Laurentian Bank of Canada Review

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Laurentian Bank of Canada (Banque Laurentienne du Canada) is unarguably one of Canada’s oldest and most relevant banks. The bank’s consistency in service delivery, operations, accessibility, and ease of usage, ranks it among Canada’s best.

Laurentian Bank of Canada (LBC) remains a top-rated domestic-owned financial institution providing Canadians with access to personal and institutional financial and banking solutions through its network of legal subsidiaries.

As a diversified service provider, Laurentian Bank of Canada extends its operations beyond banking services and Canada’s shores. Here’s how the bank compares to other major Canadian chartered banks, including “The Big 5”.

About Laurentian Bank of Canada

From its headquarters in Montréal, Québec, the Laurentian Bank of Canada extends its operations and services across Canada. Laurentian Bank of Canada (LBC) is a Schedule 1 Chartered bank, providing banking and other financial services to Canadians.

Laurentian Bank of Canada was established under the Bank Act to provide personal, retail, and institutional banking products and services and has remained a formidable force in Canada’s banking industry since its establishment.

Laurentian Bank of Canada was established in 1846 as Montréal City and District Savings Bank (Banque d’Épargne de la Cité et du District de Montréal) in Montréal, Québec.

Initially confined to operating in Montréal, the Montréal City and District Savings Bank expanded its operations to other Canadian provinces in 1980, leading to its shares’ enlistment on the Toronto Stock Exchange in 1983 (TSX: LB). In 1987, the bank changed its name to Laurentian Bank of Canada, with corporate offices in Montréal and Toronto.

From 1864 to date, Laurentian Bank of Canada has established many subsidiaries (including banking, brokerage, insurance, investment, tech, and Trust companies) to expand and actualize its mission of improving Canadians’ financial health.

The bank also merged with and acquired several financial institutions and their assets, including General Trust Corporation, SunLife Trust Company’s stock, and La Financiere Coopérants Prets-Épargne Inc., among others.

As a result, Laurentian Bank of Canada and its legal entities are collectively known as Laurentian Bank Financial Group (LBCFG) with diversified financial services and solutions for individual and business clients.

Laurentian Bank of Canada Products and Services

Laurentian Bank of Canada Financial Group provides varied personal and business (retail and institutional) financial and banking solutions.

Laurentian Bank Personal Banking Services

The personal banking services of Laurentian Bank of Canada are designed to cater to the needs of individual customers of the bank, and they include:

LBC My Ideas Service

The LBC My Ideas service is designed to help you actualize your brilliant ideas and dreams by providing you with tools and necessary resources. This service’s coverage includes:

1. My Family

My Family financial service tool helps handle every financial step of your family life, including budgeting, eligible government assistance programs, and other financing tools.

2. My Career

My career service provides you with financial tools that can help you achieve your career goals.

3. My Dream

Do you think it’s time to fulfill your dreams? LBC offers special services to achieve your short and medium-term dreams, including available financing options, planning, and saving towards achieving your life dreams.

LBC My Home Service

The LBC My Home service is designed to help you acquire your first home, improve and use it to finance your projects. This service covers the following:

1. Buying Your First Home

This service helps to analyze your financial situation and your mortgage needs in determining the best mortgage products suitable for you.

2. Renovations

This service analyses the different ways of financing the renovations of your property and other additional structures.

3. Financing

Kown as My Nest Egg service, this service helps you with tools to use your home for your project financing.

LBC My Money Service

The LBC My Money service is designed to help you use your money to work for you, build your credit history, and other money management ideas.

1. My First Pay

My First Pay provides you with tools and banking products, including budgeting and financial goals, bank account opening, etc.

2. My Credit

This service offers different credit methods to improve your creditworthiness, including personal information protection, setting up your credit report, etc.

3. My Planning

These are budgeting tools to have a better future preparation, with anti-fraud protection and financial planning.

LBC My Future Service

LBC My Future service is geared towards helping you plan for future goals. The service coverage includes:

1. My Studies

These are financing solutions and information for students, including obtaining a loan or bursary, finding a student job, bank account opening, etc.

2. My Savings

This service helps you to achieve savings objectives in financing your projects. It includes periodic savings and investment plans, tax advantages, and more.

3. My Retirement

This section provides tools and information on how to retire well with investments that guarantee peace of mind.

Laurentian Bank Personal Banking Products

The Personal Banking products of Laurentian Bank of Canada include:

LBC Personal Financing Products

These are a broad range of financing products to cater to every customer’s needs, budget, and priorities. It includes:

  • Personal financing solutions such as credit cards, personal line of credit, personal loan, car loan, homeowner’s kit, loan insurance, etc.
  • Students financing solutions such as student loans, student line of credit, student Visa Black credit card, etc.
  • RRSP financing solutions including RRSP loan, RRSP Maxi loan, RRSP loan insurance, RRSP line of credit, etc.

LBC Personal Mortgage Products

The LBC Mortgage Products are loans designed to suit your mortgage needs. They provide an array of mortgage services including the homeowner’s kit, variable rate mortgage, equity line of credit, a mortgage with cashback, mortgage insurance, fixed-rate mortgage, retirement line of credit, etc.

LBC Personal Transactional Products

The LBC Transactional products provide money management solutions, including:

  • Day-to-day banking transactions
  • Telebanking services
  • Bank accounts – such as TFSA and Operations account
  • Electronic services – ABMs, eStatements, LBC Direct, etc.
  • Credit Cards
  • CDIC Deposit Insurance and more.

LBC Personal Investment Products

The LBC range of investment products is designed to help grow your savings. They include:

  • Fixed-rate investments – Term deposits and GICs
  • Indexed investments
  • Systematic savings plan
  • Bank securities
  • Mutual funds
  • LBC Financial Services
  • Retirement Projection
  • Registered Plans – RRSP, TFSA, RESP, LLP, RRIF, LIRA, LIF, LLP, etc.
  • Laurentian Trust and estate services

Laurentian Bank Business Banking

The Business Banking products and services of Laurentian Bank of Canada are designed to provide commercial banking solutions to businesses and corporate entities.

LBC Business Banking Products

LBC Business banking products are designed to protect you and your business from currency fluctuations and protect your assets’ value.

1. Investments

The LBC team of experts provides valuable information expert advice on the best financial instruments (such as Term deposits, GICs, Treasury Bills, Bonds, banker’s acceptance, Commercial paper, etc.) that suit your business goals.

2. Foreign Exchange and International Payments

LBC has a team of dedicated professionals to provide expert knowledge in facilitating and protecting your small and medium-sized businesses’ foreign transactions, including imports and exports.

3. Banking Services

LBC provides innovative business solutions and cost-effective banking services to conduct your daily business transactions, including deposits, payments, transfers, cash management, etc.

Their business banking services include current accounts, payroll service, Laurentian Bank Visa Business cards, electronic and telebanking services (LBC Direct online or by phone, ABMs)

LBC Business Real Estate Products

The Laurentian Bank’s real estate specialists team builds customized solutions tailored to meet each customer’s business plan. LBC can provide financing solutions for your commercial, residential, and industrial projects with a dedicated account manager and a team of real estate experts.

The real estate financing solution include construction loans, temporary loans for conversions or redevelopment, Term loans, multi-unit loans, lines of credit, and standby letter credit.

LBC Business Commercial Products

Laurentian Bank of Canada helps you to maximize your business by offering a range of flexible financing solutions tailored to meet your business needs. LBC provides expert advice in the following specialized industries:

  • Manufacturing
  • Food Processing
  • Daycare Centres
  • Good Insurance Firm

LBC Digital

LBC Digital is the electronic and telebanking service of Laurentian Bank of Canada with access to banking products and services. LBC Digital customers can access these services through online banking, telephone banking, and over 3500 ATMs across Canada to perform digital banking transactions anytime and anywhere.

LBC Digital Bank Accounts

Laurentian Bank of Canada offers digital savings, chequing, and GIC investment accounts with electronic access through the LBC Digital platform.

LBC Digital High-Interest Savings Account (HISA)

The High-Interest Savings Account (HISA) from Laurentian Bank of Canada encourages smart savings habits. The account comes with a 1.20% interest rate on deposits up to and including $500,000.00. Also, deposits above $500,000 attract 0.30% interest rate.

Features

  • Zero minimum balance requirement
  • CDIC protection on eligible deposits
  • No monthly account fees
  • Free electronic fund transfers and monthly statements.
  • Non-sufficient funds (NSF) attracts a $50.00 fee.
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Note: These rates are subject to change at the discretion of the issuer. Contact the provider for current rates.

LBC Digital Chequing Account

The LBC Digital chequing account is a no-fee account with electronic access. The account comes with free Interac e-Transfers and zero interest on all account balances.

Features

  • No monthly balance requirement
  • No monthly account fees.
  • Zero-interest rate on all balances
  • Free access to over 3500 THE EXCHANGE Network ATMs across Canada 
  • Free cheque clearing and bill payments
  • A $10.00 fee on bank drafts
  • Interac ATMs attract $1.50 fee
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Note: These rates are subject to change at the discretion of the issuer. Contact the provider for current rates.

LBC Digital Guaranteed Investment Certificates GICs)

LBC Digital GICs provide guaranteed returns on your investment portfolio. With a minimum investment of $100, you can get the non-redeemable or non-registered one to five-year GIC Terms at competitive rates.

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Note: These rates are subject to change at the discretion of the issuer. Contact the provider for current rates.

Laurentian Bank of Canada Credit Cards

Another benefit of banking with Laurentian Bank of Canada is access to a wide range of credit cards available on the Visa Reward Zone. All LBC credit cards are issued by Visa Inc. and come with complete protection and benefits of Visa cards. You can use these credit cards anywhere Visa is accepted around the world.

Laurentian Bank Visa Infinite Card

  • Annual fee: $130.00
  • Earn points for every $1 spent on pre-authorized debits
  • Earn 2 points for every $1 spent on grocery, gas, car rentals, hotel stays, and foreign currency purchases.
  • Earn 1 point for every $1 spent on all other purchases.
  • Redeem points for cash back, travel rebates, gift cards, etc.
  • The annual interest rate on purchases is 19.99%

Visa Explore Reward Card

  • Annual fee: $110
  • Earn 3 points for every $1 spent on pre-authorized debits.
  • Earn 2 points for every $1 spent on travel, hotel, transportation, etc.
  • Earn 1 point on all other purchases
  • Redeem reward points for gift cards, merchandise, travel rebates, etc.

Visa Dollars Cash Back Credit Card

  • Annual fee: $65
  • Earn 3% cashback on recurring payments
  • Earn 2% cashback on groceries and gas
  • Earn 1% on all other purchases

Visa Black Reward Me Credit Card

  • Annual fees: $42 (payable monthly)
  • Earn Reward Me points on everyday purchases
  • Student version available

Regulations and Membership

Laurentian Bank of Canada (LBC) was established under the Bank Act and is supervised by the Superintendent of Financial Institutions (OSFI).

The bank is a registered member of the Canada Deposit Insurance Corporation (CDIC), ensuring that customers’ deposits and investments are protected up to a maximum of $100,000. Laurentian Bank of Canada is also a member of the Canadian Bankers Association (CBA) and Interac.

Laurentian Bank of Canada Customer Service

For feedback, account opening, and other inquiries, you can contact the customer service of Laurentian Bank of Canada via the following channels:

Email: [email protected]

Phone:           1-800-522-1846

                         1- 514-252-1846

Mail:

1360, René-Lévesque Blvd West

Suite 600

Montréal, Québec

H3G 0E5

Editor’s Review

As one of the oldest Schedule 1 Chartered Banks in Canada and with several subsidiaries offering diversified financial and banking services, Laurentian Bank of Canada offers one of the best banking services.

However, you need to be cautious about the bank’s fees and rates. Don’t enter into an agreement without first comparing it with other financial institutions.

FAQs

Is Laurentian Bank A Chartered Bank?

Laurentian Bank of Canada commenced operations as a chartered bank in September 1987.

What are the subsidiaries of Laurentian Bank of Canada?

Laurentian Bank Financial Group comprises Laurentian Bank of Canada and its legal entities, including B2B bank, LBC Financial services, Laurentian bank Insurance, LBC Investment Management Inc., Northpoint Commercial Finance, LBC Capital Inc., LBC Trust, LBC Tech Inc., B2B Trustco, etc.

Where can I find Laurentian Bank branches in Canada?

Laurentian Bank of Canada operates across all the Canadian provinces and territories. Apart from its corporate headquarters in Montréal and Toronto, the bank has branches across the Canadian region.

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.