I have been doing some shopping around and this is what I have come up with so far:
• 275k LOC all funds up front @ Prime -0.25%
• 2 accounts (chequing/savings) no monthly fees, unlimited transactions.
• $5000 Over draft protection on your chequing account
• 2 pre approved credit cards w/10k limit on travel rewards for Visa Gold/Gold Amex (annual fees on both waived)
• No payments required on LOC during your 4 year program Plus Residency with additional 1 year grace free period after graduation.
• You keep your LOC until you want to close it, it stays at the same rate PRIME -0.25% at least until you finish your program/residency. Highest the rate will go is back to PRIME
• Up to $275,000 line of credit, with prime-0.25% for Med school and residency, plus 1 year grace period
• Chance to convert to professional line of credit after residency is done
• 1 year annual fee waiver for a Platinum Avion Visa, starting at 5,000 limit
• Free no limit account for students (with free unlimited e transfers)
Also, aside from this, they have experts who may help you beyond schooling and residency:
• Mortgage program for medical/dental associates, where you can get financing for a house right after 4 years of med school even while in residency, we use projected income instead of actual residency income
• Commercial Banking, in the case you want to get financing for starting own clinic, with competitive interest rates
• Portfolio Management
** RBC is updating their offer in early June. This will likely include them waiving all credit card fees for the first 4 years. They are not sure as of now if they will be offering all funds up front like Scotia Bank. This information should be available shortly.
• 275k line of credit. The rate is prime - 0.25%. This rate is fixed for the entire period (including repayment after residency). Interest only payments on the LOC until 1 year after residency.
• All Funds are not available upfront. These are the respective maximum amounts that can be used from Year 1-4: 80k, 80k, 60k, the remaining amount can be used in the final year.
• All fees waived for a personal all-inclusive checking account (unlimited transactions, security deposit box). Fees are waived until graduation.
• Platinum Visa Travel Card (either Aeroplan rewards or Visa Travel Rewards). $6000 limit. All fees waived until graduation.
• Option to buy life insurance and critical illness insurance. The rate they currently offer is $0.32 for every $1000 used in the line of credit. For example, if $100,000 is used the balance on the LOC, the insurance payments will be $32 per month.
• Wireless speaker
I also inquired at BMO; however, their package is quite uncompetitive. They only offer unto $250,000 and don't waive credit card fees. Based on the responses that I have received, it seems like Scotia Bank has the most flexible package, so I will likely go with them. I will wait a couple of weeks until RBC releases their new package to decide. If anyone wants the contacts to any of these banks, let me know!