The Laurentian Bank Preferred Account has a monthly fee of $7.50. This fee covers 20 monthly transactions and various banking services, making it a flexible but moderately priced banking option.
How many transactions do I get with the Laurentian Bank Preferred Account?
The Laurentian Bank Preferred Account includes 20 monthly transactions. These transactions encompass a range of banking activities, but don’t include Interac e-Transfers. Additional transactions can be made for a fee.
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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