What is the best bank account for medical residents?
As a medical resident, you may be interested in taking advantage of specific offerings for medical residents. The right choice may provide a larger maximum in your line of credit, may provide you with a better interest rate, and may provide you with better perks.
There are 5 major banks in Canada: BMO, TD, CIBC, Scotiabank, and RBC.
Simply search each bank’s website and look for their special offerings for medical professionals/residents.
When comparing these banks, it’s a good idea to consider the following items:
Maximum Line of Credit
Line of Credit Interest Rate during and after residency
Personal Chequing Account Fees and Perks
Credit Card Fees and/or Benefits
Other benefits
Because each resident has different financial goals and priorities, there won’t be a bank that will be the “best.” The best bank for you will depend on what you are prioritizing.
Insider Tip
You can save yourself some time from researching each individual bank by doing a quick search on YouTube or Reddit. Many residents across Canada have the same question and some will have been keen enough to provide summaries. If you do use someone else’s summaries, make sure you check the date and ensure it is up to date.
Here’s a comparison video found on YouTube published in 2023.
