TD vs RBC: Which Canadian Bank is Better?

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When it comes to choosing a bank, it’s essential to consider factors such as services offered, accessibility, fees, customer service, and more.

In Canada, two prominent banks that often come up in discussion are TD and RBC.

Both banks have a significant presence in the country and provide a range of financial products and services to their customers.

Understanding the key features and differences between these two institutions can help you make an informed decision on which is the better choice for you.

In this article, we will compare TD and RBC across various aspects, including accessibility and branch network, online and mobile banking experience, account types and fees, customer service and support, and credit card options.

By examining these factors, we aim to help you determine which bank is the right fit for your financial needs.

Overview of TD

TD is a large Canadian bank which offers a wide range of banking and financial services to its 27+ million customers.

TD operates branches and ATMs throughout Canada and has a presence in the United States.

It provides various banking products and services, including personal and business banking, wealth management, and commercial banking.

What Services Does TD Offer?

Whether you are looking for banking solutions for personal or business purposes, TD has you covered.

For personal banking, TD provides chequing accounts such as the TD Minimum Chequing Account, which comes at a low cost for those who need a basic account.

They also offer a free account for students; a couple of different options for U.S. accounts, an all-inclusive account for those who want unlimited free cheques and other perks; and more.

These accounts come with attractive benefits including the waiving of monthly fees when you keep a minimum balance, online banking and mobile deposits, and access to a large network of ATMs.

TD offers savings accounts with no monthly fees and varying interest rates. The highest interest you’ll get is currently 1.85% with an ePremium Savings account when you keep a minimum balance of $10,000 in the account.

You can also earn interest using registered accounts with TD such as TFSAs, RRSPs, RESPs, RIFs, and more.

TD offers various credit card options including cash back cards, rewards cards, and low APR cards.

Customers can enjoy special introductory offers and can earn rewards on everyday purchases.

For those looking to finance a home, TD offers a variety of mortgage options including fixed-rate mortgages and variable-rate mortgages.

They also provide home equity loans and lines of credit to help homeowners tap into the equity in their property.

If you are in need of auto loans or personal loans, TD has you covered.

They offer loans for purchasing a new or used car, as well as personal loans for various purposes.

Customers can benefit from competitive rates, flexible terms, and an easy online application process.

TD also offers investment services through TD Direct Investing.

Customers can access stocks, bonds, mutual funds, and retirement accounts online or through TD Bank’s branches.

For small business owners, TD provides comprehensive banking services including business chequings and savings accounts, merchant services, cash management solutions, and business loans.

TD also provides specialized support for healthcare professionals.

What Makes TD Bank Stand Out?

One of the main differentiators of TD is their extended branch banking hours.

Compared to other banks, TD Bank offers longer banking hours, with branches open on evenings and weekends.

This makes it easier for customers with busy schedules to access banking services.
Another factor that sets TD apart is their wide branch and ATM network.

They have an extensive network of branches and ATMs across both Canada and the United States.

This ensures that customers can easily find a location near them, whether they are at home or traveling.

TD is also known for their focus on customer experience.

They go above and beyond to prioritize having friendly and helpful customer service, emphasizing the building of strong customer relationships and providing personalized assistance to meet individual banking needs.

In addition, TD invests in innovative technology to enhance their online and mobile banking experience.

They offer user-friendly digital platforms with features like mobile cheque deposit and easy money transfers, both locally and globally.

If you are looking for a bank that offers convenient access, excellent customer service, and a commitment to the community, TD may be the right choice for you.

Overview of RBC

RBC is a similarly large financial institution in Canada, serving over 17 million clients worldwide.

RBC offers various financial services, including personal and commercial banking, wealth management, insurance, and investment banking.

With a history of over 150 years, RBC is known for its commitment to customer service, innovation, and community involvement.

What Services Does RBC Offer?

Key offerings include personal banking, business banking, investment services, mortgages, loans, credit cards, and insurance products.

In the realm of personal banking, RBC extends a selection of options such as chequing accounts, savings accounts, retirement accounts, and online and mobile banking services.

Their chequing accounts are similar to TD’s, but a main differentiator is that they have a rewards program when you use your debit card to make certain purchases.

This is a big incentive for many to collect rewards as they spend.

The bank caters to investment needs by offering investment advice, retirement planning, mutual funds, stocks, bonds, and other investment products through in-person, phone or online services.

For businesses, RBC provides various accounts, loan options, cash management services, and merchant services.

When it comes to mortgages and loans, RBC stands out with competitive rates and flexible options.

They sldo offer a comprehensive range of insurance products, including life insurance, home insurance, and car insurance.

What Makes RBC Stand Out?

RBC is distinguished in the banking industry due to its competitive interest rates, cutting-edge technology, strong customer service, community involvement, and award-winning reputation.

It offers a wide range of services, including personal and business banking, wealth management, investment solutions, insurance, and international banking, catering to the diverse needs of individuals, businesses, and investors.

RBC is continuously improving their digital platforms, ensuring user-friendly interfaces and advanced security.

Known for exceptional customer service, RBC builds long-lasting relationships by providing personalized assistance through in-branch, phone, and online support.

They actively support community initiatives and social causes, demonstrating its commitment to corporate social responsibility.

Comparison: TD Bank vs RBC Royal Bank

1. Accessibility and Branch Network

When it comes to accessibility and branch network, these two are pretty equal.

Accessibility and branch network play a crucial role in banking with TD or RBC.

TD Bank, with its extensive branch network, operates more than 1,060 locations across Canada.

On the other hand, RBC boasts over 1,300 locations situated throughout Canada.

Both banks aim to provide convenience to their customers by offering extended banking hours and weekend availability at selected branches, however TD generally has longer hours.

In addition to their physical presence, customers of both banks can take advantage of their online and mobile banking services for seamless transactions and convenient access to their accounts.

2. Online and Mobile Banking Experience

Both TD and RBC offer a user-friendly interface and convenient banking features for an exceptional online and mobile banking experience.

With their mobile apps and robust security measures, both banks take utmost care in safeguarding their customers’ information by utilizing advanced encryption technology.

They go above and beyond by providing personalized financial management tools, budgeting capabilities, and alerts to help customers manage their finances better.

At the end of the day, both have user-friendly apps and digital platforms, so most users should adapt well to either.
Getting into the details of particular online platforms, it’s important to compare each bank’s Direct Investing platform for example to ensure it meets your needs as there are many differences between the two.

3. Account Types and Fees

When comparing TD and RBC, the better option depends on what you’re looking for.
TD has a wider range of service offerings than RBC.

Their plans skew slightly cheaper, too.

However, they don’t offer rewards programs with their chequing accounts like RBC does.

With RBC, when you spend money using your debit card, you can gather points that can be redeemed as cash, similar to a credit card.

Their interest rates on savings accounts are typically higher than TDs, as well.

You can learn more about TD and RBC’s accounts on their respective websites.

Always make sure to carefully review the specific details and terms of each account before making a final decision.

4. Customer Service and Support

When it comes to customer service and support, both banks have great customer service teams that aim to respond promptly to customer queries and issues.

Both banks offer multiple support channels, including phone, email, and live chat.

Both banks have well-trained professionals with extensive knowledge of banking products and services.

They can provide accurate information and guidance, ensuring a smooth banking experience.

However, TD has generally had put a higher weighting on providing outstanding customer service, so you may find them a little better in this category.

5. Credit Card Options

Both TD and RBC offer plenty of different credit card options for Canadians.

TD provides rewards credit cards, such as the TD Cash Back Visa Infinite Card, which offers cash back on eligible purchases, and the TD Aeroplan series of cards, which allow you to earn miles for travel.

TD Bank also offers low-interest rate credit cards, like the TD Emerald Flex Rate Visa Card.

For students, TD Bank has a student credit card option called the TD Cash Back Visa Card for Students, which enables students to earn cash back on their purchases.

RBC also offers many different credit cards with cash incentives for travel, groceries, gas spend, and more, with generous welcome bonuses.

Their travel offering is known as the Avion program which allows you to use points to book any flight or hotel you wish.

Before selecting a credit card option, it is important to consider factors such as interest rates, annual fees, rewards programs, and specific features or benefits that align with your financial goals and spending habits.

Take the time to review and compare the terms and conditions of each credit card option to make an informed decision.

Which Bank is Right for You?

Deciding on the right bank for your financial needs is an important decision.

Overall, the choice between TD and RBC will depend on your banking needs.

They are both great banks with a variety of product offerings, great customer service and a large network of branches and ATMs across the country.

Frequently Asked Questions

  • What are the main differences between TD and RBC?
  • Which bank has a larger market capitalization, TD or RBC?
  • RBC has a larger market capitalization compared to TD. As of the most recent data available, RBC’s market capitalization is around $170 billion, making it the bank with the largest market capitalization in Canada. TD, on the other hand, has a market capitalization of around $150 billion, making it the bank with the second-largest market capitalization among Canadian banks.

  • What types of accounts are offered by TD and RBC?
  • TD offers various chequing and savings accounts, including their top-tier All-Inclusive Banking Plan, which offers unlimited transactions and eTransfers for a monthly fee. RBC also offers multiple chequing and savings accounts, with their VIP Banking account being their premium option.

  • Are there any notable online features available with TD and RBC?
  • Both TD and RBC offer similar online features and mobile apps, making it convenient for customers to manage their finances digitally. TD has a user-friendly website and a Learning section that provides valuable information for customers. RBC, on the other hand, is known for having one of the best online and mobile banking platforms in the industry, offering a comprehensive range of tools and resources to help customers effectively manage their finances.

  • Which bank offers better mortgage rates, TD or RBC?
  • RBC generally offers slightly better mortgage rates compared to TD. While both banks provide competitive mortgage options, it’s essential to compare the rates and terms offered by each to determine which bank can offer the most favorable mortgage rate for your specific situation.

  • What are the main advantages of investing with TD and RBC?
  • Both TD and RBC have tailored investment and wealth management products to meet client needs. TD operates under TD Wealth and offers personalized strategies, providing personalized advice through its financial advisors.

    RBC, on the other hand, offers a wide range of investing and wealth management services. They have a strong presence in the investment industry, providing competitive rates and access to various tradable security types.

Tara Al-Khudairi

Tara Al-Khudairihas worked in the financial services industry since 2017. She graduated from McMaster University with a degree in Finance and is pursuing her CFA.

She has worked at a major Canadian financial institution in various client-facing advisory roles, starting as a bank teller and working up to a Client Services Associate within the Asset Management division. She specializes in simplifying concepts of personal finance for people of various financial backgrounds.

When she’s not examining the markets looking for the next SHOP.TO, she’s either practicing yoga, planning her next vacation, or has her nose buried deep in a book.