The Laurentian Bank Unlimited Account is a reliable and cost-effective chequing account available for all Canadians. With unlimited transactions, a reasonable fee, and plenty of ATMs available, this product can provide the convenience you're looking for in a chequing account.
Laurentian Bank has a well-established presence in Quebec, making this account especially attractive to residents here. And while it could use a few more perks to help it stand out from the crowd, the Laurentian Bank Unlimited Account is a solid choice for all Canadians looking for flexibility with their chequing transactions.
Laurentian Bank Unlimited Account features
The Laurentian Bank Unlimited Account has a lot going for it – check out all of its features and details here:
Why You Want It
Unlimited transactions + Discounts for students and seniors.
Special Features
- Access to the extensive THE EXCHANGE Network of ATMs
- Reduced monthly fees for students and seniors
Eligibility
- Be a Canadian citizen, permanent resident, or landed immigrant
- Be at least 18 years old
Provinces
ALL
Features
Minimum Balance To Waive Fee
$3,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$14.75
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
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 Unlimited Account product rating: 3.3 stars
It's refreshing to read about a financial institution that caters to Quebec residents, as many of Canada's most eye-catching accounts aren't available there. With unlimited transactions, a fair and affordable monthly fee, and an extensive network of ATMs to work with, the Laurentian Bank Unlimited Account is attractive for all Canadians and especially for the Québécois.
Unfortunately, "unlimited transactions" is the headlining feature that draws clients in, but the rest of the details aren't quite as shiny. Yes, Laurentian Bank is a smaller credit union that focuses mostly on its presence in Quebec, but we think it could step things up a bit, especially in order to compete with free chequing accounts from online banks.
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 Unlimited Account
Here are the details we think you'll like best about this chequing account from Laurentian Bank:
Pros
Unlimited transactions
Account holders have no limits on the number of transactions they can complete each month. This includes debit card purchases, withdrawals, transfers, affiliated ATM use, Interac e-Transfers, and more. Also included are any transfers and bill payments made with LBCDirect (their online service) and the mobile app.
Reasonable monthly fee
While we would, of course, prefer a $0 fee, this account's $14.75 monthly fee is noticeably lower than competing chequing accounts with similar features. The TD Unlimited Chequing Account and BMO Performance Chequing Account, for instance, both charge $17.95 for essentially the same services the Laurentian Bank Unlimited Account offers.
Lower fees for seniors and students
And if that $14.75 fee isn't quite low enough, seniors and students can get an even lower price. Those over the age of 60 receive a $5 rebate on the monthly fee and students between the ages of 16 and 25 get a similar rebate of up to $9.
Extensive ATM network
Laurentian Bank enjoys a partnership with THE EXCHANGE Network of ATMs and Laurentian Bank Unlimited Account holders – as well as those with other accounts – have free access to these machines. And with about 2,000 ATMs across Canada, there's likely at least one that's convenient for you.
The cons of Laurentian Bank Unlimited Account
There's not a lot to complain about, but here are a few details we don't love about the Laurentian Bank Unlimited Account:
Cons
Complicated minimum balance requirement
Unlike many banks that waive monthly fees if you maintain a minimum balance, Laurentian has a different and somewhat unusual policy. If you keep at least $3,000 in your account, you can avoid fees for most basic services. However, if your balance drops below this threshold, you'll be charged for things like withdrawals, account transfers, pre-authorized payments, and cheque usage.
Limited branch access
Unless you live in "La Belle Province," it probably won't be easy for you to visit a Laurentian Bank branch. They do have roughly 150 branches across Canada, but most of these (about 60) are in Quebec. And yes, their vast network of ATMs is helpful, but sometimes you just need to speak with a human, in person, about your banking needs.
Few freebies or perks
While the monthly fee is lower here, similar accounts offer significantly more perks, promotions, bonuses, and freebies than the Laurentian Bank Unlimited Account. Some offer credit card rebates and most at least offer to waive the monthly fee with a minimum balance. Laurentian Bank could definitely step up its game here.
Laurentian Bank Unlimited Account alternatives
If you're curious about how the Laurentian Bank Unlimited Account holds up against similar chequing accounts, here's a head-to-head comparison:
 |  |  | |
|---|---|---|---|
| Account | BMO Performance Chequing Account | TD Unlimited Chequing Account | Scotiabank Preferred Package |
| Genius Rating | |||
| Why You Want It |  $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $139 credit card fee waiver + Unlimited transactions and e-Transfers. | $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. |
| Minimum Balance To Waive Fee | $4,000 | $4,000 | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $17.95 | $16.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more BMO products Compare | Learn More See more TD products Compare | I Want This Deal See more Scotiabank products Compare |
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FAQ
Does the Laurentian Bank Unlimited Account account have a monthly fee?
Yes, this Laurentian Bank Unlimited Account charges a monthly fee of $14.75 – students and seniors get a rebate of up to $9. Similar chequing accounts from other banks and credit unions typically charge a bit more than this.
What is the limit on the Laurentian Bank debit card?
Laurentian Bank clients can make a maximum of $3,000 in purchases per day with their debit card. Similarly, customers are restricted to a daily max of $1,500 when making debit card withdrawals at an ATM.
Is my money safe with the Laurentian Bank?
Yes, Laurentian Bank is a very solid and safe financial institution. It's been around for more than 175 years, is CDIC insured, and provides a security guarantee that reimburses clients in full in the event of unauthorized account activity.
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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