Laurentian Bank High Interest Savings Account Review

Laurentian Bank of Canada has a new account called the Laurentian Bank High Interest Savings Account.  Here’s my Laurentian Bank High Interest Savings Account review.  I previously had an account with Laurentian Bank because of CDIC but when I didn’t need the account I closed it.

Laurentian Bank

I’m a savings account hoarder and I wasn’t planning on signing up for a new savings account but I did anyway since I was hoarding cash right after the sale of my condoHere’s my Laurentian Bank High Interest Savings Account Review.

Updated April 2024

Laurentian Bank is one of Canada’s oldest banks, originating in Quebec, and going all the way back to 1846 (that’s over 175 years).

First of all, the Laurentian Bank High Interest Savings Account is JUST a savings account.

To do anything else, you need to move money out with the electronic fund transfer feature to your bank that you normally do day-to-day chequing activities with, like the Laurentian Bank Chequing Account, where you can send INTERAC e‑Transfer®.

You can also access your money via THE EXCHANGE® network ATMs, which include all credit unions.  Here’s a link on where to find compatible Laurentian Bank ATMs.

Related: Best high interest savings accounts in Canada.

Here are some features of the Laurentian Bank High Interest Savings Account.

Laurentian Bank High Interest Savings Account Features

  • Everything is done online.  There are no cards that are mailed to you, all forms are completed online.  You have to feel comfortable with online banking.
  • 3.00% interest rate on deposits up to $100,000 as of writing April 2024.  After this value, the amount is tiered, and any deposits over $100,000.01 to $5,000,000 will earn 4.00% interest.  On balances above $5,000,000 it is down to 1.00% interest.*

Laurentian Bank Savings Rates

LBC Digital Review

This post may contain affiliate links.  Please see’s disclaimer for more information.

  • Laurentian Bank is a member of CDIC, which means that your deposits (principal and interest combined) up to $100,000 are secure
  • There is no minimum balance to start earning 3% interest
  • There is no monthly fee
  • There is a lack of activity charge of $30 (a dormant fee) if no activity for 1 year, and if there is no activity for the 2nd to 45h dormant year, you will get charged with $40.
  • You can do a bill payments and withdrawals with the Laurentian Bank Chequing Account.
  • There is a charge of $3.00 per month for a paper statement but e-statements are free
  • Customer service staff can be contacted via telephone, and their hours are Monday to Friday 8:00am-09:00pm EST and 8:00am-5:00pm EST on Saturday and Sundays.  The phone number is 1-800-522-1846.  Here’s a link to contact Laurentian Bank.
    .  It was difficult to get through during weekday hours, but I was able to get through on the weekend quite quickly when I had the Laurentian Bank account.

Pros of Laurentian Bank High Interest Savings Account

What are some of the pros of the Laurentian Bank High Interest Savings Account?

Well, first of all, it is a non-promotional rate.  There are other high interest savings accounts out there that have very high interest rates but only temporarily for a few months.

However, the Laurentian Bank High Interest Savings Account interest is lower than the Motive Savvy Savings Account (4.10%) which I find a lot more user friendly to navigate.  The EQ Bank Savings Plus Account is also 2.50%* at the time of writing, and it has the best functionality of them all.

Cons of Laurentian Bank High Interest savings Savings Account

First of all, the rate isn’t ‘the best’ of the high interest savings accounts in Canada, but it’s certainly  not bad.  If you have more than $100,000 to deposit the rate is better (4% rather than 3%).

Another downside if you are not savvy using the Internet is that there are no physical bank branches outside of Quebec, so you have to feel comfortable with online banking.

This is a minor con, but they also don’t have a bank bonus of $300 or free iPads like the big banks with new chequing accounts to encourage you to sign up.’s Laurentian Bank High Interest Review

What’s my Laurentian Bank High Interest Savings Account review?

For balances up tot $100,000 the interest rate is 3.00%.  If you have over $100,000 the rate is 4%.  There are some high interest savings accounts in Canada with higher interest rates than 3.00% available.

I suppose a scenario where you might want to open up a Laurentian High Interest Savings account is if you are opening up an additional account because you have maxed out the CDIC $100,000 coverage (it’s usually covered up to $100,000 at each institution).

Related: Best High Interest Savings Joint Bank Accounts in Canada

I’ve tried most of the popular ‘highest interest rate savings accounts’ in Canada (EQ Bank, Motive Financial, and now Laurentian Bank).

Personally, I find the EQ Bank Savings Plus Account to be the easiest to use because it is a ‘hybrid’ account in that you can do chequing functions from it, however the interest rate is lower than the one offered by Laurentian Bank.

I like Motive as well but have gotten dinged with the chequing account (and writing personal cheques that have insufficient funds because I hadn’t transferred from savings to chequing).

That’s my Laurentian Bank High Interest Savings Account review.  Hope you found it useful.

In summary, personally, I think there are other better no fee banking options in Canada.

Do you have a Laurentian Bank High Interest Savings Account?  What do you think of it?


*Some terms and conditions apply. The annual interest rate is subject to change at any time. Rates in effect are: Balance of less than $100,000: 3.00%. $100,000 to $5,000,000: 4.00%. $5,000,000.01 and over: 1.00%. Simple interest is calculated on the daily minimum balance and is paid monthly based on the tiers. Laurentian Bank reserves the right to change the annual interest rate by posting a general notice in each of its branches and on the current rates page.

* To learn more about terms and conditions of this product, visit

*This product is eligible for deposit insurance from the Canadian Deposit Insurance Corporation (CDIC), up to the maximum limit of coverage from the CDIC, and subject to applicable conditions.  For more information about deposit protection, visit


Get the Young Money Bootcamp PDF FREE

Free Dividend Yield Spreadsheet Tracker Download and Blog Updates

12 thoughts on “Laurentian Bank High Interest Savings Account Review”

    • @Tom- They claim this is not a teaser rate. We’ll see how long it lasts. They already announced that any deposits over $500K will not be at 3.3% though effective January 2020.

  1. Yeah, that is a high interest rate for a savings account. The accounts I have are at 2% or just over, so hopefully it will keep getting higher and maybe reach 3.5%.

  2. Good review. I too had to try multiple times to sign up as Equifax kept saying it couldn’t recognize me.
    The last attempt did give me the Equifax questions and I was able to create an account successfully.

    Linked an external account no problem and transferred money which took 1 business day. There is up to a 5 day hold on the funds (it seems to be 3 business days whenever I’ve done it).

    LB credits your acct immediately (it shows both amount in your acct and amount available) but when I checked the interest at month end, it appears that interest is calculated from the day after initial deposit even though they claim it’s as of day of deposit (not a big deal but a little misleading).

    The 3.3% rate is exceptional and won’t last but LB says they are committed to being competitive so I assume they will continue to offer a good rate.

    EQ Bank also started with a great rate (3%) and are now at 2.45% which is pretty good. As you mentioned, EQ allows bill payments so it’s a cross between a chequing and savings account. The LB acct is savings-only but they do offer an accompanying chequing acct if desired.

    I’m not a millennial, but I highly encourage millennials to take advantage of online savings banks for the higher interest.
    I’ve dealt with both TD and BMO for years and the most they offer on their HISA’s is 1.6%. I’m finally smartening up.

    • @DZ- Thanks for sharing your experience. I’m glad I’m not the only one with the weird Equifax messages. I thought I was going crazy. Yes, I also found that it showed as ‘deposited immediately’ but the money had not left my other account. Yes, the big banks have to pay for their big in-person staff, that’s why they pay out 1.6% interest instead of 2.45% and up 🙂

  3. My account registration ran into technical problems because at the time of registration I included special characters in my password. The LBC Digital platform does not accept special characters, which is a little silly for 2019/2020. As a result, it took around 2 months for my account to actually be created.

    Still waiting for EQ Bank to fix technical issues on my account registration from the same time frame…

  4. I signed up with them two weeks before I’ve received an email of the change in HISA interest rate to 2.80%. booh… Now I can’t even access my account, constantly receiving “an error in services” message when I’m trying to login. I called the customer service number, only to spend 15minutes with a person, who set me up with a new password that didn’t work and send me off to try later in the day…. Well, I’m still without access, and by now I’m too disappointed with their service. I’ll be moving to another bank Motive, or Tangerine.

    • @Kate- Oh man, what a headache. Some people report no problems and others like you and I, had a lot of difficulty. Once I got access and an updated pw, though, it was much easier to get in. However, I think Motive is much better, or EQ Bank.

  5. For daily banking: STAY AWAY, you will struggle with everything
    OK only if you want to park money

    For daily banking, wait t’ill they change the platform; it is scheduled to change.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.