Personal Finance

LBC DIGITAL BANK HISA 1.15% (as of June 7th, 2021)

  • Last Updated:
  • Nov 6th, 2023 6:54 pm
Deal Addict
Sep 1, 2007
2909 posts
2565 upvotes
Surrey

LBC DIGITAL BANK HISA 1.15% (as of June 7th, 2021)

Another high interest savings account. Looks like another spin off of Laurentian Bank just like B2B bank. CDIC insured but not sure if it counts as a separate entity for coverage if you also maxed out your CDIC limit at B2B bank. Also not sure some if people will have the same hassle as signing up at B2B bank
Last edited by angel_wing0 on Mar 23rd, 2021 5:11 pm, edited 4 times in total.
1442 replies
Newbie
Oct 18, 2019
11 posts
13 upvotes
I tried to register and instantly got an error on mobile.
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Newbie
Aug 19, 2014
8 posts
1 upvote
Mississauga, ON
How is it different than b2b bank? I gave up on b2b bank as the application process was so complicated and customer service next to nothing
Deal Addict
Oct 8, 2015
4279 posts
4638 upvotes
Province of Bring Ca…
Its webpage looks like from the same template as B2B. Probably their backend is doing the same thing...
Deal Guru
May 23, 2003
10229 posts
1652 upvotes
GTA
Looks like they use the same applicatio n system as B2B so I am not going to bother again at this point as just tried 3 more times for B2B and couldn't get through the Equifax verification
Deal Fanatic
Mar 21, 2010
6737 posts
3998 upvotes
Toronto
RTJ082014 wrote: How is it different than b2b bank? I gave up on b2b bank as the application process was so complicated and customer service next to nothing
B2B Bank is a wholly-owned subsidiary of Laurentian, but is a Schedule I bank in its own right (like the Tangerine/Scotia relationship). LBC Digital appears to be an online-only brand of Laurentian (like the Simplii/CIBC relationship). No idea while one is "better" in practice though.
Deal Addict
Sep 1, 2007
2909 posts
2565 upvotes
Surrey
Just looked into the CDIC coverage and it's separate from B2B banks so that's good. Ya their sign up interface interface is the same as B2B so will be a hassle with those who had problems with B2B
Deal Addict
User avatar
Feb 18, 2013
2392 posts
17564 upvotes
Had no issues signing up just now. Looks like a great replacement for EQ Bank and does all the same things and a bit more:

  • 1% higher interest than EQ Bank (3.3 vs 2.3)
  • No minimum balance, no fees
  • Free transfers to/from other banks
  • Free transfers between LBC accounts

If you also open a Chequing account, you then get more:

  • Free unlimited Interac eTransfers
  • Debit card with ATM access on Exchange network
  • Interac Debit card
  • No free cheques, no free overdraft
Deal Addict
Mar 20, 2016
1681 posts
1737 upvotes
Montreal
anyone who had issue with B2B signed up successfully at this new site?
Deal Expert
User avatar
Feb 8, 2014
32134 posts
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Socially Distanced
If they were an analogue bank would it increase or decrease the interest rate they could offer?
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
Deal Addict
Mar 16, 2018
1529 posts
2457 upvotes
Hamilton
Leverage wrote: Had no issues signing up just now. Looks like a great replacement for EQ Bank and does all the same things and a bit more:

  • 1% higher interest than EQ Bank (3.3 vs 2.3)
  • No minimum balance, no fees
  • Free transfers to/from other banks
  • Free transfers between LBC accounts

If you also open a Chequing account, you then get more:

  • Free unlimited Interac eTransfers
  • Debit card with ATM access on Exchange network
  • Interac Debit card
  • No free cheques, no free overdraft
EQ's big advantage is being able to pay bills from it, otherwise B2B/LBC is just a dime-a-dozen online savings bank, albeit one with the most competitive interest rate.
Deal Addict
User avatar
Aug 1, 2006
2716 posts
2392 upvotes
Toronto
Jayyyyyyyy wrote: how long the promotional interest rate will last?
Fine print says that rate can end any time. Their GIC rate isn't too interesting so you probably would want to get your money out once the rate ends.
Deal Fanatic
User avatar
Dec 11, 2005
9870 posts
1914 upvotes
TO
ShadowMordor wrote: LONG BEACHHHHHHHH
Long Beach bank Sun With Face ? That's what came to mind too
"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Deal Addict
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Feb 18, 2013
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ownthesky wrote: EQ's big advantage is being able to pay bills from it, otherwise B2B/LBC is just a dime-a-dozen online savings bank, albeit one with the most competitive interest rate.
I thought bill payments was a given - those are offered with the LBC Chequing account.

I guess one extra step than EQ... with LBC you need to do a free transfer from the HISA > Cheq, then do a bill payment. All free/no fee.
Deal Fanatic
User avatar
Dec 11, 2005
9870 posts
1914 upvotes
TO
All these short term rates and you have to sign up with each of them and depending on tax bracket it may not be that much savings afterall.
"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Deal Addict
May 21, 2004
3000 posts
2243 upvotes
GTA
That's rather stupid to launch a second bank when the first one is still full of bugs.
Sr. Member
Nov 16, 2013
917 posts
330 upvotes
GTA
Leverage wrote: Had no issues signing up just now. Looks like a great replacement for EQ Bank and does all the same things and a bit more:

  • 1% higher interest than EQ Bank (3.3 vs 2.3)
  • No minimum balance, no fees
  • Free transfers to/from other banks
  • Free transfers between LBC accounts

If you also open a Chequing account, you then get more:

  • Free unlimited Interac eTransfers
  • Debit card with ATM access on Exchange network
  • Interac Debit card
  • No free cheques, no free overdraft
Is their any credit check?

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