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Laurentian Bank Deposits of february 2023

Open a deposit at Laurentian Bank verified by our specialists. On 09.02.2023 14 deposits are available to you.

Offers: 14

Updated
05.01.2023
16:55
High Interest Savings Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Rate
i

Effective interest rate on the product

3.00%
Basic account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$4.00 monthly fee
Preferred account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$7.50 monthly fee
Unlimited account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$14.75 monthly fee
Registered Retirement Income Fund (RRIF)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Registered Retirement Savings Plan (RRSP)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$500 minimum investment
Registered Education Savings Plan (RESP)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Tax-Free Savings Account (TFSA)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

ActionGIC
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Term
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Loan term for the financial product

2-5 years
Fixed-Rate GIC
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$500 minimum investment
Rate
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Effective interest rate on the product

up to 5.10%
Term
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Loan term for the financial product

up to 2 years

Other types of deposits

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Laurentian Bank Deposits of february 2023

Types of Laurentian Bank deposits

Laurentian Bank offers a range of deposit products in which clients can deposit and withdraw funds as needed.

  1. Chequing accounts. For everyday banking needs, Laurentian Bank offers a variety of chequing accounts with either a fixed or unlimited number of monthly transactions included. Most of the options involve monthly fees from $4 to $14.75 per month (except youth and seniors accounts).
  2. Savings accounts. With high-interest savings accounts from Laurentian Bank, you can deposit funds in the amount of $2,500 and more to earn interest of up to 0.25%. For balances exceeding $500,000, the interest rate will be 0.1%. Besides, you can open a U.S. dollar account to perform transactions in USD and earn interest on balances of $1,000 and more.
  3. Tax-Free Savings Accounts (TFSAs). With a Tax-Free Savings account, you can accumulate your savings on a tax-sheltered basis. There is no need to pay interest on your investment earnings or withdrawals made from your TFSA. There is an annual limit that you can invest up to — check your limit on the Canada Revenue Agency website.
  4. Registered Retirement Savings Plans (RRSPs). A Registered Retirement Savings Plan is an investment vehicle to grow your earnings on a tax-sheltered basis. The sums you deposit to your RRSP are tax-deductible up to the annual limit. By the end of the year when you turn 71, you must either convert your RRSP to a Registered Retirement Income Fund (RRIF) or use it to purchase an annuity.
  5. Locked-in Retirement Accounts (LIRAs). A Locked-in Retirement Account is a plan in which you can transfer funds from your pension plan. While your funds remain in LIRA, the sums you’ve deposited and your interest earnings grow tax-free. By the end of the year when you turn 71, you must either convert your LIRA to a Life Income Fund (LIF) or use it to purchase an annuity.
  6. Registered Education Savings Plans (RESPs). With a Registered Education Savings Plan, you can save for your child’s post-secondary education. While your funds remain in an RESP, the sums you’ve deposited and your interest earnings grow tax-free. The contribution limit is $50,000 per beneficiary throughout the entire term.
  7. Non-registered Investment Accounts. Along with registered plans, Laurentian bank offers non-registered investment accounts not registered with the Canada Revenue Agency. All investment income you earn from it will be taxable. Still, these accounts have neither limits on contributions or withdrawals nor age limits for winding up the account.
  8. Guaranteed investment certificates (GICs). A guaranteed investment certificate or GIC is an investment allowing you to earn a return at a guaranteed rate when you deposit money for a fixed period. With Laurentian Bank, you can choose a GIC term from 90 days to 10 years.
  9. Term deposits. A term deposit is an alternative to keeping your money in a regular bank account. Unlike savings accounts, a 14-month term deposit offers a higher interest rate of 2.75% and guarantees 100% security of your initial investment.

Requirements

Here are the eligibility requirements for opening deposit products at Laurentian Bank:

  • Be a Canadian resident of the age of majority in your province
  • Have a valid government-issued photo ID
  • Have Social Insurance Number (for interest-bearing accounts)

To open a Registered Education Savings plan, you must be a parent, guardian, grandparent, family member, or a close relative of an RESP beneficiary.

Pros and cons

Let’s outline the advantages of deposit products from Laurentian Bank:

  • You can choose options with competitive interest rates
  • Registered plans such as TFSA, RRSP, RRIF, LIRA, and LIF allow earning interest income on a tax-sheltered basis
  • To make a deposit at an ATM, you can use any of the Exchange network ATMs — ATMs belonging to a group of 170 credit unions and banks that allow their cardholders to use each other's ATMs as if they were their own

Still, there are certain disadvantages to be aware of:

  • A limited number of ways to make a deposit compared to other banks
  • When making a deposit through a Laurentian Bank ATM, you have to use a paper envelope

How to make a deposit?

Laurentian Bank offers several ways to make a deposit:

  • Linking your chequing or savings account with your other financial institution and transferring funds from another bank to your account
  • Making a deposit in person at your local branch
  • Depositing funds to any of your accounts at an Exchange network ATM
  • Transferring funds between your deposit products through your LBCDirect online banking account.

FAQ

Are my deposits safe at Laurentian Bank?

Laurentian Bank is a member of the Canada Deposit Insurance Corporation, which means guaranteed security for eligible deposits of up to $100,000 (principal and interest combined) per depositor per insured category.

Can I make a mobile cheque deposit?

The Laurentian Bank mobile app doesn’t have a mobile cheque deposit feature at this time. You can make a deposit in person at your local Laurentian Bank branch or an Exchange network ATM. You can also transfer funds from one of your accounts to another — online, through the mobile app, or by phone.

Which amount should I deposit for a GIC?

To get started with a GIC, you should deposit at least $500.