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Which bank is best post-residency?

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Hey y'all,


I'm wondering if anyone can shed some light on which banks are best to physicians (especially those starting out in practice), in terms of transitioning from a LOC and chequing account to more comprehensive options?


For example, I know that RBC and Scotia transition newly minted physicians into various business packages where there are discounts on chequing accounts, investment accounts, further LOCs, etc.


I'm wondering if anyone has any info on which banks tend to offer the most for the least? And as a side question, is it too much to ask to never pay monthly chequing account fees anymore?



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  • 3 months later...

I looked around and switched from RBC to National Bank (not MDM) in the last couple months of residency. It's worked out well so far. My chequing account is free, as is my business account for the first year. My LOC remains at prime for the duration, which I couldn't get RBC to guarantee. The LOC is also interest-only payments for the first year post-residency.


I think the only thing I pay for right now is $125/year for a platinum mastercard; however, since I signed up during residency, that fee was waived. The rewards on their MC are 1.5%; these can be redeemed on travel expenses as a straight-up refund on hotels, plane tickets, etc. I'm also getting a business MC that will go to the same points plan.


They also give you access to National Bank Direct Brokerage and Securities for investments. Although I have accounts, I honestly haven't used them very much.


It's been a good plan so far for me. I feel I really haven't spent a lot of bank fees, which seemed pretty hard to get away from at RBC. I guess the only drawback might be branch locations - I'm in Ottawa so branches are plentiful, but you also have free access to Exchange ATMs, which many credit unions use.

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