TD vs RBC: Canada's Two Banking Giants
TD (Toronto-Dominion Bank) and RBC (Royal Bank of Canada) are the two largest banks in Canada by assets and customer count. Both are Schedule I chartered banks, CDIC insured, and offer comprehensive financial services including chequing, savings, mortgages, investments, insurance, and credit cards. Choosing between them is genuinely difficult because their products are very similar — but the differences in fees, ATM networks, credit card rewards, and mortgage rates can add up to thousands of dollars per year.
This comparison breaks down every major product category as of 2026 so you can make the right choice — or decide whether a no-fee alternative like KOHO is the better move altogether.
🏆 TD vs RBC Verdict
TD wins for branch access, US banking, and mobile banking. TD has Canada's longest branch hours, a superior US banking integration via TD Bank US, and a slightly better mobile app experience. For Canadians who travel to the US frequently or need in-person service, TD is the better choice.
RBC wins for ATM network, credit cards, and investments. RBC has more ATMs nationally, the excellent no-fee RBC Cash Back Mastercard, and a stronger wealth management platform. Avion points are more flexible than Aeroplan for non-Air Canada travellers.
Both TD and RBC charge $10.95+/month for everyday banking. For most Canadians who just need a daily spending account, KOHO provides the same core functionality at $0/month, with cash back rewards on top. Consider using KOHO for daily spending and keeping only one big bank account (TD or RBC) for mortgage, investments, and registered accounts.
TD vs RBC: Fees Compared
Both TD and RBC charge nearly identical fees for their standard chequing accounts — $10.95/month for the base plan, waived only if you maintain a $4,000 minimum daily balance. That's $131.40/year if you can't maintain the balance. Both charge $45–48 for NSF events. Over a banking lifetime, these fees are enormous — a 40-year customer pays $5,000+ in monthly fees alone.
TD vs RBC: Credit Cards
RBC has an edge with the RBC Cash Back Mastercard — a genuinely good no-fee card with 3% on groceries and 1% on recurring bills. TD's no-fee options are weaker, though the TD Cash Back Visa Infinite (with annual fee) is excellent at 3% groceries. For travel cards, both banks have strong Aeroplan (TD) and Avion (RBC) options.
TD vs RBC: US Banking
TD is the clear winner for Canadian-US cross-border banking. TD Bank operates extensively in the eastern United States, and TD Canada Trust accounts connect seamlessly to TD Bank US accounts. This is a major advantage for Canadians who work, shop, or live part-time in the US.
The Better Alternative: KOHO for Daily Spending
Regardless of whether you choose TD or RBC, consider replacing your big-bank chequing account with KOHO for daily spending. KOHO is free, earns cash back, and has zero NSF fees. Keep your TD or RBC account for mortgage payments, registered accounts, and the occasional cheque — but stop paying $131/year just to spend your own money.