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Laurentian Bank at a glance

Montreal’s Laurentian Bank, or Laurentian Bank of Canada was established over 175 years ago and has around 60 branches in Quebec.

Laurentian Bank account options
Savings
Chequing
Credit cards
Investing
Other Laurentian Bank services
Loans
Mortgages
Lines of credit
Insurance

Laurentian Bank overview

Laurentian Bank may not be a household name outside of Quebec, its banking and credit products are available for all Canadians via online banking. Established in 1846 as the Montreal City and District Savings Bank, the financial institution served just 500 clients with $117,400 in assets in its first year. In 1987, it changed its name to Laurentian Bank of Canada. The bank now has around 60 branches in Quebec with more than 2,800 employees.

Online banking capabilities at Laurentian Bank of Canada

Laurentian Bank of Canada’s customers can do much of their banking online, including paying bills, transferring funds and opening a chequing or savings account. Laurentian Bank’s mobile app also allows many of the same transactions. That said, the mobile app currently does not allow mobile cheque deposits. If you need to deposit a cheque, you can visit a branch or use an ATM.

Is my money safe at the Laurentian Bank of Canada?

Laurentian Bank of Canada is a Canada Deposit Insurance Corporation (CDIC) member institution. CDIC insurance covers deposits up to $100,000 per eligible account category, such as individual accounts, joint accounts, registered retirement savings plans and more.

In addition, many of Laurentian Bank’s Visa credit cards come with Zero Liability fraud insurance. It protects you from unauthorized purchases made with your card, which means you won’t be liable for any purchases you didn’t make.

Laurentian Bank account types

Laurentian Bank of Canada is a full-service bank that offers various accounts, so you can choose the best fit for your needs.

Laurentian Bank savings accounts

High Interest Savings Account: Earns a competitive tiered interest rate with no minimum balance requirement.
Day By Day Interest Plus US Account: Suited for those who frequently transact in U.S. dollars while earning a modest interest on your balance.

Laurentian Bank chequing accounts

The account transactions for most Laurentian Bank’s chequing accounts are free, except for e-transfers and Interac debit transactions, when you maintain a minimum account balance of $3,000 at all times during the month. Personal chequing account options include:

Basic account: Pay a low fee of $4 per month for 12 monthly transactions.
Preferred account: Get 20 monthly transactions for a $7.50 fee per month.
Unlimited account: Pay a monthly fee of $14.75 and get unlimited transactions (including e-transfers).
The Youth Plan: Those under 18 years of age, get unlimited transactions and pay no monthly fees (excluding e-transfers).
The 65+ Plan: Get 4 free monthly transactions and pay no monthly fee if you’re 65 or older.

Laurentian Bank credit card accounts

Laurentian Bank of Canada offers a variety of Visa credit card options for personal use, including:

Laurentian Bank Visa Infinite: Earn 2 points per dollar spent on gas, groceries, travel, transportation and recurring payments. All other purchases earn you 1 point per dollar spent. The annual fee is $130.
Laurentian Bank Visa Cashback: Get 2% cash back on gas, groceries and recurring payments and 1% cash back on all other purchases. The annual fee is $65.
Laurentian Bank Visa Reduced Rate: Pay low interest rate of 12.49% for purchases and balance transfers. The annual fee is $30.
Laurentian Bank Visa Reward Me: Earn 1 point per dollar spent on gas, groceries and recurring payments, and 0.5 points per dollar spent on all other purchases. There is no annual fee.

Laurentian Bank investing accounts

Laurentian Bank of Canada offers the following investment products:

Other Laurentian Bank services

Mortgages (fixed and variable).
Personal loan.
Personal lines of credit.
Student loan.
Student lines of credit.
Home equity lines of credit (HELOC).
RRSP lines of credit.
Insurance products.

Laurentian Bank fees

Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Laurentian Bank of Canada’s financial products and services:

Interac e-transfer: $1.00.
Non-sufficient funds (NSF) fee: $65.
Paper statements: $3 per month.
Foreign currency conversion at AMBs: The exchange rate, plus 2.5% of the converted amount.
RRSP, LIRA, RRIF, LIF or LIRA transfer to another institution: $125.

Who is Laurentian Bank best for?

Businesses and individuals who prefer banking with an established Montreal-based financial institution offering many of the standard financial solutions to fit their needs.

Laurentian Bank’s range of accounts and services accommodate the unique needs of customers of all ages by offering multiple product options, competitive interest rates and ease of banking. The bank’s long-standing history and CDIC insurance for your deposits provide a peace of mind as you build your investments with the bank.

Pros and Cons of Laurentian Bank

There’s plenty to like about Laurentian Bank of Canada, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.

Pros

Chequing account fees waived off, except for e-transfers and Interac debit transactions, if a minimum monthly balance of $3,000 is maintained.
Competitive interest rate on savings and investments.
Offers branch, phone, online banking services.

Cons

High NSF fees.
No Mastercard credit card options for personal and business clients.
Branch banking is limited to Quebec.

How Laurentian Bank compares to other credit unions

	Primary region of service	Mobile and online banking	Are deposits insured?
Access Credit Union	Manitoba.	Yes.	Yes, by the Deposit Guarantee Corporation of Manitoba.
Laurentian Bank	Montreal.	Yes.	Yes, by the Canada Deposit Insurance Corporation.
Northern Credit Union	Northern Ontario.	Yes.	Yes, by the Financial Services Regulatory Authority of Ontario’s Deposit Insurance Reserve Fund.
Sydney Credit Union	Nova Scotia.	Yes.	Yes, by the Nova Scotia Credit Union Deposit Insurance Corporation.
Vision Credit Union	Alberta.	Yes.	Yes, by the Credit Union Deposit Guarantee Corporation.

» MORE: Explore more Banking reviews, and see what other Canadian Big Banks, credit unions and online-only banks have to offer.

Eligible account deposits up to $100,000 made by Laurentian Bank customers are insured by the Canada Deposit Insurance Corporation (CDIC). Additionally, the bank’s Visa credit card offerings typically come with Zero Liability insurance to cover unauthorized purchases on your card.

Yes, Laurentian Bank customers can do most of their banking online or through Laurentian Bank’s mobile app. However, the mobile app currently does not allow mobile cheque deposits so you can visit a branch or use an ATM.