Scotiabank and RBC are two of the largest and most well-established banks in Canada.
When it comes to choosing a bank, it is essential to consider various factors such as services offered, fees and charges, online and mobile banking experience, customer service and support, interest rates, rewards programs, and overall reputation and market presence.
Differences in Services Offered
From banking products and services to credit cards and direct investing, each bank has its own unique offerings and perks.
Chequing and Savings Accounts
When comparing Scotiabank and RBC, consider their basic day-to-day banking offerings.
Both banks offer an array of different chequing and savings accounts for your unique needs—whether you’re a student, newcomer to Canada, or just in need of somewhere to store your money.
RBC offers 4 different chequing accounts ranging from $4 a month to $30 a month based on your banking needs.
Each account comes with free Interac e-Transfers, the ability to earn Avion points when you spend money using your debit card, and personalized insights on where you spend your money to help with budgeting.
You can have the monthly fee waived by linking an account through direct deposit.
For example, setting up your work pay to go into your chequing account would be considered a direct deposit.
RBC and Scotiabank both also offer attractive accounts for full-time students, youth under 18 years old, and newcomers to Canada.
Scotiabank also offers 4 different chequing accounts ranging from $3.95 to $30.95 a month, which all include unlimited free Interac e-Transfers.
However, in order to collect Scene+ points, you need to have at least the Preferred Package, which is priced at $16.95/month.
The minimum balance required to waive monthly fees is also higher with Scotiabank’s accounts.
When it comes to savings accounts, both banks offer competitive interest rates.
However, Scotiabank offers an incentive with its Momentum Plus Savings account, with higher interest rates the longer you keep your money in the account.
Credit Cards
Both Scotiabank and RBC offer various credit cards.
As of September 2023, RBC offers 21 different credit cards, catering mainly to frequent flyers and business owners and highlighting its own Avion rewards program.
Scotiabank offers slightly less options, mainly featuring its Scene+ rewards program.
Both offer great incentives, so the better choice depends entirely on your needs.
For example, if you’re a frequent traveler and your goal is to collect points, RBC’s travel focused Avion program may suit you better.
Fact
Credit cards can improve your credit score when used responsibly.
Making timely payments and keeping credit utilization low positively impacts your creditworthiness.
Direct Investing
With RBC Direct Investing, you can invest in stocks, mutual funds, ETFs, bonds, GICs, and options in both registered and non-registered accounts.
They also offer plenty of investment analysis tools to help you stay knowledgeable on the markets.
In terms of pricing, each trade will cost you $9.95 for stocks, mutual funds and ETFs.
For options trading, it’s $1.25 per contract in addition to commission fees.
Scotiabank’s iTrade offers some of the cheapest commission fees for active traders out there, at just $4.99 if you do over 150 trades in the quarter.
Otherwise, it’s $9.99 per trade—similar to RBC.
Overall Reputation and Market Presence
Scotiabank stands out with its strong reputation and notable market presence, both domestically and internationally.
On the other hand, RBC is also highly regarded as one of the leading banks in Canada and globally, contributing to its solid reputation.
Both banks boast a wide network of branches and ATMs, ensuring convenient access for customers.
They possess a strong customer base and maintain a favorable financial standing, consistently ranking among the top institutions in terms of assets, profitability, and market capitalization.
Both banks offer a diverse range of products and services to cater to the unique needs of their clientele.
Both institutions have a robust online and digital presence, providing customers with convenient banking solutions that further enhance their overall banking experience.
Regardless of which you choose, you’re in good hands!
