Review: How Does RBC stack up against other Canadian banks?
To find out if the RBC is right for you, compare RBC personal banking products, customer service and more in our review. Plus, compare RBC with top banking alternatives.
The Royal Bank of Canada (RBC) is the country’s largest bank and one of the Big Five, offering a full suite of personal banking products. From chequing and savings accounts to credit cards, loans and investment options, RBC has it all. Keep reading this RBC review for details of Royal Bank’s accounts, products, mobile app, pros and cons and eligibility requirements to determine if this is the right financial institution for you.
What is the Royal Bank of Canada?
The Royal Bank of Canada, better known simply as RBC, is the largest bank in Canada by total assets and one of the country’s Big Five Banks. It was founded in Halifax, Nova Scotia, in 1864 and is now headquartered in Toronto.
Today, RBC has over 17 million clients globally and has a presence in 29 countries. In Canada, it maintains over 1,100 branches and a network of more than 4,000 ATMs, offering a full range of banking, investing, lending and wealth management services. And because it’s a member of the Canada Deposit Insurance Corporation (CDIC), eligible deposits of up to $100,000 are protected in the unlikely event RBC fails.
RBC products and services
- RBC Day to Day Banking account
- RBC Advantage Banking account
- RBC Signature No Limit Banking account
- RBC VIP Banking account
- U.S. Personal Banking account
- RBC Day to Day Savings account
- NOMI Find & Save
- RBC Enhanced Savings Account
- RBC High Interest eSavings account
- RBC Leo’s Young Savers Account
- RBC U.S. High Interest eSavings
- RBC Euro eSavings
- RBC British Pound eSavings
- RBC Hong Kong Dollar eSavings
- Registered accounts
- 17 credit cards
- Mortgages
- Personal loans
- Lines of credit
- Vehicle loans
- GICs
- ETFs
- Stocks
- Mutual funds
- Bonds
- Portfolio solutions
- Savings deposits
RBC chequing accounts
- RBC Signature No Limit Banking account
- RBC Advantage Banking account
- RBC VIP Banking account
- RBC Day to Day Banking account
RBC savings accounts
- RBC Day to Day Savings account
- NOMI Find & Save
- RBC Enhanced Savings Account
- RBC High Interest eSavings account
- RBC Leo’s Young Savers Account
What is RBC’s Value Program?
The RBC Value Program lets you earn account fee rebates and rewards by linking other RBC products, like credit cards or investments, to your chequing or savings accounts. You’ll also have to complete at least two of the following three account activities each month: a pre-authorized payment, a direct deposit or an eligible bill payment. The more qualifying products you have, the greater your potential savings and rewards, including Avion points on eligible purchases.
RBC credit cards
RBC offers 17 credit cards designed to suit different lifestyles and spending habits, including travel rewards, cash back, low-interest and no-annual-fee options. Here’s an overview of each credit card:
- RBC Avion Visa Infinite Privilege: A premium travel rewards card that earns Avion points and includes luxury perks like lounge passes and enhanced travel insurance.
- RBC Avion Visa Infinite: A popular travel rewards card that earns Avion points on purchases and includes comprehensive travel insurance.
- RBC Avion Visa Platinum: A travel rewards card with Avion points and travel insurance, similar to the Infinite card but with broader eligibility.
- RBC ION+ Visa: A low-fee rewards card that earns enhanced Avion points on everyday categories like groceries, gas and streaming.
- WestJet RBC World Elite Mastercard: A travel rewards card focused on WestJet points, with perks like free checked bags, companion vouchers and higher earnings on WestJet purchases.
- WestJet RBC Mastercard: A more affordable WestJet rewards card that earns WestJet dollars and offers travel perks.
- RBC Cash Back Mastercard: A no-annual-fee card that earns unlimited cash back on all purchases.
- RBC Cash Back Preferred World Elite Mastercard: A mid-tier cash back card offering cash back everywhere Mastercard is accepted and additional travel benefits like access to over 1,300 airport lounges.
- RBC Visa Classic Low Rate Option: A low-interest card designed to help reduce finance charges and pay down balances more affordably.
- RBC ION Visa: A no-fee rewards card that earns Avion points on everyday spending.
- More Rewards RBC Visa: A no-fee card that earns More Rewards points on purchases, especially at partner stores.
- More Rewards RBC Visa Infinite: A no-annual-fee card that earns additional More Rewards on everyday and partner category spending.
- moi RBC Visa: A no-annual-fee card that earns moi points on everyday purchases.
- RBC British Airways Visa Infinite: A travel card geared toward British Airways flyers that earns Avios points and includes travel insurance and companion benefits.
- RBC Visa Platinum: A no-fee classic card with travel and purchase protections, ideal for everyday use with no annual fee.
- RBC U.S. Dollar Visa Gold: A U.S. dollar credit card that earns Avion points on U.S. transactions and helps avoid currency conversion fees.
- RBC RateAdvantage Visa: A no-annual-fee card offering a low variable interest rate, useful for carrying a balance responsibly.
Dive deeper: Best RBC credit card by category
RBC investment products and services
RBC offers a wide range of investment products and services to suit different goals, risk tolerances and levels of experience, including:
Registered accounts
RBC offers a comprehensive range of registered accounts designed to help clients save and invest in a tax-efficient way. These accounts allow you to hold a variety of investment products, including mutual funds, stocks, bonds, GICs, savings deposits and ETFs, while benefiting from tax-deferred or tax-free growth. RBC’s registered account options include:
- Tax-Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- First Home Savings Account (FHSA)
- Registered Education Savings Plan (RESP)
- Registered Retirement Income Fund (RRIF)
- Registered Disability Savings Plan (RDSP)
RBC Direct Investing
RBC Direct Investing is a self-directed online brokerage that lets clients buy and sell stocks, ETFs, mutual funds, bonds, GICs, options and new issues. It’s best suited for investors who want full control over their portfolio and lower fees compared to full-service advisors.
RBC InvestEase
RBC InvestEase is RBC’s robo-advisory platform, offering automated, professionally managed portfolios. It’s ideal for clients who want a hands-off investing approach with diversified portfolios tailored to their risk profile. Your money will be invested in a diversified mix of ETFs, and you can choose from the following risk levels:
- Aggressive growth
- Growth
- Balanced
- Conservative
- Very conservative
Each type of portfolio is available in two versions: Standard, which focuses on broad market diversification and Responsible, which invests in ETFs that incorporate environmental, social and governance (ESG) factors.
RBC Wealth Management
RBC Wealth Management provides full-service investment and financial planning solutions. These services are geared toward high-net-worth clients, offering personalized advice, estate planning and access to exclusive investment products.
RBC loans
RBC has a variety of lending products to help clients finance major purchases, manage debt or fund life goals. Whether you’re looking to buy a home, finance a vehicle or access personal credit, RBC provides the following options to suit different needs and financial situations.
Personal loans
RBC personal loans let you borrow a fixed amount of money with a set repayment schedule and a fixed or variable interest rate. Funds can be used for a variety of purposes, including home improvements, debt condolidation or unexpected expenses. Loans are available in secured or unsecured forms, with terms ranging from 1 - 5 years years and you can make weekly, bi-weekly, semi-monthly or monthly payments.
Lines of credit
RBC offers personal lines of credit, home equity lines of credit (HELOCs) and student lines of credit. Personal lines of credit and student lines of credit provide access to funds up to a pre-approved limit, while HELOCs let you tap into your home’s equity for larger projects. Interest is charged only on the amount you used. RBC lines of credit can be secured or unsecured, and repayment schedules can be tailored to your needs.
Mortgages
RBC provides a variety of mortgage options, including fixed-rate, variable-rate and hybrid mortgages to help clients purchase, refinance, renew or upgrade their homes. You can choose from terms ranging from 6 months to 25 years with flexible repayment options, including weekly, bi-weekly, semi-monthly or monthly payments. RBC also offers specialized products like high-ratio mortgages for first-time buyers and cash-back mortgages for clients who want upfront funds.
Vehicle loans
RBC vehicle loans help clients finance the purchase of a new or used car, business vehicle, boat or RV, with used vehicles eligible for financing if they’re less than 10 years old. Loan terms range from 1 to 8 years, with competitive interest rates and flexible repayment schedules. Choose from making weekly, bi-weekly, semi-monthly or monthly payments with no penalties for early repayment.
Other RBC bank accounts
In addition to RBC’s range of standard chequing and savings accounts, the bank also offers the following specialized U.S. and foreign currency accounts.
U.S. Personal Banking account
RBC’s U.S. Personal Banking chequing account lets you hold and transact in U.S. dollars with features like 6 free debit transactions per month (a small fee is charged thereafter), USD overdraft protection for a fee and free paper statements. For a small monthly fee (charged in USD, this account is an affordable and convenient option for those who regularly send, receive or spend U.S. dollars.
RBC U.S. High Interest eSavings
The RBC U.S. High Interest eSavings account is a free USD savings account that earns a small amount of interest on every dollar you hold. It also offers free online transfers to your other RBC accounts, making it ideal for saving excess USD or taking advantage of favourable exchange rates.
RBC Euro eSavings
The RBC Euro eSavings account lets you hold, save and earn 0.05% interest in euros with a $0 monthly fee. It also allows free transfers between your RBC accounts, cash deposits and wire transfers, which can be helpful if you want to send, receive or spend euros without converting it to Canadian dollars.
RBC British Pound eSavings
With the RBC British Pound eSavings account, you can save and earn some interest on British pounds with no monthly fee. Wait to exchange your pounds when rates are favourable and manage your money with free transfers between your RBC accounts and free access to RBC’s online platform, mobile app and telephone banking.
RBC Hong Kong Dollar eSavings
The RBC Hong Kong Dollar eSavings account lets you earn a small amount of interest on funds held in Hong Kong dollars with no monthly fee. It also offers the ability to transfer money between your RBC accounts for free and handle wire transfers.
How does RBC compare to other banks?
RBC offers a full range of banking, credit, savings, loan and investment products, making it a strong choice for Canadians who value branch access, comprehensive services and added perks like Avion points and the Value program.
While its interest rates on savings and GICs are often lower than those offered by digital banks like EQ Bank, Tangerine or Simplii, RBC’s in-person support, CDIC protection and extensive ATM network give it an edge for clients who want the reliability and convenience of a Big Five bank.
Pros of banking with RBC
Here are some of the advantages of banking with RBC:
- RBC Online Banking and RBC Mobile. Enjoy free access to RBC’s online banking platform and mobile app with any account, allowing you to manage your finances, pay bills, transfer funds and more from anywhere.
- Free transfers between RBC accounts. Move money quickly and easily between your RBC accounts at no cost, whether online, in the app or in a branch.
- In-branch and ATM access. Access over 1,100 branches and 4,000 ATMs across Canada for convenient cash withdrawals, deposits and in-person banking services.
- Wide range of products. RBC offers comprehensive banking, investing, lending, insurance and wealth-management services so you can manage all your finances in one place.
- Right Account Guarantee. If you’re not satisfied with your new RBC account, you can close it and get a refund for your monthly fees within the first three months.
- Avion points. Earn Avion rewards points and cash back on eligible debit and credit card transactions, then redeem them for travel, merchandise, gift cards, charity donations or even use them as cash.
- Value Program. Link multiple RBC products to your account to earn fee rebates and rewards.
- No minimum balance. RBC doesn’t require you to maintain a minimum balance for any of its accounts.
- RBC Digital Banking Security Guarantee. If you meet your account responsibilities, you’ll be fully protected against unauthorized transactions.
- CDIC protection. Eligible deposits with RBC are insured up to $100,000 per insured category.
Cons of banking with RBC
While banking with RBC comes with many benefits, there are some drawbacks you should be aware of as well, including:
- Fees can be high. Monthly fees and transaction charges can be higher than those of other institutions, especially digital banks. Take advantage of the RBC Value Program to waive or lower monthly fees.
- Low interest rates. Similarly, RBC’s interest rates are lower than what many digital banks offer.
Requirements to open an RBC account
To open a chequing or savings account with RBC, you must meet the following eligibility criteria:
- Age. To open your own youth or student account, you must be at least 13 years old or 14 if you live in Quebec. For all other accounts, you typically need to be the age of majority in your province (18 or 19).
- Residency. You must reside in Canada and provide a Canadian address.
- Government-issued ID. When you apply for an RBC account, you need to provide government-issued identification, like a Canadian passport or driver’s licence.
- Proof of eligibility for fee waivers. If you’re applying for a monthly fee waiver as a senior, full-time student, Indigenous client, newcomer or RDSP beneficiary, you may be required to provide additional documentation confirming your eligibility.
How do I open an RBC account?
You can open an RBC chequing or savings account in a branch, online, using the RBC Mobile app or over the phone. The online application can be completed in minutes if you follow these steps:
- Compare RBC’s chequing and savings accounts and choose the one you want to open.
- Select Apply Online Now.
- Input personal details like your full name, date of birth, phone number and email address.
- Take a selfie and a picture of your government-issued ID to verify your identity.
- Upload any necessary documents, such as your Social Insurance Number (SIN) or proof of address.
- Review the terms and conditions and sign your account agreement.
- Wait for your debit card in the mail or start using your account right away with the details you’ll receive in your email confirmation.
RBC mobile app
Download RBC Mobile on your smartphone or tablet for on-the-go banking. With the app, you can:
- View your account balances and transaction history in real time
- Transfer money between your accounts
- Send or request Interact e-Transfers
- Pay bills
- Deposit cheques
- Lock or unlock your debit or credit cards if they’re misplaced
- Open new RBC accounts
- Find nearby RBC branches
- Keep track of your Avion points and gas savings
- Get personalized tips to increase your savings and rewards
- View your credit score
- Monitor your investments
Here’s a snapshot of what clients think of RBC Mobile:
| Apple App Store rating | Google Play rating | |
|---|---|---|
| RBC Mobile | 
4.7 –
★★★★★210K reviews | 
4.3 –
★★★★★46.8K reviews |
Bottom line
RBC offers a wide range of accounts, credit cards, loans and investment options suitable for Canadians of all ages and financial needs. While fees can be higher than some digital banks, the convenience, CDIC protection and bonus features like Avion points and the Value Program make RBC a strong choice for those seeking reliable, full-service banking.
If you don’t need to bank at a physical branch and want a higher interest rate, consider one of the best online bank accounts in Canada instead.
Frequently asked questions about RBC
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