RBC Royal Bank is Canada's largest financial institution by assets and market capitalization, serving over 17 million clients across Canada and internationally. Founded in 1864, RBC operates the largest ATM network in Canada and consistently posts some of the most competitive mortgage rates among the Big Five. This honest review looks at where RBC delivers value — and where it doesn't.
RBC Royal Bank at a Glance
RBC Products Overview
| Product | Details | Bremo Take |
|---|---|---|
| Day-to-Day Banking | $11.95/month, 12 transactions | Overpriced — switch to KOHO ($0) |
| Signature No Limit | $16.95/month, unlimited transactions | Better but expensive |
| Premium Banking | $29.95/month — full package | Only for those who use all features |
| RBC High Interest eSavings | ~0.01–0.05% ongoing | Poor — use EQ Bank or KOHO instead |
| Mortgages | Often lowest posted rate among Big 5 | RBC's strongest product — genuinely competitive |
| RBC Avion Visa | Earn Avion points — flexible travel/Air Canada | Excellent rewards card |
| RBC Direct Investing | Full self-directed brokerage platform | Good platform, wide product access |
| RBC Wealth Management | Full-service wealth advisory | Best of the Big 5 for HNW clients |
| Business Banking | Largest business banking network in Canada | Excellent for businesses of all sizes |
RBC's Biggest Advantage: Network Size
With 4,900+ ATMs and 1,200+ branches across Canada, RBC has the most extensive physical banking network in the country. This matters for Canadians who travel frequently across Canada, live in areas where other banks have fewer branches, or run businesses that depend on physical deposit and cash management services. For a national network, RBC is unmatched.
RBC Mortgages: Often the Best Big Bank Rate
RBC consistently posts some of the lowest advertised mortgage rates among Canada's Big Five. The bank has a large and experienced mortgage specialist network, competitive pre-payment privileges, and flexible amortization options. RBC's digital mortgage application has improved significantly. For first-time buyers and move-up buyers seeking the best big-bank rate without shopping exclusively through a broker, RBC is a strong starting point.
RBC Avion Rewards
RBC's Avion program is among the best bank-branded rewards programs in Canada. Avion points offer flexible redemptions: you can book directly through the RBC Avion travel portal, convert points to Air Canada Aeroplan, or redeem for merchandise and cash-back. The RBC Avion Visa Infinite earns 1.25 pts per $1 generally and bonus points on travel purchases. The annual fee ($120) is easily offset by travel redemptions for frequent users.
RBC Fees: The Core Problem
RBC's Day-to-Day Banking account at $11.95/month is more expensive than TD's comparable account ($10.95) and far more expensive than no-fee alternatives. For a customer spending $11.95/month, that's $143.40/year in fees for a service that KOHO provides for free. The fee waiver (maintain $4,000 minimum) is higher than TD's ($3,000) and requires tying up capital that could earn 3.75% at EQ Bank ($150/year on $4,000).
RBC Savings Rates: Near Zero
Like all Big Five banks, RBC pays approximately 0.01% on standard savings — negligible. The RBC High Interest eSavings Account is marginally better at 0.05–0.1% but still vastly inferior to digital alternatives. This is arguably the biggest failure of the Big Five banks in 2025: charging fees to hold money while paying almost nothing on savings. KOHO (3.0%) and EQ Bank (3.75%) should be holding any savings you're not using for immediate expenses.
RBC Pros and Cons
RBC Pros
- Canada's largest bank — most ATMs (4,900+) and branches
- Often lowest posted mortgage rates of Big 5
- RBC Avion rewards — top-tier flexible program
- Best wealth management (RBC Dominion Securities)
- Strongest business banking network in Canada
- MyAdvisor digital financial planning tool
- CDIC insured
RBC Cons
- Monthly fees $11.95–$30 (highest entry point of Big 5)
- Savings rates near zero
- No US retail banking presence
- Fee waiver requires $4,000 minimum (higher than competitors)
- Shorter banking hours than TD
- Customer service wait times can be long
Canada's Largest Bank — But KOHO Is Better for Daily Banking
RBC charges $11.95+/month and pays 0.01% on savings. KOHO charges $0 and pays 3.0% — plus a $100 welcome bonus with code 45ET55JSYA. Use RBC for your mortgage; use KOHO for everything else.
Referral code: 45ET55JSYA • Works everywhere in Canada
Bremo Verdict: RBC Royal Bank 3.4/5
RBC is Canada's largest and arguably most capable bank — the deepest mortgage expertise, largest ATM network, best Avion rewards program, and strongest business banking. But "largest" doesn't mean "best for everyday Canadians." Monthly fees of $11.95–$30 and savings rates of 0.01% are hard to justify when KOHO ($0 fees, 3.0% savings, $100 bonus with code 45ET55JSYA) offers a better everyday banking experience for free. Best strategy: KOHO for daily spending, EQ Bank (3.75%) for savings, and RBC specifically for your mortgage or for Avion rewards card spending.
Frequently Asked Questions — RBC Canada Review
Yes — RBC Royal Bank is consistently Canada's largest bank by assets, market capitalization, and physical network size. It typically ranks among the top 10–15 largest banks in North America. RBC is a CDIC member and federally regulated Schedule I chartered bank, making it one of the most stable financial institutions in Canada.
RBC consistently posts some of the lowest advertised mortgage rates among Canada's Big Five banks. However, the best mortgage rates in Canada typically come through mortgage brokers who can access wholesale lender rates well below what any big bank offers at the branch counter. RBC is a great starting point for mortgage shopping but always get broker quotes before committing.
RBC Avion is RBC's rewards program. Avion points can be redeemed for Air Canada Aeroplan transfers, direct flight and hotel bookings, merchandise, and cash deposits. The RBC Avion Visa Infinite ($120/year) is one of Canada's better premium travel cards. For Canadians who travel 1–2 times per year, the Avion program easily earns back the $120 annual fee. It's a genuinely strong rewards program compared to other bank-branded programs.
RBC's main personal chequing accounts: Day-to-Day Banking $11.95/month (12 transactions), Signature No Limit Banking $16.95/month (unlimited), and Premium Banking $29.95/month (all-inclusive). Fee waivers apply if you maintain a $4,000 minimum balance. For $0/month banking, KOHO is the best alternative with a $100 welcome bonus (code 45ET55JSYA).
RBC offers a Newcomer Advantage package with free banking for the first year, a credit card with no credit history required, and dedicated newcomer advisors. This is a strong offer — but after the first year, fees revert to standard levels. For the long term, KOHO ($0/month permanently, no credit history required) is a better baseline account for newcomers, with RBC useful for mortgage and credit-building purposes.
Disclosure: Bremo may earn a referral commission if you open a KOHO account using our link. This does not affect our review or ratings. All rates accurate as of March 2026. Not financial advice.