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Lines of Credit for Medical Students (Scotia is the best option)

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57 minutes ago, Futureresident said:

Not seeing much talk about RBC last few weeks. They’ve dramatically revamped their professional package. 275k in med school then ADDITIONAL 50-75k once in residency depending on program length. Interest prime - 0.25. Visa with 10k. Overdraft 5k. All fees waived. 2 year grace post training. 

Go see website.

In my opinion this IS superior to scotia and anyone else offering med packages!

I don't know if this new deal applies to people who already have LOC with another institution in residency? 

I don't know if RBC LOC still requires you to pay minimal payments during medical school + residency. 

Overall, the new RBC LOC sounds really great! Competition always brings out the best deal iMO

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On 9/14/2018 at 9:58 AM, LittleDaisy said:

I don't know if this new deal applies to people who already have LOC with another institution in residency? 

I don't know if RBC LOC still requires you to pay minimal payments during medical school + residency. 

Overall, the new RBC LOC sounds really great! Competition always brings out the best deal iMO

Yes existing clients can have their banking package aligned with new guidelines. Thats what i did. Of course you still have to pay minimum payments (just interest while in med school, residency and for 2 years after (Grace)). That is standard among all loc.

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I just received information on the New MD Financial LOC with Scotia Bank. I was wondering how this compares to the new RBC plan.

  • Line of credit (LOC)
    • Up to $300,000 limit (full amount available upon set-up; no need to re-apply for increases in the future)
    • Interest rate = prime -0.25% (current prime rate as at October 12, 2018 = 3.70%)
    • 2 year grace period
    • Ability to convert to personal line of credit post residency/fellowship
    • For a limited time (until December 31st) – clients who decide to switch to the Scotia LOC will receive an additional $500 cash bonus from MD Management (see attached terms/conditions for more info)
  • Chequing Account
    • Fee waived indefinitely ($167 annual savings)
    • Unlimited debit transactions
    • Unlimited free e-transfers or 10,000 Scotia Rewards points (= $100 in travel credit; this offer is only until October 31st) 
  • Pre- Approved Credit Card ($10,000 limit) – can accept 1 card with $10,000 limit or split the limit between the 2 cards.
    • Scotia Bank Passport Visa Infinite
      • No annual fee first year ($139/year each year after) and/or;
    • Scotia Gold American Express
      • No annual fee until 1 year after graduation ($99/year after graduation)

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2 hours ago, Aetherus said:

I just received information on the New MD Financial LOC with Scotia Bank. I was wondering how this compares to the new RBC plan.

  • Line of credit (LOC)
    • Up to $300,000 limit (full amount available upon set-up; no need to re-apply for increases in the future)
    • Interest rate = prime -0.25% (current prime rate as at October 12, 2018 = 3.70%)
    • 2 year grace period
    • Ability to convert to personal line of credit post residency/fellowship
    • For a limited time (until December 31st) – clients who decide to switch to the Scotia LOC will receive an additional $500 cash bonus from MD Management (see attached terms/conditions for more info)
  • Chequing Account
    • Fee waived indefinitely ($167 annual savings)
    • Unlimited debit transactions
    • Unlimited free e-transfers or 10,000 Scotia Rewards points (= $100 in travel credit; this offer is only until October 31st) 
  • Pre- Approved Credit Card ($10,000 limit) – can accept 1 card with $10,000 limit or split the limit between the 2 cards.
    • Scotia Bank Passport Visa Infinite
      • No annual fee first year ($139/year each year after) and/or;
    • Scotia Gold American Express
      • No annual fee until 1 year after graduation ($99/year after graduation)

This seems pretty similar to what I have though (I'm with scotia)...with the exception of the $300,000 upper limit 

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6 hours ago, Aetherus said:

I just received information on the New MD Financial LOC with Scotia Bank. I was wondering how this compares to the new RBC plan.

  • Line of credit (LOC)
    • Up to $300,000 limit (full amount available upon set-up; no need to re-apply for increases in the future)
    • Interest rate = prime -0.25% (current prime rate as at October 12, 2018 = 3.70%)
    • 2 year grace period
    • Ability to convert to personal line of credit post residency/fellowship
    • For a limited time (until December 31st) – clients who decide to switch to the Scotia LOC will receive an additional $500 cash bonus from MD Management (see attached terms/conditions for more info)
  • Chequing Account
    • Fee waived indefinitely ($167 annual savings)
    • Unlimited debit transactions
    • Unlimited free e-transfers or 10,000 Scotia Rewards points (= $100 in travel credit; this offer is only until October 31st) 
  • Pre- Approved Credit Card ($10,000 limit) – can accept 1 card with $10,000 limit or split the limit between the 2 cards.
    • Scotia Bank Passport Visa Infinite
      • No annual fee first year ($139/year each year after) and/or;
    • Scotia Gold American Express
      • No annual fee until 1 year after graduation ($99/year after graduation)

For those of us who are already with Scotiabank, I don't suppose we would be able to take advantage of this deal? 

Edited by ArchEnemy

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I met with the med loc advisor as a resident and got all of the above except for the $500 bonus (and possibly no unlimited e transfers which doesn't affect me since I do not do online banking of any nature). And, in fact, I got better perks for the credit card--minimum spend of 1000$ on each of the two cards got me 25k and 10k welcome bonus points respectively. I also believe they will cover the CC fees until end of residency.

It wouldn't hurt to go and ask if they'll honour most perks detailed above for you as a current client.

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1 hour ago, LostLamb said:

credit card--minimum spend of 1000$ on each of the two cards got me 25k and 10k welcome bonus points respectively. I also believe they will cover the CC fees until end of residency.

This is part of the standard Scotia offer for all med learners. Credit card fees waived until the end of residency/fellowship + 2 years. The only change is they weren't offering the $500 before to switch. Otherwise, nothing that was posted above including the $300k limit has changed from what Scotia was offering all summer.

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