Skip to content
Home » Fintech » TD vs. RBC : Which Bank Is Better for Investing?

TD vs. RBC : Which Bank Is Better for Investing?

Disclosure: Tech Daily is reader-supported. If you click-through, make a purchase or sign up for a service through our links, we may earn a commission or fee (at no cost to you). Learn more.

 

As two of Canada’s largest banks, TD Bank and RBC compete fiercely for market share. But which one offers the best overall customer experience?

That’s what we’re going to find out in this blog post. We’ll compare key aspects of the customer experience at TD and RBC, including product offerings, customer service, and digital banking capabilities.

Disclaimer
The equity investments are subject to market risks and may not be suitable for all investors. If you have any doubts as to the merits of an investment, you should seek advice from an independent financial advisor. So please invest at your own risk.

Stay tuned to find out who comes out on top!

TD vs. RBC At a Glance

TD Advantages:

  • TD offers a wide range of products and services, from credit cards to mortgages
  • The bank’s customer service is highly rated, and customers can access help 24/7
  • TD has an extensive network of branches and ATMs, making it easy for customers to access their funds

TD Disadvantages:

  • The interest rates on savings accounts and CDs are not as competitive as other banks
  • Digital banking capabilities could use improvement, especially when compared to RBC

RBC Advantages:

  • Online and mobile banking platforms are among the best in the industry
  • Has a wide network of branches and ATMs across Canada
  • Interest rates on savings accounts and CDs are more competitive than TD’s

RBC Disadvantages:

  • Customer service team is not available 24/7, leaving customers with limited access to help
  • Range of products and services is not as extensive as TD’s.

Winner: Don’t want to read the full article? The editor’s choice is RBC!

While both TD and RBC offer great customer experiences, RBC is the clear winner when it comes to digital banking capabilities and interest rates on savings accounts and CDs. RBC’s superior digital banking capabilities allow customers to easily and quickly manage their finances online.

In addition, RBC offers competitive interest rates on savings accounts and CDs, making it the perfect choice for those who are looking to grow their money. With that said, TD also offers a great customer experience with friendly and helpful staff.

While both are decent choices, for investors looking for the best access to the global markets and the best undervalued stocks, we recommend heading to Interactive Brokers instead.

  • Lowest and most transparent commissions
  • Large number of tradable security types
  • Robust suite of research tools
  • Low margin rates, from 0.75% to 1.59%
  • Access to 40,000+ funds worldwide & 7,700+ funds with no transaction fees
INVEST NOW →

Ultimately, it depends on your needs as to which is the better fit for you.

More About TD Bank

TD Direct Investing

As one of Canada’s largest banks, TD offers a wide range of personal banking services to meet the needs of its customers. These include savings and checking accounts, mortgages, credit cards, and loans.

In addition, TD provides business banking solutions to small businesses, corporate clients, and institutional investors.

For those who prefer digital banking, TD has an app that allows you to access your accounts, transfer money and set up payment reminders.

You can also use the app to deposit cheques, pay bills and manage your investments.

With its focus on customer service and convenient banking solutions, it’s no wonder that TD is one of the country’s leading banks.

 

Invest now at Interactive Brokers

 

More About RBC

RBC bank

Royal Bank of Canada (RBC) is one of Canada’s oldest banks and the largest in terms of market capitalization. It offers a comprehensive range of products and services ranging from personal banking, including checking and savings accounts, mortgages, loans, and credit cards.

RBC also provides business banking solutions to small businesses, corporate clients, and institutional investors. Like TD, RBC has an app that allows you to access your accounts, transfer money and set up payment reminders.

The app also allows you to deposit cheques, pay bills and manage your investments. RBC’s focus on customer service and convenience makes it a popular choice for Canadians looking for banking solutions.

RBC has over 1,200 branches across Canada and employs more than 80,000 people. The company is headquartered in Toronto, Ontario.

 

Try The #1 Trading Platform in Canada

 

What’s the Difference Between TD and RBC

Product Offerings:

When it comes to financial products and services, TD Bank is one of the leaders in the industry. The bank offers a wide range of products, from credit cards and loans to mortgages and investment products.

In addition, TD Bank provides its customers with access to a team of experts who can provide guidance on a variety of financial matters.

While RBC does offer some of the same products as TD, its selection is not as diverse. This lack of diversity can be a disadvantage for customers who are looking for a specific type of financial product.

For example, RBC does not offer investment products such as mutual funds or stocks. As a result, customers who are looking for these types of products will need to go elsewhere.

Additionally, RBC’s mortgage products are not as competitive as those offered by other banks. This lack of competition can lead to higher interest rates and fees for customers.

Verdict: TD is the better choice for customers who are looking for a full-service bank with a wide range of product offerings.

Customer Service:

TD Bank’s customer service team is highly rated and customers can contact help 24/7 through online chat, phone, or email.

This gives the bank a clear advantage when it comes to customer service. The team is available to answer questions and resolve issues at any time of day or night.

In addition, TD offers helpful resources on its website, such as frequently asked questions and calculators. This makes it easy for customers to get the help they need when they need it.

RBC’s customer service is generally good, but it does not offer 24/7 access to help. This can be inconvenient for customers who need assistance outside of regular banking hours.

When banks are closed, customers may still have questions or need to perform transactions.
For example, they may need to check their account balance, transfer funds between accounts, or make a bill payment.

While RBC offers telephone and online chat support during regular business hours, this may not be sufficient for some customers.

Verdict: TD takes the cake when it comes to customer service.

Digital Banking Capabilities:

Best Investing Options in Canada

When it comes to digital banking capabilities, TD falls short in comparison to RBC.
RBC has one of the best online and mobile banking platforms in the industry, offering a wide variety of features and options for users.

In contrast, TD’s digital banking capabilities are limited and could use improvement. For example, RBC offers mobile cheque deposit, paperless statements, and alerts for low balances, all of which are convenient features that make managing one’s finances easier.

TD does not offer mobile cheque deposits, and their paperless statements are not as user-friendly as RBC’s.
Overall, when it comes to digital banking capabilities, RBC is the clear winner.

Verdict: RBC. The variety of features and ease of use make RBC the clear winner in digital banking capabilities.

Cost

When it comes to banking, cost is an important consideration. After all, who wants to pay more than necessary in fees and other charges?

Fortunately, both TD and RBC offer competitive rates on savings accounts and CDs. However, RBC’s rates are generally more competitive than TD’s.

In addition, RBC offers a variety of fee-free banking options such as no annual fees on credit cards, no monthly fees for checking accounts, and free access to ATMs across Canada.

TD does not have as many fee-free banking options, and its fees for some services are higher than RBC’s.
As a result, RBC is the better choice for those who want to save money on their banking costs.

Verdict: RBC wins in cost due to its competitive rates on savings accounts and CDs and its wide selection of fee-free banking options.

Mobile App

These days, almost everyone has a smartphone, and mobile apps have become an essential part of our lives. Banks are no exception, and both TD and RBC offer mobile apps that allow customers to bank on the go.

TD’s app is sleek and easy to use, and it offers a range of features such as budgeting tools, deposit options, and account alerts.

However, it is missing some features that are available on RBC’s app, such as remote cheque deposits and bill payments. For some people, these missing features may be a deal-breaker.

But for others, TD’s app may still be the best option available.

RBC’s app is a comprehensive and user-friendly tool that offers more features than TD’s. It has a modern design that makes it easy to navigate, and the information is organized in a way that makes it simple to find what you need.

In addition, RBC’s app offers features such as the ability to check your account balance, transfer money between accounts, and pay bills.

TD’s app does not offer these features, making RBC’s app the more comprehensive and user-friendly choice.

Verdict: RBC wins when it comes to their mobile app due to its comprehensive range of features and user-friendly design.

User Experience

User experience is important when it comes to banking because it impacts how easy and convenient it is to use the products and services. TD and RBC are both solid choices when it comes to user experience.

TD offers its customers a wide range of products and services that make banking convenient and easy. The online platform is user-friendly, and the customer service team is helpful.

TD also has an extensive network of ATMs and branches, making it easy to access your account. RBC also has an excellent online platform with fast response times, as well as helpful resources such as calculators and frequently asked questions.

RBC’s mobile app is easy to use and offers a variety of features such as mobile deposits and notifications. RBC also has a large network of ATMs and branches across Canada.

Verdict: Both TD and RBC offer a solid user experience, making it difficult to pick a clear winner. However, TD may have a slight edge due to its user-friendly online platform and helpful customer service team.

Resources and Tools

In addition to their products and services, banks also offer a range of useful resources and tools. TD offers a variety of calculators that can help customers budget for large purchases or plan for retirement.

They also offer educational articles on topics like saving for a down payment or understanding credit scores.
And for customers who are looking to take control of their finances, TD offers a range of budgeting tools, from simple tracking templates to more sophisticated software programs.

RBC has similar resources designed to help customers understand and manage their money. The bank offers a variety of resources designed to educate customers about financial planning and money management.

RBC also offers an innovative “Pathways” program that provides personalized financial advice and guidance. The program is designed to help customers identify their financial goals and create a plan to achieve them.

Pathways is available to all RBC customers, and there is no fee for using the service.

Verdict: RBC wins in the resources and tools category due to its comprehensive array of calculators, budgeting tools, educational articles, and innovative “Pathways” program.

Overall Winner: RBC.

Anyone who has ever had to choose a bank knows that it can be a tough decision. There are so many factors to consider, from interest rates and fees to the quality of customer service. Both RBC and TD have their own strengths and weaknesses, but in the end, we have to give the nod to RBC.

While TD has a good user experience, RBC is the clear winner due to its competitive rates and fees, comprehensive range of features on its mobile app, and user-friendly design.

It’s also hard to beat the convenience of having access to ATMs and branches across Canada. For these reasons, RBC is our overall winner in the TD vs. RBC comparison.

Conclusion

Both TD and RBC offer some excellent products and services, but when it comes to digital banking capabilities, cost savings, mobile app features, and user experience, RBC is the clear winner.

With competitive rates on savings accounts and CDs, a comprehensive range of features on its mobile app, and an extensive network of ATMs and branches across Canada, RBC is the best choice for those looking for a reliable and convenient digital banking experience.

  • Lowest and most transparent commissions
  • Large number of tradable security types
  • Robust suite of research tools
  • Low margin rates, from 0.75% to 1.59%
  • Access to 40,000+ funds worldwide & 7,700+ funds with no transaction fees
INVEST NOW →

For those looking for more towards investment guidance and opportunities, we would actually advise neither of these, but to check out Interactive Brokers. At very affordable prices, they have access to markets across 200 countries and they use cutting-edge software to scan for the best undervalued stocks.