The National Bank All-In-One Banking: A financing solution that capitalizes on the equity in your home
National Bank today launched an innovative and economical solution for customers to manage their personal finances: the National Bank All-In-One Banking. A cutting-edge financial solution, it enables customers to use the value of their home or investments to consolidate all their financing needs in a single account. The main benefits include substantial savings earned through financing at Prime, flexible and adaptable repayment options, and greater freedom thanks to a superior credit limit.
"While Quebec homeowners still seem disinclined to use the value of their property to finance their projects, it's a common practice among Americans and Australians. We are offering customers a simple, flexible and economical solution that gives them the freedom to carry out their projects, since the credit limit is higher than for a conventional line of credit or personal loan. Moreover, the customer pays no administration fees, and most banking transactions are free," said Jean Blouin, Vice-President – Retail Credit and Investment Solutions at National Bank.
In fact, All-In-One Banking is a financing solution secured by the customer's investments or main property combined with a bank account for carrying out financial transactions. Customers can obtain a credit limit equal to 75% of the value of their home and finance their projects without prior approval from the Bank. With All-In-One Banking, they benefit from one of the best rates on the market, allowing them to finance renovations, mortgage payments, their children's education, a car, a trip or RRSP contributions. For example, on a $100,000 loan, a customer could save up to $14,604 in interest charges over a five-year period. Since All-In-One Banking is a line of credit, customers can repay at their own pace, with no set limit. For example, a customer could borrow $10,000 one day, and pay it all back the next.
Most people use a chequing account for their day-to-day transactions, a savings account to save, a credit card, a line of credit, a personal car loan and a mortgage, which leads to multiple due dates, repayment methods, payment amounts, interest rates and account statements. By combining all of these products with the All-In-One Banking, they can manage all of their financing needs and liquidities through a single account with one monthly statement, while benefiting from preferred conditions. Since All-In-One Banking can also be used for routine bank transactions, it is to their advantage for customers to deposit their salary and any other amounts to the account and, in doing, reduce the principal used and interest payable.
About National Bank
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its customers 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 $81 billion in assets and, together with its subsidiaries, employs nearly 17,000 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 and e-mail address provided below are for the exclusive use of journalists and other media representatives.)
Director – Public Relations
National Bank of Canada
Tel.: (514) 394-8644