Updated March 2025. TD Bank and RBC are Canada's two largest banks. Choosing between them is one of the most common banking decisions Canadians face. This guide breaks down every major difference — fees, accounts, mortgages, digital tools, and more — so you can make an informed choice.
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Get KOHO Free — Use Code 45ET55JSYA| Feature | TD Bank | RBC |
|---|---|---|
| Total Assets (2024) | ~$1.9 trillion | ~$2.1 trillion |
| Branches | ~1,100 | ~1,200 |
| ATMs in Canada | ~3,500 | ~4,400 |
| US Banking | Strong (TD Bank USA) | Limited |
| International Reach | Moderate | Strong |
| Mobile App Rating | 4.5/5 | 4.6/5 |
| Basic Chequing Fee | $10.95/mo | $11.95/mo |
Both banks charge monthly fees for their chequing accounts. TD's entry-level account starts at $10.95/month and includes 12 transactions. RBC's entry-level is $11.95/month with a similar transaction limit. Both waive fees for students, seniors, and customers who maintain a minimum balance (typically $4,000+).
| Account Tier | TD Fee/Month | RBC Fee/Month |
|---|---|---|
| Entry Level | $10.95 | $11.95 |
| Mid-Tier | $16.95 | $16.95 |
| All-Inclusive | $29.95 | $30.00 |
| Student | $0 | $0 |
| e-Transfer Fee (basic) | $1.50 | $1.50 |
Neither TD nor RBC is known for competitive savings rates. Both offer standard high-interest savings accounts in the 1% range — far below what challengers like EQ Bank or Oaken Financial offer. If maximizing interest earnings is your goal, consider a supplementary account at a challenger bank.
| Account Type | TD | RBC |
|---|---|---|
| High Interest Savings | ~1.05% | ~1.05% |
| TFSA Savings Rate | ~1.05% | ~1.05% |
| 1-Year GIC | ~3.5–4.5% | ~3.5–4.5% |
Both banks have extensive credit card lineups. Key highlights:
TD has the edge for Aeroplan collectors. RBC's Avion points are more flexible for travel redemptions not tied to a single airline.
Both TD and RBC are among the top three mortgage lenders in Canada. Their posted rates are virtually identical and heavily negotiable. Key differences:
TD Bank operates a full retail banking network in the eastern United States under the "TD Bank" brand. Canadian TD customers can open US dollar accounts, use TD ATMs in the US, and manage cross-border finances seamlessly. For snowbirds, Canadians working in the US, or anyone with US financial ties, this is a significant advantage over RBC.
RBC has a stronger international footprint, particularly in the Caribbean and parts of Europe and Asia. For Canadians doing business internationally or living abroad (outside the US), RBC's global banking network provides more options.
| Feature | TD | RBC |
|---|---|---|
| Mobile App (iOS) | 4.5★ | 4.6★ |
| AI Insights | TD MySpend | NOMI Insights |
| Interac e-Transfer | Yes | Yes |
| Mobile Cheque Deposit | Yes | Yes |
| Autodeposit | Yes | Yes |
| Investment Integration | TD Direct Investing | RBC Direct Investing |
TD stands out for extended branch hours, including Sunday hours at many locations. This is a meaningful advantage for customers who prefer in-person service and can't visit during standard weekday hours. RBC has more ATMs overall (~4,400 vs TD's ~3,500).
RBC is slightly larger by total assets (~$2.1 trillion vs TD's ~$1.9 trillion). TD is larger in North American operations when US assets are included.
Yes. Many Canadians use both, taking advantage of each bank's strengths. However, paying monthly fees at two banks adds up. Consider consolidating.
Both TD and RBC are federally regulated under OSFI and deposits are protected by CDIC up to $100,000 per insured category. Both are considered among the safest banks in the world.
Information current as of March 2025. Verify current rates and fees directly with TD Bank and RBC before making financial decisions.