If you're still just depositing
money into a savings account and blindly hoping for the
best then it's high time to rethink your banking strategy.
Given the miserly interest rates they currently offer,
the banks might appreciate you giving them a nearly free
loan, but they don't need your charity. What's more you'd
be missing out on some great money-saving advantages offered
to Canadian physicians. Most major banks are bending over
backwards competing for your business and have a host
of enticing plans tailored for MD needs. Here's part one
of our rundown of what each of Canada's banks (in alphabetical
order) are offering physicians:
BMO
Bank of Montreal
The Bank of Montreal offers a professionals package
for physicians. "[The program] is a customized, comprehensive
offering designed to meet a physician's banking needs
regardless of where they find themselves in their professional
career and life cycle," says Michael Edmonds, senior
media and public affairs advisor with the BMO Financial
Group. The program offers a range of services from student
banking, personal banking and practice banking solutions
tailored to the medical profession. Here's a rundown
of their offerings.
Personal banking BMO has
a wide range of products and services at attractive
rates and terms. Examples include mortgages, personal
lines of credit and RRSP loans, explains Mr Edmonds.
In addition, he adds, physicians have access to all
companies within BMO Financial Group, like BMO Harris
Private Bank and BMO InvestorLine.
Practice banking For doctors
looking to establish a practice or who are thinking
of renovating and growing an existing practice, the
Bank of Montreal offers:
A range of everyday banking for
business plans to fit individual businesses.
Operating lines of credit at competitive
rates to meet daily operating expenses and provide bridge
financing while awaiting collection of receipts.
Term loans to finance up to 100%
of the capital costs of establishing a practice or upgrading
existing equipment. Plus they offer an interest-only
option on certain loan products to assist with the care
of a new baby or ailing family member.
Extras The BMO offers a
plan to help medical students ease their debt load.
A maximum of $150,000 is available with the bank's medical
student line of credit. They offer interest rates as
low as prime, three flexible repayment options and free
banking with their Instabanking Plan.
BMO is also the only financial
services provider that offers Air Miles rewards on most
of their products and services.
For more information visit www.bmo.com
CIBC
The CIBC offers a Banking for Healthcare Professionals
plan, which falls under their small business banking
division. Physicians can select from a full range of
financial products and services that meet their business
and personal banking needs. The CIBC also offers doctors
free access to an advisor who will monitor their financial
program and recommend changes as their situation evolves.
Personal banking CIBC PremierService
Account, which offers free personalized cheques, unlimited
transactions, free Aerogold Visa or Gold Visa card and
free residential mortgage appraisals. Doctors will have
to check with a bank representative to see how much
monthly fees cost with each type of account. In terms
of lending, CIBC offers personal loans, personal lines
of credit and term loans.
Business banking products Physicians
have access to a CIBC Business Operating Account, which
gives doctors control of their business banking by choosing
the fee structure that works best for them with either
a pay-as-you-go (which starts at $5.00 per month + $0.80
fee per transaction) or a flat fee package (these range
between $9.00 and $68.00 per month). The account also
allows for telephone and e-banking.
In terms of borrowing for business,
CIBC offers operating lines of credit, overdraft protection
and commercial choice mortgage and financing from $10,000
to $1 million, depending on each physician's need and
credit rating.
Extras Med students have
access to a CIBC Professional Edge Student Personal
Line of Credit that offers a line of credit up to $125,000,
upon approval.
The CIBC also offers doctors in
private practice access to payroll services.
Doctors who sign on with CIBC can
also take advantage of Wood Gundy private client investments
and Investor's Edge self-directed accounts.
For more information see www.cibc.com
Desjardins
This financial cooperative based in Quebec — where
most of its branches are found, although there are locations
in New Brunswick, Ontario and Manitoba — doesn't
offer any specialized plans for physicians. Doctors
might be able to find services that fit their needs
through Desjardins' small business banking plans. The
best way to find out is to speak directly with a financial
representative at your local branch.
For more information visit www.desjardins.com
Laurentian
Bank of Canada
The Laurentian Bank doesn't offer any specific services
for healthcare professionals, however, they do have
a small business banking plan. To get details visit
www.lbcdirect.laurentianbank.ca
National
Bank
The National Bank of Canada is currently in the process
of revising the specialty services offered to physicians.
Spokesperson Denis Dubé suggests that if you
are interested in getting more information, check in
with a National Bank representative over the next few
weeks to see what's available and what works best for
you. To find out how to reach someone from the bank
or to locate the branch nearest you see www.nbc.ca
Additional research by Craig
Sebastiano
Look for Part II in the next
issue for the scoop on what specialty services are offered
by RBC Royal Bank, ScotiaBank and TD Canada Trust.
|
