Canada's largest bank reviewed: fees, accounts, newcomer banking, credit cards, and how to get the best value from RBC in 2026.
Royal Bank of Canada (RBC) is the country's largest bank by assets, with over 17 million clients, 1,300+ branches, and 4,500+ ATMs. RBC is particularly well known for its newcomer to Canada banking program, its Avion credit card rewards, and its extensive investment and wealth management services.
This review gives you the full picture: where RBC excels, where it falls short, and how to maximize your value if you bank there.
| Category | Score | Details |
|---|---|---|
| Monthly Fees | $11.95–$30/mo for chequing | |
| Welcome Bonus | Up to $300 (periodic offers) | |
| Credit Cards | Strong Avion travel rewards | |
| Branch Access | Most branches in Canada | |
| Newcomer Banking | Best newcomer program of Big 5 | |
| Savings Rates | 0.01% — extremely poor |
RBC's newcomer program is considered the best among Canada's Big Five banks. Benefits include:
Note: After the free period ends, standard monthly fees apply. Pair with KOHO ($0/mo forever) for a smart long-term strategy.
RBC's Avion Rewards program is one of the more flexible travel rewards programs in Canada. Points can transfer to Air Canada Aeroplan, British Airways Executive Club, and Cathay Pacific Asia Miles.
| Card | Annual Fee | Earn Rate | Welcome Bonus |
|---|---|---|---|
| Avion Visa Infinite | $120 (waivable) | 1.25x everywhere | ~35,000 pts |
| Avion Visa Platinum | $60 | 1x everywhere | ~15,000 pts |
| Avion Visa Infinite Privilege | $399 | 1.25x + 2x travel | ~55,000 pts + lounge access |
| WestJet RBC Mastercard | $0 | 1.5% WestJet dollars | None |
| WestJet RBC World Elite MC | $119 | 2% WestJet dollars | $250 WestJet $ + free checked bag |
| Feature | RBC | TD | Scotiabank | KOHO |
|---|---|---|---|---|
| Monthly Fee | $11.95–$30 | $10.95–$29.95 | $10.95–$30.95 | $0 forever |
| Welcome Bonus | Up to $300 | Up to $400 | Up to $350 | $100 (code: 45ET55JSYA) |
| Net Bonus After Fees | ~$252 | ~$350 | ~$299 | $100 (no fee!) |
| Savings Rate | 0.01% | 0.01% | 0.01–0.05% | Pair with EQ 3.75% |
| Cashback | None (basic) | None (basic) | Scene+ points | 1–2% everyday |
| Branches | 1,300+ ⭐ | 1,100+ | 900+ | App only |
| Newcomers | Best ⭐ | Good | Good | Easy (no credit needed) |
| Overall Value | 3.7/5 | 3.9/5 | 3.8/5 | 4.6/5 |
RBC is one of the safest banks in the world. It's a Schedule I chartered bank regulated by OSFI, deposits are CDIC-insured up to $100,000 per category, and RBC is a Domestic Systemically Important Bank (D-SIB). RBC has been named one of the world's most valuable banking brands by Brand Finance for several consecutive years.
RBC's total assets exceed $2 trillion CAD, making it the largest company in Canada by market capitalization.
RBC's savings rates are among the worst in Canada. The standard RBC High Interest eSavings rate is 0.01–0.05% — on a $100 balance, that's $1–$5 per year.
In comparison, EQ Bank offers 3.75% — that same $100 earns $375/year. If you have savings sitting in an RBC savings account, you're losing significant money every month.
Smart strategy: Keep your RBC chequing account for branch access and credit card benefits. Move savings to EQ Bank or a TFSA to maximize interest earned.
RBC is a strong choice if: you're a newcomer to Canada and want the best big-bank welcome package, you want Canada's largest branch and ATM network, you're building a mortgage/investment relationship with one bank, or you want Avion travel rewards.
Consider alternatives if: you want $0 fees without a minimum balance, you want strong savings interest rates, or you want cashback on everyday spending without an annual fee.
The best approach: use RBC for what it does best (newcomer support, branch access, Avion credit cards), and pair it with KOHO (code 45ET55JSYA) for fee-free daily spending with cashback — and EQ Bank for your savings at 3.75%.
No monthly fees, 1–2% cashback, and $100 when you sign up with code 45ET55JSYA. Works alongside your RBC account.
Claim $100 With Code 45ET55JSYA →