Laurentian Bank is a well established financial institution based in Quebec, and the Laurentian Bank High Interest Savings Account is one of its most impressive products. Account holders can enjoy lucrative interest rates with no minimum balance requirements.
This is a pretty bare-bones account, but this isn't necessarily a bad thing. The point of a high interest savings account is to save, so factors like transaction fees and no branch locations outside of Quebec shouldn't make much of a difference.
Laurentian Bank High Interest Savings Account features
Here's an overview of the features and details of this savings account:
Why You Want It
Earn up to 3.2%* interest on your savings + Earn interest on every dollar.
Eligibility
- Be the age of majority in your province
- Be a Canadian resident
Provinces
ALL
Interest Rates
$0 - $100,000
2.2%
$100,001 - $5,000,000
3.2%
$5,000,001+
1%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Laurentian Bank High Interest Savings Account product rating: 3.2 stars
The Laurentian Bank High Interest Savings Account is a solid option for someone who wants a secure place to grow their savings. The interest rates are impressive, you never have to worry about a minimum balance to avoid fees, and the fact that it's available country-wide all add up to create a winning financial product.
Yes, it's frustrating that all transactions result in bank fees, but this could also be looked at as a way to discourage you from dipping into your savings unnecessarily.
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 High Interest Savings Account
There are a few areas where the Laurentian Bank High Interest Savings Account really shines – take a look.
Pros
Valuable tiered interest rates up to 3.2%
Laurentian's tiered interest system is quite valuable and well thought out. You'll earn 2.2% on the first $100,000, then 3.2% for balances of $100,000 to $5 million, and 1% on anything over that.
No minimum balance requirements to waive fees
Yes, your balance affects the interest rate you'll earn, but that's it. There's no minimum requirement to have the account open, or for earning the basic 2.2% interest.
Auto saving feature
If you also have a chequing account with Laurentian, you can take advantage of the auto savings feature. This allows you to set up automatic transfers and send funds from your chequing account to your Laurentian Bank High Interest Savings Account on a regular basis, or use Interac e-Transfers to do the same thing.
The cons of Laurentian Bank High Interest Savings Account
But nothing is perfect. These are the areas where we think the Laurentian Bank High Interest Savings Account could use improvement.
Cons
E-Transfer fees
The Laurentian Bank High Interest Savings Account charges for some withdrawals, including outgoing e-Transfers and requesting e-Transfer money. The good news is that there are no fees to deposit money into your account with an Interac e-Transfer.
Minimum balance to earn max interest is on the higher end
Account holders must have at least $100,000 to earn the max 3.2% interest. Many online banks don't require a minimum balance at all to earn the maximum rate, which makes $100,000 look almost unattainable.
No branch locations outside of Quebec
While it's wonderful to see a bank that serves the people of Quebec (many large Canadian banks have no presence here), it's unfortunate for the rest of Canada that there are no locations outside of this province. That said, they do have Virtual Advisors to help anyone from any other province.
Laurentian Bank High Interest Savings Account alternatives
Take a look at how Laurentian Bank High Interest Savings Account stacks up against its competitors:
 |  |  |  | |
|---|---|---|---|---|
| Account | Laurentian Bank High Interest Savings Account | EQ Bank RSP Savings Account | Scotiabank Money Master Savings Account | Canadian Western Bank Summit Savings Account |
| Genius Rating | ||||
| Why You Want It | Earn up to 3.2%* interest on your savings + Earn interest on every dollar. | Earns an impressive 1.5% interest + No fees and $0 minimum balance. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn 8.5% interest + Free transfers and EXCHANGE Network ATM withdrawals. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 0 | N/A | 0 | 0 |
| # Of Free Interac E-Transfers | 0 | N/A | 0 | 0 |
| Max Promotion Rate | N/A | N/A | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A | N/A |
| Open an account See more Laurentian Bank products Compare | Open an account See more EQ Bank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more Canadian Western Bank products Compare |
FAQ
What is the interest rate for the Laurentian Bank High Interest Savings Account?
The Laurentian Bank High Interest Savings Account has a tiered interest system. Balances under $100,000 earn 2.2%, anything between $100,000 and $5 million earns 3.2%, and anything above $5 million earns 1% interest.
Does Laurentian Bank have physical branch locations?
Yes, Laurentian Bank has quite a few branch locations in Quebec, but none in other provinces or territories.
Simple interest is calculated on the daily minimum balance and is paid monthly based on the tiers. Laurentian Bank reserves the right to change the annual interest rate.
For all terms and conditions of this product, refer to https://www.laurentianbank.ca/en/personal/accounts/high-interest-savings
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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