distressedpremed Posted April 20, 2017 Report Share Posted April 20, 2017 Yup. By the way, if RBC refuses at ALL or gives you ANY hesitation to reduce the prime rate, you should immediately threaten to move to Scotiabank, who will gladly give you the prime minus 0.25. They will moan and groan and give you the "I'll look into it" with their national loan office, and take about 3 days before they can approve it. If you're not like Schmitty with other RBC products and/or long term RBC customer, RBC will fight you tooth and nail to give you any travel reward card (other than their Signature card, which is utter crap compared to Scotia's Gold AMEX/Elite Passport VISA) for free over med school or residency. Like the title of this thread, Scotiabank's LoC product and cards are the best at this time if you don't have multiple banking products AND/OR long term customer or family ties. I was seriously a fool for not signing up with Scotia at the beginning of med school. Now the transition is costing me time, money, and grief. ScotiabankMedsAdvisor 1 Quote Link to comment Share on other sites More sharing options...
schmitty Posted April 28, 2017 Report Share Posted April 28, 2017 I'm with RBC and a simple email to my banker and it was switched to prime-0.25 the next day! Quote Link to comment Share on other sites More sharing options...
schmitty Posted April 28, 2017 Report Share Posted April 28, 2017 Yup. By the way, if RBC refuses at ALL or gives you ANY hesitation to reduce the prime rate, you should immediately threaten to move to Scotiabank, who will gladly give you the prime minus 0.25. They will moan and groan and give you the "I'll look into it" with their national loan office, and take about 3 days before they can approve it. If you're not like Schmitty with other RBC products and/or long term RBC customer, RBC will fight you tooth and nail to give you any travel reward card (other than their Signature card, which is utter crap compared to Scotia's Gold AMEX/Elite Passport VISA) for free over med school or residency. Like the title of this thread, Scotiabank's LoC product and cards are the best at this time if you don't have multiple banking products AND/OR long term customer or family ties. I was seriously a fool for not signing up with Scotia at the beginning of med school. Now the transition is costing me time, money, and grief. Yeah long-term relationship definitely helps in this cases. Also lots of negotiating power because I am signing a new mortgage with them. I will say though, a lot of it has to do with your individual agent. I know several people with scotia or TD that had a very hard time with a lot of their LOC and other perks, but no issues once they switched to another advisor within the same bank - same with RBC. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted April 28, 2017 Report Share Posted April 28, 2017 Yeah long-term relationship definitely helps in this cases. Also lots of negotiating power because I am signing a new mortgage with them. I will say though, a lot of it has to do with your individual agent. I know several people with scotia or TD that had a very hard time with a lot of their LOC and other perks, but no issues once they switched to another advisor within the same bank - same with RBC. it is important to have that kind of long term relationship with someone that actually works to keep customers. I really value the banker I work with - he has both reduced stress and saved me not small sum of money. Quote Link to comment Share on other sites More sharing options...
schmitty Posted April 28, 2017 Report Share Posted April 28, 2017 it is important to have that kind of long term relationship with someone that actually works to keep customers. I really value the banker I work with - he has both reduced stress and saved me not small sum of money. Exactly! And this is why I will likely be with RBC for quite some time. That said, my banker understands that I have no emotional attachment to my bank (as nobody should) and if I were to get an offer that saved me significantly more money from another bank and RBC would not match or beat it, I would have no qualms about switching. Indeed, I have my insurance (car, home, etc) through a different bank because RBC couldn't give me what I wanted. Still, them knowing where I stand means they will always fight to keep my business and not simply be passive and take my business for granted. Quote Link to comment Share on other sites More sharing options...
theroadtorads Posted April 29, 2017 Report Share Posted April 29, 2017 Does anyone know if Scotia in Toronto is doing the prime-.25? If so, can someone send me their advisor contact info? As much as I would like the lower prime rate, I really don't to switch from Scotia. wwitb6945 1 Quote Link to comment Share on other sites More sharing options...
Nachoolibre Posted April 30, 2017 Report Share Posted April 30, 2017 Over on the dental thread, someone was offered prime minus 0.5 by Scotia and TD. Looks like the deals are really good this year! Quote Link to comment Share on other sites More sharing options...
schmitty Posted April 30, 2017 Report Share Posted April 30, 2017 Does anyone know if Scotia in Toronto is doing the prime-.25? If so, can someone send me their advisor contact info? As much as I would like the lower prime rate, I really don't to switch from Scotia. Yes, they are. Depends on who you work with though (advisor) Quote Link to comment Share on other sites More sharing options...
rmorelan Posted April 30, 2017 Report Share Posted April 30, 2017 Over on the dental thread, someone was offered prime minus 0.5 by Scotia and TD. Looks like the deals are really good this year! saw that - if true that is really new! time to keep an eye on things Quote Link to comment Share on other sites More sharing options...
thestar10 Posted April 30, 2017 Report Share Posted April 30, 2017 saw that - if true that is really new! time to keep an eye on things Soon they will be paying us for taking their money But in actuality, I suspect that interest rates will soon rise which will probably shock a lot of people. My general sense is that the medical student lifestyle has crept up because of the low rates and students are spending more on trips, nicer apartments, cars etc. The number of first-year medical students who I've met who live alone in downtown Toronto is significantly more than I would expect. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted April 30, 2017 Report Share Posted April 30, 2017 (edited) Soon they will be paying us for taking their money But in actuality, I suspect that interest rates will soon rise which will probably shock a lot of people. My general sense is that the medical student lifestyle has crept up because of the low rates and students are spending more on trips, nicer apartments, cars etc. The number of first-year medical students who I've met who live alone in downtown Toronto is significantly more than I would expect. ha I would agree on both fronts - they already have started to rise in the US, while so far ours have held steady. In theory (ha! so much theory) that should depress the Canadian dollar, and stimulate exports. Who knows if that will actually happen - particularly with knew knows what is going on in the US politics wise. On the spending front - I guess it isn't a surprise if you make borrowing cheaper people will spend more, and medical students are no exception. When the rates rise it will be a shock I am sure. On a purely personal level I am hoping it will hold low(ish) long enough a) for me to start paying back the loans and b ) renew my mortgage at a low rate for the next 5 years (with about 1.5 years left until renewal). We will see! Canadian inflation right now is about 1.5%. The loans are about 2.5%. You are quite right about that spread being pretty narrow Edited April 30, 2017 by rmorelan Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted April 30, 2017 Report Share Posted April 30, 2017 Over on the dental thread, someone was offered prime minus 0.5 by Scotia and TD. Looks like the deals are really good this year! Can you link that? Just got my advisor to approve -0.25. First ive heard of -0.5 Quote Link to comment Share on other sites More sharing options...
rmorelan Posted April 30, 2017 Report Share Posted April 30, 2017 Can you link that? Just got my advisor to approve -0.25. First ive heard of -0.5 ha, probably the first anyone has heard of that Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted April 30, 2017 Report Share Posted April 30, 2017 I sincerely worry about some of my peers who are dropping lots of $$ on their LOCs if (Or rather when) interest rates start rising. Quote Link to comment Share on other sites More sharing options...
HiHopes Posted April 30, 2017 Report Share Posted April 30, 2017 Maybe I am wrong, but when I discussed the LOC with the Scotia representative in Calgary, he said that whatever they signed me for at the beginning would carry through my education (if I get accepted, which goes without saying). So I asked again to be sure, and he said again that if they signed me for 2.7% it'd be 2.7% throughout. Is this person just playing me and they can't actually guarantee that? Maybe I understood something wrong? Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted April 30, 2017 Report Share Posted April 30, 2017 Maybe I am wrong, but when I discussed the LOC with the Scotia representative in Calgary, he said that whatever they signed me for at the beginning would carry through my education (if I get accepted, which goes without saying). So I asked again to be sure, and he said again that if they signed me for 2.7% it'd be 2.7% throughout. Is this person just playing me and they can't actually guarantee that? Maybe I understood something wrong? It definitely would not stay 2.7..it is only 2.7 right now because that is what prime is. If prime rises, then so does the interest rate on your loan. Quote Link to comment Share on other sites More sharing options...
HiHopes Posted May 1, 2017 Report Share Posted May 1, 2017 Right, I get that. I will call him tomorrow in regards to the -.025% (I will probably mention the -0.50% but I expect nothing of the sort) and just make sure. I am wondering what other information I am mixing this up with that would make me think they would freeze the interest as the prime for whenever you sign it... Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted May 1, 2017 Report Share Posted May 1, 2017 Right, I get that. I will call him tomorrow in regards to the -.025% (I will probably mention the -0.50% but I expect nothing of the sort) and just make sure. I am wondering what other information I am mixing this up with that would make me think they would freeze the interest as the prime for whenever you sign it... Maybe that could be the case for you? But that would be very odd. If prime jumped up to 9% tomorrow, I dont see why they would let you keep it at 2.7%. This isn't a mortgage for example. Let us know what they say! Quote Link to comment Share on other sites More sharing options...
ellorie Posted May 1, 2017 Report Share Posted May 1, 2017 Yeah I'd be very surprised if they would do that. They probably meant that the interest rate is locked at prime, whatever prime is. If anybody knows who's worth talking to for RBC and/or Scotia in Toronto, PM me? I actually don't have any kind of advisor or anybody at my bank and I wonder if it might be useful to have that. Quote Link to comment Share on other sites More sharing options...
rmorelan Posted May 1, 2017 Report Share Posted May 1, 2017 Maybe that could be the case for you? But that would be very odd. If prime jumped up to 9% tomorrow, I dont see why they would let you keep it at 2.7%. This isn't a mortgage for example. Let us know what they say! yeah they aren't going to lock it down I man 99.999999% sure of that Even mortgages have terms (say every 5 years) to allow the bank to adjust upwards etc the rate it is way out of alignment on renewal. Quote Link to comment Share on other sites More sharing options...
Leon Posted May 1, 2017 Report Share Posted May 1, 2017 (edited) I believe all medical school line of credits are not locked. Assuming this, any bank should agree to the prime minus 0.25 that is currently offered by at least Scotiabank and RBC. If not, I would move. The savings depend on your outstanding debt but what's more important to me is a bank that will give me the best deal, especially considering their future business if they win my loyalty. Remember to try your best to work with a representative who is well versed in professional student lines because not all are. Some banks have a list on their website that tells you their professional students reps in each city. I'm currently with Lynne owen at the downtown Toronto branch at queen street west and university avenue. She applied for the minus 0.25 without me even asking. Edited May 1, 2017 by Leon Quote Link to comment Share on other sites More sharing options...
distressedpremed Posted May 1, 2017 Report Share Posted May 1, 2017 I believe all medical school line of credits are not locked. Assuming this, any bank should agree to the prime minus 0.25 that is currently offered by at least Scotiabank and RBC. If not, I would move. The savings depend on your outstanding debt but what's more important to me is a bank that will give me the best deal, especially considering their future business if they win my loyalty. Remember to try your best to work with a representative who is well versed in professional student lines because not all are. Some banks have a list on their website that tells you their professional students reps in each city. I'm currently with Lynne owen at the downtown Toronto branch at queen street west and university avenue. She applied for the minus 0.25 without me even asking. Alex DeSousa (alexander.desousa@scotiabank.com) is also really good if you want to switch over email. Again, if you don't have a mortgage or other products with RBC, there is no reason why you should be with them unless you want to pay for an Avion card for $99/year. The AMEX gold & passport gold elite (two cards) you get from Scotiabank outperforms the signature card that they would have you switch to for travel if you don't want to pay $99/year for the Avion. Scotiabank's momentum Visa is probably one of the best cashback cards if you can try to negotiate that in the deal. Also generally I find that RBC advisors switch a lot if you're from TO, particularly the University and Dundas branch. During 4 years of med school, I had three changes to who was handling my account and no one seemed to get any of my details straight. One person told me I should start to repay my debt during residency. For the avion you HAVE to use that free trip to New York during the first year of med school if you decide not to continue with the card. Generally really unimpressed with their service. Quote Link to comment Share on other sites More sharing options...
ellorie Posted May 1, 2017 Report Share Posted May 1, 2017 Yeah I've been with RBC my entire adult life - but I'm not impressed with them. They were arguing yesterday about wanting to downgrade me from a "no limit student account" to a "normal student account". That being said, switching banks is a huge pain in the butt. Quote Link to comment Share on other sites More sharing options...
distressedpremed Posted May 1, 2017 Report Share Posted May 1, 2017 Yeah I've been with RBC my entire adult life - but I'm not impressed with them. They were arguing yesterday about wanting to downgrade me from a "no limit student account" to a "normal student account". That being said, switching banks is a huge pain in the butt. I completely agree. The last few months has been a lot of emails back and forth, but things are starting to settle down. Overall, the switch to me was worth it. I am not paying for an Avion card, and I'm tired of arguing with RBC about what can be covered and what isn't. RBC doesn't even know what the competition offers - they asked me to "forward the scotiabank offer and we'll discuss" when the scotiabank offer hasn't changed in the last 4 years! Quote Link to comment Share on other sites More sharing options...
rmorelan Posted May 1, 2017 Report Share Posted May 1, 2017 I completely agree. The last few months has been a lot of emails back and forth, but things are starting to settle down. Overall, the switch to me was worth it. I am not paying for an Avion card, and I'm tired of arguing with RBC about what can be covered and what isn't. RBC doesn't even know what the competition offers - they asked me to "forward the scotiabank offer and we'll discuss" when the scotiabank offer hasn't changed in the last 4 years! ha, you should at least know what the competition is offering. If I was in the LOC business I would be all over every single aspect of that. Quote Link to comment Share on other sites More sharing options...
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