RBC Royal Bank and TD Canada Trust are Canada's two largest banks, each with tens of millions of customers, thousands of ATMs, and product lines covering every financial need. But which one is actually better for Canadians in 2025? This guide gives you an honest answer — and explains when neither big bank is the right choice.
RBC Royal Bank
Canada's largest bank by assets. Strong mortgage products and investment services.
TD Canada Trust
Longest banking hours in Canada. Strong US banking access for cross-border customers.
Side-by-Side Comparison: RBC vs TD Canada
| Category | RBC Royal Bank | TD Canada Trust | Winner |
|---|---|---|---|
| Monthly Fee (Basic) | $11.95 | $10.95 | TD WIN |
| Monthly Fee (Mid) | $16.95 | $14.95 | TD WIN |
| Free Transactions | 12–unlimited | unlimited on most plans | TD WIN |
| Savings Rate (HISA) | ~0.01–0.05% | ~0.01–0.05% | Tie |
| ATM Network | 4,900+ ATMs | 3,500+ ATMs | RBC WIN |
| Banking Hours | Standard | Longest in Canada (weekends) | TD WIN |
| US Banking | Limited USD accounts | TD Bank USA — full service | TD WIN |
| Mobile App Rating | 4.4 / 5 | 4.5 / 5 | TD WIN |
| Mortgage Rates | Competitive — often lowest | Competitive — slightly higher | RBC WIN |
| Top Rewards Card | RBC Avion Visa Infinite | TD Aeroplan Visa Infinite | Personal choice |
| CDIC Insured | Yes | Yes | Tie |
| # of Branches | 1,200+ | 1,100+ | RBC WIN |
| Student Banking | RBC Student Banking (free) | TD Student Chequing (free) | Tie |
| Business Banking | Very strong | Very strong | Tie |
Monthly Fees: TD Wins on Price
Both RBC and TD charge monthly fees that feel hard to justify in 2025 when digital alternatives offer $0 banking. TD's Everyday Chequing Account at $10.95/month is slightly cheaper than RBC's equivalent Day-to-Day Banking at $11.95/month. On premium accounts, TD's All-Inclusive Plan ($29.95/month) includes more features than RBC's comparable offering at $30/month. Fee waiver thresholds (typically $3,000–$4,000 minimum balance) are similar at both banks.
Savings Interest Rates: Both Terrible
Both RBC and TD pay approximately 0.01% to 0.05% on standard savings accounts — effectively zero. On a $20,000 savings balance, that's $2–$10 per year in interest. Compare this to EQ Bank's 3.75% ($750/year on the same balance) or KOHO's 3.0% ($600/year). The savings rate gap between big banks and digital alternatives has never been wider.
Mortgages: RBC Edges Ahead
Both RBC and TD offer highly competitive mortgage products. RBC tends to post slightly lower advertised mortgage rates and has a larger mortgage specialist network. TD's mortgage process is strong but slightly more bureaucratic for higher-risk borrowers. For insured mortgages (under 20% down), both banks are excellent. For uninsured or investment property mortgages, RBC's flexibility and pricing tend to be marginally better.
Digital Banking and Mobile Apps
TD's mobile app scores marginally higher in app store ratings (4.5 vs 4.4 for RBC) and users frequently note TD's interface is cleaner. RBC's app is strong and has improved significantly with features like RBC Card Controls and the MyAdvisor financial planning tool. Both apps offer full mobile cheque deposit, e-Transfer, and account management. Neither offers the modern, instant-notification UX that KOHO delivers.
US Banking Access: TD Wins Clearly
If you frequently travel to or work in the United States, TD is the clear winner. TD Bank USA operates as a full US retail bank with thousands of US branches and ATMs. RBC has a US banking presence but it's not a seamless retail bank experience. For Canadians who cross the border regularly — snowbirds, business travellers, and border commuters — TD's US banking integration is a genuine advantage.
Credit Cards: Personal Choice
RBC's Avion Visa Infinite is excellent for Air Canada Avion points and travel redemptions. TD's Aeroplan Visa Infinite earns Aeroplan miles directly and benefits from Aeroplan's broad partner network. Both are premium travel cards with similar $120–$139/year fees and strong airport lounge access. For cash-back, both banks offer competitive cards. The best card depends heavily on your travel preferences and redemption patterns.
RBC Pros and Cons
RBC Pros
- Canada's largest bank — most ATMs (4,900+)
- More branches than TD
- Often lowest posted mortgage rates
- RBC Avion rewards program is excellent
- Strong business banking services
- Robust international wire transfer capabilities
RBC Cons
- Monthly fees $11.95–$30
- Savings rates near zero
- Limited US banking access
- Customer service wait times can be long
- Fee waiver requires $4,000+ minimum balance
TD Bank Pros and Cons
TD Pros
- Longest banking hours in Canada
- Slightly lower monthly fees than RBC
- TD Bank USA — seamless US banking
- Highest-rated mobile app of the Big 5
- TD Aeroplan cards — excellent travel rewards
- Strong student and newcomer programs
TD Cons
- Monthly fees $10.95–$29.95
- Savings rates near zero
- Fewer ATMs than RBC
- Mortgage rates occasionally higher than RBC
- Branch closures in smaller markets
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When to Choose RBC
Choose RBC if you: need the widest ATM network in Canada; want the best posted mortgage rates from a big bank; prefer RBC Avion rewards; or run a business that benefits from RBC's extensive commercial banking relationships. RBC's larger branch network also makes it slightly more accessible in rural and smaller markets.
When to Choose TD
Choose TD if you: frequently cross the US border and want seamless TD Bank USA access; value extended banking hours (weekends and evenings); prefer TD's Aeroplan credit cards; or appreciate TD's consistently higher-rated mobile app and customer service scores. TD is also excellent for newcomers to Canada with dedicated newcomer programs.
The Better Alternative: KOHO
For most Canadians who don't need in-person branch services for routine transactions, KOHO is a better choice than both RBC and TD. KOHO charges $0/month, pays 3.0% on your balance (vs. 0.01% at the big banks), and gives you a $100 welcome bonus with code 45ET55JSYA. Use KOHO for daily spending and EQ Bank (3.75%) for savings — then use your big bank relationship only for mortgages and complex financial products where branch advice adds value.
Final Verdict: RBC vs TD Canada 2025
TD wins this comparison by a small margin — lower fees, better mobile app, longer banking hours, and superior US banking access. RBC counters with a larger ATM network and marginally better mortgage rates. Both banks are expensive and pay negligible savings interest. For everyday banking, KOHO ($0 fees, 3.0%, $100 bonus with 45ET55JSYA) beats both. For mortgages and complex banking, both RBC and TD are excellent and the choice comes down to personal preference and local branch availability.
Frequently Asked Questions — RBC vs TD Canada
RBC Royal Bank is Canada's largest bank by total assets, edging out TD. Both are consistently in the top 15 largest banks in North America. By market capitalization, they frequently trade places. Both are Schedule I federally chartered Canadian banks with full CDIC deposit insurance.
RBC generally posts slightly lower advertised mortgage rates compared to TD, but actual rates depend heavily on your specific situation, down payment, credit score, and negotiation. Both banks have significant rate discretion for qualified borrowers. Always negotiate and compare with mortgage brokers who can access wholesale rates unavailable at bank branches.
RBC has approximately 4,900 ATMs across Canada, compared to TD's approximately 3,500. RBC's larger ATM network is a genuine advantage for customers who use cash frequently or are in areas where specific-bank ATM access matters (avoiding $2–$3 non-network ATM fees).
Yes — TD Canada Trust is famous for having the longest banking hours among Canada's Big Five banks. Many TD branches are open on Saturdays and some on Sundays, and extended weekday evening hours are common. This is a meaningful differentiator versus RBC, which has more standard banking hours at most locations.
For everyday banking with no monthly fees, KOHO ($0/month, 3.0% savings, $100 bonus with code 45ET55JSYA) is significantly better than either RBC or TD. For the best savings rate, EQ Bank (3.75%) is unbeatable. For mortgages and complex financial products, sticking with a big bank or credit union makes sense. Many Canadians use KOHO for daily spending, EQ Bank for savings, and a big bank solely for their mortgage.
Yes — there is no restriction on having accounts at multiple Canadian banks. Many Canadians maintain relationships at 2–3 institutions for different purposes (e.g., RBC for mortgage, TD for US banking, KOHO for daily spending). The key is to avoid paying multiple monthly fees unnecessarily.
Disclosure: Bremo may earn a referral commission if you open a KOHO account using our link. This does not affect our editorial ratings or rankings. All fees and rates accurate as of March 2026. Not financial advice.