No, I don't think it is worth it.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Aug 10th, 2015 9:32 pm
Aug 11th, 2015 11:11 am
Aug 11th, 2015 12:19 pm
Aug 11th, 2015 12:29 pm
Aug 12th, 2015 11:25 pm
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.
Aug 13th, 2015 9:33 am
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.
Aug 13th, 2015 12:11 pm
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.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.
Aug 13th, 2015 1:10 pm
the plc doesn't have a fee.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!
Jul 19th, 2017 2:56 pm
Jul 19th, 2017 11:00 pm
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.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?
Jul 26th, 2017 10:08 pm