{"id":45219,"date":"2023-07-10T16:13:21","date_gmt":"2023-07-10T16:13:21","guid":{"rendered":"https:\/\/hardbacon.ca\/non-classifiee\/rbc-vs-scotiabank\/"},"modified":"2023-11-24T07:29:09","modified_gmt":"2023-11-24T12:29:09","slug":"rbc-vs-scotiabank","status":"publish","type":"post","link":"https:\/\/hardbacon.ca\/en\/banking\/rbc-vs-scotiabank\/","title":{"rendered":"RBC vs Scotiabank: The Ultimate Showdown"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Compared to other countries, Canadians have the luxury of choosing between some of the best banks in the world. The financial sector in Canada is dominated by the big five banks which all offer a full range of products and services. This ultimate showdown article compare RBC vs Scotiabank and determine which is the better choice for banking.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\">RBC Overview<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">RBC or the Royal Bank of Canada is the country\u2019s largest financial institution by market capitalization. It was established in 1864 and is headquartered in Toronto, Ontario. As of 2023, Canada has <a href=\"https:\/\/www.rbcroyalbank.com\/ways-to-bank\/atm-branch-phone\/index.html#:~:text=Branches%20in%20Your%20Neighbourhood,that%20works%20best%20for%20you.\" data-lasso-id=\"243089\" rel=\"nofollow noopener\" target=\"_blank\">over 1,200 RBC branches<\/a> where customers can deal with personal banking, wealth management, and mortgages. Although RBC has operations in many countries around the world, Canada is the only market in which it provides retail banking services.\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\">Scotiabank Overview<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The Bank of Nova Scotia was founded in 1832 in Halifax but is now headquartered in Toronto. It is the fourth-largest bank in Canada by market capitalization and has over 20 million customers around the world. In Canada, Scotiabank has over 900 branches as well as its online subsidiary Tangerine which has 2 million clients of its own. In addition to Canada, Scotiabank also has a strong <a href=\"https:\/\/www.gbm.scotiabank.com\/en\/about-overview\/our-global-presence.html\" data-lasso-id=\"243090\" rel=\"nofollow noopener\" target=\"_blank\">retail banking presence in Latin America<\/a> including branches in Brazil, Chile, Peru, and Mexico. Scotiabank users can also use Bank of America ATMs in the United States at no charge thanks to the bank\u2019s <a href=\"https:\/\/www.scotiabank.com\/ca\/en\/personal\/ways-to-bank\/manage-accounts\/global-atm-alliance.html\" data-lasso-id=\"243091\" rel=\"nofollow noopener\" target=\"_blank\">Global ATM Alliance program<\/a>.\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rbc-vs-scotiabank-chequing-accounts\">RBC vs Scotiabank: Chequing Accounts<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rbc-chequing-accounts\">RBC Chequing Accounts<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Personal and commercial banking is the largest revenue source for RBC accounting for more than <a href=\"https:\/\/www.statista.com\/statistics\/1096964\/royal-bank-of-canada-revenue-by-segment\/#:~:text=The%20largest%20revenue%20segment%20of,of%2014.8%20billion%20Canadian%20dollars.\" rel=\"nofollow noopener\" data-lasso-id=\"242482\" target=\"_blank\">20% of total revenues in 2022<\/a>. RBC offers four different types of chequing accounts to Canadians with monthly fees that range from $4.00 per month for the RBC Day to Day Banking Account to $30.00 per month for the RBC VIP Banking chequing account.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Each account offers free <a href=\"https:\/\/hardbacon.ca\/en\/banking\/interac-e-transfers\" data-lasso-id=\"243092\">Interac eTransfers<\/a>, no minimum balance requirements, and the ability to earn Avion Rewards from purchases with an RBC debit card. Here is a breakdown of the four different RBC chequing accounts:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td><strong>RBC Day to Day Banking<\/strong><\/td><td><strong>RBC Advantage Banking<\/strong><\/td><td><strong>RBC Signature No Limit Banking<\/strong><\/td><td><strong>RBC VIP Banking<\/strong><\/td><\/tr><tr><td><strong>Monthly Fee<\/strong><\/td><td>$4.00<\/td><td>$11.95<\/td><td>$16.95<\/td><td>$30.00<\/td><\/tr><tr><td><strong>Monthly Fee After Senior Rebate<\/strong><\/td><td>FREE<\/td><td>$7.95<\/td><td>$12.95<\/td><td>$22.50<\/td><\/tr><tr><td><strong>Debit Transactions<\/strong><\/td><td>12 per month + free debits for eligible public transit purchases<\/td><td>Unlimited in Canada<\/td><td>Unlimited in Canada&nbsp;<\/td><td>Unlimited Worldwide<\/td><\/tr><tr><td><strong>Fee to Use Non-RBC Interac ATM in Canada<\/strong><\/td><td>$2.00 for each transaction<\/td><td>No Fee<\/td><td>3 Free per Month and $2.00 each thereafter<\/td><td>No Fee<\/td><\/tr><tr><td><strong>Cross-Border Debits<\/strong><\/td><td>$1.00 each<\/td><td>$1.00 each<\/td><td>5 Free per Month and $1.00 each thereafter<\/td><td>FREE<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scotiabank-chequing-accounts\">Scotiabank Chequing Accounts<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Scotiabank offers a total of six different <a data-lasso-id=\"238886\" href=\"https:\/\/hardbacon.ca\/en\/compare\/chequing-accounts\/\" target=\"_blank\" rel=\"noopener\">chequing accounts for Canadians<\/a>, although two of them are designated for students and youths. Fees for Scotiabank chequing accounts range from $3.95 per month to $30.95 per month, although any chequing account fees at Scotiabank can be waived if the balance is over the minimum specified amount.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The Basic and Basic Plus chequing accounts offer free Interac eTransfers and 12 and 25 debit transactions per month respectively. The Scotiabank Student Banking Advantage Plan offers unlimited debit and Interac eTransfers as well as low-cost trading on the Scotia iTrade brokerage. Most Canadians will be choosing between either <a href=\"https:\/\/click.linksynergy.com\/fs-bin\/click?id=rrfvo1Wz0rU&amp;offerid=1090533.9&amp;type=3&amp;subid=0\" rel=\"sponsored nofollow noopener\" data-lasso-id=\"242483\" target=\"_blank\">the Preferred Package<\/a> or <a href=\"https:\/\/click.linksynergy.com\/fs-bin\/click?id=rrfvo1Wz0rU&amp;offerid=1090533.7&amp;type=3&amp;subid=0\" rel=\"sponsored nofollow noopener\" data-lasso-id=\"242484\" target=\"_blank\">the Ultimate Package<\/a>. Here is a breakdown of Scotiabank\u2019s chequing accounts:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Scotiabank Ultimate Package<\/strong><\/td><td><strong>Scotiabank Preferred Package<\/strong><\/td><\/tr><tr><td>$30.95 per month<\/td><td>$16.95 per month<\/td><\/tr><tr><td>Maintain a minimum account balance of $5,000 to avoid incurring any monthly fees.<\/td><td>Maintain a minimum account balance of $4,000 to avoid incurring any monthly fees.<\/td><\/tr><tr><td>Unlimited debit transactions, Interac eTransfers, and Scotiabank international money transfers<\/td><td>Unlimited debit transactions and Interac eTransfers<\/td><\/tr><tr><td>Earn Scene+ Rewards<\/td><td>Earn Scene+ Rewards<\/td><\/tr><tr><td>Up to $150 annual fee waiver on select credit cards<\/td><td>First-year up to $150 annual fee waiver on select credit cards<\/td><\/tr><tr><td>Ultimate Rates on select GICs<\/td><td>Preferred Rates on select GICs<\/td><\/tr><tr><td>No Overdraft Protection fees<\/td><td>Eligible for Overdraft Protection<\/td><\/tr><tr><td>Unlimited free Global non-Scotiabank ABM withdrawals<\/td><td>Fee waived on one non-Scotiabank ABM withdrawal per month in Canada<\/td><\/tr><tr><td>10 free trades at Scotia iTrade in your first year and 5 free trades each year after<\/td><td>20 free trades on the mobile app in your first year and 10 free trades each year after<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-winner-rbc\">The Winner: RBC<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">It looks like Scotiabank has more chequing account options than RBC but a closer look shows that it really only has two options. RBC has four different chequing accounts at different price points. To waive your fees on Scotiabank you need to hold a fairly significant minimum balance in your account. But on RBC, you can save up to $11.95 per month if you have 3 other RBC products. Overall, simplicity and convenience make RBC chequing accounts a better choice.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rbc-vs-scotiabank-savings-accounts\">RBC vs Scotiabank: Savings Accounts<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rbc-savings-accounts\">RBC Savings Accounts<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">RBC offers four types of savings accounts all of which have no monthly fees and varying rates of interest. For most Canadians, the RBC Day to Day Savings Account is standard with 1 free monthly debit and a tiered interest rate structure. RBC also offers its High-Interest eSavings Account which pays a 1.6% interest rate on your balance.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The NOMI Find &amp; Save Savings Account uses predictive technology to learn your transaction patterns. It finds ways to save money and offers automatic payment protection by transferring money to your chequing account when bills are due. Finally, the RBC US High-Interest eSavings allows you to earn 0.50% interest on any US dollars you hold. At this point, we will mention that both RBC and Scotiabank abide by the <a href=\"https:\/\/hardbacon.ca\/en\/banking\/cdic-coverage\" data-lasso-id=\"238887\">CDIC coverage regulations<\/a> that protect eligible deposits of up to $100,000. It is nice to know that your money is safe at either of these Canadian banks.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scotiabank-savings-accounts\">Scotiabank Savings Accounts<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Scotiabank offers five different savings accounts to Canadians although two are strictly for foreign currencies. The <a href=\"https:\/\/click.linksynergy.com\/fs-bin\/click?id=rrfvo1Wz0rU&amp;offerid=1259218.21&amp;type=3&amp;subid=0\" rel=\"sponsored nofollow noopener\" data-lasso-id=\"242485\" target=\"_blank\">MomentumPlus account<\/a> has no minimum balance or account fee and will earn a higher interest rate the longer you save your money. The Savings Accelerator account is Scotiabank\u2019s High-Interest Savings Account which offers a higher interest rate the higher your balance is.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">If you are a big traveller you might want to look into Scotiabank\u2019s US Dollar or Euro Daily Interest Savings Accounts. There are no monthly fees if you have a minimum balance of 200 USD or 200 Euros in your account.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-winner-scotiabank\">The Winner: Scotiabank<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/hardbacon.ca\/en\/compare\/savings-account\/\" data-lasso-id=\"238888\">When comparing savings accounts<\/a>, it is important to know their limitations compared to chequing accounts in Canada. Chequing accounts are used for making transactions and payments, while savings accounts are used to store funds. Scotiabank provides an incentive to save with higher interest rates and the foreign currency offerings top the US dollar savings account from RBC.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rbc-vs-scotiabank-credit-cards\">RBC vs Scotiabank: Credit Cards<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rbc-credit-cards\">RBC Credit Cards<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">As of 2023, RBC offers 21 different credit cards to Canadians from both Mastercard and Visa. RBC\u2019s Avion Rewards program is the focus of many of its credit cards. RBC also offers several different travel credit cards with partnerships with Westjet, British Airways, and Cathay Pacific. Finally, for business owners, RBC offers five different business credit cards with varying interest rates and annual fees.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Overall, the best RBC credit card is the <a href=\"https:\/\/api.fintelconnect.com\/t\/l\/63c713b1aae099001baec0b1\" rel=\"nofollow sponsored noopener\" target=\"_blank\" data-lasso-id=\"242486\">Visa Avion Visa Infinite card<\/a> which offers plenty of travel benefits, one Avion reward point for every dollar spent, and no blackout periods when booking flights.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<div class=\"wp-block-affiliate-plugin-lasso\">\t\t<div class=\"relative p-10 rounded-sm shadow-(--shadow) !my-20 sm:w-[calc(100%-60px)] md:max-w-[900px] md:mx-auto\">\n\t\t\t\t\t\t\t<span class=\"absolute left-3 right-3 sm:right-auto bottom-full bg-primary-dark text-white text-center text-sm md:text-base font-medium py-2 px-8 rounded-t-lg w-content mx-auto\">\n\t\t\t\t\tGet up to 70,000 Avion points\u00b9 (travel value of up to $1,500\u00b2)\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/best-credit-cards-canada\/#h-18-rbc-avion-visa-infinite-best-visa-credit-card-canada\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"absolute top-full left-1\/2 transform -translate-y-2\/5 -translate-x-1\/2 sm:-top-22 sm:-right-10 sm:-right-15 sm:left-auto sm:translate-x-0 sm:translate-y-0\">\n\t\t\t\t\t<img decoding=\"async\" class=\"max-w-30 max-h-30 w-auto h-auto\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/5f354f1692ec22115033b30a_offer_cc_badge\" alt=\"Offer Badge\">\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<div class=\"md:flex gap-20 items-center\">\n\t\t\t\t<div class=\"shrink-0 md:w-1\/3 flex flex-col items-center justify-center\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/5f354f1692ec22115033b30a_offer_credit_card\" alt=\"Offer Image\" class=\"!my-0 mx-auto\">\n\t\t\t\t\t<a href=\"https:\/\/api.fintelconnect.com\/t\/l\/63c713b1aae099001baec0b1\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline hidden md:block mt-5\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"text-center md:text-left\">\n\t\t\t\t\t<span class=\"font-medium text-xl md:text-2xl block mb-10\">RBC Avion Visa Infinite<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"font-regular divide-y divide-primary-dark\/10\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Annual Fee:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">$120<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Purchase Interest Rate:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">20.99%<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Cash Advance:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">22.99%<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Banner:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Get up to 70,000 Avion points\u00b9 - a travel value of up to $1,500!\u2020 Apply by November 25, 2026.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Legal note:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">*Conditions apply. Refer to RBC page for up to date offer terms and conditions.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"text-center md:hidden mt-8\">\n\t\t\t\t<a href=\"https:\/\/api.fintelconnect.com\/t\/l\/63c713b1aae099001baec0b1\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scotiabank-credit-cards\">Scotiabank Credit Cards<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Scotiabank offers 17 different credit cards to Canadians from Visa, Mastercard, and American Express. <a href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/the-10-best-scotiabank-credit-cards-in-canada\/\" data-lasso-id=\"242487\">The Scotiabank cards<\/a> focus on the Scene+ reward program which can be redeemed for travel rewards, movies, and other popular products. Scotiabank offers six different credit cards for students which have minimal annual fees and lower interest rates.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The best Scotiabank credit card is probably the <a href=\"https:\/\/www.scotiabank.com\/ca\/fr\/particuliers\/cartes-de-credit\/visa\/carte-infinite-momentum.html?cid=a-48040_rrfvo1Wz0rU_rrfvo1Wz0rU-fdbkA68cDkEd8zpdYvW3nQ&amp;siteID=rrfvo1Wz0rU-fdbkA68cDkEd8zpdYvW3nQ&amp;ranMID=48040&amp;ranEAID=rrfvo1Wz0rU&amp;ranSiteID=rrfvo1Wz0rU-fdbkA68cDkEd8zpdYvW3nQ\" rel=\"sponsored nofollow noopener\" data-lasso-id=\"242488\" target=\"_blank\">Scotiabank Momentum Visa Infinite Card<\/a>. This card offers 4% cash back on groceries and recurring payments, 2% on gas and daily transit, and 1% on anything other purchases.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<div class=\"wp-block-affiliate-plugin-lasso\">\t\t<div class=\"relative p-10 rounded-sm shadow-(--shadow) !my-20  md:max-w-[900px] md:mx-auto\">\n\t\t\t\t\t\t\t<span class=\"absolute left-3 right-3 sm:right-auto bottom-full bg-primary-dark text-white text-center text-sm md:text-base font-medium py-2 px-8 rounded-t-lg w-content mx-auto\">\n\t\t\t\t\tEarn 15% cash back for the first 3 months\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<div class=\"md:flex gap-20 items-center\">\n\t\t\t\t<div class=\"shrink-0 md:w-1\/3 flex flex-col items-center justify-center\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/5f32a25c92ec22115033b2cf_offer_credit_card\" alt=\"Offer Image\" class=\"!my-0 mx-auto\">\n\t\t\t\t\t<a href=\"https:\/\/api.fintelconnect.com\/t\/l\/6541a6003c94e3001b69b222\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline hidden md:block mt-5\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"text-center md:text-left\">\n\t\t\t\t\t<span class=\"font-medium text-xl md:text-2xl block mb-10\">Scotia Momentum\u00ae\u202fVisa Infinite +*\u202fCard<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"font-regular divide-y divide-primary-dark\/10\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Annual Fee:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">$120<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Offer:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Get 15% cash back on up to $2,000 in purchases in the first three months. Plus, pay no annual fees in your first year.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Reward Rate:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\"> 4% : Groceries and Recurring bill payments; <br \/> 2% : Gas, Daily transit and Food delivery; <br \/> 1% : Other purchases<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Balance Transfer:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">22.99%<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"text-center md:hidden mt-8\">\n\t\t\t\t<a href=\"https:\/\/api.fintelconnect.com\/t\/l\/6541a6003c94e3001b69b222\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-winner-rbc-1\">The Winner: RBC<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">It isn\u2019t just the fact that RBC offers more credit cards. More than a third of Scotiabank\u2019s cards are geared toward students, while RBC focuses on business owners and travel rewards. Overall, the Avion Rewards program has a better point per dollar value than Scene+ and offers more reward options as well. While the <a href=\"https:\/\/hardbacon.ca\/en\/compare\/credit-cards\/\" target=\"_self\" data-lasso-id=\"238889\" data-lasso-name=\"Compare Canadian Credit Cards\" rel=\"noopener\">best credit card for you<\/a> may depend on your spending habits and lifestyle, RBC offers many well rounded options that suit a variety of needs.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rbc-vs-scotiabank-online-brokerages\">RBC vs Scotiabank: Online Brokerages<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rbc-direct-investing\">RBC Direct Investing<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Canadian investors have long complained about high commission fees at big bank brokerages. RBC Direct Investing is certainly one of those brokerages with standard trading fees of $9.95 per trade for stocks, ETFs, and mutual funds. Options trading is an additional $1.25 per contract on top of the commission fees.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The great thing about RBC Direct Investing is that it offers a wide range of investment assets on both desktop and mobile apps. You can invest in stocks, mutual funds, ETFs, bonds, GICs, and options in all registered or non-registered accounts. RBC Direct Investing even offers a wide range of investing tools like option chains, real-time charts, technical analysis, and live market news and updates.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scotiabank-itrade\">Scotiabank iTrade&nbsp;<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Scotiabank iTrade has bucked the trend for big bank <a href=\"https:\/\/hardbacon.ca\/en\/investing\/best-online-brokers-canada\" data-lasso-id=\"238890\">brokerage platforms in Canada<\/a>. It offers some of the lowest commission fees in Canada for active traders at just $4.99 with 150 or more trades per quarter. Otherwise, transactions are $9.99 per trade on Scotiabank iTrade. Where this platform really stands out is that it is the first big bank brokerage to offer zero-commission trades for over 100 different Canadian Exchange-Traded Funds or ETFs.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">This platform offers all of the same registered and non-registered accounts as RBC Direct Investing except for the First Home Savings Account or FHSA. As of June 2023, Scotiabank does not yet offer the FHSA while RBC does.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-winner-rbc-2\">The Winner: RBC<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The zero-commission ETFs from Scotiabank iTrade are nice but overall RBC Direct Investing offers more to Canadian investors. Commission fees are ever-so-slightly cheaper at RBC unless you make over 150 trades per quarter which most Canadians will not. The addition of the FHSA at RBC and the large suite of investing tools available puts RBC Direct Investing as a slight winner over Scotiabank iTrade.&nbsp;<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Criteria<\/strong><\/td><td><strong>Winner<\/strong><\/td><\/tr><tr><td>Chequing Accounts<\/td><td>RBC<\/td><\/tr><tr><td>Savings Accounts<\/td><td>Scotiabank<\/td><\/tr><tr><td>Credit Cards<\/td><td>RBC<\/td><\/tr><tr><td>Online Brokerages<\/td><td>RBC<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n<\/div>\n\n\n\n\n\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rbc-vs-scotiabank-the-verdict\">RBC vs Scotiabank: The Verdict<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">As you can see, RBC took three of the four categories in our RBC vs Scotiabank comparison review. This is not to say that RBC is the better bank option for every Canadian. Ultimately, this will come down to what product and services you are looking for. For now, we believe that RBC has a slight edge in chequing accounts, credit cards, and online brokerage. This makes RBC our choice when comparing it to Scotiabank in 2023.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Compared to other countries, Canadians have the luxury of choosing between some of the best banks in the world. The financial sector in Canada is dominated by the big five banks which all offer a full range of products and services. This ultimate showdown article compare RBC vs Scotiabank and determine which is the better [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":28800,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[195,406],"tags":[],"class_list":["post-45219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-best-banks"],"acf":{"has_no_offer_box":0},"_links":{"self":[{"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/posts\/45219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/comments?post=45219"}],"version-history":[{"count":0,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/posts\/45219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/media\/28800"}],"wp:attachment":[{"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/media?parent=45219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/categories?post=45219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/tags?post=45219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}