Credit Cards

Why DO you bank with RBC?

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  • May 24th, 2018 6:03 pm
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[OP]
Jr. Member
May 22, 2012
114 posts
17 upvotes

Why DO you bank with RBC?

I am with TD simply because of the exceptional service and NO FEEs with minimum balance. RBC doesn't waive fees, so I am trying to understand why do people (perhaps you?) bank with them? - assuming you can keep 5k as a minimum balance at TD to waive fees

Thanks!
37 replies
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Aug 9, 2013
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They do waive fees. They have this so-called multi-product rebate which waive the monthly fee.
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Jun 15, 2005
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dte227 wrote: I am with TD simply because of the exceptional service and NO FEEs with minimum balance. RBC doesn't waive fees, so I am trying to understand why do people (perhaps you?) bank with them? - assuming you can keep 5k as a minimum balance at TD to waive fees

Thanks!
What do you mean by “RBC doesn’t waive fees”?
I am with RBC because I have a chequing account that has NO FEEs and no required minimum balance due to the multi product rebate.
I also have a HISA for free and a US Bank account for free that I can actually access from the states. All of this allows me to easily transfer money between accounts.
Plus, I find their service to be great, their app is awesome with Touch ID (come on TD) and I live 4 minutes from a branch.

Those are some of my reasons..
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May 8, 2009
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Leask
dte227 wrote: I am with TD simply because of the exceptional service and NO FEEs with minimum balance. RBC doesn't waive fees, so I am trying to understand why do people (perhaps you?) bank with them? - assuming you can keep 5k as a minimum balance at TD to waive fees

Thanks!
Why do you bank with TD?

Why bank with any of the big five? Thinking Face

So far, the biggest reason I've found to bank with big five is premium credit cards (and welcome bonuses on chq accounts). Else we at RFD love Simplii/Tangerine/EQ and the credit unions.
No solicitation in sigs
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Jul 22, 2008
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I'm not paying any monthly fees (due to multi-product rebate with a no-fee CC and RBC DI account) so I keep the chequing account even though I rarely use it. My CC account with RBC is also my oldest one so I'm reluctant to close it even though it's a crappy card. All my daily banking is with Tangerine although I do use my RBC USD savings account to get access to US cash for travel (1 free branch withdrawal per month).
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Apr 21, 2014
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dte227 wrote: I am with TD simply because of the exceptional service and NO FEEs with minimum balance. RBC doesn't waive fees, so I am trying to understand why do people (perhaps you?) bank with them? - assuming you can keep 5k as a minimum balance at TD to waive fees

Thanks!
I bank with RBC because I am in a unique situation. I have moved to the states and they allow you to get a us credit card which builds American credit once you get a social security number. I live in the west coast and if necessary I can get a mortgage for a us property through them using my Canadian credit rating. TD only works in the northeastern states.
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Aug 22, 2011
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Free e-transfers.
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Mar 21, 2017
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YWG
As soon as i started high school my mom opened me an RBC student chequing, several years later i applied for my first cc-- a rebated visa cc then switched it to their mastercard cc .. When I graduate from college i'll probably close my RBC. All my daily banking is Tangerine..
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Feb 26, 2008
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Inertia. Seriously, that's the main reason. It would be a royal pain in the ass to switch everything to a different financial institution, so it's just easier to use RBC's multiproduct discount to pretty much eliminate fees. It's a second best solution, but that's life.
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Apr 19, 2010
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We bank with RBC and have the VIP Banking Package...so I pay $19.95/month for banking fees...but it gives me this:

1) Multiple Accounts - We have one main chequing, 3 e-savings, 2 US Savings
2) They had the best rate for a mortgage...but since that has been paid off...I left it open...so I have access to ~$300k on my HELOC at the drop of a bucket....I don't feel like switching banks and re-applying for a HELOC
3) We write two cheques per week (daycare and cleaning lady - they will not accept e-transfer)...
4) Use the Avion Infinite Card for anything travel related and they have been great for flight delays, etc with no hassle. Also the medical coverage is top notch and we have used it twice so far.
5) I have a Direct Investment account which the $25/quarter fee is waived and I pay $0 for trades (negotiated this in when I threatened to pull out a substantial amount of investments).
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Jan 27, 2004
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The good thing with rbc is that you can get the fee waived with beneficial products.

For example an investment + a no fee credit card can get your monthly fee waived for a basic checking acc.
You get to at least earn interest... and it could even be a $500 tfsa. Whereas banks that require you to hold a minimum balance don’t pay interest on that balance being held.

The disadvantage is that @ rbc you require a mtg to get the unlimited plans waived, which is unrealistic to a lot of people.

Butttt. If I was in that situation... I would just use a credit card for all my day to day purchases (which i already do) and pay it off at the end of the month.
Its only 12 transactions per month with the the basic checking acc at rbc... and I believe you get an extra transaction for every direct deposit. I would only be paying bills and making the rare cash withdrawl.
Last edited by UrbanPoet on May 20th, 2018 12:56 pm, edited 1 time in total.
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Nov 9, 2013
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kneevase wrote: Inertia. Seriously, that's the main reason. It would be a royal pain in the ass to switch everything to a different financial institution, so it's just easier to use RBC's multiproduct discount to pretty much eliminate fees. It's a second best solution, but that's life.
And this is why everyone should hold at least one big 5 bank stock in their portfolio.
Keep calm and go long
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Oct 22, 2015
1327 posts
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UrbanPoet wrote: The good thing with rbc is that you can get the fee waived with beneficial products.

For example an investment + a no fee credit card can get your monthly fee waived for a basic checking acc.
You get to at least earn interest... and it could even be a $500 tfsa. Whereas banks that require you to hold a minimum balance don’t pay interest on that balance being held.

The disadvantage is that @ rbc you require a mtg to get the unlimited plans waived, which is unrealistic to a lot of people.

Butttt. If I was in that situation... I would just use a credit card for all my day to day purchases (which i already do) and pay it off at the end of the month.
Its only 12 transactions per month with the the basic checking acc at rbc... and I believe you get an extra transaction for every direct deposit. I would only be paying bills and making the rare cash withdrawl.
Don't forget the multiple bill payments option counts as one transaction.
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Sep 7, 2004
1587 posts
566 upvotes
Toronto
I have an RBC account but I also have a TD and a Tangerine account. I keep my RBC account and basically use it as my main one because the e-transfers are free for any personal chequing account, are instant regardless of the size, the branch/atm network is on par with TD if not just slightly less dense, and I really like the app. Touch ID is such a time saver. Personally I find their app the fastest, visually appealing, and easiest to use. I like Nomi insights even though it doesn't tell me anything I don't already know, and their website is easy to use, intuitive, and generally fast.

No complaints with RBC.
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May 15, 2013
1729 posts
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Montreal
Because it's my first Bank I dealt with since I'm in Canada. As I have a credit card (no fee) and a ridiculous monthly investment of $25, I don't pay any fees for my Chequing Account. I can tell you that from a money value point of view, it's wiser than having parked 5K to avoid fees.
Also, they gave me a LOC, I have my student loan with them, a USD dollars account and croosbanking in USA having there a CC and Saving Accounts.

Having said all that, the fact that I bank with RBC doesn't stop me from banking with others.

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