LBC Digital Review

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The best high interest savings accounts in Canada just got a new player as Laurentian Bank has just launched LBC Digital, an online bank that helps Canadians improve their financial health. Like many other digital banks, you’ll pay no fees and get a high interest rate which is currently at 1.15%. This is one of the highest interest rates out there

If you’re unaware, Laurentian Bank is based in Quebec and has been around for more than 170 years. They have more than 3,300 employees, $44 billion in balance sheet assets and $29 billion in assets under administration. They’re also a Canada Deposit Insurance Corporation (CDIC) member so you can feel safe banking with them. Of course, this doesn’t matter if their product isn’t any good so read my LBC Digital review now to find out what they’re all about.

LBC Digital Review

LBC Digital features

  • High interest savings account – 1.15% interest
  • Chequing account
  • Guaranteed Investment Certificates
  • Up to a maximum of $100,000 (principal and interest combined) in CDIC protection per depositor, per insured category

As you can see, Laurentian Bank’s new LBC Digital offers three core services. A high interest savings account, a chequing account, and Guaranteed Investment Certificates (GICs). This is pretty standard for any digital bank these days but LBC Digital has a few features that stand out which I’ll highlight below.

LBC Digital High Interest Savings Account

  • 1.15% interest
  • No minimum balance required
  • No monthly account fee

There’s no denying that the current interest rate offer of 1.15% is quite appealing. That rate is similar to other high interest savings accounts

If you already use Laurentian Bank, there’s no reason why you shouldn’t sign up for LBC Digital as you’ll be able to earn a higher interest rate. Although electronic fund transfers and transfers between LBC Digital accounts are free, there don’t seem to be INTERAC e-Transfers available which I find a bit odd. 

LBC Digital Chequing Account

  • No minimum balance required
  • No monthly account fee
  • Free access to THE EXCHANGE Network ATMs
  • Free INTERAC e-Transfers

The LBC Digital Chequing Account is interesting as it gives customers a chance to set up an account where they can basically do their day-to-day banking without having to pay any fees. Although you won’t have access to live people in a branch, you do get a debit card that can be used for free at over 3,500 THE EXCHANGE Network ATMs. Not all digital banks offer a debit card so this is a huge positive.

Unlike the HISA, the LBC Digital Chequing Account gives you free INTERAC e-Transfers, but there is no interest paid on any money in your account.

One thing I should mention is that LBC does charge dormant annual account fees which applies to all both their HISA and chequing accounts. If your account is inactive for 2 years to 9 years, you’ll pay $25 a year. If you keep it inactive for 10 years or longer, the fee goes up to $40 a year.

How LBC Digital compares to others LBC

Honestly, when you look at the best high interest savings accounts in Canada, they’re all pretty similar. LBC Digital has similar rates to Motive Financial and EQ Bank. Overall, digital banks and high interest savings accounts are all pretty similar. It really wouldn’t make a huge difference if you chose one over another. You could also check out Manulfe’s All-In Banking package since they offer additional services.

It’s a bit weird that the LBC Digital account doesn’t have free INTERAC e-Transfers but if you open a Digital Chequing Account with LBC Digital, you could just send your INTERAC e-Transfers from there. If you think that’s a hassle, then you’re probably better off with one of the other digital banks

Final thoughts

My LBC Digital review is positive since you can earn a decent rate of interest. If you currently bank with Laurentian Bank, you should open an account right away so you can take advantage of the higher interest rates. If you’re currently trying to figure out which digital bank you want to go with, there’s no denying that LBC Digital has an appealing interest rate.

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi


  1. Paul on December 15, 2019 at 2:47 AM

    Worst bank ever, every day is a struggle, something doesn’t work, can’t log in, no access to your funds, interac e-transfer off line, simple chrome extension prevents banking system to work properly, no 24 hours help line, competent help when you get it. Stay away until they get it together.

  2. Rick on December 16, 2019 at 3:55 PM

    Unable to sign up as a new customer. Getting error message. Yes the rate 3.3% is excellent and extremely attractive but now I know why the rate is go good since they have Flintstones running their web banking,. It still all good as I know to steer clear away from them. Worst is having a large sum of money being able to go in but not come out.

  3. Larry on December 17, 2019 at 1:06 PM

    I agree with both Rick and Paul that the LBC Digital HISA has an attractive rate of 3.3% but after many attempts to open an account online I gave up as their system just froze up every time while verifying info. It’s probably for the better as I would hate to have funds in an online only account and not be able to get access. Customer service wasn’t much help either as they made me feel that the problem was at my end which may or may not be the case, we’ll never know, as it was simply left at that…my problem. Apparently I wasn’t the only one with a similar problem.

  4. Jeff on December 24, 2019 at 2:12 PM

    I had an issue opening an account as well and gave up. Interestingly, they sent me an email telling me my account was opened. Then when I tried to log in, it couldn’t find my account.

  5. David on December 26, 2019 at 12:24 PM

    Agree with comments above. Took many attempts to open an account. Once finally opened, I went to log in and it said password was wrong (which is wasn’t). I got a verification code for ‘forgotten password’, copied it from email and it also said it was wrong. Stay away for now.

  6. Michal on December 29, 2019 at 6:14 PM

    Pretty straight forward to sign up and link account. Great rate! Hope it lasts at least a while.

  7. Raf on January 3, 2020 at 9:42 PM

    Using the Edge browser I had no issues registering, logging in, setting up an EFT ‘tunnel’ and moving savings here. Website seems very basic compared to other digital banks. CDIC insurance is very important here, the bank has had issues with bad mortgages, closing branches, laying off tellers, and a recent profit of only $47 million, 13% down from previous year. That’s low for a bank. My only concern would be a bank run in case of insolvency, hence the CDIC insurance being very important. That said, with a market dump inevitable I prefer 3.3% up to a 40% down.

  8. George on January 24, 2020 at 6:38 PM

    I don’t know if I can trust lbc digital. I think their website can be hacked by a smart person. And their website goes down regularly. I’ll wait and see if this keeps on happening.

  9. Jean-Pierre on January 27, 2020 at 7:06 PM

    Yesterday I had difficulty accessing the Digital Laurentian Bank of Canada (DLBC) website because of my Nord VPN IP address. Once I had disconnected my Nord VPN access I was able to access the DLBC web site and open a high interest saving account. In the process of opening this account I was offered to establish an interbank link with a chequing account I have at another bank for the purpose of transferring funds. Since I did not have the relevant information on hand I skipped this process and opened the account without this interbank link. Today with the assistance of the help desk agent I established an interbank link by accessing the high interest saving account I had just created. I was very pleased with the process and with the courtesy and efficiency of the help desk agent. Given that this is a new service I will limit my deposit amount to $100K.

  10. Nelly Medeiros on February 3, 2020 at 2:57 PM

    Please be aware that you are NOT ABLE TO
    OPEN A JOINT ACCOUNT FOR A HISA. I find this to be frustrating. To close your account before 6 months a $25.00 fee is charged. I would hope they reconsider changing their policy.

  11. chris barber on February 12, 2020 at 3:44 PM

    just got an email saying they are lowering the rate on the high interest account I signed up for.I called them to ask why? They informed me that it is something they are allowed to do. A management decision. Typical “bait and switch”, it wont be long and their rate wont be worth switching to…

    • Barry Choi on February 12, 2020 at 7:04 PM


      This is exactly what I expected from them. I can see them lowering the interest rate again later in the year.

  12. Brenda Gagnier on March 27, 2020 at 12:07 PM

    I opened my accounts (two HISAs and a chequing account) on Dec 29/19. I must have called them at least 4 times with issues. My last issue. An internal transfer of a sizeable amount of money from one HISA to another. I wanted it done on April 1/20. Instead she did it the day I called (March 17/20) but then it’s not going to be deposited into the other account until April 1/20. So I guess it’s going to hang in limbo until then. My concern……how about my interest. They guarantee that will be fine but when I asked how I can calculate it myself to ensure it’s right, they had no idea. If it wasn’t for the high interest, I’d be gone. At this point, if I have one more issue, I’m outa’ there.

  13. Atticus Fetch on April 12, 2020 at 4:53 PM

    Signed up a “Digital” savings account 2 1/2 months ago on home computer. No issues. Now, usually login with iPhone home screen (web-page) icon with quick, safari mobile access. No app yet. Transfers, nominal 2-3 week-days (they say up to 5). Whiz-bang-boom, I’m done! Highest monthly interest returns I’ve seen in more than ten (10) years of non-promotional offerings. EQ Bank is your other option. LBC currently @ 2.25%. Moving ****** TFSA money to this account. That was only returning 0.4%. I’d rather pay the income tax on 5-6 times that return.

  14. Brian on May 26, 2020 at 3:20 PM

    I (thought I) opened an account last week and they even sent me two very small deposits in my linked account for me to send back to them. I guess this is the method they use to link the accounts. I tried several times in the past few days to access the account and got a system down message each time. I called today and was told they required proof of my address and a copy of my driver’s licence but did not explain why since I already gave them all the information they asked for on the application. I wonder of this was a scam obtaining all my information without having to provide an account. I am very disappointed.

    • Angie on May 29, 2020 at 8:59 PM

      It’s not a scam—Google Laurentian Bank from Quebec! I opened both a HISC and a Chequing acct( for doing Interac eTransfer) back in late January.
      Done both transfer money in/out to linked accts w/ no problem. Smooth process……….
      The website seems to work better during normal office hours than in the evening/nightime. They r in the east coast.
      No problem opening acct, answered all the Equifax credit bureau questions correctly!
      I do use Firefox privacy screen as my browser. Hope this helps!

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