RBC and CIBC are two of Canada's Big 5 banks. RBC is the largest Canadian bank by assets and is best known for its Avion travel rewards program and branch network. CIBC differentiates with lower-cost account options, the flexible Aventura rewards program, and strong newcomer banking. Here's the full comparison.
| Feature | RBC Royal Bank | CIBC |
|---|---|---|
| Basic chequing fee | $4.00/mo | $6.95/mo |
| Mid-tier fee | $16.95/mo | $14.95/mo |
| Premium fee | $30.00/mo | $29.95/mo |
| Fee waiver balance | $4,000 / $5,000 | $3,000 |
| ATM network | ~3,500 | ~3,400 |
| Branches | ~1,200 | ~1,000 |
| App Store rating | 4.8 | 4.7 |
| Google Play rating | 4.5 | 4.4 |
| Rewards program | RBC Avion | Aventura |
| Student banking | Free unlimited | Free unlimited (Smart) |
| Newcomer banking | RBC Newcomer Advantage | CIBC Smart for Newcomers |
| Robo-advisor | RBC InvestEase | None |
| Discount brokerage | RBC Direct Investing | CIBC Investor's Edge |
CIBC's Smart Account is more affordable at $6.95/mo (vs RBC's $4 pay-per-use but $16.95 for unlimited). The CIBC fee waiver requires only $3,000, lower than RBC's $4,000. For mid-tier unlimited banking, CIBC is $2/mo cheaper ($14.95 vs $16.95).
Both offer free unlimited student banking. CIBC's Smart for Newcomers is one of the most competitive newcomer packages in Canada.
Edge: CIBC on pricing for most customer profiles.
Avion is widely considered the most flexible bank-branded rewards program in Canada. Points transfer to British Airways Avios, American Airlines, WestJet, and can be used on the Avion Travel portal. Outstanding for international travel aspirations.
Aventura points can be redeemed against any travel purchase — any airline, any hotel — at a transparent fixed rate. This "pay yourself back" model is flexible and transparent. The Aventura Visa Infinite earns solid points on dining and groceries.
Both programs are flexible. RBC Avion wins for maximizers who want to transfer to airline partners. CIBC Aventura wins for simplicity — book any travel and reimburse it.
Both post identical 5-year fixed rates. Both have digital and in-branch application processes. Both support FHSA, RRSP Home Buyers' Plan, and federal first-time buyer programs. Negotiate hard at either bank — posted rates are a starting point only.
CIBC wins on trade commissions ($6.95 vs $9.95). RBC wins for passive investors with InvestEase.
RBC wins for airline transfers; CIBC wins for any-travel reimburse model.
CIBC wins — $6.95/trade vs $9.95.
RBC wins — InvestEase robo-advisor.
Tie — both free unlimited.
Tie — both strong programs. CIBC Smart for Newcomers is highly rated.
CIBC wins — lower fees and fee waivers across the board.
RBC and CIBC both charge monthly fees. KOHO is 100% free — no monthly fee, no minimum balance — and earns up to 5% cash back on all purchases.
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Choose RBC if you want the most branches, the best travel rewards for airline transfers, a robo-advisor, or the highest-rated app.
Choose CIBC if you want lower monthly fees, a lower fee waiver threshold, cheaper brokerage trades, flexible any-airline travel rewards, or a strong newcomer banking package.