Scotiabank and RBC are two of Canada’s leading choices for banking. But which bank should you choose? Let’s take a look in this comparison of Scotiabank vs. RBC.
Frequently asked questions
Scotiabank and RBC offer all the same products but differ greatly in the way they deliver them. If you value in-person service, RBC has 1,200 branch locations across Canada, compared with Scotiabank’s 900.
For chequing accounts, RBC offers an unlimited plan at a lower price than Scotiabank. For credit cards, only Scotiabank has the juggernaut Scotia Gold American Express Card. And when it comes to investing, Scotiabank’s iTrade platform is a favorite for direct investors.
Scotiabank and RBC are equally safe to bank with. They are both among Canada’s Big Five Banks. They both have billions of dollars under management and they’re both members of the Canadian Deposit Insurance Corporation, which protects your bank deposits in case the financial institution becomes insolvent.
For chequing, both Scotiabank and RBC offer free access to ABMs worldwide as part of their top-tier package, but RBC tips the scales by also including unlimited cross-border debit transactions. If you like to use your credit card to travel, you’ll want to choose Scotiabank. The Scotiabank Gold American Express Card and Scotiabank Passport Visa Infinite Card both offer great travel rewards and no foreign exchange fee.