RBC vs. Scotiabank Benefits: Who Covers Dental Day 1? (2026 Guide)

If you get a job offer from RBC (Royal Bank) and Scotiabank, the base salary will likely be identical. A Teller at RBC makes $22.50/hour. A Customer Experience Associate at Scotiabank makes $22.50/hour. So how do you choose? You look at the Benefits.

In 2026, the "Big Five" banks are in a war for talent, and they have stopped competing on cash and started competing on "Wellbeing." One bank has become the "Mental Health King," offering coverage that rivals tech giants. The other focuses on "Flexibility," letting you buy extra vacation days and use points for travel.

A common fear for new hires is the "3-Month Waiting Period." Does your dental coverage start on Day 1, or do you have to wait 90 days to fix your tooth? This guide breaks down the fine print of the 2026 benefits packages, the "Flex Credit" systems, and why one bank is better if you have a dog.

Looking for entry-level bank roles? Check out our TD Bank Teller Interview Guide for roleplay scripts.

1. The "Day 1" Dental Rule: Myth vs. Reality

Does coverage start immediately? For Permanent Full-Time Employees: YES.

• RBC & Scotiabank: Both offer Day 1 Coverage for Health and Dental. You do not have to wait 3 months.
• The Catch (Contractors): If you are hired on a "12-Month Contract" or "Casual" basis, you often get Zero Benefits, or you have to wait 3 months. Always check your offer letter for the word "Permanent."

2. Scotiabank: The "Mental Health" King

In 2026, Scotiabank has the most aggressive health package in the industry.

The $10,000 Allowance

• The Benefit: Scotiabank offers $10,000 per year for Mental Health services (Psychologist, Therapist, Social Worker) for each family member.
• Why it matters: Most companies (including RBC) cap this at $3,000 or $5,000. $10,000 means you can see a therapist weekly for the entire year for free.

The "Wellbeing Account" (Gym & Groceries)

• The Perk: You get an annual bucket of money (approx $1,000+ depending on allocation) to spend on "Wellness."
• What you can buy:
  • Gym Memberships: Yes.
  • Pet Insurance: Yes.
  • Groceries: Sometimes eligible (check specific plan year rules).
  • Financial Advice: Yes.

3. RBC: The "Flex" & "Points" Giant

RBC treats benefits like a shopping spree.

"Flex Credits" System

• How it works: RBC gives you a budget of "Credits."
• The Choice: You "spend" these credits to buy your Health/Dental plan.
  • Option 1: Buy the "Core" plan (Basic dental). Keep the leftover credits as cash/health spending.
  • Option 2: Buy the "Enhanced" plan (Orthodontics/Major Restorative). You might have to pay a bit out of pocket payroll deduction.
• The Advantage: If you have perfect teeth and don't need dental, you can cash out the credits into a Health Spending Account (HSA) and use it for laser eye surgery.

The "Avion" Perk

• As an RBC employee, you often get the annual fees waived on premium credit cards (like the Avion Visa Infinite).
• Value: Saves you $120 - $150/year.

Deep Dive: Buying Vacation Days

Both banks offer standard vacation (usually 3 Weeks / 15 days to start). But what if you want more?

• RBC & Scotiabank: Both allow you to "Purchase Vacation."
• How it works: You agree to a small payroll deduction spread over the year to "buy" an extra week off.
• The Result: You can take 4 weeks off in your first year (3 paid + 1 purchased).
• The Culture: It is widely accepted. Managers usually approve it easily.

Practical Questions Answered

The employee complaints.

"Is the bonus guaranteed?" No.

• RBC: Known for slightly higher bonuses on the corporate side, but branch bonuses are tied to "Branch Revenue."
• Scotiabank: Bonus is tied to "Individual Performance" and "Bank Performance."
• Average Entry Level Bonus: Expect $1,500 - $3,000 in your first year. Do not expect the $20k numbers you see in the news (those are for VPs).

"Do they cover fertility treatments?" Yes.

• Both banks have updated their plans to include coverage for Fertility Drugs and IVF procedures, usually with a lifetime max (e.g., $15,000). Scotiabank is often cited as having slightly more inclusive family-building benefits.

"What is the dress code?"

• RBC: "Dress for your Day." (Jeans are often okay if no client meetings, but branches remain business casual).
• Scotiabank: Similar. The "Red Blazer" era is gone.

Deep Dive: Short Term Disability (STD)

This is where the "3 Month Wait" actually exists.

• The Rule: You usually cannot claim Short Term Disability (paid sick leave) in your first 3 months of employment.
• Why: To prevent people from getting hired knowing they need surgery next week.
• Coverage: After probation, both banks pay 100% of your salary for the first few weeks of illness, then 70-75% for longer leaves.

Deep Dive: The "Hidden" Money

1. The "Golden Handcuffs": Staff Mortgage Rates

• This is the benefit that stops people from quitting.
• The Perk: Both banks offer a massive discount on residential mortgages.
• The Rate (2026 Est.):
  • RBC: Usually 50 basis points (0.50%) below the absolute lowest "Special" rate available to the public.
  • Scotiabank: Similar structure, often tied to the "Floor Rate" (Cost of Funds).
• The Math: On a $500,000 mortgage, this saves you roughly **$200 - $300 per month**.
• The Catch: If you quit, your rate jumps back up to the "Posted Rate" immediately. This can increase your mortgage payment by $800/month overnight. You are financially trapped.

2. "Free Money": Employee Share Ownership Plan (ESOP)

• If you don't sign up for this on Day 1, you are throwing away cash.
• How it works: You contribute a % of your paycheck to buy bank stock. The bank "matches" it.
• RBC: Typically matches 50% of your contribution (up to a cap, usually 6% of salary).
  • Example: You put in $100. RBC adds $50. You now have $150 in stock. That is an instant 50% return.
• Scotiabank: Often matches 60% (up to a cap).
• Vesting: Be careful. At some banks, the "Matched" portion is locked for 1-2 years. If you leave early, you lose the bank's contribution.

3. The "Vacation Pay" Class Action (Scotiabank Alert)

• The Issue: In 2025/2026, there has been legal scrutiny (Class Action) regarding how Scotiabank calculated "Vacation Pay" on top of commissions/bonuses.
• The Check: If you work in a commission role (like Financial Advisor or Mortgage Specialist), check your pay stub.
• The Tip: Ensure your "Vacation Pay" is calculated on your Total Earnings (Base + Bonus), not just your Base Salary. The difference can be thousands of dollars a year.

4. Defined Benefit vs. Defined Contribution (The Pension)

• Old employees have "Defined Benefit" (Guaranteed Gold Plated Pension). You likely won't get this.
• New Hires (2026): You get "Defined Contribution" (DC).
• What it means: The bank gives you money (e.g., 3-5% of salary) to put into a retirement fund.
• The Risk: You choose the investments. If the market crashes the year you retire, your pension crashes. The bank does not guarantee the final amount.
• Link: This shift to "self-managed" risk is similar to the Shopify "Flex Comp"model where you choose between cash and stock options.

5. Banking Fees Waived (The VIP Treatment)

• RBC: Staff get the VIP Banking Package (usually $30/month) for Free.
  • Includes: Unlimited e-Transfers, free drafts, free safety deposit box (small).
• Scotiabank: Staff get the Ultimate Package (usually $30.95/month) for Free.
  • Includes: 10 free equity trades on Scotia iTRADE.
• Value: Saves you approx $360/year.

6. LTD (Long Term Disability) - The Taxable Benefit Trap

• Look closely at your first paycheck. You will see a deduction for LTD.
• The Rule: You usually pay 100% of the LTD premium yourself.
• Why? It sounds bad, but it's good. Because you paid the premium with after-tax dollars, if you ever get disabled, the monthly payout is Tax-Free. If the bank paid it for you, the payout would be taxable.

7. "Wellness Dollars" vs. "Flex Credits"

• Scotiabank: Uses a "Wellbeing Account". It is a taxable cash reimbursement. You buy running shoes, scan the receipt, and get cash back on your next pay.
• RBC: Uses "Flex Credits". These are used before tax to lower your benefit premiums.
• Which is better? Scotiabank is better for "Lifestyle" (gym/shoes). RBC is better for "Hard Costs" (Braces/Massage).
• Link: Compare this flexible spending power to the "Gratis" (free product) perks at Sephora vs. MAC Cosmetics.

8. The "Backup Childcare" Perk

• Both banks subscribe to services (like Kids & Company) to offer "Emergency Childcare."
• The Scenario: Your nanny is sick. You have a big meeting.
• The Perk: You can drop your kid off at a partner center for a heavily discounted rate (sometimes $15/day).
• Availability: Spots fill up fast in Toronto/Vancouver. Don't rely on it 100%.

9. Paternity/Maternity "Top Up"

• EI (Employment Insurance) only pays 55% of your salary. You can't live on that in Toronto.
• The Perk: Both banks offer a "Top Up".
• The Deal: They top you up to 100% of your salary for the first 6-12 weeks (varies by tenure).
• The Clawback: If you do not return to work for at least 6 months after your leave, you often have to Pay Back the top-up money.

Frequently Asked Questions

Can I add my boyfriend/girlfriend?

Yes.

• You do not need to be married.
• Common Law: If you have lived together for 1 Year (RBC/Scotia standard), you can add them to your benefits. You just need to sign a declaration form.

Who covers Orthodontics (Braces)?

• Entry Level Plans: Usually No.
• Enhanced Plans: Yes. You have to use your "Flex Credits" to upgrade to the plan that covers Ortho (usually 50% coverage up to $2,500 lifetime max).

Is vision covered?

Yes.

• Standard is usually $300 - $400 every 2 years for glasses/contacts.
• You can also use your "Health Spending Account" (HSA) to top this up if you buy expensive designer frames.

Summary: The Verdict

1. Choose Scotiabank if you prioritize Mental Health ($10k cap) or if you want the flexibility to use benefits for Pet Insurance/Gym (Wellbeing Account).
2. Choose RBC if you want the power to Customize (Flex Credits) and want to bank with the largest institution (Avion perks).
3. Day 1: Rest assured, if you are permanent, your teeth are covered on Monday morning.

About the author

Jeff Calixte (MC Yow-Z) is a Canadian career researcher and digital entrepreneur who studies hiring trends, labour market data, and real entry-level opportunities across Canada. He specializes in simplifying the job search for newcomers, students, and workers using practical, up-to-date information.

Sources

• Scotiabank Careers: "Total Rewards" and Canadian Benefits Plan details.https://www.scotiabank.com/careers
• RBC Careers: Employee perks and "Flex Benefits" overview.https://jobs.rbc.com/
• Reddit r/Scotiabank: Employee discussions on 2026 mental health limits.https://www.reddit.com/r/Scotiabank/

Note

Job availability, wages, and hiring conditions can vary widely by province, employer, season, and experience level. All salary ranges and job examples in this guide are estimates based on current labour market data. Always confirm details directly with the employer before applying.