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Thought I would make this post for everyone else that is trying to find the best bank to get a LOC with. I want to preface this with saying that I'm not affiliated with any bank this is just what I learned from the 3 major providers I met with. I bolded the things that were unique about each bank

 

TD
Up to 300,000 LOC at prime-0.25
LOC is given in increments each year 
Access to free banking + premium credit card
Interest only payments until 2 years after residency
500$ amazon gift card for signing up with them

CIBC
Up to 350,000 LOC at prime-0.25
LOC is given in increments each year 
Access to free banking + premium credit card
Interest only payments until 2 years after residency
No promo that they knew about it

RBC
Up to 275,000 LOC at prime-0.25
LOC is given at once
Access to free banking + premium credit card
Interest only payments until 2 years after residency
45,000 avion points ($900 value) for the avion card 
If you use the west jet rewards card later in your schooling, they upgrade you to a gold member for your fourth year when you are travelling a lot, which gives you access to premium lounges, upgrades on seats, etc.
Coming out with a special medical school promo in June, which means med students would earn more points per purchase on the credit card, and have deals on certain things (lower price on gas, discount on skip the dishes, etc)

 

So from what I gathered they are pretty much all similar with the amounts, interest rate and fees. I think I am going to go with RBC for the promotion as well as all of the extra stuff that they offer for medical students. The rep said you start with the avion card and can apply for the west jest world elite card later.

If anyone else has any more info feel free to chime in or if someone else has met with a different bank and has that info post it in the comments!

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23 hours ago, g-nocks said:

Thought I would make this post for everyone else that is trying to find the best bank to get a LOC with. I want to preface this with saying that I'm not affiliated with any bank this is just what I learned from the 3 major providers I met with. I bolded the things that were unique about each bank

 

TD
Up to 300,000 LOC at prime-0.25
LOC is given in increments each year 
Access to free banking + premium credit card
Interest only payments until 2 years after residency
500$ amazon gift card for signing up with them

CIBC
Up to 350,000 LOC at prime-0.25
LOC is given in increments each year 
Access to free banking + premium credit card
Interest only payments until 2 years after residency
No promo that they knew about it

RBC
Up to 275,000 LOC at prime-0.25
LOC is given at once
Access to free banking + premium credit card
Interest only payments until 2 years after residency
30,000 avion points ($700 value) for the avion card OR $250 west jest rewards for their west jet card
If you use the west jet rewards card, they upgrade you to a gold member for your fourth year when you are travelling a lot, which gives you access to premium lounges, upgrades on seats, etc.
Coming out with a special medical school promo in June, which means med students would earn more points per purchase on the credit card, and have deals on certain things (lower price on gas, discount on skip the dishes, etc)

 

So from what I gathered they are pretty much all similar with the amounts, interest rate and fees. I think I am going to go with RBC for the promotion as well as the West Jet credit card. I have a friend who has the RBC card in second year of medical school and has not had to pay for a flight yet because they have earned so many points using the credit card.

If anyone else has any more info feel free to chime in or if someone else has met with a different bank and has that info post it in the comments!

 

Good summary!

Did they say you need to properly enroll first or is the letter of acceptance and proof of deposit adequate?

Did they say how long will the period of free banking and premium credit card be?

Did you just walk into any branch of each bank or did you specifically go to the branch with a Med School LOC specialist?

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14 hours ago, Luna Lovegood said:

My friend got an Ipad from RBC last year? Do you know if they're going to that again this year?

The healthcare specialist I spoke to out RBC said there was no promo for an Ipad, but you could use the Avion points to buy one I would think. 

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4 hours ago, carolynH said:

 

Good summary!

Did they say you need to properly enroll first or is the letter of acceptance and proof of deposit adequate?

Did they say how long will the period of free banking and premium credit card be?

Did you just walk into any branch of each bank or did you specifically go to the branch with a Med School LOC specialist?

Thanks!

You need to provide proof of enrollment first.

I cant remember about the other banks, but RBC was 8 years. The other banks were for sure throughout your entire med school/residency.

RBC was the one that had a "healthcare specialist" representative. For the other two, try to get someone who deals with small business loans or lines of credit or else they may not be knowledgable enough to answer all your questions. 

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I have discussed with RBC, Tangerine (doesn't offer), TD & Scotiabank

Scotiabank

Up to 275,000 LOC at prime-0.25
LOC is given at once
Access to free banking + 2 premium credit card (visa infinite and amex gold)
Interest only payments until 2 years after residency

Offer a mat leave hold on interest - i.e. for one year they won't charge any additional interest or require payments. TD and RBC do not offer this.
 

I currently bank with TD and Tangerine. My partner banks with RBC. Scotia would be a lot of hassle but the mat leave benefit is nice.....but hard to predict that far!

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  • 4 weeks later...
3 minutes ago, Guy in the know said:

I heard that the $350,000 is made up of $300,000 as a student (that is locked down at the end of the 2 year grace period) and a separate $50,000 for residency that stays open.

New plan, just released. You no longer need to pay down the principal within two years - you’re just eligible forever as long as you stay in the medical profession. 

My advisor just contacted me last week about it and I got it switched over.

 

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12 minutes ago, Guy in the know said:

I heard that the $350,000 is made up of $300,000 as a student (that is locked down at the end of the 2 year grace period) and a separate $50,000 for residency that stays open.

For what it's worth, it was 275k in med school + 50k in residency, now being combined as one big line of credit at 350k

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