National Bank Engineering Package - Is it worth it?

Something tells me the "dedicated financial adviser" will be a touch bias toward NB products (including high MER mutual finds)...

PCF/Tangerine for core banking + the self directed brokerage of your choice + whatever CC(s) you think are best for you + ratehub.ca/ratespy.ca + a little negotiation on LOC/HELOC rates = far greater savings than what that package offers. Unless you want to put in little to no effort...

You should still be able to get preferred rates based on your profession at NB (or other FI's) without going for that package. We've had our mortgage with NB for almost 4 years (2.34% fixed and it looks like we'll beat it surely on renewal), and we were offered the "professional" banking packages and rates without actually be employed in any of the listed professions. They do have some flexibility and look at your profession, income, employment history, debt, etc... in offering preferred rates.

So don't do it just for the rates. Use a fee based FA, unless you see significant value in having everything in one place and don't mind paying a premium for it.

spintheblackcircle wrote: ↑Something tells me the "dedicated financial adviser" will be a touch bias toward NB products (including high MER mutual finds)...

PCF/Tangerine for core banking + the self directed brokerage of your choice + whatever CC(s) you think are best for you + ratehub.ca/ratespy.ca + a little negotiation on LOC/HELOC rates = far greater savings than what that package offers. Unless you want to put in little to no effort...

You should still be able to get preferred rates based on your profession at NB (or other FI's) without going for that package. We've had our mortgage with NB for almost 4 years (2.34% fixed and it looks like we'll beat it surely on renewal), and we were offered the "professional" banking packages and rates without actually be employed in any of the listed professions. They do have some flexibility and look at your profession, income, employment history, debt, etc... in offering preferred rates.

So don't do it just for the rates. Use a fee based FA, unless you see significant value in having everything in one place and don't mind paying a premium for it.

It would pretty much be all about the rates for me. I suppose that I envision the FA as more of a planner than an adviser as I already manage all of my own investments through Questrade.

DanTh3Man wrote: ↑I currently do most all of my banking (save my Scotiabank credit card) with RBC. Recently I have been considering switching to National Bank to take advantage of their banking package for engineers - https://www.nbc.ca/en/personal/programs ... neers.html

I do not have a mortgage (yet) and would be looking to get a few savings accounts, the LOC and the credit card (since I don't have choice on this).

One of the other features of the plan that could be useful is the services of a dedicated financial adviser.

The NB site doesn't seem to list the interest rates for the savings account or the LOC, I will give them a call sometime today to find out what they are.

Are any of you taking advantage of this offer? If so how has your experience with it been so far?

I am. "taking advantage of this offer" that is. I got it last year in august to take advantage of the low interest rate (4%) for their unsecured LOC. Im glad i did i have never gotten such a low rate for an unsecured LOC my next best is my CIBC which is at 9.6%.

DanTh3Man wrote: ↑I currently do most all of my banking (save my Scotiabank credit card) with RBC. Recently I have been considering switching to National Bank to take advantage of their banking package for engineers - https://www.nbc.ca/en/personal/programs ... neers.html

I do not have a mortgage (yet) and would be looking to get a few savings accounts, the LOC and the credit card (since I don't have choice on this).

One of the other features of the plan that could be useful is the services of a dedicated financial adviser.

The NB site doesn't seem to list the interest rates for the savings account or the LOC, I will give them a call sometime today to find out what they are.

Are any of you taking advantage of this offer? If so how has your experience with it been so far?

lol

I have a similar package with NBC, however, I don't like their oneline banking, so I am switching to Desjardins. Personnally, I like online banking very much, so Tangerine is my core, and I find that Desjardins is much better than NBC in terms of online banking.

For LOC, I think engineers can get rate at prime.

MrAmex wrote: ↑I have a similar package with NBC, however, I don't like their oneline banking, so I am switching to Desjardins. Personnally, I like online banking very much, so Tangerine is my core, and I find that Desjardins is much better than NBC in terms of online banking.

For LOC, I think engineers can get rate at prime.

I too bank with NBC and a few other banks.
I think the NBC online banking is the worst of all.
I like the CIBC the best, but TD and Scotia online banking interfaces aren't bad either.

For Engineering Package, the most advantage from NBC is interest rate(including LOC and Mortgage), if you don't need credit from them, go with the other bank.

NBC is not as good as the big five for daily banking as well as online banking.

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.

NBC gives prime + 0 for CMA members.

The package is ok unless you can get better. Worth asking for rates.

What kind of mortgage rates do you get with them (engineer)?

MrAmex wrote: ↑I have a similar package with NBC, however, I don't like their oneline banking, so I am switching to Desjardins. Personnally, I like online banking very much, so Tangerine is my core, and I find that Desjardins is much better than NBC in terms of online banking.

For LOC, I think engineers can get rate at prime.

I agree that their website isn't the greatest, but i like the face you can do 5 bill payments at a time and it is only considered 1 transaction.

spintheblackcircle wrote: ↑Something tells me the "dedicated financial adviser" will be a touch bias toward NB products (including high MER mutual finds)...

PCF/Tangerine for core banking + the self directed brokerage of your choice + whatever CC(s) you think are best for you + ratehub.ca/ratespy.ca + a little negotiation on LOC/HELOC rates = far greater savings than what that package offers. Unless you want to put in little to no effort...

You should still be able to get preferred rates based on your profession at NB (or other FI's) without going for that package. We've had our mortgage with NB for almost 4 years (2.34% fixed and it looks like we'll beat it surely on renewal), and we were offered the "professional" banking packages and rates without actually be employed in any of the listed professions. They do have some flexibility and look at your profession, income, employment history, debt, etc... in offering preferred rates.

So don't do it just for the rates. Use a fee based FA, unless you see significant value in having everything in one place and don't mind paying a premium for it.

NBC has some decent low cost index funds. Of course they are available to all discount brokerages.

Chingyul wrote: ↑What kind of mortgage rates do you get with them (engineer)?

I have had this Engineering Package with National Bank for about 7 years now and it has been great so far. I have enjoyed my HELOC at prime, from the get-go.

Like a previous poster said, the amount of savings in interest has far out-weighted the $125 annual fee for the Platinum Master Card, which has excellent travel insurance benefits, among other things I might add.

I renewed my mortgage with National Bank this past spring (April) and went with variable at 2.25%. Obviously, rates have gone down since but I am not in the business of timing the market.

There is now a $6 fixed monthly fee for the HELOC so I am evaluating my options and will see if there is anything else better out there...

So what are the monthly fees? Is it free?

All you need is either the graduation certificate from an engineering program, or if eligible, the P.Eng. cert?

Is there banking package for Gamblers?

pandabear86 wrote: ↑So what are the monthly fees? Is it free?

All you need is either the graduation certificate from an engineering program, or if eligible, the P.Eng. cert?

You should touch base with your local National Bank branch for the latest update but as far as I am concerned this is not free.

At the very least, you need to have a National Bank Platinum MasterCard to be eligible for this package. The annual fee for said Credit Card is $125, you will have to evaluate your own personal financial situation and decide if it is worth it to proceed.

If you decide to have a Home Equity Line of Credit (HELoC) in this package, there is a fixed, non-negotiable monthly fee of $6.00 that was introduced in May. Prior to that, there was no fee for the HELoC

https://www.nbc.ca/en/personal/programs ... neers.html

and yes you will either need to have a proof of education or P.Eng certificate

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.