Laurentian Bank plans high-interest online chequing account as part of digital push

The Banque Laurentienne or Laurentian Bank logo is pictured in Montreal, Tuesday, June 21, 2016. THE CANADIAN PRESS/Paul Chiasson

Montreal-based Laurentian Bank is preparing a digital push as it looks to attract more deposits and reach customers outside Quebec.

CEO Rania Llewellyn says that while the bank was offering good rates on guaranteed investment certificates last year, it was limited by the fact that customers weren't able to open accounts without physically going to one of its branches.

She said in an interview during the bank's annual shareholders meeting that within the next few weeks, customers will be able to open a chequing account with a three per cent interest rate online.

Laurentian Bank has had to catch up to more technologically-advanced competitors. When Llewellyn was hired in 2020, it had no mobile application and activating a credit card could take up to 25 days.

Llewellyn says the bank exceeded its objectives in 2022, despite inflation and economic disruption caused by the war in Ukraine.

Earnings per share increased by 14 per cent in 2022, compared with an initial target of five per cent.

This report by The Canadian Press was first published April 11, 2023.