Laurentian Bank High Interest Savings Account review

What are the benefits of the Laurentian Bank High Interest Savings Account?

• Earn up to 4% interest. The maximum interest rate of 4% applies to balances ranging from $100,000 to $5 million.
• No minimum deposit. With no minimum deposit required, you can earn interest on every dollar in your account.
• No monthly fee. You don’t have to worry about a monthly fee chipping away at your savings balance.
• Easy access. If you’re hit with an unexpected expense, you can access the money in your Laurentian High Interest Savings Account at any time.
• Regular deposits. You can use Laurentian Bank’s scheduled savings feature to set up a recurring deposit to your account.
• Apply online. It’s quick and easy to open a Laurentian Bank High Interest Savings Account online.

What should I look out for with the Laurentian Bank High Interest Savings Account?

• Tiered interest. You’ll need a balance of between $100,000 and $5 million to earn the maximum interest rate. If your balance is less than $100,000, the interest rate drops to 3%.
• Transfer fee. A $1.00 fee applies when you send a transfer between Laurentian Bank accounts with LBCDirect and the Laurentian Bank mobile app.
• e-Transfer fee. If you want to send an Interac e-Transfer or request an e-Transfer, a $1.00 fee applies.
• No promotional interest rate. While there’s no promotional interest rate to help you boost your savings for an introductory period, the on-going interest rate for this account is much higher than most banks.

How do I open a Laurentian Bank High Interest Savings Account?

Eligibility

You’ll need to meet the following criteria to be eligible to open an account:

• Canadian resident
• The age of majority in your province

Required information

• Valid government-issued photo ID
• Social Insurance Number (SIN)
• Personal and contact details

To open an account, here’s what you need to do:

1. Click the “Go to site” link above to be taken to the Laurentian Bank website.
2. Click “Open a HISA”.
3. Provide your personal information and contact details.
4. Provide proof of ID.
5. Review all details before submitting your application.

How do I deposit and withdraw money with the Laurentian Bank High Interest Savings Account?

There are three ways to deposit funds into your account:

• Transfer funds from your Laurentian Bank chequing account via LBCDirect or the mobile app.
• Send an Interac e-Transfer from another account.
• Link an external bank account to your Laurentian Bank High Interest Savings Account

When you need to make a withdrawal, you can transfer funds between Laurentian Bank accounts with LBCDirect and the mobile app or send an e-Transfer. However, be aware that transfer fees apply.

What banking products does Laurentian Bank offer?

Laurentian Bank offers personal and business banking products. Some of its key offerings include:

• Chequing accounts. The bank offers three main chequing accounts that range from the Basic Account, which supports 12 monthly transactions, to the Unlimited Account. There are also special chequing account plans available for seniors and people under 18 years of age.
• Savings accounts. As well as its High Interest Savings Account, Laurentian Bank also offers a US savings account.

Laurentian Bank also offers credit cards, mortgages, personal loans, lines of credit, term deposits, GICs and business banking solutions.

How does Laurentian Bank compare to other banks?

Laurentian Bank offers all the products and services you’d expect from a major bank. It also offers an online banking platform and a mobile app, while customers can also access more than 3,300 ABMs around the country that are part of THE EXCHANGE Network.

Where Laurentian Bank differs from other providers is that its branch network is centred in Quebec. If you like the option of doing face-to-face banking but you don’t live in Quebec, you may wish to consider other options.

Laurentian Bank High Interest Savings Account bottom line

The Laurentian Bank High Interest Savings Account is worth a look if you’re looking for a no-frills savings account. It offers a competitive interest rate and no monthly fee, plus the security of CDIC coverage. But e-Transfer fees are a drawback, and you’ll need to compare rates across a range of savings accounts before deciding which one is right for you.