National Bank’s All-In-One: the innovative financial management tool that just got better

Montreal, 15 February 2006 - 

National Bank’s All-In-One account is an innovative solution for people seeking flexibility in managing their personal finances. A multi-account concept has just been added, making it even easier to manage multiple projects and an ideal solution for RRSP investing, in particular.

The All-In-One is like a line of credit that can be used to group together bank accounts, short-term savings and loans in a single account. With the new multi-account feature, clients can divide their All-In-One account into as many sub-accounts as they have projects. It’s an effective streamlined solution that helps them keep track of their finances while enjoying optimum freedom in repaying each of their projects. 

“By customizing their account to their needs, clients can group all their projects in a single account. For example, they can have a sub-account for their mortgage, another for RRSP contributions, another for their children’s education savings and another for every day expenses. With these new features, clients can decide how they want to repay the line of credit and even set a fixed limit on specific sub-accounts,” explained Jean Blouin, Vice-President – Retail Credit and Investment Solutions at National Bank.

With National Bank’s All-In-One, clients can use the value of their investment portfolio or their home equity to obtain a credit limit of up to 75% of its net asset value.  It is a management tool that lets them make purchases and carry out projects whenever they want without having to apply for a loan each time. The main benefits include considerable savings on interest since financing is offered at Prime, flexible and adaptable repayment options because only the interest is payable monthly, and convenience as all financing needs are combined in a single account. 

Thanks to the product’s versatility, clients can benefit from lower interest rates on loans and earn 2.40% interest on credit balances over $5,000. They make a single minimum consolidated payment at one interest rate and receive a monthly statement of account that lists all transactions in each sub-account. The All-In-One is essentially a mortgage financing solution, a high-limit line of credit, a transaction account and a source of funding for investment purposes – all rolled into one.

Investors can find out more about the All-In-One through a demo at www.nbc.ca/all-in-one.

About National Bank
National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management, as well as mutual fund and retirement plan management. National Bank has close to $108 billion in assets and, together with its subsidiaries, employs 16,890 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA: TSX). For more information, visit the Bank’s website at www.nbc.ca.

Information (The telephone number provided below is for the exclusive use of journalists and other media representatives):

Denis Dubé
Director – Public Relations Department
National Bank of Canada
Tel.: (514) 394-8644