Personal Finance

Official LBC Digital No-fee Chequing and HISA Thread 1.65% (July 6th)

  • Last Updated:
  • Jul 6th, 2020 2:59 pm
[OP]
Deal Addict
Sep 1, 2007
1567 posts
1077 upvotes
Surrey

LBC DIGITAL BANK HISA 1.65% (July 6th)

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 May 30th, 2020 4:34 pm, edited 2 times in total.
Koodo $40/8gb $35/5gb wireless plans//
1343 replies
Newbie
Oct 18, 2019
6 posts
9 upvotes
I tried to register and instantly got an error on mobile.
Images
  • Screenshot_20191118_184308_com.android.chrome.jpg
Newbie
Aug 19, 2014
6 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
Sr. Member
Oct 8, 2015
971 posts
543 upvotes
Its webpage looks like from the same template as B2B. Probably their backend is doing the same thing...
Deal Fanatic
May 23, 2003
9562 posts
1108 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 Addict
Mar 21, 2010
4831 posts
1637 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.
[OP]
Deal Addict
Sep 1, 2007
1567 posts
1077 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
Koodo $40/8gb $35/5gb wireless plans//
Deal Addict
User avatar
Feb 18, 2013
1612 posts
8185 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
Sr. Member
Mar 20, 2016
704 posts
469 upvotes
Montreal
anyone who had issue with B2B signed up successfully at this new site?
Deal Expert
User avatar
Feb 8, 2014
16342 posts
5584 upvotes
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
Sr. Member
Mar 16, 2018
590 posts
668 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
Aug 1, 2006
1235 posts
915 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.

Top