RBC Royal Bank is Canada's largest financial institution by assets, serving over 17 million clients. For many Canadians, RBC is the default choice because of its size, branch network, and brand recognition. But does size translate to value? This review breaks down RBC's accounts, fees, rates, and overall customer experience so you can decide if RBC is right for you.
Founded in 1864 in Halifax, RBC has grown into one of the largest banks in North America. It operates over 1,300 branches and 4,400 ATMs across Canada, making it one of the most physically accessible banks in the country. RBC also offers extensive digital banking through its mobile app and online banking platform.
RBC offers several chequing account tiers designed for different banking needs.
The entry-level option costs $4.00/month and includes 12 debit transactions per month. Additional transactions cost $0.65 each. This account works for light banking users but quickly becomes expensive if you make frequent purchases.
At $16.95/month, this mid-tier account offers unlimited debit transactions, one free Interac e-Transfer per month, and a small rebate on a premium credit card fee. The monthly fee can be waived by maintaining a $4,000 minimum daily balance.
The premium tier runs $30.00/month and includes unlimited transactions, unlimited Interac e-Transfers, and fee rebates on select RBC credit cards. The fee is waived with a $6,000 minimum daily balance. For most Canadians, this account is hard to justify unless you consolidate significant assets at RBC.
Free for full-time post-secondary students, this account includes 25 debits per month and one Interac e-Transfer. It converts to a standard account after graduation, so students should plan their banking transition early.
RBC's savings rates are competitive only during promotional periods. The standard High Interest eSavings account offers a base rate around 1.5%, which trails dedicated online savings accounts like EQ Bank or Tangerine that regularly offer 3-4%. RBC periodically runs promotional rates of 4-5% for new deposits, typically lasting 3-5 months.
For most Canadians looking to grow their savings, keeping money at RBC for the savings rate alone is not a strong strategy. RBC's savings accounts make more sense as a convenience account for funds you plan to use in the near term rather than a growth vehicle.
RBC is one of Canada's largest mortgage lenders and offers competitive rates, particularly for existing clients. RBC's posted rates are typically higher than discounted rates available through mortgage brokers, but RBC does offer rate discounts for clients who also hold chequing and credit card accounts with the bank.
RBC's mortgage application process can be done online, by phone, or in-branch. However, their penalties for breaking a fixed mortgage early are among the highest in the industry. If there's any chance you'll need to refinance or sell before your term ends, factor in RBC's Interest Rate Differential penalties carefully.
RBC's Avion Rewards program is one of the stronger bank-owned travel rewards programs in Canada. The RBC Avion Visa Infinite earns 1 point per dollar on most purchases, with higher earn rates on travel. Points can be transferred to several airline loyalty programs including WestJet and British Airways, adding flexibility.
The RBC Cashback Preferred World Elite Mastercard is a solid no-fee cashback option for existing RBC clients. Overall, RBC's credit card lineup is competitive but not exceptional compared to standalone credit card issuers.
RBC's mobile app consistently ranks among the better big bank apps in Canada. Features include mobile cheque deposit, bill payments, e-Transfers, budget tracking, and investment management through RBC InvestEase. RBC also offers NOMI, an AI-powered financial insights tool that analyzes spending patterns and automatically moves spare cash into a savings account — a genuinely useful feature for those who struggle with saving consistently.
For self-directed investors, RBC Direct Investing charges $9.95 per trade (reduced to $6.95 for active traders). This is competitive with TD Direct Investing but higher than discount brokers like Questrade ($4.95) or Wealthsimple Trade (commission-free). RBC also offers RBC InvestEase, a robo-advisor product charging 0.5% annually.
RBC has a strong business banking offering with dedicated relationship managers for growing businesses, various chequing account tiers, and lending products including lines of credit and business loans. RBC's business accounts start at around $6.00/month for basic chequing and scale up based on transaction volumes and services.
RBC makes the most sense for Canadians who value in-person service and a full-service banking relationship under one roof. If you hold a mortgage, investments, credit card, and daily banking with RBC, you can sometimes negotiate better rates and fee rebates. RBC also suits those who travel frequently and want access to an extensive global ATM network.
However, if you're focused on minimizing fees, RBC is not the cheapest option. A combination of a no-fee digital bank for daily transactions and a high-interest savings account elsewhere will almost always cost less than RBC's monthly fees.
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Open KOHO Free — No Fees — Code 45ET55JSYARBC earns a solid 3.5 out of 5 for most Canadians. It's a reliable, full-service bank with excellent physical access and a capable digital platform. The main drawbacks are high monthly fees and low savings rates. If you're willing to pay for the convenience of having everything in one place, or if you can consistently maintain the minimum balance to waive fees, RBC is a reasonable choice. But if saving money on banking is a priority, you have better options in Canada's competitive banking market.