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Banking Solutions for Medical Students and Residents

Whether you need funds to help pay for medical school or you’re looking for a credit card that offers great benefits and a competitive rate, we can help you choose the banking solutioni that suits you best. Take advantage of our Medical Student and Resident Line of Crediti, Privilege Package for medical students and residents and the CMA/MD Platinum MasterCardTM, i, all designed specifically for medical students and residents.

Line of Creditv

The Medical Student and Resident Line of Credit, offered through National Bank, is designed specifically to help you manage your finances as you progress through medical school and residency. The overall limit is $275,000, but the funds are available in flexible annual increments. MD helps you set annual financial goals to help minimize debt. That way you meet your needs today without jeopardizing your long-term financial freedom.

We never recommend over-borrowing.

At MD, our experience has shown that some students and residents run out of credit before completing their studies or training because some banks give large credit limits up front without proper financial advice. Other students borrow too much and end up with huge debts that they carry through to practice.

Why the Student and Resident Line of Credit is unique:

  • Your MD Advisor will help you map out a realistic budget for all your expenses, then help you get the funds you need.
  • The funds are available in flexible annual increments to help you effectively manage and consolidate your debt.
  • You also have access to other benefits, including unlimited electronic transactions and interest charged at primevii with no account handling fees.

To learn more or apply, contact an MD Advisor.

Privilege Package

Simple low-cost, everyday banking services. The Privilege Package for Medical Students and Residents has been designed specifically for your needs. Here’s what you get:

  • unlimited electronic transactions, with no payment of monthly service fee on the transactions included in the accountsii—a privilege reserved for medical students and residents only
  • client card purchases in the Interac®1, NYCE®2 and Maestro®3 networks
  • easily transfer funds to accounts at participating Canadian financial institutions using Interac®1 e-Transfer
  • use Mobile Banking Solutions to simplify your banking transactions to manage and keep an eye on your finances directly from your mobile device
  • withdrawals, transfers and bill payment services at National Bank ABMs
  • account access at more than 3,300 ATM machines across Canada via THE EXCHANGE®4 Network. Find an ATM in your area
  • overdraft protectioniii with an easy link to your medical student and resident line of credit. (Any overdraft is automatically taken from your line of credit, so you could avoid high overdraft charges.)
  • four (4) free Interac®1 transactions per month for Ontario, Atlantic and Prairie provinces
  • monthly statements (paper or online)
  • 200 cheques per year

Transactions at the branch are charged at the regular rate. Certain transactions could result in fees. Refer to Your Guide to Personal Banking Solutions for more details. The cost and complexity of everyday banking could be reduced with a service package that’s designed with you in mind. To learn more or to apply, contact an MD Advisor.

CMA/MD Platinum MasterCard™,ii

Enjoy a generous and flexible rewards plan and an extensive travel insurance program you won't find anywhere else with the CMA/MD Platinum MasterCard™.

The annual fee has been waived for medical students and residents for the first two years (the annual fee is $125 and the annual interest rate is 19.99%), giving you one more reason to take advantage of the card’s exclusive benefits. (Two years after the card is issued, the annual fee in effect at that time will be automatically charged and will appear on the account statement.)

Here’s what you get:

  • à la carte Rewards Boutique offering more than 250 rewards
  • 1.5 points for every $1 in card purchases;
  • medical and general assistance; legal assistance
  • travel insurance: out of province medical/hospital insurance; trip cancellation; travel interruption; flight delay; baggage
  • purchase protection: 180 days following date of purchase
  • extended warranty protection
  • vehicle rental insurance


  • Annual fee—primary card: $125
  • Annual fee—secondary card: No charge

Complete the application then mail or fax it to National Bank. The mailing address and fax number are listed on the application (under the signature section).

Talk to an MD Advisor.

Contact your MD Advisor for professional advice and a banking referral, or call the MD Banking Solutions Service Centre at National Bank (1 866 333-2580) for more product information.

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MasterCard™ is a trademark of MasterCard International Inc.

Interac® Registered trademark of Interac Inc.

THE EXCHANGE® Registered trademark of Fiserv Inc.

NYCE® Registered trademark of NYCE Corporation Inc.

Maestro® is a registered trademark of MasterCard International Inc.

i Banking products and services are provided by National Bank of Canada through a relationship with MD Management Limited. Credit and lending products are subject to credit approval by National Bank of Canada.

ii Subject to credit approval by National Bank. Certain conditions apply. The annual fee is waived for the first two years. From the third year, the annual fee will be billed automatically and will appear on the Platinum MasterCard account statement (the annual fee is $125 as of June 1, 2013). The statement of account is issued monthly. The minimum payment required corresponds to 3% of your account balance plus any overdue amount or $10, whichever amount is higher unless your account balance is lower than $10, in which case you must pay the entire balance). If you have exceeded your credit limit, the minimum payment due will then be 3% of the account balance or the amount exceeding the credit limit, whichever is higher. The grace period is 21 days. No grace period applies to cash advances and balance transfers. Examples of credit charges calculated for a 30-day period at the rate in effect as of October 1, 2014 are as follows:

If average balance is:
Annual interest rate $500.00 $3,000.00
19.99% $8.33 $49.98

iii Does not include Interac®1 ($1.50) and Cirrus®5 ($3.00) user fees. Fees are subject to change.

ivSubject to credit approval by National Bank of Canada.

v A statement of account is issued monthly. Account handling charge: $0.00/month. The annual interest rate for a Medical Student and Resident Line of Credit is the prime rate* - 0.25% (representing a rate of 2.950% as at October 01, 2017). The Line of credit bears interest as of the date it is used. The minimum monthly amount is limited to the monthly interest and the life insurance premium (if applicable) as long as limits are respected. Examples of credit charges calculated for a 30-day period at the rate in effect on October 01, 2017:

If average balance is:
Medical Student and Resident Line of Credit $500.00 $3,000.00
Prime rate (2.95%) $1.21 $7.27

vi The following medical students or residents are not eligible for this program: those studying part-time, attending a non-Canadian school, enrolled under the Canadian Defence Medical Officer Training Plan (MOTP), non-Canadian citizens or non-permanent residents. Medical students or residents belonging to one of the foregoing categories may be eligible for standard loans (with a qualified Canadian resident co-applicant). Financing solutions are subject to credit approval by National Bank of Canada.

vii Prime rate means the annual variable interest rate published by National Bank from time to time as the benchmark interest rate for Canadian dollar demand loans granted by National Bank in Canada. This rate is subject to change without notice. To check the prime rate, which is updated regularly, click here.