RBC and TD are Canada's two largest banks, and the debate about which is better comes down to your specific banking priorities. Both offer similar monthly fee structures and comprehensive product suites. But there are meaningful differences in branch hours, US banking access, credit card rewards, digital banking features, and mortgage products. This head-to-head comparison helps you decide which bank is the better fit.
Both RBC and TD charge nearly identical fees for comparable account tiers:
Fee waiver thresholds are identical at the mid-tier ($4,000) and nearly identical at premium levels. If fees are your primary comparison point, neither bank has a clear advantage over the other. Both will cost you approximately $200/year if you don't maintain the minimum balance.
RBC operates over 1,300 branches and 4,400 ATMs — approximately 200 more branches than TD's roughly 1,100 Canadian locations. For Canadians in smaller cities and towns, RBC's branch network is often more accessible. TD's 3,500 ATMs are fewer than RBC's 4,400, which can matter for cash transactions.
However, TD compensates for fewer branches with significantly extended hours — many TD locations are open evenings until 8pm and on weekends. If you can only visit a bank on Saturday afternoon, TD's hours are a genuine advantage over RBC, even if TD has fewer total locations near you.
This is TD's clearest advantage over RBC. TD pioneered extended banking hours in Canada and maintains longer hours at more locations than any of the Big 5. RBC has made efforts to extend hours at select locations, but TD still has a meaningful lead here. For working Canadians who can't take time off to visit a bank during business hours, TD's extended hours remove a genuine inconvenience that RBC still creates for some customers.
TD operates over 1,100 US branches and 2,600 US ATMs, making it one of the largest US retail banks. Canadians who travel to the US frequently, snowbirds who spend winter months in the south, or those with US-dollar income will find TD significantly more useful than RBC for cross-border banking. RBC does offer USD accounts and some US ATM access, but its US presence is a fraction of TD's.
Both banks have strong mobile apps that perform all essential functions reliably. RBC's NOMI tool — which analyzes spending patterns, provides financial insights, and automatically rounds up savings — is generally considered a more sophisticated financial management feature than TD MySpend. Both apps support mobile cheque deposit, bill payments, e-Transfers, and investment tracking. RBC's app consistently earns slightly higher ratings in user reviews for overall experience, though the gap is not large.
TD's credit card portfolio is stronger than RBC's for most Canadians. The TD First Class Travel Visa Infinite and TD Cash Back Visa Infinite consistently rank among Canada's best travel and cashback cards respectively. RBC's Avion Rewards program is solid and offers airline transfer partners, but the everyday earn rates and the breadth of redemption options at TD edge ahead for most spending profiles. If maximizing credit card rewards is a priority, TD has the better overall lineup.
Both banks offer competitive mortgage rates within the Big 5. TD's Home Equity FlexLine combines a mortgage and revolving line of credit in a single product, giving homeowners flexible equity access as they pay down their mortgage. RBC offers a similar product (the RBC Homeline Plan), but TD's version has historically been more widely used and better integrated. TD also has slightly more generous prepayment privileges in some mortgage products. Both banks have expensive IRD penalties for breaking fixed mortgages early — this is a Big 5 issue, not unique to either bank.
RBC Direct Investing charges $9.95/trade (or $6.95 for active traders). TD Direct Investing also charges $9.95/trade (or $7.00 for active traders). Costs are nearly identical. Both platforms are full-service with strong research tools. For robo-advisory investing, RBC InvestEase charges 0.5% annually and TD GoalAssist charges 0.5% annually — again essentially the same.
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Open KOHO Free — No Fees — Code 45ET55JSYAIf forced to choose one, TD wins for most Canadians in 2025. The extended banking hours, superior US banking access, and stronger credit card portfolio give TD a slight edge for everyday Canadians who want the full-service big bank experience. RBC is the better choice if you need the absolute largest branch footprint or want NOMI's AI savings features specifically. But honestly, the differences between these two banks are small — if you're paying $16.95/month at either one, consider whether a no-fee digital banking alternative might serve you just as well for daily transactions.