About bank
B2B Bank is a Laurentian Bank of Canada subsidiary serving financial professionals across Canada. B2B Bank has appeared due to the merger of Sun Life Trust Company, acquired by Laurentian Bank of Canada, and its Agency Banking division. Initially known as B2B Trust, this financial institution became a Schedule I bank, renamed B2B Bank in 2012.
The bank's client base is 27,000 financial professionals, including individual experts and dealer and brokerage firms of various sizes and growth stages.
Features
B2B Bank offers its products and services exclusively through financial advisors. It doesn’t work with the public directly.
B2B Bank is a member of organizations such as Canada Deposit Insurance Corporation(CDIC) and THE EXCHANGE Network.
In support of environmental policies, B2B Bank seeks relationships with suppliers and contractors who respect ecological concerns.
Pros and cons
B2B Bank has certain advantages for both its partner advisors, brokers, and dealers and their clients:
A wide range of products and services that financial professionals can offer to their clients
Competitive pricing of B2B Bank’s products and services
Access to all the resources and marketing materials for partner advisors, brokers, and dealers
Support from B2B Bank’s business development team
Guaranteed insurance coverage of eligible deposits
Online banking options available for clients
Access to surcharge-free ATMs for clients
The disadvantages are:
The necessity for end customers to find an advisor to access B2B Bank’s products and services
The lack of mobile banking app
Products
Investment loans to help clients finance investments that have the potential to grow in value over time
RSP loans help clients contribute more to their RRSPs and benefit from compound returns, with variable rates ranging from 5.45% to 6.65% and fixed rates ranging from 8.20% to 9.20%
TFSA loans to provide clients with financing of $5,000 and more for 1 to 10 years to optimize their TFSA contributions, with variable rates ranging from 5.45% to 6.20%
Distribution alliance programs to make certain financing solutions available exclusively through select insurance, mutual fund companies, and dealers
Home Equity Line of Credit (HELOC) to provide clients with financing of up to 65% of their home’s value
Mortgage solutions for a variety of clients’ borrowing needs, including financing options based on equity and value of liquid assets owned
High-interest savings account to help clients earn 1.70% interest on balances of up to $500,000 with no monthly fees involved
Chequing account for clients’ everyday banking needs with zero monthly fees and unlimited transactions included
Guaranteed Investment Certificates (GICs) to help clients earn competitive interest and keep the initial investment secure
The Money Maximizer product to earn interest on the deposited funds based upon posted rates with no fees or service charges
High-interest investment account — a FundSERV-accessible account eligible for both non-registered and registered plans to provide clients with a competitive return with no minimum balance requirements
Registered accounts including individual and spousal Registered Retirement Savings Plans (RRSPs) plus their locked-in variations (RLSPs, LIRAs, and LRSPs), and individual and spousal Registered Retirement Income Funds (RRIFs) plus their locked-in variations (LIFs, PRRIF, LRIFs, and RLIFs) to hold cash, mortgages, GICs, and mutual funds
Non-registered accounts, including individual, joint, informal trust, formal trust, estate, corporate, and unincorporated organization accounts to hold cash, GICs, and mutual funds
Individual Tax-Free Savings Accounts (TFSAs) to hold cash, mortgages, GICs, and mutual funds
Services
Access to B2B Bank Dealer Services' modern recordkeeping platform providing partner financial professionals with wealth building and management tools, including account administration, investment options, tax receipts, reporting capabilities, and more
Value-added services including the account management and service options demanded by advisors and investors — account transfer services, group plan sponsor services, direct trading, self-directed mortgages, and more
