Laurentian Bank Review (February, 2024) – Pros, Cons, Features, & Pricing

Laurentian Bank occupies a good position in the list of top ten banks in Canada. With over a hundred thousand clients spread across Canada, Laurentian is a leading banking choice for anyone.

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Last Updated: Feb 18, 2024

Laurentian Bank

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Laurentian Bank of Canada is a Quebec province-focused bank most suitable for individuals and businesses as it provides diversified financial services on banking, investment, lending, mortgages, and credit cards.

As a member of the Canada Deposit Insurance Corporation (CDIC), Laurentian ensures the security of your funds.

Here’s a Laurentian Bank review that highlights the various banking solutions offered by Laurentian, its benefits, downsides, and more.

Who owns Laurentian Bank?

Laurentian Bank, formally known as the Montreal City and District Savings Bank, was established by Monsignor Ignace Bourget and a group of up to 15 businessmen in 1846.

However, the bank changed its name to Laurebtu Bank in 1987, and it is currently owned by Desjardins-Laurentian Financial Corporation after the partnership between Laurentian Group and Mouvement Desjardins.

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Products and services offered by Laurentian Bank

Laurentian Bank provides a wide range of financial products and services to its customers. Regardless of your financial plan, Laurentian offers what works for you. The key offerings include:

  • Banking accounts
  • Credit cards
  • Mortgage solutions
  • Lending services
  • Investment services

Laurentian banking account types

Laurentian Bank offers diverse account types, depending on your financial needs. Let’s explain the core types.

Chequing Accounts

The basic features of Laurentian chequing accounts are free when you maintain a $3,000 monthly balance. However, there are transactions you make that attract certain charges.

  • Paper statement attracts $3 per month
  • e-statement is free for accounts that maintain below or above $3000 monthly balance
  • Interac e-Transfer transactions charge $1 per month, while Interac Debit transactions come with $1.25 monthly charges
  • Withdrawal and transfer between Laurentian Bank accounts are free for accounts with a $3,000 monthly balance. However, a $1 charge is placed on accounts with less than $3000.

Laurentian chequing accounts also have options like a Basic account, Preferred account, and Unlimited account. Each of these accounts offer unique banking solutions.

High-Interest Savings Account

This account does not require a minimum balance. Plus, it comes with benefits such as a 3% interest on savings less than $100,000, a 4% interest on savings between $100,000 and $5,000,000, and a 1% interest rate on savings above $5,000,000.

Day-by-Day Interest Plus US Account

This account is most suitable for individuals who frequently travel from Canada to the United States. It enables you to conduct transactions such as withdrawals and transfers while earning interest on deposits.

Other banking accounts offered by Laurentian include a youth account, and a seniors account.

Laurentian Bank credit cards

Laurentian Bank offers customers premium, low-interest, no fees, and cashback credit cards. In addition, it provides different Visa credit card options. Here are the features of its Visa credit card.

Laurentian Bank Visa Infinite

This Visa card is unique due to the premium rewards it offers. Every purchase with this card attracts a certain number of point rewards. When you shop via the Laurentian online store, you will be eligible for a 30% cashback reward.

Additionally, purchases, transfers, and cash advances come with 20.99%, 21.99%, and 22.99% interest rates respectively. The annual fee is $130.

Laurentian Bank Visa Cashback

This card provides cashback rewards on almost all your purchases. If you spend over $1000 in the first three months of using the card, you will receive a $60 cashback. The annual fee is $65.

Laurentian Bank Visa Reduced Rate

This card comes with a $30 annual fee, a 12.49% interest rate for transfers and purchases, and a 13.99% interest on cash advances, which is less than the other visa cards offered by Laurentian.

It is most suitable for those looking to save on interest payments.

Laurentian Bank Visa Reward Me

The Laurentian Visa Rewards Me card comes with zero annual fees. However, it attracts a 20.99% interest rate on purchases, a 21.99% interest rate on balance transfers, and a 22.99% interest rate on cash advances.

Points rewards are also given on all purchases.

Laurentian Bank mortgage solutions

Laurentian Mortgage Solutions caters to everyone. Here’s a review of the mortgage solutions it provides.

  • Fixed-rate Mortgage: Laurentian fixed-rate mortgage is either closed or convertible. Its loan period can last between 6 months and ten years.
  • Variable-rate Mortgage: This mortgage is closed. However, you can switch to a convertible mortgage at any time. With this solution, you can access low mortgage rates.
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Laurentian Bank lending services

Personal Loan: Laurentian allows a minimum loan of $3,500 with a fixed or variable interest rate. The repayment period lasts between one and ten years.

Student Loan: Once your student loan receives approval from the government, Laurentian Bank handles the rest of the process on your behalf.

Laurentian Bank RRSP Loan: Laurentian allows a minimum and maximum RRSP Loan of $1,500 and $50,000, respectively, with a fixed or variable interest rate.

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Laurentian Banking investment products

Some of the investment products available on Laurentian Bank include the following:

  • Tax-Free Savings Account (TFSA)
  • Term Deposits
  • Locked-In Retirement Account (LIRA)
  • Fixed-rate investments
  • MARKET-LINKED GIC
  • Registered Education Savings Plan (RESP)
  • Life Income Fund (LIF)
  • Mutual Funds
  • Registered Retirement Income Fund (RRIF)
  • Registered Retirement Savings Plan (RRSP)

Pros of using Laurentian Bank

There is no scarcity of banks in Quebec, Canada. So why use Laurentian Bank? Here are some of the benefits of using Laurentian.

  • Multiple financial services and products
  • Lower Banking Fees
  • Secured and Seamless Banking
  • Tools and Calculators
  • Reliable Customer Service

Cons of using Laurentian Bank

  • Laurentian is a regional bank with focused operations in Quebec province.
  • Absence of Mastercard

Conclusion to our Laurentian Bank review

Overall, Laurentian Bank is a great banking choice if you reside in any city in Quebec province. It offers all the banking products you need and is comparable to the top banks in Canada.

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FAQs about our Laurentian Bank Review

Where does Laurentian Bank operate?

The Laurentian Bank of Canada carries out its primary operations in Quebec province. It has over sixty branches spread across the province.

Is Laurentian Bank safe?

Laurentian Bank is safe to bank with. It is a part of the "Canada Deposit Insurance Corporation (CDIC)" - a corporation that insures your savings deposit. Laurentian also uses encryption to protect the data of its clients.

Why is Laurentian Bank stock down?

Laurentian Bank is experiencing a decline in stock owing to runaway, higher provisions, and steeper rate hikes. The resignation of Rania Llewellyn - president and CEO of Laurentian, also contributes to the bank's low stock.

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Laurentian Bank

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December 16, 2023
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