Personal Finance

Employee Banking Benefits - What are employees getting?

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  • Jan 11th, 2019 10:38 am
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[OP]
Member
Aug 30, 2007
263 posts
259 upvotes

Employee Banking Benefits - What are employees getting?

I was curious about Employee Banking Benefits -

What are employees at RBC CIBC TD getting?

Banking plans?
Currency Exchange Rates?
Mortgage Rates?
...
23 replies
Deal Fanatic
Jul 1, 2007
8204 posts
1107 upvotes
Fixed mortgage discount: pretty much the same as you would get on the open market as a customer. In some cases you can get better as a non-employee. There were some issues with this in the past that the mortgage discount counted as a taxable benefit when the mortgage was coded "employee" so most employees just got regular customer mortgages (at 1.6% off).

Loans: these rates are pretty awesome compared to normal customer rates. I did a car loan back in the day at 5% and didn't even register the car as security. Was just an unsecured loan (usually 10%+)

Credit cards: 5% on the Green Visa is pretty awesome if you carry a balance

Lines of Credit: I actually had a rate even lower on a ULOC because it was set up at a time farther back in the long long ago. For HELOC used to get Prime-0.5% until they jacked that up on everybody (I think after 2010). Staff now gets P+1.5% like everyone else.

Foreign Currency: in branch staff rates are nothing special. Anyone who goes into a bank to exchange currency (non-cash) rather than doing it online is getting hosed and if you get a staff settlement rate only a bit less so. Online rate was always better.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Jr. Member
Oct 16, 2007
186 posts
43 upvotes
My wife was a former CIBC employee up until recently. Some of the benefits from a basic banking perspective included:

-50% off Safety Deposit Box
-50% off Credit Cards
-All service charges reversed monthly
-Free money orders/bank drafts
-No fees on foreign currency echanges
Deal Fanatic
Dec 11, 2008
9586 posts
1268 upvotes
Thalo wrote:
Jan 8th, 2015 8:29 pm
Fixed mortgage discount: pretty much the same as you would get on the open market as a customer. In some cases you can get better as a non-employee. There were some issues with this in the past that the mortgage discount counted as a taxable benefit when the mortgage was coded "employee" so most employees just got regular customer mortgages (at 1.6% off).
Unless I am reading it wrong, isn't 1.5% off a fixed mortgage pretty good?

THe posted rate for a 2-yr fixed on their website is 2.94%. Are we saying we can get a 2-yr term fixed mortgage for less than 1.44%? Not to mention you can prepay as much without penalty which makes it an open mortgage.
Deal Fanatic
Jul 1, 2007
8204 posts
1107 upvotes
cirrux wrote:
Jan 8th, 2015 9:03 pm
We get foreign cash with no spreads at all at Scotia.


I don't think posted specials count, the employee discount is generally just off of the regular posted rates. A lot of times the specials are better than the employee discount.
Friend of mine who used to work at BMO even as former staff gets an absolutely ridiculously awesome exchange rate on cash. Put me to shame with my TD Borderless account. :(

Yeah, the mortgage discount is on 5 year posted only. So currently 4.79%-1.5% = 3.29%, which happens to be exactly what the special offer customer rate is and still quite a bit higher than today's market rates around 2.89%.
http://www.tdcanadatrust.com/products-s ... s-resl.jsp
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Fanatic
User avatar
Jun 11, 2001
8028 posts
413 upvotes
Yeah, I work for a sister company and it's the same type of benefits. Funny I bank with BMO instead because CIBC customer service is garbage imho.
iamkalive wrote:
Jan 8th, 2015 8:30 pm
My wife was a former CIBC employee up until recently. Some of the benefits from a basic banking perspective included:

-50% off Safety Deposit Box
-50% off Credit Cards
-All service charges reversed monthly
-Free money orders/bank drafts
-No fees on foreign currency echanges
...zzz...zzz...zzz...

www.heatware.com
Deal Fanatic
Dec 11, 2008
9586 posts
1268 upvotes
cirrux wrote:
Jan 8th, 2015 9:03 pm
We get foreign cash with no spreads at all at Scotia.


I don't think posted specials count, the employee discount is generally just off of the regular posted rates. A lot of times the specials are better than the employee discount.
Thalo wrote:
Jan 8th, 2015 9:29 pm
Friend of mine who used to work at BMO even as former staff gets an absolutely ridiculously awesome exchange rate on cash. Put me to shame with my TD Borderless account. :(

Yeah, the mortgage discount is on 5 year posted only. So currently 4.79%-1.5% = 3.29%, which happens to be exactly what the special offer customer rate is and still quite a bit higher than today's market rates around 2.89%.
http://www.tdcanadatrust.com/products-s ... s-resl.jsp
Oh ok. I guess the only perk is that it says you can prepay as much. So it's like an open mortgage?
Member
Aug 9, 2014
468 posts
104 upvotes
Toronto, ON
Former National Bank staff here and got the following (back in 2012):

- Free bank account
- Free platinum MasterCard ($120 value) with low rate
- Free drafts and cheques (1 order per year I think)
- Staff rate on foreign exchange

The best part: Loans/lines of credit/mortgages

Rate divided by 2 or rate - 2% (whichever is greater)

My line of credit was 1.5% when I was employed with them.
Deal Fanatic
User avatar
Nov 23, 2005
8295 posts
4015 upvotes
Thalo wrote:
Jan 8th, 2015 8:29 pm
Fixed mortgage discount: pretty much the same as you would get on the open market as a customer. In some cases you can get better as a non-employee. There were some issues with this in the past that the mortgage discount counted as a taxable benefit when the mortgage was coded "employee" so most employees just got regular customer mortgages (at 1.6% off).

Loans: these rates are pretty awesome compared to normal customer rates. I did a car loan back in the day at 5% and didn't even register the car as security. Was just an unsecured loan (usually 10%+)

Credit cards: 5% on the Green Visa is pretty awesome if you carry a balance

Lines of Credit: I actually had a rate even lower on a ULOC because it was set up at a time farther back in the long long ago. For HELOC used to get Prime-0.5% until they jacked that up on everybody (I think after 2010). Staff now gets P+1.5% like everyone else.

Foreign Currency: in branch staff rates are nothing special. Anyone who goes into a bank to exchange currency (non-cash) rather than doing it online is getting hosed and if you get a staff settlement rate only a bit less so. Online rate was always better.
+1

Pretty much this plus free unlimited banking, free cheques, etc.
Member
Dec 12, 2007
354 posts
64 upvotes
Toronto
Just wondering what people are getting now for employee banking benefits if working for banks in 2019?
Jr. Member
Aug 27, 2018
172 posts
162 upvotes
Thalo wrote:
Jan 8th, 2015 8:29 pm
Fixed mortgage discount: pretty much the same as you would get on the open market as a customer. In some cases you can get better as a non-employee. There were some issues with this in the past that the mortgage discount counted as a taxable benefit when the mortgage was coded "employee" so most employees just got regular customer mortgages (at 1.6% off).

Loans: these rates are pretty awesome compared to normal customer rates. I did a car loan back in the day at 5% and didn't even register the car as security. Was just an unsecured loan (usually 10%+)

Credit cards: 5% on the Green Visa is pretty awesome if you carry a balance

Lines of Credit: I actually had a rate even lower on a ULOC because it was set up at a time farther back in the long long ago. For HELOC used to get Prime-0.5% until they jacked that up on everybody (I think after 2010). Staff now gets P+1.5% like everyone else.

Foreign Currency: in branch staff rates are nothing special. Anyone who goes into a bank to exchange currency (non-cash) rather than doing it online is getting hosed and if you get a staff settlement rate only a bit less so. Online rate was always better.
From the horse's mouth. For sure.

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