RBC is Canada's largest bank and the home of Avion travel rewards. Tangerine is Scotiabank's digital-only banking brand offering zero fees, better savings rates, and the best no-annual-fee customizable cash back card in Canada. Here's how they compare for 2025 — and when you should use each (or both).
| Feature | RBC Royal Bank | Tangerine |
|---|---|---|
| Monthly chequing fee | $4.00–$30.00/mo | $0 — free |
| Annual fee savings (vs RBC mid) | — | ~$203/year |
| HISA rate | 0.01%–0.05% | 0.10%–0.15% + promos |
| Promo HISA rate | None | Up to 5%+ (new customers) |
| 1-yr GIC | ~3.65% | ~3.65%–4.00% |
| Credit card highlights | RBC Avion Visa Infinite | Tangerine Money-Back (2% categories) |
| ATM access | ~3,500 RBC ATMs | ~3,500 Scotiabank ATMs |
| Branches | ~1,200 | None (Cafes only) |
| Mortgage | Yes (full service) | Yes (digital) |
| Robo-advisor | RBC InvestEase | None |
| App Store rating | 4.8 | 4.3 |
| Parent bank | RBC | Scotiabank |
RBC charges $4/month for pay-per-use and $16.95 for unlimited transactions. Tangerine is free with unlimited transactions. For unlimited banking, Tangerine saves $203/year vs RBC. For very light users who barely exceed 1 transaction/month, RBC's $4 base account is competitive — but most Canadians exceed this quickly.
ATM access is comparable: RBC has ~3,500 ATMs, Tangerine uses Scotiabank's ~3,500 ATM network.
Tangerine pays 10x more than RBC on standard savings. The promotional rate for new Tangerine customers is often 5%+ for 5–6 months — far more than any promotional offer from RBC. For GICs, Tangerine and EQ Bank both offer rates above RBC's posted rates.
The key insight: if you have $20,000+ in savings sitting at RBC earning 0.01%, moving it to Tangerine for the promo alone could earn $500–$1,000 in the first 6 months.
Avion is Canada's most flexible bank-branded travel rewards program. Points transfer to British Airways Avios, American Airlines AAdvantage, WestJet, and are bookable through the Avion Travel portal. Outstanding for international travel maximizers.
No annual fee. 2% cash back in two chosen categories (groceries, gas, restaurants, drugstores, entertainment, etc.) and 0.5% everywhere else. One of Canada's best no-annual-fee credit cards. For everyday household spending, this card consistently beats most $120+ annual fee cards in net value for the average Canadian.
RBC wins for premium travel rewards. Tangerine wins for no-fee household cash back.
RBC has full in-branch mortgage advisory. Tangerine offers digital mortgages at competitive rates. Both participate in FHSA and RRSP Home Buyers' Plan. For first-time buyers, RBC's in-person guidance is valuable. For renewals, compare Tangerine's digital rate against RBC before committing.
Tangerine wins — free unlimited vs $203/year.
RBC wins — Avion is unmatched.
Tangerine wins — Money-Back Card is best-in-class.
RBC wins — InvestEase.
Tangerine wins — 10x higher + promos.
RBC wins — 1,200 branches.
For even more value on everyday spending, KOHO earns up to 5% cash back with no annual fee and pays 3%–5% interest on your balance — no promotional games required.
Get KOHO Free — Code 45ET55JSYAReferral code 45ET55JSYA applied automatically.
Choose RBC if you value the Avion travel rewards program, need in-person banking with 1,200 branches, want a robo-advisor, or are a first-time buyer who needs mortgage advisory.
Choose Tangerine if you bank digitally, want to eliminate $200/year in fees, want a no-fee credit card that earns 2% on groceries/gas, and want better savings rates.
The optimal strategy for many Canadians: keep RBC for the Avion credit card and investing — move chequing and savings to Tangerine to eliminate fees and earn more interest.