The two firms have launched a variety of products and services tailored to healthcare professionals
Two of Canada’s Big Six banks have just unveiled specialized financial products and services that are geared specifically toward Canadian physicians at different stages of their careers.
The Scotiabank Healthcare+ Physician Banking Program offers a suite of tailored banking services developed in partnership with MD Financial Management, Canada’s only national financial-services firm focused on physicians, which Scotiabank acquired last year.
Made to complement the services at MD, the program consists of:
The Scotia Professional Student Plan, which is geared toward medical students and residents. It includes education financing with flexible, competitive repayment terms; comprehensive personal banking with fee savings and rewards; access to preferred banking solutions with industry-leading pricing, and no annual reviews or re-applications
A targeted plan that helps practicing physicians grow and manage their practice while taking care of themselves and their loved ones. It includes access to advisors who understand the needs of medical professionals throughout their career cycle; competitive rates on lending products, with bonus rates on savings and term deposit products; and premium credit cards for personal and business needs
The Healthcare+ Physician Banking Program, which focuses more on private banking and investment opportunities for retired physicians. Aside from a comprehensive personal banking package, members of the program have access to a Total Wealth Credit Solution, transactional banking support, a leading-edge concierge and travel management service, and a customized line of credit that can be used in case investment opportunities arise
CIBC has also announced its own customized products and services for its healthcare professional customers across Canada, as well as physicians who plan to join.
The Full Service Physician Package offers access to tailored advice from business, personal banking, and investment experts; “market-leading” rates on business and personal lending; funding for up to 100% of practice start-up and expansion costs; and preferred pricing on personal investments for physicians and spouses.
Full-service physicians in the program may also sign up for a Specialized Business Operating Account, which has no monthly fees or minimum balance requirements, as well as premium personal chequing accounts and credit cards with fee waiver options.
Another program, the CIBC Medical and Dental Student Banking Bundle, includes enrolment in CIBC Imperial Service for access to specialized one-on-one financial planning and advice. Members can also avail of CIBC Prime -0.25% rates on market-leading borrowing up to $350,000, waived fees on premium chequing accounts with unlimited transactions during school, and zero-annual fee access to the CIBC Aventura Gold Visa Card.
The programs from Scotiabank and CIBC follow a similar one from TD Bank, announced in December, which promises “an array of wealth advisory services to build personalized goals-based plans for health care practitioners and their families.