Which of the Top Five Canadian Banks Is Best for Online Banking?


Quick Answer

RBC Royal Bank ranks highest in online banking services according to Surviscor's Canadian Online Banking scorCard, an annual objective assessment of online features and functionality at major Canadian banks. The year 2014 marked the fourth consecutive year RBC Royal Bank was ranked first in online banking in Canada.

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Full Answer

RBC Royal Bank offers customers the ability to "view accounts, pay bills, transfer funds and manage investments, loans and credit" online. RBC Alerts can be set up to alert the customer via email and/or text message regarding banking activity. RBC Royal Bank also offers a security guarantee that any loss resulting from an unauthorized transaction through online banking will be fully reimbursed. These services are free with an RBC Royal Bank package.

Surviscor's Canadian Banking scorCard bases their rankings off over 24,000 different objective criteria covering multiple categories of online service, according to the Investment Executive. RBC Royal Bank was able to meet 75 percent of these criteria to secure a first place position. Scotiabank followed in second place with 74 percent of the criteria. The top five banks of Canada - RBC Royal Bank, Scotiabank, BMO Bank of Montreal, TD Canada Trust and Canadian Imperial Bank of Commerce - have held the top five ranking spots for the past three years.

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