Personal Finance

Employee Banking Benefits - What are employees getting?

  • Last Updated:
  • Jan 11th, 2019 10:38 am
Tags:
None
Deal Expert
User avatar
Jan 27, 2004
39672 posts
3736 upvotes
T.O. Lotto Captain
georgist wrote:
Jan 9th, 2019 9:28 pm
From the horse's mouth. For sure.
Yeh thats true.
The online rates are a little better than staff rates. It isnt a land slide victory of a price difference.

But its convienent walking into a branch and getting an usd exchange on the spot. With stuff like knightsbridge you gotta fiddle around with electronic fund transfers and what not.

But for a non-stafff... if you plan ahead you can definately get great rates!!
Deal Fanatic
Dec 11, 2008
9004 posts
923 upvotes
My husband works for TD and I am pretty sure all of the employee stuff is garbage and worse. Mortgage rate was a joke, exchange was a joke etc.
Deal Fanatic
Feb 9, 2009
6996 posts
4004 upvotes
speedyforme wrote:
Jan 9th, 2019 10:24 pm
My husband works for TD and I am pretty sure all of the employee stuff is garbage and worse. Mortgage rate was a joke, exchange was a joke etc.
Worked for TD in uni in mid to late 2000s

It is true what was there. I believe TD still has free chq account and greater mortgage discount (but gotta speak to the right person, dont talk to financial advisors who have to deal with SR and sales volume, they dont wanna discount).

Td did have an amazing stock loan plan they dont anymore -- you could borrow up to your salary (if you were part time you were able to borrow up to your presumed full time salary) and the rate was based on dividend rate... a ton of employees at the height of the market crash did this and many made out like bandits including me!
Deal Fanatic
Dec 11, 2008
9004 posts
923 upvotes
Sanyo wrote:
Jan 10th, 2019 12:30 am
Worked for TD in uni in mid to late 2000s

It is true what was there. I believe TD still has free chq account and greater mortgage discount (but gotta speak to the right person, dont talk to financial advisors who have to deal with SR and sales volume, they dont wanna discount).

Td did have an amazing stock loan plan they dont anymore -- you could borrow up to your salary (if you were part time you were able to borrow up to your presumed full time salary) and the rate was based on dividend rate... a ton of employees at the height of the market crash did this and many made out like bandits including me!
Pretty sure the chq account was mandatory to get paid so I guess that is a perk? I don't know if it included any added freebies though.

As for the mortgage rates, I dunno we spoke to TD managers and we still got better rates from our broker.
Deal Fanatic
Feb 15, 2006
7581 posts
1998 upvotes
Toronto
The banks have been cutting back on employee benefits. It also depends on what position/level you're at the bank.

Temps get free checking and 50% off premium cards, slightly better rate on currency exchanges, some medical coverage (to a limit on some types of coverage such as dental, physio..).

Permanent employees get these, plus pension, stock options (you buy some, banks match a percentage; this is one of the best benefit). Some better rate on loans or HELOCs.

For for loan/mortgage/LOC/HELOC rates or premium cards, many non-employees can also get those or better depending on what you hold with the bank.
Deal Addict
Mar 14, 2007
1342 posts
205 upvotes
2 year contracts - $56 phone plans for 5GB unlim canada wide calling, calling to US unlim, unlim txt, mms

XR is $0
X is $99

or

BYOD $43 same plan
Newbie
User avatar
Jan 7, 2019
14 posts
5 upvotes
Wife works at RBC, she said she gets:

Almost Par exchange rates
50% off all credit card annual fees
Free staff banking account that comes with drafts and unlimited checks
mortgage rates dont differ if 25 year or 30 year amortization + better rates than the public
prime for some special line of credit or something....
Free cross border banking

Forgot what else..but that's the general idea.
Deal Fanatic
Dec 11, 2008
9004 posts
923 upvotes
slidxe wrote:
Jan 10th, 2019 1:14 pm
2 year contracts - $56 phone plans for 5GB unlim canada wide calling, calling to US unlim, unlim txt, mms

XR is $0
X is $99

or

BYOD $43 same plan
Which bank is this for? BMO?

Top