Hi everyone,
I want to open a bank account so I was wondering which is better RBC or CIBC?

That's a pretty vague question because it depends on what you're looking for. And everyone will tell you their bank is the best/worst because they have experiene with it :p. If it helps at all, CIBC is the only bank on campus with ATMs, so you won't get charged every time you withdraw money on campus as with other banks.

Originally Posted by ~*Sara*~

That's a pretty vague question because it depends on what you're looking for. And everyone will tell you their bank is the best/worst because they have experiene with it :p. If it helps at all, CIBC is the only bank on campus with ATMs, so you won't get charged every time you withdraw money on campus as with other banks.

Thank you very much for reply. it was very helpful

Scotiabank= scene points

I like PC Financial because you won't have fees even after you graduate PLUS you can use the CIBC machines for free.

Without knowing all your financial information, it's hard to say. Some banks offer better deals depending on how much you put into their account.

If you ask, I say neither. Go with TD Canada!

I use TD Canada Trust, and had no problems with them. Really great customer service, and they are open late, till 8pm which is amazing. Mon-Fri 8am-8pm, Sat 8am-4pm at the Westdale branch (938 King Street West) which is walkable from campus if needed. It's on bus route also. ATM's there are 24 hours of course.

Haven't used RBC or know anyone that has stuck with them. They have no branches close to McMaster campus, nearest is Locke and Main, definitely not walking distance.

CIBC is good for having ATM's on campus so less fees if you really need to take out cash, but for the most part... why take out cash? Most things on campus don't require cash and accept credit card or bank cards. The only thing you'd have to spend cash on is buying food from the Hospitality Services locations on campus since they only take cash or meal card, but if you're going to be buying there a lot... get the FLEX account with Hospitality Services so you get to pre-load your student card with a flex meal plan essentially letting you put a refillable amount on your card anytime you want via online, and you save taxes on food purchases. http://hospitality.mcmaster. ca/mea... 14-2015.html

CIBC from my own personal experience (I had an account them while at Mac) is that their hours are horrible. They close at 5pm most days except Thursday and Friday they close 7pm. When you're a student with classes till 4-5, it's really difficult to walk or bus to the bank in Westdale before it closes. Which really annoyed me when I had to go there to cash cheques.

PC is ok, tried them as well. You can get points to save up to get free groceries, which is great if you shop at Fortinos a lot. Problem is that Fortinos is the most expensive grocery store near Mac. So in the long run you'll spend more if you go there for all your essentials. Also they don't have any branches anywhere, just some kiosks in places like Fortinos which I didn't like since I want to be able to speak to a branch staff member/teller that can advise me on things and not do everything 100% online. That's how they keep their fees low. But speaking of fees, they have the best around.. free chequing accounts and one of the highest savings accounts you can get compared to the big banks. Plus you get to use CIBC machines for free. http://www.banking.pcfinanci al.ca/...counts-en.html

If you were going to choose between CIBC or PC, it makes more sense to go PC to get the extra rewards for groceries and the better no fee accounts and higher savings account rate, then use CIBC ATM's on campus.

Check out TD though too

Originally Posted by Chad

I use TD Canada Trust, and had no problems with them. Really great customer service, and they are open late, till 8pm which is amazing. Mon-Fri 8am-8pm, Sat 8am-4pm at the Westdale branch (938 King Street West) which is walkable from campus if needed. It's on bus route also. ATM's there are 24 hours of course.

Haven't used RBC or know anyone that has stuck with them. They have no branches close to McMaster campus, nearest is Locke and Main, definitely not walking distance.

CIBC is good for having ATM's on campus so less fees if you really need to take out cash, but for the most part... why take out cash? Most things on campus don't require cash and accept credit card or bank cards. The only thing you'd have to spend cash on is buying food from the Hospitality Services locations on campus since they only take cash or meal card, but if you're going to be buying there a lot... get the FLEX account with Hospitality Services so you get to pre-load your student card with a flex meal plan essentially letting you put a refillable amount on your card anytime you want via online, and you save taxes on food purchases. http://hospitality.mcmaster. ca/mea... 14-2015.html

CIBC from my own personal experience (I had an account them while at Mac) is that their hours are horrible. They close at 5pm most days except Thursday and Friday they close 7pm. When you're a student with classes till 4-5, it's really difficult to walk or bus to the bank in Westdale before it closes. Which really annoyed me when I had to go there to cash cheques.

PC is ok, tried them as well. You can get points to save up to get free groceries, which is great if you shop at Fortinos a lot. Problem is that Fortinos is the most expensive grocery store near Mac. So in the long run you'll spend more if you go there for all your essentials. Also they don't have any branches anywhere, just some kiosks in places like Fortinos which I didn't like since I want to be able to speak to a branch staff member/teller that can advise me on things and not do everything 100% online. That's how they keep their fees low. But speaking of fees, they have the best around.. free accounts for students and one of the highest savings accounts you can get compared to the big banks.

Thank you very much for the brief and handy review. My only problem now is the address thing because they won't give me the mailbox number till I move in to bates on 30th August so Opening a bank account isn't possible atm.

Was just adding to my last post, specifically about RBC. I haven't personally used RBC or know anyone that has stuck with them. They have no branches close to McMaster campus, nearest is Locke and Main, definitely not walking distance.

As for opening an account, can't you give them your parent's address to open it with, then change it later to receive your statements at your res address? Then switch it back later when you leave res. You won't be in res forever, so I wouldn't have it on any accounts as a permanent address anyways.

Originally Posted by Chad

Was just adding to my last post, specifically about RBC. I haven't personally used RBC or know anyone that has stuck with them. They have no branches close to McMaster campus, nearest is Locke and Main, definitely not walking distance.

As for opening an account, can't you give them your parent's address to open it with, then change it later to receive your statements at your res address? Then switch it back later when you leave res. You won't be in res forever, so I wouldn't have it on any accounts as a permanent address anyways.

I believe that works. Nevertheless I won't need a bank account atm so I can wait till end of this month
Thanks for your great help.