In this RBC review we take a look at the personal banking products offered by the Royal Bank of Canada (RBC). RBC is one of the largest banks in the world and a top bank in Canada. There are over 1,200 in-person RBC branches across the country as well as branches in select American states, making RBC personal banking easy for clients who want face-to-face access as well as online options.
While most communities across Canada offer at least one branch with longer opening hours, most customers now use the bank’s digital site to complete their banking transactions while getting access to a variety of other financial products, such as insurance, credit cards and investments. Keep reading this RBC review for details of Royal Bank’s accounts, online and mobile banking, branch and ATM network, and customer service.
Finder’s overall ratings for banks are averages based on several categories: online banking, mobile banking, branch and ATM availability, fees and costs, customer service, credit cards, investing and an overall satisfaction rating. These ratings are based on client surveys and customer feedback taken from J.D. Power, Trustpilot and Planetrate during the years 2019 to 2022.
RBC is best for:
Clients looking for exceptional online banking options with good mobile banking support.
Customers focused on optimizing their credit card experience.
RBC personal banking customers who want to keep all products and services under one roof.
Clients looking to use technology to help them save and invest.
Watch out for:
RBC direct investing is easy to set up but can get glitchy, according to some online customer reviews.
RBC’s monthly fees and one-off costs can get steep.
Customer service is relatively easy to access, but West Coast customers may need to keep an eye on the clock since RBC adheres to an East Coast time zone.
Is Royal Bank of Canada legit?
Yes. RBC is one of Canada’s “Big Five Banks” and is the largest bank in Canada in terms of assets. It was founded in Halifax, Nova Scotia, in the 1860s and is now headquartered in Toronto.
RBC has over 17 million banking customers globally and has a presence in 29 countries around the world. The bank also operates over 1,200 branches across the country as well as a network of more than 4,200 ATMs. And because it’s a member of the Canada Deposit Insurance Corporation (CDIC), your deposits of up to $100,000 are protected in the unlikely event RBC fails.
RBC online banking
Online banking is free and included with all RBC personal banking accounts – this includes RBC chequing and savings accounts as well as accounts for students, seniors, newcomers and businesses. With RBC online banking, you get access to all your accounts, tools and products in the comfort of your home. Online banking lets you view and track expenses, make payments, pay bills, send e-transfers and set up new accounts.
RBC online banking ranks high, at just over 82.3%, based on customer reviews and surveys. For clients interested in easy online access, RBC is a good option.
RBC mobile banking
The RBC mobile app lets you bank, shop, deposit checks and redeem RBC rewards, all from your smartphone or tablet. RBC mobile banking ranks well – at close to 57.6% – according to customer reviews and surveys, but it isn’t as robust or as user-friendly as RBC’s online banking interface.
Next in this RBC review we consider account fees. While access to RBC online banking and the RBC mobile app is free, many RBC chequing accounts come with a monthly fee. To save on account costs, you can choose an account that offers rebates based on minimum monthly account balances or an account that offers special rebates (such as student or senior accounts). The multiproduct rebate program, where the use of more than two RBC financial products can cut monthly fees, could also help you save money.
Still, as a large bank with coast-to-coast access, RBC account costs can certainly add up. This is reflected in the 35.5% customer satisfaction rating regarding RBC monthly fees and ongoing costs.
RBC customer service
We all have questions, and RBC tries to make finding the answers to those questions easy. Not only does the bank offer a toll-free customer service number, but the website also has a frequently asked questions section. You can also book in-person appointments online or, once logged in, you can send a secure message to RBC customer service representatives. Another option is to click the desktop chat icon.
Despite the various methods to access customer service, clients often complain about long wait times and customer service representatives that are unable to resolve their complaints. Perhaps that’s why RBC’s customer service is rated at 46.0% based on customer satisfaction surveys.
RBC ATM and branch availability
Day-to-day banking often means getting cash when you need it most, which means access to cash machines and in-person bank branches. As a national bank, the RBC ATM network and branch availability are significantly better than most, giving the bank a customer satisfaction score of 50.0% and 39.0%, respectively.
As with most larger financial institutions, one of the biggest drawbacks for RBC ATM and branch availability is bank branch hours – with many smaller branches only open during regular business hours.
What RBC personal banking products are available in Canada?
As Canada’s largest bank, RBC provides plenty of choices to meet the banking needs of Canadians. To help, use this RBC review to compare key bank accounts offered by the Royal Bank of Canada.
RBC chequing accounts
RBC Day to Day Banking
Monthly fee:$4
Multiproduct rebate fee: $0
Senior monthly fee: $0
# of transactions: 12 a month
This basic chequing account from Royal Bank gives you 12 transactions per month for a fee of $4. RBC will waive the fee if you also hold and use at least two other RBC products, such as a credit card, personal investment, residential mortgage or small business product.
This is RBC’s most popular chequing account. It comes with unlimited debits in Canada, free Interac e-Transfers and up to three non-RBC ATM fees waived per month. If you have more than two RBC products, such as a premium credit card, a mortgage, or an investment account, you can qualify for a multiproduct rebate. Notable benefits of this account include free bank drafts, personalized cheques, rebates on basic credit card fees (up to $39) and no monthly overdraft fees. You’ll also get free Interac e-Transfers and reimbursements for non-RBC ATM fees, up to a monthly limit.
This is the Royal Bank of Canada’s exclusive chequing account that lets you make unlimited worldwide transactions and ATM withdrawals, even at non-RBC Interac machines (in Canada). It also includes additional perks such as free bank drafts and complimentary personal and certified cheques. It’s possible to reduce or waive the monthly fee if you own and use at least two more RBC products, such as a premium RBC credit card, mortgage, investment account or safety deposit box.
This day-to-day bank account gives full-time post-secondary students unlimited debits and free e-transfers, plus access to NOMI Find & Save – the predictive technology used by RBC that monitors your account to find underutilized money that can be set aside in a savings account each month. Additional perks include personalized offers and up to a $48 rebate on the annual fee for an eligible credit card.
If you are a frequent traveller and want to avoid fluctuations in exchange rates, an RBC U.S. Personal Account helps you store and use American cash.
RBC U.S. Premium Checking Account
Monthly fee: $9.95 for e-statements or $11.95 for paper statements
# of transactions: unlimited
For Canadian clients who want the freedom and flexibility to pay US or Canadian bills through one bank account, the RBC U.S. Premium Checking account is the best option. Clients can withdraw and deposit money using RBC ATMs throughout North America as well as access cashback with large retailers throughout the 50 US states. Clients with this account also get a preferred FX rate, which helps keep cross-border transaction costs to a minimum.
If you’re looking for a savings account, it’s important to consider the primary reason for the account and how you will use it. Next up in this RBC review is a list of six RBC savings accounts, along with their key features and benefits.
RBC High Interest eSavings Account
Monthly fee: $0
Transactions: $5.00
The RBC High Interest eSavings Account is ideal for clients who primarily bank online and have little need for in-branch services. The fact that there is no monthly fee and no minimum balance means your interest earnings won’t erode due to ongoing fees. Remember, though, that you only get one free RBC ATM withdrawal per month – after that, you’ll pay per use. You can expect a modest 1.1% interest rate on your monthly balance – although promotional rates can push this to 3% or 4% for a limited introductory period.
Considered the “basic” savings account, the RBC Day to Day Savings Account is another no monthly fee option for savers. One advantage of this account is that you can set up Save-Matic plans – pre-authorized transfers into your savings account that help you make saving automatic. The account is also eligible for NOMI Find & Save, an RBC-branded predictive technology that learns your transaction patterns and makes suggestions to help you cut costs and save fees. The RBC savings account interest rate paid on your monthly balance is 0.005% for the first $999 and 0.01% for a balance over $1,000.
If you keep a larger balance in your savings accounts, you may want to consider the RBC Enhanced Savings Account. While no interest is offered on balances below $5,000, you will get 0.001% on any balance between $5,000 and $9,999. The interest rate earned goes up to 0.05% on balances between $10,000 and $24,999 and tops out at 0.01% and any balance above $25,000.
RBC NOMI Find & Save
Monthly fee: $0
Transactions: 1 free debit transaction per month
RBC’s NOMI Find & Save uses predictive technology to monitor the financial trends in your RBC chequing account and makes suggestions on how much you can set aside in a savings account each month. It’s ideal for clients who really want to make savings automatic, plus the interest paid on all balances – 0.45% – is one of the most competitive within the suite of RBC savings products.
Transactions: cross-border transfers between your RBC Canadian and US accounts via Online Banking are free and instant but limited to $25,000 (CAD or USD) per transaction
If you regularly visit the US or get paid in US dollars, make your money work harder for you by opening an RBC U.S. High-Interest eSavings Account. With a $0 fee per month and a $0 minimum account balance, you’ll grow your savings with an interest rate of 0.25%.
Transactions: Free and unlimited debit and Interac e-Transfer transactions
If you’re interested in teaching your kids about money management and saving, then the Royal Bank of Canada has an account for you. The RBC Leo’s Young Savers Account is designed specifically for children (or dependants under the age of 12). This no-fee savings account lets kids deposit money through the ATM or in-branch transactions and pays 0.01% on all balances in this account.
There is a wide range of credit cards offered through the Royal Bank of Canada, including options for either Visa or Mastercard. To find the best RBC credit card, you’ll need to consider the card’s annual fees, how you will use the card and what rewards or features are important to you.
For the best RBC credit cards in Canada, check out the Finder round-up. Or to help narrow down your options, check out the types of credit cards in this RBC review:
RBC travel credit cards
Earn points on every purchase and redeem those points for flights, hotels and other travel expenses. Plus, these credit cards offer extensive insurance to cover you and your trip. Another good option is a credit card that charges zero fees for foreign transactions – fees charged to convert Canadian dollars into foreign currency.
RBC rewards credit cards
If you want flexibility and rewards, consider an RBC rewards credit card. For every purchase you make, you can collect either Avion points, WestJet dollars, Avios or Asia Miles. You can redeem these points for travel, merchandise, gift cards and more. You can also choose to get cashback rewards.
If cash is king in your household, consider a credit card that rewards you with cashback every time you shop. Better still, many of these cards offer insurance options to help protect you and your purchases.
These RBC credit cards are designed to help save you money with low interest on balances and low or no annual fees. Another good option is to switch to a low-interest credit card using a balance transfer. To save on interest costs, pick a card with a low balance transfer fee.
Full-time post-secondary students can start building their credit while managing ongoing expenses and earning rewards by using a student RBC credit card.
Business credit cards are similar to personal credit cards – you have access to a revolving line of credit, you can earn rewards based on how much you spend and you must make a minimum monthly payment to keep your account in good standing. However, the main difference is that many of the benefits and features are tailor-made for businesses, plus your business builds its creditworthiness, which helps your growing business secure better financing in the future. RBC business credit cards
RBC insurance
Regardless of whether you’re an RBC customer or not, RBC insurance offers competitive rates on travel insurance, car insurance, home insurance and life insurance. For a no-obligation quote, you can enter your details online and either get an email outlining the offer or a representative will contact you.
RBC loans, home equity lines of credit and mortgages
Whether you’re looking for a stop-gap personal loan, a larger home equity line of credit or a mortgage, the Royal Bank of Canada can help. As one of Canada’s largest banks, RBC offers a variety of loan options.
If you’re already an RBC customer, you probably already know about a few of the investment products and accounts offered by the Royal Bank of Canada. RBC offers a variety of investment products, including a range of RBC GICs as well as the ability to invest in stocks and bonds through the RBC Direct Investing brokerage.
Compare RBC bank accounts vs competitor bank accounts
To find the best bank account, it’s best to consider all options in the Canadian marketplace. At Finder, we’ve curated a list of the most popular chequing accounts and savings accounts available throughout most regions in Canada. To find the best for your needs, examine the features you require and assess the fees associated with the account.
You can access your chequing account online using RBC's secure web portal, Online Banking.
Yes. RBC Mobile uses security features like biometric identification technology and is covered by the RBC Digital Banking Security Guarantee. This means you'll be reimbursed for direct financial loss resulting from unauthorized transactions made through the RBC Mobile app.
Not all RBC accounts are eligible to have the entire monthly fee waived. In some cases, to be able to receive a partial or full waiver of the monthly fee, you will need to have at least two or more RBC accounts (i.e. credit card, mortgage, personal investment).
The RBC Wallet mobile application is a way you can store your credit card information to securely make purchases and send and request money. The app has a tap and pay function enabling you to pay without needing your physical credit or debit cards.
You can apply for an RBC savings account in one of three ways. You can apply online by providing your personal information and contact details. You can apply by calling RBC toll-free at 1-800-769-2561. Lastly, you can apply in-person at an RBC branch by booking an appointment.
RBC's savings accounts generally do not require you to have a minimum balance in your account. You can have as little or as much in your RBC savings account as you please. Just know that for select savings account plans, the more money you have in your account, the higher the interest rate you will earn.
You can turn NOMI Find & Save on in the RBC Mobile app, then see your balance, transaction history and statements through the RBC Mobile app or RBC Online Banking.
For NOMI to work, you will need to have an RBC chequing account for at least three months so NOMI can understand, based on your banking activity, what your financial patterns are. NOMI will transfer $50 per day from your chequing to savings account, up to a maximum of five times per week. Since NOMI Find & Save is personalized to you and your transaction patterns, some months you may not see any transfers.
In a nutshell, it is a customer satisfaction guarantee whereby RBC promises to refund you up to three months worth of monthly account fees if you are not completely satisfied with your account.
Yes, in most cases you will be charged a fee if you withdraw money from a non-RBC ATM. There is a small fee for using a non-RBC ATM in Canada and the United States, while there is a higher fee for using international ATMs.
RBC has received mixed customer reviews. As of September 2023, it averages 1.2 out of 5 stars from 1,009 Trustpilot reviews, and 2.6 out of 5 stars from 477 ConsumerAffairs reviews. Google reviews for RBC branches vary from one location to another, so it's worth reading some reviews to see where your local branch excels or falls short.
About Finder
Finder is a personal finance comparison site with a mission to help Canadians save, invest, spend wisely and grow their wealth. Each month, Finder provides half a million Canadians – and more than five million globally – with independent and trustworthy financial information. Our goal is to help people make better financial decisions by providing objective, comparative insight on thousands of products and services.
As a global fintech website and app, Finder provides consumers free access to smart money content. Whether it's expert insight, product or service comparisons or independent reviews, Finder helps consumers stay on top of their finances while saving time and money.
Finder is available to consumers in Canada, Australia, America and the United Kingdom. Initially launched in 2006 by three Australians – Fred Schebesta, Frank Restuccia and Jeremy Cabral – Finder's global reach now includes thousands of products and services in hundreds of financial categories and provides expert content and independent reviews to more than five million users each month.
Romana King was the Canada group editor at Finder and a personal finance expert. As an award-winning personal finance writer and real estate expert, she has spent almost two decades helping Canadians make smarter money management decisions. Her first book, House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth, launched in November 2021, continues to be an Amazon bestseller and won the Excellence in Financial Journalism Book Award in 2022. See full bio
Romana's expertise
Romana has written 35 Finder guides across topics including:
Explore all of the latest RBC offers and promotions available now.
Feedback
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.