Laurentian Bank Review (June, 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: Jun 17, 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 Laurentian Bank in 1987.

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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.

  • 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.
  • Interac e-Transfer transactions charge $1 per month, while Interac Debit transactions come with $1.25 monthly charges for certain accounts
  • E-statements are free
  • Paper statements cost $3 per month

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

Learn more about Laurentian Bank chequing accounts.

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.

Learn more about the Laurentian Bank HISA.

Student Advantage Bundle

This account is available to full-time registered students ages 16 to 25. It provides a more affordable banking option with monthly fee rebates of $9.

Laurentian Bank’s Student Advantage bundle is also a great way to start building credit. Account holders can access student lines of credit starting at $1,500.

Learn more about the Laurentian Bank Student Advantage bundle.

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 up to 15% cashback rewards.

Additionally, purchases, balance 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. This card often has sign-up promotions to get extra cash back in addition to their great regular cash back perks. Get rewarded with 1% cash back on everyday purchases and enjoy flexible redemption options. Plus earn 2% cash back on groceries, gas and recurring payments.

The annual fee for this card is $65. Have peace of mind with purchase protection and extended product warranty.

Laurentian Bank Visa* Reduced Rate

This card comes with a $30 annual fee, a 12.49% interest rate for balance 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 Reward Me card comes with zero annual fee. 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.

With Laurentian Bank Rewards, get access to hundreds of brands and unique offers to get you earning faster. Enjoy flexible redemption options that allow you to convert your points to cashback and use it towards your account balance or against a specific purchase. Manage your rewards easily and conveniently online.

Learn more about Laurentian Bank credit cards.

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 competitive mortgage rates and leverage future rate drops.
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Learn more about Laurentian Bank mortgages.

Laurentian Bank lending services

Laurentian Bank has specialised loan products for different situations. Check out their options below.

Personal Loans

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

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Personal Lines of Credit

With a personal line of credit from Laurentian Bank you only pay for what you need. Your line of credit acts as a back up for when you need extra cash. Your interest charges are only incurred if you use your credit.

Student Lines of Credit

As a student your income is limited because you can’t work full time. So if you need some extra cash here and there, a student line of credit may be the right solution.

Student Loans

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

Retirement Lines of Credit

If you’re a homeowner you could access up to 50% of your home’s value as a line of credit. This can help give you extra cash when you need it.

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.

Learn more about Laurentian Bank lending options.

Laurentian Banking investment products

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

  • Term deposits
  • Fixed-rate investments
  • Marketing-linked GIC
  • Mutual funds

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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Legal footnotes

*Trademark of Visa Int., used under license.

1. General terms and conditions for all benefits: You must be an eligible Visa Infinite* cardholder with a valid Visa Infinite card to take advantage of the Visa Infinite benefits and services. Certain benefits require enrolment. Offers and benefits are non-transferable, and discounts cannot be combined with any other offer or discount. Neither Visa nor the Issuer of the card is responsible for any claims or damages arising from use of any benefits or services provided by a third party. Visa reserves the right to modify or cancel this offer or benefits at any time and without notice. All offers, benefits and services made available through Visa are subject to complete terms and conditions (available at www.visainfinite.ca/infinite/terms. jsp). The Visa Infinite Privacy Policy (available at www.visainfinite.ca/infinite/privacy.jsp) applies to all benefits and services that require enrolment through, or are otherwise provided by, the Visa Infinite Concierge Service or the Visa Infinite website. The collection, use and disclosure of cardholders’ personal information by third-party suppliers of services and benefits to Visa Infinite cardholders are subject to such third parties’ own privacy policies. 2. Visa Infinite* Concierge Service: The goods and services that cardholders request or otherwise choose to obtain through the Visa Infinite Concierge Service are provided by various third-party service providers unrelated to Visa. Visa does not endorse, review or qualify these service providers. Visa makes no representations or warranties (either express or implied) about, and assumes no responsibility or liability for, these service providers or their goods and services that may be obtained through the Visa Infinite Concierge. Neither Visa nor the card issuer is responsible for any claims or damages arising from use of any benefits or services provided by a third party. Visa cannot guarantee the successful fulfillment of cardholders’ requests in all instances. There is no fee for the Concierge’s services, however cardholders are responsible for the cost of any goods or services (including any related fees or costs) authorized by the cardholder and purchased by the Visa Infinite Concierge on the cardholder’s behalf. All costs will be charged directly to the cardholder’s Visa Infinite card.

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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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