Chequing account · Laurentian Bank of Canada
Laurentian Bank of Canada Preferred account - 60+ Advantage: fees and true cost
Laurentian Bank of Canada’s Preferred account - 60+ Advantage charges $2.50/mo, no balance waiver, with branch: 0 · self-serve: 20 transactions. For our “Everyday” example that comes to $370 a year, #67 of 107 chequing accounts offered in Ontario.
CDICSeniorsOffered in ON, QC
Fees retrieved November 1, 2026
Mitey tallies a year of Laurentian Bank of Canada’s Preferred account - 60+ Advantage: $370 for the Everyday profile.
How much does Preferred account - 60+ Advantage from Laurentian Bank of Canada cost a year?
For a typical household (43 transactions and a $1,000 low balance a month), Preferred account - 60+ Advantage costs $370 a year, #67 of 107 chequing accounts offered in Ontario. The monthly fee is $2.50. Cheaper for the same banking: Personal Account at EQ Bank ($0). Eligible deposits are insured by CDIC up to $100,000 per category.
Who does Laurentian Bank of Canada Preferred account - 60+ Advantage suit?
- Best fit: the Light profile (mostly card and app, small balance), where it ranks #14 of 107 chequing accounts offered in Ontario. It costs most for the Heavy profile: $887 a year.
- Can’t serve: the Branch and cheques profile (branch transactions not available).
- Allowance: 20 self-serve transactions a month; each one beyond that costs $1.25, so 10 more a month adds $150 a year.
- Versus the cheapest: for everyday use it costs $370 a year more than Personal Account (EQ Bank), $1,851 over five years.
What would it cost you in a year?
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $30 | Monthly fee $2.50 | 14 of 107 |
| Everyday Household account, a few e-Transfers | $370 | Monthly fee $2.50; extra transactions $26.34/mo | 67 of 107 |
| Heavy Lots of card, bill and e-Transfer payments | $887 | Monthly fee $2.50; extra transactions $67.40/mo | 73 of 107 |
| Branch and cheques Teller visits, cheques, paper statement | n/a | Can’t do: branch transactions | — |
Try your own numbers in the true-cost finder.
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | $2.50/mo, no balance waiver |
| Included transactions | Branch: 0 · self-serve: 20 |
| Debit purchase in Canada (beyond included) | $1.25 |
| Online or mobile bill payment | $1.00 |
| Interac e-Transfer | $1.00 |
| Online transfer between your accounts | $1.00 |
| Own-bank ATM withdrawal | $1.00 |
| Withdrawal at another institution’s ATM | $2.00 |
| ATM withdrawal in the United States | $4.00 |
| ATM withdrawal in other countries | $4.00 |
| Debit purchase in the United States | Not available |
| In-branch withdrawal | Not available |
| Bill payment in branch | Not available |
| Cheque (as a payment) | $1.25 |
| Mailed monthly statement | $3.00 |
| Non-sufficient funds (NSF) | $65.00 |
| Overdraft protection, monthly | $5.00 |
| Overdraft protection, per use | Not available |
| Overdraft interest | 22% a year |
Notes from the institution
None
Is the money protected?
CDIC member. Eligible deposits are covered up to $100,000 per category at each CDIC member — see the deposit safety tool.
Cheaper for everyday use, at other institutions
- Personal Account (EQ Bank) — $0 a year
- Wealthsimple Chequing (Wealthsimple) — $0 a year
- 1Q Chequing Account (KEB Hana Bank Canada) — $0 a year
Other chequing accounts at Laurentian Bank of Canada
- 65+ Plan — No monthly fee
- Basic account — $0.00–$4.00/mo, no balance waiver
- Chequing Account — No monthly fee
- Preferred account — $7.50/mo, no balance waiver
- Preferred account - Student Advantage — No monthly fee
- Unlimited account — $14.75/mo, no balance waiver
- Unlimited account - 60+ Advantage — $9.75/mo, no balance waiver
- Unlimited account - Student Advantage — $5.75/mo, no balance waiver
- Youth Plan — No monthly fee
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Laurentian Bank of Canada’s product page
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