The Laurentian Bank of Canada HISA is a high-interest savings account that lets you earn a higher interest rate on your balance.
With this HISA, you can earn up to 3.75% interest on your savings. Simple interest is calculated on the daily minimum balance and is paid monthly.
This Laurentian Bank High Interest Savings Account review covers its features, interest rates, pros and cons and how to open an account.
Laurentian Bank High Interest Savings Account: Overview
Laurentian Bank of Canada is a Quebec-based company offering the Laurentian Bank High Interest Savings Account. In November 2019, Laurentian Bank launched its digital bank, LBC Digital, and its widely popular HISA featured an exceptional deal at that time.
Today, opening a Laurentian Bank account online earns you a competitive monthly interest and makes your savings risk-free. At an everyday rate of 2.75% to 3.75%, you grow your savings faster.
With Laurentian Bank’s new robust, self-serve digital onboarding solution, you can open a HISA or a Laurentian Bank chequing account remotely anytime and from anywhere in Canada. You can open these accounts digitally via Laurentian Bank’s website.
The HISA is eligible for Canada Deposit Insurance Corporation (CDIC) coverage. Deposits are insurable by up to a maximum of $100,000 per eligible account category.
Laurentian Bank Financial Group is a diversified financial services provider founded in 1846 in Montréal. It launched the Laurentian Bank High Interest Savings Account in 2022, which offers online banking and access to over 3500 ATMs across Canada.
How to Use a HISA
A HISA is suitable for short-term financial goals and a variety of savings goals, including:
- A new car
- A down payment on a home
- Home renovations or repairs
- New furniture
- Upcoming vacations
- An emergency fund
- Educational expenses
- Wedding expenses
HISA-related Fees
The fees related to a Laurentian Bank HISA are as follows:
| Transaction | Fees |
| Paper statement | $3.00 per month |
| eStatement | Free |
| Interac e-Transfer® transaction | $1.00 |
| Transfer between Laurentian Bank accounts with LBCDirect and the mobile app | $1.00 |
| Pre-authorized payment | $1.00 |
Laurentian Bank Mobile App
Download the Laurentian Bank mobile app to access your accounts, savings and investments anytime. Use it to pay your bills, send or receive transfers, verify your account balance, order cheques and view account transaction history.
Get the app from Google Play or the App Store.
Laurentian Bank High Interest Savings Account Rates
Laurentian Bank interest rates in effect are as follows:
| Balance | Annual interest rates |
| Under $100,000 | 2.75% |
| $100,000 up to $5,000,000 | 3.75% |
| Over $5,000,000 | 1.00% |
The annual interest rate may change at any time. The applicable rate is paid on every dollar in the account. For more information about this product, refer to Laurentian Bank’s website.
How to Open a Laurentian Bank HISA
To open a Laurentian Bank account online, go to the Laurentian Bank website and click “Open an account.” Fill out the online application, which should take about 5 to 10 minutes to complete.
If you already have an existing account and want a Laurentian Bank open account online, contact the bank and talk to an advisor, book a meeting or visit a branch.
Fund your HISA by transferring funds from your other Laurentian Bank accounts, sending money through Interac e-Transfer or linking an external bank account if you plan to make numerous transfers with bigger amounts.
Eligibility Requirements
To be eligible, you must meet or have the following to be able to open an account:
- Be a Canadian resident
- Age of majority in your province
- Valid government-issued photo ID
- Social Insurance Number (SIN)
You also need to answer a few questions to confirm or verify your identity. Once you have satisfied and completed the requirements, you must agree to the account terms and conditions set by Laurentian Bank.
Benefits of the Laurentian Bank High Interest Savings Account
In this section of our Laurentian Bank High Interest Savings Account review, we enumerate the various advantages of opening a HISA:
- Earn up to 3.75% interest
- No minimum balance
- No monthly fee
- Earns interest on every dollar
- A low-risk investment
- Funds are secure and protected
- Available across Canada
Downsides of the Laurentian Bank High-Interest Savings Account
Compared with the benefits, the disadvantages of a Laurentian Bank High Interest Savings Account are fewer:
- No free Interac e-Transfers
- Does not offer the highest rate in the market
- Interest rates may fluctuate over time due to changes in the financial market
Laurentian Bank High Interest Savings Account Alternatives
Below are some of the more popular alternative HISAs you might want to consider in addition to the Laurentian Bank High Interest Savings Account.
Simplii Financial High-Interest Savings Account
Simplii Financial, an online-only bank and division of CIBC, offers a high-interest savings account with an introductory rate of 6.00% for new clients for five months. The Simplii Financial High-Interest Savings Account requires no minimum balance and transaction fees.
Simplii High-Interest Savings Account
6.00%* rate for 5 months
Unlimited debits and bill payments
Unlimited Interac e-Transfers
$500 cash bonus offer with a free chequing account
EQ Bank Personal Account
Earn up to 3.75% interest and the flexibility of chequing with the EQ Bank Personal Account. It comes with no fees, unlimited transactions and no minimum balances. With this account, you get 2.00% interest on everyday banking plus 1.75% bonus interest when you set up a payroll direct deposit.
EQ Bank Personal Account
Earn up to 3.75% interest
No monthly account fees or minimum balance
Unlimited debit transactions and e-Transfers
Free cashback card & no ATM fees
Supports mobile cheque deposits
Tangerine High Interest Savings Account
The Tangerine High Interest Savings Account offers a 0.30% interest rate with no monthly fee, minimum balance or service charges. Tangerine Bank is a wholly-owned subsidiary of The Bank of Nova Scotia.
Scotiabank MomentumPLUS Savings Account
The MomentumPLUS Savings Account from Scotiabank lets you earn a savings rate of up to 5.5% for the first three months and 1.00% thereafter. It has no monthly fees and minimum balance. Self-service transfers are unlimited. The longer you save your money, the higher the interest rate.
Should You Open a Laurentian Bank High Interest Savings Account?
A Laurentian Bank High Interest Savings Account offers one of the highest savings rates in Canada – up to 3.75%, calculated daily on your closing balance and paid monthly. This base interest rate is considerably higher than those at most other traditional financial institutions, including the Big 5 Banks.
A HISA is one of the least risky investments you can make, as you will not lose money when the market drops. Plus, it is easy to access and ready to be used anytime. You only need to transfer the money to your chequing account when making withdrawals. This is why HISAs are perfect for emergency funds.
FAQs
Simplii Financial offers a higher introductory rate of 6% for new clients for five months. Its HISA has no minimum balance or transaction fees. You can also check out the KOHO Save Account. It offers up to 5% interest on your entire balance, 1% cash back on eligible purchases, such as groceries and transportation, and up to 5% extra cashback at selected merchants.
No financial institution or traditional bank currently offers 7% interest on savings. High interest rates, such as the 6.00% offered by Simplii Financial HISA, are either promotional or introductory only.
A high-interest savings account is worth it because it helps you reach your savings goals faster. It significantly pays more than a traditional savings account and lets your money grow risk-free. A HISA is a low-risk investment that also balances good returns with security.
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- Best Compound Interest Investments in Canada
- How to Find Your Scotiabank Routing Number
- Top 5 Investments That Can Make You Rich
