Best Bank for Medical Students & Residents (CANADA)

Hey Med Students!
If you're watching this, first of all congratulations on your huge accomplishment! I remember when I first got into medical school I thought about what the best bank for medical students was in Canada! So to save you the hassle of going to all the banks (RBC, TD, CIBC, Scotiabank & BMO) I've put together this summary video which outlines the different offerings these banks have for medical students/residents.
Make sure to watch the section on how a line of credit actually works as I remember my medical student line of credit was the first time I had ever come across this product!
Hope this is helpful!
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🕒 Timestamps 🕒
0:00 Intro & Outline
1:11 How does a line of credit work?
3:39 Borrowing to invest
5:42 Comparing lines of credit
10:18 Comparing chequing accounts
11:15 Comparing credit cards
12:36 Number 5 credit card
14:00 Number 4 credit card
14:53 Number 3 credit card
16:05 Number 2 credit card
17:39 Number 1 credit card
19:15 Mixing different banks
✅ Let's Connect ✅
🐦Twitter: ChaiTeaDarren
🟦LinkedIn: www.linkedin.com/in/darren-chai-476186153/
DISCLAIMER: This account is not affiliated with McMaster University, St. Joseph's Healthcare Hamilton, Hamilton Health Sciences or any other educational/healthcare institution. The opinions expressed in this video do not necessarily represent those of the aforementioned institutions. This video does not constitute financial advice and none of the speakers in this video are licensed financial advisors. This video is intended for educational and/or entertainment purposes only. Banks do sometimes have offers for residents and medical students that are not directly advertised on their website. For the most up-to-date information on your bank's medical student/resident offerings please consult their website and/or visit a branch in person.

[@anjmaramo]

Hi Darren!:) just as a quick note - RBC actually no longer has the grace period. Essentially you apply once whether you’re a medical student, resident or practicing physician. Even as a first year student, you get 350k and never have to convert to the professional line when you practice - conversion may usually mean a re-application for most banks. This is a really really convenient feature that has been around since 2020 actually, :)

[@austinsolak]

Absolutely fantastic work Dr.

[@junaidishaq1819]

Starting at McMaster Med this fall, this was sooo helpful, thanks so much Darren!

[@thepersonalprocesspodcast8949]

Darren, great content, great explanation. This was a very confusing for me and you broke it down perfectly. Subscribed, keep up the great work Dr. Chai :).

[@damlaarslan6686]

Very helpful! Thank you

[@malickturenne212]

Perfectly timed video and very well detailed. Thank you!

[@DarrenChaiMD]

My pleasure!

[@blikkis1]

Great Video Darren.

[@Trustworthyy]

Thanks so much!

[@DarrenChaiMD]

Glad you enjoyed it!

[@samuelsavard4707]

Great video! CIBC allows the full 350 to be used in the first year FYI. At least that was the case 3 years ago when I got my loc from them.

[@mahrukhmasood4005]

Thank you so much !!!

[@AndyDLee]

This is actually incredible video. Definitely earning a sub from me

[@karina3133]

Thank you!

[@339059331]

great financial lecture! always the best!

[@DarrenChaiMD]

Glad you think so!

[@339059331]

@@DarrenChaiMD Hey Darren, I also conducted the same research and went to those banks myself. It comes out with the same conclusion, not too much different after 1 yrs. Pretty accurate!

[@alexandernigthzz4156]

Thanks

[@thebatfamily3465]

Scotiabank adds up to $450 in points between the two cards by the way. Also the terms of the cash sign up bonus are hard to achieve

[@evanchisamorejohnston5819]

No lounge access with the Scotia Amex gold

[@samuelbonne4047]

Hey Darren could you make another video on the investment part. I am taking out my LOC and the interest is 6.2%

[@Deanrules1000]

Yo, mine was 6.95%. I'm here calculating how to go about this. I need this to work for me. BMO doesn't even give any credit cards any more.