Personal Finance

National Bank Engineering Package - Is it worth it?

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  • Jul 26th, 2017 10:08 pm
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Deal Addict
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Feb 25, 2014
2170 posts
341 upvotes
Mississauga
No, I don't think it is worth it.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
canabiz wrote: Just found out today customers with this Engineering package can enjoy bank draft(s) for free. I think there is a limit per year but definitely the first one is covered. This would cost $7.50 or so at other banks, AFAIK.
Yeah, free bank drafts for a $6 monthly fee. Not worth it.
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Deal Guru
User avatar
Jun 28, 2003
12183 posts
5650 upvotes
Ottawa
ksgill wrote: Yeah, free bank drafts for a $6 monthly fee. Not worth it.
The $6 monthly fee only applies if you have a HELOC.
Sr. Member
Aug 16, 2013
624 posts
309 upvotes
Toronto
Strider wrote: I finally signed up for the engineering package on the last renewal of my mortgage (note to anyone looking to do this - use a broker).
The HELOC is P+0.25% now, but that's pretty much the best you'll find these days.

Unless you need the LOC, I'd definitely choose a different package from another bank because a) there's better credit cards out there, b) you have to pay the annual fee for the credit card, c) National Bank branches & ATMs are a lot less common than big 5, d) their online banking is archaic and horrible to use. I still have an account with TD for these reasons.


Oh... and forget the "financial advisor". You can find a no-fee mutual fund salesman anywhere.

I agree with you on the branches. There's none in my city and the closest one is 43 kms. However, I was wondering what would be the best route for me if I only need Personal LoC since everyone mentioned their rates are better for Engineers. Not interested in HELOC. CC/Checking/Savings account already with other bank.

Other point is that my personal financial advisor is moving my RRSP and TFSA from CIBC to National Bank as well so another reason of considering them.
Sr. Member
Oct 21, 2004
543 posts
94 upvotes
not sure what the solution is. But their unsecured LOC is at prime +1. See what other banks give you. And compare to see if the interest savings are worth it.
rafaeel wrote: I agree with you on the branches. There's none in my city and the closest one is 43 kms. However, I was wondering what would be the best route for me if I only need Personal LoC since everyone mentioned their rates are better for Engineers. Not interested in HELOC. CC/Checking/Savings account already with other bank.

Other point is that my personal financial advisor is moving my RRSP and TFSA from CIBC to National Bank as well so another reason of considering them.
Deal Addict
Feb 10, 2003
1352 posts
1283 upvotes
Calgary
rafaeel wrote: I agree with you on the branches. There's none in my city and the closest one is 43 kms. However, I was wondering what would be the best route for me if I only need Personal LoC since everyone mentioned their rates are better for Engineers. Not interested in HELOC. CC/Checking/Savings account already with other bank.

Other point is that my personal financial advisor is moving my RRSP and TFSA from CIBC to National Bank as well so another reason of considering them.
If I'm not mistaken, you'd have to get the whole Engineer banking package in order to get a PLOC at the preferential rate... This would mean having to get one of their premium credit cards ($120 fee/year). You should also check whether a PLOC carries the same monthly fee ($6) that a HELOC does. Then calculate to see if the interest savings is worthwhile.

Good luck!
Sr. Member
Oct 21, 2004
543 posts
94 upvotes
Strider wrote: If I'm not mistaken, you'd have to get the whole Engineer banking package in order to get a PLOC at the preferential rate... This would mean having to get one of their premium credit cards ($120 fee/year). You should also check whether a PLOC carries the same monthly fee ($6) that a HELOC does. Then calculate to see if the interest savings is worthwhile.

Good luck!
the plc doesn't have a fee.
Sr. Member
Aug 16, 2013
624 posts
309 upvotes
Toronto
Fast Forward to 2017, I am planning to open up an Engineers Package account. Went into branch last Friday early and they gave me an appointment for coming Friday. This was surprising for me as all their tellers and banking specialists in the office were literally free (either talking to each other or playing with their cell phones). With this attitude, I am just now having second thoughts on what will come my way once I open the account with them.

I was planning to open the account to explore lower mortgage rate (as a first time home buyer) and unsecured PLOC rates. Does anyone have recent experience dealing with them? Is the Engineers package still worth it with a high fee mastercard?
Member
Apr 21, 2010
395 posts
179 upvotes
Montreal
rafaeel wrote: Fast Forward to 2017, I am planning to open up an Engineers Package account. Went into branch last Friday early and they gave me an appointment for coming Friday. This was surprising for me as all their tellers and banking specialists in the office were literally free (either talking to each other or playing with their cell phones). With this attitude, I am just now having second thoughts on what will come my way once I open the account with them.

I was planning to open the account to explore lower mortgage rate (as a first time home buyer) and unsecured PLOC rates. Does anyone have recent experience dealing with them? Is the Engineers package still worth it with a high fee mastercard?
If you become a member of Genium360 (https://www.genium360.ca, free with proof of graduation -- even if you're not in Quebec), Desjardins has an offer with them (https://www.desjardins.com/ingenieurs) which is overall better, at least on paper. The Mastercard is the same fee, but the points return is much better, and you have more flexibility on where to spend said points.

That said, Desjardins isn't the best when it comes to the PLOC. They'll give you a good rate but they balk at giving a proper credit limit. I used to be with the NBC program and they gave me a decent LOC limit. Desjardins congratulated me on my stellar credit dossier but wouldn't give me same amount. Note that I have zero debts and have never used said LOC as it's only meant for emergencies. Desjardins balked at what they thought was a high limit. I asked them how much they'd be willing to lend and they never got back to me so I just gave up and kept the NBC one around.

HELOC would be another matter, they really pushed that and would've been willing to give me a good rate and limit on that. But not on unsecured.

This may vary depending on which Caisse you go to. So it might be a good thing to pay them a visit and make your joining conditional to getting the LOC limit you want. Though if you have a mortgage with them they might be more comfortable even if it's not a HELOC you're asking for.

The only other thing that's not quite as nice is their discount brokerage, because unlike NBC''s they don't have free ETF trades. As a couch potato investor the 100 ETF unit minimum with NBC is not a problem. Desjardin's Disnat gives you a number of free trades overall (roughly 10) but that's a once-in-a-lifetime block. Also admin fees aren't waived past the first year, though their minimum for waiving is relatively low (15K, lower than NBC's 20K). That said if NBC's solution fits you nothing stops you from opening an account with their brokerate as long as you meet the minimum balance.

For everything else though... Desjardins's program is better. You get more perks, the Mastercard returns between 1.8 and 2.4% depending on expense thresholds (1.8% for first 20K; 2.4% until ; 2% thereafter) and no history of devaluating points like NBC (they sometimes cancel programs, but if you're grandfathered it's honored. NBC has futzed around with their program at least twice, both times less than a year after I joined!)

If you travel once a year at least, those programs are worth it, you get direct cash back from your year's spending and the bundled travel insurance is excellent (both banks, Desjardins' might be a wee bit better). If you don't, then maybe you're better off waiting a bit to see whether Tangerine will bring back their PLOC (I've read rumors about that, but don't quote me on this...)
Deal Addict
Mar 11, 2007
4391 posts
1505 upvotes
QC
NBC website hasn't been updated for like 15 years. Beside the Laurentian Bank, it's the worst of all bank I tried. Beside that, I think their package is good for people that want the easy banking which isn't very popular on RFD.

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