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The Laurentian Bank High Interest Savings Account is a great choice for reaching your financial goals safely with interest starting from 2.2%.
Designed for Canadians who are serious about growing their savings, the Laurentian Bank HISA is a way to do that while always having access to your funds.
It offers competitive interest rates that can help your money grow faster, whether you’re saving for a down payment on a house, planning a dream vacation, or building an emergency fund.
The Laurentian Bank High Interest Savings Account stands out due to its tiered interest rate structure. You can earn up to 3.2% interest on your savings, depending on your account balance.
This is significantly higher than what you’d typically find with traditional savings accounts at major banks.
The Laurentian Bank HISA also offers useful tools that can help you get into better saving habits for the long term. The account features are designed with customer ease and convenience in mind.
Features of Laurentian Bank High Interest Savings Account
The Laurentian Bank High Interest Savings Account comes packed with features designed to help you maximize your savings. Let’s take a closer look at what this account has to offer:
- Competitive Interest Rates: The standout feature of the Laurentian Bank HISA is its tiered interest rate structure. You can earn:
- 2.2% on balances up to $100,000
- 3.2% on balances between $100,000 and $5,000,000
- 1% on balances over $5,000,000
These rates are calculated daily on your closing balance and paid monthly, helping your money grow faster.
- No Minimum Balance Requirement: Unlike some high-interest savings accounts that require you to maintain a certain balance to earn interest, the Laurentian Bank HISA has no minimum balance requirement. This means you start earning first-tier 2.2% interest from your very first dollar.
- No Monthly Fees: There is no need to worry about monthly maintenance fees draining away from your savings. The Laurentian Bank HISA is free to keep, meaning you’ll keep more of your hard-earned money.
- CDIC Insurance: Your deposits in the Laurentian Bank HISA are eligible for Canada Deposit Insurance Corporation (CDIC) coverage up to $100,000. This provides peace of mind, knowing your savings are protected.
- Online and Mobile Banking: Laurentian Bank offers a friendly online banking and mobile app. Therefore, you can easily manage your account and check your balance and transactions from anywhere at any time.
- Automatic Savings Plans: You can also set up automatic transfers from other Laurentian Bank accounts to your HISA so you save automatically. Having a “pay yourself first” approach can boost your savings significantly.
- Interac eTransfers: While there is a small fee for outgoing e-Transfers ($1.00), you can receive e-Transfers into your Laurentian Bank HISA for free. This makes it easy to add funds to your savings from other banks.
- Linked Accounts: You can link your Laurentian Bank HISA to your other Laurentian Bank accounts for easy transfers. However, keep in mind that there’s a $1.00 fee for transfers between Laurentian Bank accounts.
- No Transaction Limits: While some savings accounts limit the number of transactions you can make, the Laurentian Bank HISA doesn’t impose such restrictions. However, remember that fees apply for most transactions.
One of the most appealing aspects of the Laurentian Bank HISA is that it’s available to residents across Canada, not just in Quebec, where Laurentian Bank has its physical branches. This means you can take advantage of these high interest rates no matter where you live in the country.
Pros and cons of Laurentian Bank High Interest Savings Account
When considering the Laurentian Bank High Interest Savings Account, it’s important to weigh both its advantages and disadvantages. Let’s break them down:
Pros of Laurentian Bank HISA
- High interest rates
- No monthly fees
- No minimum balance to earn 2.2%
- CDIC insured
- Nationwide availability
- User-friendly online banking
- Automatic savings options
Cons of Laurentian Bank HISA
- Transaction fees of $1.00
- No physical branches outside Quebec
- High balance required for best rates
- Tiered interest rate structure is mainly beneficial for those with large balances.
- No debit card
- Limited integration with other banks
If you’re someone who plans to make frequent withdrawals, the transaction fees might be a deterrent. However, if you’re looking for a place to park a large sum of money and let it grow with minimal interference, the high interest rates could make this account very attractive.
In the next section, we’ll walk you through how to use the Laurentian Bank High Interest Savings Account effectively to maximize your savings.
How to use Laurentian Bank High Interest Savings Account
Making the most of your Laurentian Bank High Interest Savings Account involves more than just depositing money and watching it grow. Here’s a guide on how to effectively use this account to reach your savings goals:
- Opening Your Account: You can open a Laurentian Bank HISA online from anywhere in Canada. You’ll need to provide personal information, proof of identity, and your social insurance number. The process is typically quick and can be completed in about 10–15 minutes.
- Initial Deposit: While there’s no minimum balance required, it’s a good idea to start with a substantial deposit if possible. Remember, you’ll earn interest on every dollar, so the more you save, the more you earn.
- Set Up Automatic Transfers: In fact, one of the best ways to grow your savings is to make it automatic. Make recurring transfers from your chequing to your HISA. The idea is to adopt this “pay yourself first” model so that you’re effectively adding to your savings every single month.
- Minimize Withdrawals: While the Laurentian Bank HISA allows withdrawals, remember that most transactions incur a $1 fee. Try to limit withdrawals to avoid these charges and maximize your savings growth.
- Take Advantage of eTransfers: You can receive eTransfers into your HISA for free. This can be a convenient way to add funds to your savings, especially if you’re receiving money from others.
- Use the Mobile App: Download the Laurentian Bank mobile app to manage your account on the go. You can check your balance and make transfers using your smartphone.
- Combine with Other Accounts: For a comprehensive savings strategy, consider using your HISA in conjunction with other Laurentian Bank products. For example, you could use a chequing account for daily transactions and regularly transfer excess funds to your HISA to earn higher interest.
Learn more about the Laurentian Bank’s HISA.
Other account types by Laurentian Bank
While we’re focusing on the High Interest Savings Account, it’s worth noting that Laurentian Bank offers a range of account types to suit different financial needs. Understanding these can help you make the best decision for your overall financial strategy. Here are the main account types:
Chequing Accounts: Laurentian Bank offers several chequing account options:
- Basic Account: Suitable for those with minimal banking needs
- Unlimited Account: For those who make frequent transactions
- Senior Account: Designed for customers aged 65 and over
- Youth Account: For customers under 18 years old
US Dollar Savings Account: If you frequently deal with US dollars, this account allows you to save in USD without worrying about exchange rate fluctuations.
Guaranteed Investment Certificates (GICs): For those looking to lock in their savings for a specific term, Laurentian Bank offers GICs with various terms and interest rates.
You’re not limited to just one account type. Many savers find it beneficial to combine a high-interest savings account with a chequing account for day-to-day transactions. This strategy allows you to earn high interest on your savings while still having easy access to funds for regular expenses.
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