The Laurentian Bank of Canada was established in May 1846 as the Montreal City and District Savings Bank. Today, this institution serves millions of personal, commercial and capital markets customers, with total assets coming in at $48.9 billion. It provides the personalized touch of a smaller bank, with the feel of a larger, full-service institution.
Although its branches are all in Quebec and its focus is mostly on serving clients within the province, Laurentian Bank does provide a range of banking products and services for Canadians.
Overview
- Heavy focus on Quebec-based clients
- Variety of personal banking products and services
- Partnership with THE EXCHANGE Network of ATMS
- Strong ESG principles
- A more personalized banking experience
Rating methodology
Laurentian Bank's overall rating is 2.5 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
Laurentian Bank bank accounts
Laurentian Bank has six personal bank account options, including five chequing accounts. These chequing options range from a basic, bare bones account to one with unlimited transactions. One student account and one senior account are also available, each with features applicable to its target demographic.
The Laurentian Bank High Interest Savings Account is Laurentian Bank's top-rated account, largely due to its impressive top interest rate. The 3.2% rate solidifies this account's place alongside Canada's best savings accounts.
Laurentian Bank High Interest Savings Account
Earn up to 3.2%* interest on your savings + Earn interest on every dollar.
Laurentian Bank Basic Account
12 monthly transactions + Free for RDSP beneficiaries and GIS recipients.
Laurentian Bank credit cards
This bank has a fairly impressive lineup of Visa cards: there's a premium rewards card, a cash back card, a no-fee card, and a low interest card to round it out. The Laurentian Bank Rewards program lets you redeem points in a variety of ways, such as cashing them in for merchandise, gift cards, and financial products like term deposits or banking plans.
The Laurentian Bank Visa Infinite is a particularly valuable option. It comes with a fairly extensive travel and purchase insurance package, including purchase protection, trip cancellation, trip interruption, and even emergency medical services for those over age 65.
Laurentian Bank investment accounts and products
Through LBC Financial Services, Laurentian Bank offers a selection of investment products, including mutual funds, fixed-rate GICs, and market-linked GICs. The GIC interest rates are quite competitive too, and require a surprisingly low minimum investment of just $500.
Laurentian Bank offers a variety of registered accounts designed to support different life goals, including TFSAs for tax-free savings, RRSPs for retirement planning, RESPs for education savings, and RRIFs for generating retirement income. They also provide LIRAs and LIFs to manage locked-in pension funds, each with unique tax advantages and withdrawal rules.
Visit the Laurentian Bank site to learn more about investment options.
Laurentian Bank loans
Laurentian Bank features a suite of lending products to help customers meet their financial goals. These include personal loans with fixed or variable rates for specific projects, personal lines of credit for flexible access to funds, and specialized financing options like RRSP loans and student loans.
For extra security, clients can take advantage of Laurentian Bank's specific insurance products to protect their loans and/or lines of credit.
Visit the Laurentian Bank site to learn more about its lending products.
Laurentian Bank mortgages
Anyone looking for a mortgage product will find that Laurentian Bank's options are numerous and high-quality. With both fixed and variable-rate options, prepayment privileges, cashback offers, and more, clients can find just the right fit. Plus, Laurentian Bank's mortgage rates are better than those of the Canadian big banks.
The Homeowner's Kit from Laurentian Bank combines a typical mortgage with a home equity line of credit. If you’ve paid off at least 20% of your home’s value, this setup lets you access funds for things like renovations, debt consolidation, etc., all while offering customizable terms and repayment options to suit your needs.
Visit the Laurentian Bank site to learn more about mortgage products.
FAQ
Is Laurentian Bank secure?
Yes, Laurentian Bank is a well-established banking institution that's served Canadians for nearly 180 years. It's a CDIC member, and its combination of technical safeguards, monitoring, and insurance coverage offers a strong level of security for its customers.
Who is Laurentian Bank owned by?
Founded in 1846, Laurentian Bank of Canada is a publicly traded company listed on the Toronto Stock Exchange (ticker symbol LB). It has several subsidiaries, including Northpoint Commercial Finance, Laurentian Bank Securities Inc., and LBC Trust.
Is my money safe at Laurentian Bank?
The Laurentian Bank of Canada is a respected financial institution that's been operating for more than 175 years and is insured by the CDIC. You can rest easy knowing that your money is safe here.
Is Laurentian Bank GIC safe?
GICs are one of the safest investment options available, and Laurentian Bank's GICs are no different. While its ActionGICs (market-linked) may yield lower returns if the market underperforms, Laurentian Bank's fixed-rate GICs provide predictable returns.
Is Laurentian Bank a CDIC member?
Yes, Laurentian Bank has been a CDIC member for many years, so eligible deposits are protected up to $100,000 per insured category, per depositor. Its subsidiaries, LBC Trust and Laurentian Trust of Canada Inc., are CDIC members as well.
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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