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

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On 7/18/2019 at 9:51 AM, GTA Med Advisor said:

FYI Scotiabank does keep the fees waived on credit cards and chequing accounts after residency. They have a new dedicated Healthcare+ page for physicians, students, residents etc. which outlines everything available to you in each stage. The student/resident page is up to date with all the offers, details etc. the student professional plan comes with. I think this was long overdue to have everything so readily available online for everyone to see.

6 hours ago, ysera said:

I couldn't find this information on the links you posted - does anyone know what the interest rate is on the Scotia LOC for physicians after the 2 year grace period? I believe my advisor said the LOC converts to a different kind for physicians, but I don't recall if the interest rate changes.

Agreed... I can't see anything about indefinite fee waivers on any of the links you posted. 

To follow up though, I chatted with someone else at RBC. Apparently the indefinite VIP account fee waivers only apply if you incorporate with RBC after residency. Always check the fine print...

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45 minutes ago, Whistlrkid said:

 

Agreed... I can't see anything about indefinite fee waivers on any of the links you posted. 

To follow up though, I chatted with someone else at RBC. Apparently the indefinite VIP account fee waivers only apply if you incorporate with RBC after residency. Always check the fine print...

I copied and pasted the details from the links in my last post. They are bolded and highlighted in red.

 

 

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I just applied for RBC after meeting with my advisor on Friday. 

I was NOT given an iPad, as apparently Med students get too much already? Shitty excuse tbh. 

Likely $350k, which stays as a prime -0.25% LOC indefinitely now as long as you have a medical license and can be paid back whenever technically.

Given 45,000 on platinum avion card, all fees waived and their VIP banking with all fees waived. No iPad though.

 

anyone else get the iPad???

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Hey guys, quick, potentially dumb question about the Loc:

Is it possible to make payments from the LoC directly? (Either large payments such as tuition, or smaller everyday expenses such as meals. )Or does one have to withdraw funds from the LoC, move them into a 'standard' bank account (e.g. a chequing account), and then pay expenses with that bank account?  

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On 7/20/2019 at 6:23 PM, rganglion said:

I’m looking to sign with scotia but they said the $300 promotion has ended. Has anyone had any success getting them to give them the promotion even though the deadline passed? :( 

The deadline is July 31, 2019 so it has not yet passed. Here are the details on that promotion:

Quote

13Get $300 bonus when you open a Scotia OneTM chequing account. To qualify for the $300 bonus Offer, you must open a new Scotia One chequing account by July 31, 2019; and Complete two (2) of the following three (3) activities in your Eligible Account within 60 days of opening: a. Set up an eligible recurring direct deposit (e.g., employer payroll, pension provider, or government) which will recur monthly for a minimum of three (3) consecutive months, or b. Set up a minimum of two (2) eligible separate recurring pre-authorized transactions (e.g., utility payments, property taxes, loan/mortgage payments) with a minimum value of at least $50 per transaction which will each recur monthly for a minimum of three (3) consecutive months, or c. Make at least one eligible online bill payment (e.g. utility bill, hydro bill, credit card payment, cable) of at least $50 through the Scotiabank Mobile App or through Scotia Online. Scotiabank reserves the right to determine whether a specific recurring direct deposit, pre-authorized transaction or bill payment is eligible for the Offer. The $300 will be paid into the primary account holder’s account within two (2) months following the satisfaction of the conditions outlined above. The account must be open and in good standing until the time of payout of the cash bonus. The account is not in "good standing" if it has a negative balance exceeding the authorized overdraft limit, or if it has been in continuous overdraft for a period of three (3) consecutive months. The $300 bonus Offer is nontransferable and may not be duplicated. Limit of one (1) Offer per customer, regardless of the number of accounts opened. If more than one account is opened, the Offer awarded will be based on the first account opened. For joint accounts, only one (1) cash bonus will be applied to the primary account holder’s account. All rates, fees, features and benefits are subject to change. Offer may be changed, cancelled or extended at any time and cannot be combined with any other offers. Employees of Scotiabank are not eligible for the $300 cash offers. Individuals who are currently or were previously holders / joint holders of a Scotiabank chequing account within the last two (2) years are not eligible for the $300 cash Offer

 

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On 7/19/2019 at 10:19 AM, Whistlrkid said:

To follow up though, I chatted with someone else at RBC. Apparently the indefinite VIP account fee waivers only apply if you incorporate with RBC after residency. Always check the fine print...

Hm, that’s not consistent with the information I was given when I signed. The fine print I was given on the indefinite free personal VIP account states that I am eligible as long as I remain a plan member, which just requires having a valid license as staff. There were some additional stipulations for having free business accounts, but that was the ‘pro’ plan. 

If you can link to something that says differently, i’d be very interested to see it.

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On 7/21/2019 at 10:14 AM, Dalhousie23 said:

I just applied for RBC after meeting with my advisor on Friday. 

I was NOT given an iPad, as apparently Med students get too much already? Shitty excuse tbh. 

Likely $350k, which stays as a prime -0.25% LOC indefinitely now as long as you have a medical license and can be paid back whenever technically.

Given 45,000 on platinum avion card, all fees waived and their VIP banking with all fees waived. No iPad though.

 

anyone else get the iPad???

A couple years ago I was told the same for the equivalent promo that year. But I did get it eventually.

The advisor had nothing to do with it. It just happened automatically once I had the VIP account and I completed all the criteria for the promo (which was something like pay two bills or set up direct deposit by some date in November). Sometime after that in the fall I got a message saying I could pick out my gift online.

*shrug* So who knows. If you’re already signed, I’d advise just making sure you fulfill the promo requirements and then see if you get lucky.

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6 hours ago, GTA Med Advisor said:

The deadline is July 31, 2019 so it has not yet passed. Here are the details on that promotion:

 

Do you mind posting the link for this offer so I can show my advisor? 

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10 hours ago, rganglion said:

Do you mind posting the link for this offer so I can show my advisor? 

See below

On 7/18/2019 at 12:51 PM, GTA Med Advisor said:

FYI Scotiabank does keep the fees waived on credit cards and chequing accounts after residency. They have a new dedicated Healthcare+ page for physicians, students, residents etc. which outlines everything available to you in each stage. The student/resident page is up to date with all the offers, details etc. the student professional plan comes with. I think this was long overdue to have everything so readily available online for everyone to see.

 

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On 7/23/2019 at 8:47 AM, GTA Med Advisor said:

See below

 

Thanks again! 

Do you know where the link is for the 13 footnote that describes the $300 promotion? For some reason its not on that website... 

Sorry for the trouble :( 

Edit: nevermind, found it

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On 7/17/2019 at 2:18 AM, frenchpress said:

I believe that it’s 15000 initially for the card that most people will get with the account as a student, and then you get the remainder of the 45,000 automatically once you fulfill some random criteria - something like spend at least $1000 within a certain amount of time, log into mobile baking, etc. You’ll have to read the fine print on the exact criteria for this year.

I read through a bunch of the terms and conditions in my own research, and to get the bonus points with RBC according to their website, you have to do the following: you need to activate your credit card, log into the banking app which are both super quick, and then you need to set up a bill payment or a payroll, something along those lines...it seems pretty straightforward :) 

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On 7/17/2019 at 7:23 PM, Aurelius said:

At this point it just seems to be between either Scotia or RBC and if one offers something better you can expect the other one to match it soon.

I think its also important though to look at what else the bank has to offer to clients aside from the loans, like for example, RBC has NOMI, MyAdvisor and the RBC Rewards app which has a ton of neat things that I've used, CIBC has an entire page of student advice, etc. 

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On 7/19/2019 at 1:19 PM, Whistlrkid said:

 

Agreed... I can't see anything about indefinite fee waivers on any of the links you posted. 

To follow up though, I chatted with someone else at RBC. Apparently the indefinite VIP account fee waivers only apply if you incorporate with RBC after residency. Always check the fine print...

So the VIP fee waiver is applied as long as you are part of the Advantage Plans at RBC (these new plans they launched recently) - they are quite good and lots of other perks besides free  account and credit card, like investment options and discounted meal kit delivery. Who did you talk to at RBC? My advisor said that wasn't true so maybe they were new but you certainly don't have to incorporate....

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On 8/6/2019 at 1:56 AM, Human Being said:

Hey guys do you know if the LoC that Scotia gives converts into a loan when you graduate or does just become a different kind of LoC? Not as good interest rates etc...?

first off, and I think this is important with LOCs, I think those sorts of questions make a lot of sense in theory but in practise don't matter that much. The reason being is that banks can change the terms at any time technically - but don't because of the competitive reasons. Plus any of us can just walk across the road at any time to another bank. I would avoid thinking that you will permanently be at the same bank only as it makes you have the wrong mindset (that being said I have remained at the same bank related to my LOC for over 10 years now because I am treated well etc). 

Right now with minor variability it converts to a loan 2 years after you completely done all training (residency/fellowships), and usually a fraction of it is left as a professional LOC. Same interest rate. While there is a lot of back and forth with banks on this most people don't keep the full unsecured LOC - those remain a risk to the bank, have an extremely good interest rate (remember banks really make no money at all on our LOCs - the rate is too low, there are two few of us, and operating costs are relatively high - easy enough for a bank to just grant a few more mortgages than dealing with us. It is what happens after we graduate that is more interesting to banks ha). 

 

 

Edited by rmorelan

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15 minutes ago, rmorelan said:

first off, and I think this is important with LOCs, I think those sorts of questions make a lot of sense in theory but in practise don't matter that much. The reason being is that banks can change the terms at any time technically - but don't because of the competitive reasons. Plus any of us can just walk across the road at any time to another bank. I would avoid think that you will permanently be at the same bank only as it makes you have the wrong mindset (that being said I have remained at the same bank related to my LOC for over 10 years now because I am treated well etc). 

Right now with minor variability it converts to a loan 2 years after you completely done all training (residency/fellowships), and usually a fraction of it is left as a professional LOC. Same interest rate. While there is a lot of back and forth with banks on this most people don't keep the full unsecured LOC - those remain a risk to the bank, have an extremely good interest rate (remember banks really make no money at all on our LOCs - the rate is too low, there are two few of us, and operating costs are relatively high - easy enough for a bank to just grant a few more mortgages than dealing with us. It is what happens after we graduate that is more interesting to banks ha). 

 

 

Thanks for the informative response buddy. Mind sharing what the bank has done to keep you happy all these years? What should I be on the look out for?

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4 hours ago, Human Being said:

Thanks for the informative response buddy. Mind sharing what the bank has done to keep you happy all these years? What should I be on the look out for?

Rmorelan is with Scotiabank. He recommended me his LOC advisor in Western, London Ontario, and he was great to work with!

Obviously, you should not always stick the same bank for convenience, and keep your options open for LOC, mortgages, corporate banking accounts. That to be said, I am with Scotia for the past 1 year, and very happy client so far!

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Just now, Instagrammar said:

Quick question for those who went with Scotia. Were you able to waive the monthly fees on the Scotia One debit card or is that a non-negotiable term where they just do not charge you if you have >3k in the account. 

as a student I didn't pay that. 

as a resident I didn't pay that. 

As a fellow I am STILL not paying that ha. 

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15 minutes ago, FutureDMD-QC said:

Is it possible to get two student lines of credit with 2 different banks?

No you cannot. I was told that if you have an LOC with Scotia lets say, and then want one at RBC, they will simply move the LOC from Scotia to RBC and ensure any balances owing to Scotia remain. Like if you had a 300k LOC with scotia, used 50k, and switched to RBC, then RBC will give you their LOC max minus 50k, and you still owe scotia the 50k+interest payments. I asked this question to a Scotia advisor a few weeks ago.

 

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1 hour ago, Dalhousie23 said:

No you cannot. I was told that if you have an LOC with Scotia lets say, and then want one at RBC, they will simply move the LOC from Scotia to RBC and ensure any balances owing to Scotia remain. Like if you had a 300k LOC with scotia, used 50k, and switched to RBC, then RBC will give you their LOC max minus 50k, and you still owe scotia the 50k+interest payments. I asked this question to a Scotia advisor a few weeks ago.

 

....I suppose you could just use the RBC LOC to pay off the scotia one - I mean that is what usually happens when people move over. You cannot have two LOCs - the banks have no interest in that ha (pun intended). They want you to commit because the business model is to have you ultimately use that bank for your needs as staff (LOCs themselves are not money makers). 

Edited by rmorelan

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