Established in 1846, the Laurentian Bank of Canada has been serving the financial needs of Canadians for approximately 175 years now. With over $44 billion in assets and about 3,600 staff, it offers an online banking division in the form of LBC Digital. LBC Digital provides customer service online via over 3,500 banking machines across the country, as well a phone line dedicated to customer queries. These are available Monday through Friday from 8 a.m. to 10 p.m., and on the weekends from 9 a.m. to 5 p.m.
LBC Digital clients can also sign up for email updates that are sent out regularly to inboxes. It is thanks to “overhead” savings, and the fact that they can offer banking products without the added costs that branches and in-person locations bring, that the LCB Digital touts no monthly fee accounts, as well as competitive interest rates. What they save in bottom-line expenses is passed onto you, their customer.
Below is an overview of the products they provide.
LBC Digital High Interest Savings Account (HISA)
The LBC Digital High Interest Savings Account (HISA) gives clients just that: a very competitive earning rate when it comes to funds deposited. While there is no minimum amount required, balances that are up to $500,000 and under earn an annual interest rate of 1.50%, while balances $500,000+ earn 0.50%.
There are no monthly fees linked to LBC Digital’s HISA, and cheque clearing, e-transfers, pre-authorized deposits, and transfers between LBC Digital accounts are also all free. In fact, you can deposit money into your LBC Digital HISA by connecting it to an account from another bank. You can also deposit money or cheques via an ATM that is linked to THE EXCHANGE Network, or by transferring funds from another LBC account. Lastly, both monthly paper and online statements are free of charge.
LBC Digital Chequing
Save even more money by having your LBC HISA work hand-in-hand with an LBC Digital Chequing account. Like the HISA, there are no monthly maintenance fees and no minimum balances needed. Interac e-transfers are also free, as well as electronic fund transfers, cheque clearing, pre-authorized deposits, and bill payments.
You also gain access to over 3,500 banking machines on THE EXCHANGE Network across Canada that charges no withdrawal fees and the Accel debit payments network in the U.S. (only) is free as well. There is a $1.50 withdrawal fee at other ATMs outside the two above. Monthly paper, or online statements are free.
Paper cheques do cost clients money; however, they are ordered through third-party suppliers and prices vary. Stopping payment on cheques requires a fee, and if you provide full information, you only pay $12.50, while partial information costs $20.00. A bank draft requires a fee of $10.00, while overdraft charges are listed at a 21% annual interest rate.
Clients are charged $50.00 when non-sufficient funds (NSF) occur on the account, with a $5.00 fee for each purchase returned. If you decide to close the account before 90 days, you are also charged a fee of $25.00.
Much like the LBC Digital HISA, money can be deposited via an account from another financial institution linked to your LBC Chequing, as well as transferred from another LBC account, or by depositing a cheque or cash through an EXCHANGE Network banking machine.
LBC Digital GIC
A Guaranteed Investment Certificate (GIC) from LBC Digital provides an excellent way to save money, with competitive interest rates and terms that are quite flexible.
They offer one- to five-year terms, and pay up to 1.75% on interest, with non-registered and non-redeemable GICs. The minimum deposit is only $100, so start saving for that dream home, annual vacation, or new high-end gadget.
Despite being an online institution where in-person service does not exist, clients still have peace of mind when banking with LBC Digital. Not only because it is affiliated with a bank that has strong roots in this country, but also because the Laurentian Bank of Canada is a member of the Canadian Deposit Insurance Corporation (CDIC), and as such, LBC Digital offers free and automatic protection coverage for eligible deposits of up to $100,000.
View more information about LBC Digital.