RBC Royal Bank of Canada Review
Royal Bank of Canada at a glance
🏦 RBC was founded in 1864 and became a chartered bank in 1869. RBC is known as one of Canada’s Big Six banks.
RBC account options
Savings
Chequing
Visa and Mastercard credit cards
Investing
Other RBC services
Mortgages
Loans and lines of credit
Wealth management services
Business accounts and financing
Pros and Cons of RBC Bank
There’s plenty to like about RBC, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros
- Comprehensive online and mobile banking options.
- Offers a variety of banking, lending and investment accounts for individuals and businesses.
- Many physical locations.
Cons
- Interest rates paid on savings accounts may be lower than those at some other banks.
- Debit and ATM transaction fees can add up, depending on your account choices.
- It’s complicated to qualify for reduced or waived monthly fees.
Royal Bank of Canada overview
The Royal Bank of Canada, commonly known as RBC, is one of Canada’s Big Six financial institutions. Launched in 1864 to offer credit to merchants on the Halifax waterfront, it was incorporated in 1869 as the Merchants’ Bank of Halifax and RBC is now a global entity that operates in 29 countries.
In addition to offering traditional banking services, like in-person banking, savings accounts and chequing accounts, RBC provides online banking, investment banking, wealth management and direct investing services. It’s also one of Canada’s largest mortgage lenders.
Online banking capabilities at RBC
Even though RBC operates more than 1,100 physical locations, clients can also access the bank’s services through a fairly robust online banking portal. RBC allows users to open and manage accounts online — including RBC-affiliated credit cards, credit lines and investment accounts — make direct payments and conduct business banking.
Is my money safe at RBC?
To ensure your money is protected in the event of the bank’s sudden collapse, RBC is one of more than 80 Canadian financial institutions that insures its customers’ deposits with coverage from the Canada Deposit Insurance Corporation, or CDIC.
CDIC insures several types of accounts, including registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs), to a maximum of $100,000 each.
RBC also provides zero liability protection for its credit card customers. If someone illegally uses your card in person or online, you won’t be responsible for paying the charges.
RBC (Royal Bank of Canada)
Find the best RBC credit cards and bank accounts to meet your needs.
RBC Bank account types
As one of Canada’s biggest banks, RBC offers a wide selection of accounts for you to choose from. Various packages and combinations can help reduce or waive monthly fees.
RBC savings accounts
RBC Day to Day Savings: A traditional savings account with one free debit transaction per month.
RBC High Interest eSavings: Earns a higher interest rate than a typical savings account.
RBC Enhanced Savings: The interest rate increases as your balance exceeds $5,000.
NOMI Find and Save: Automatically searches for “extra dollars” in your cash flow and transfers them to your savings.
RBC Leo’s Young Savers Account: A savings account for kids 12 and under with unlimited debit transactions and Interac e-transfers.
RBC U.S. High Interest eSavings: Designed for customers who deal with US currency.
RBC Euro eSavings: A no-fee savings account for euros.
RBC British Pound eSavings: A savings account to earn tiered interest rate on your pounds.
RBC Hong Kong Dollar eSavings: A savings account designed for your HKD.
» MORE: Read our RBC savings account review
RBC chequing accounts
RBC Advantage Banking: Unlimited debit transactions for an $11.95 monthly fee.
RBC Signature No Limit Banking: Similar to RBC Advantage, but with a $16.95 monthly fee and a few more perks.
RBC VIP Banking: Provides unlimited worldwide debit transactions and eliminates RBC-charged worldwide ATM fees for a $30 monthly fee.
RBC Day to Day Banking: Free Interac e-transfers and 12 free debits per month for a $4 monthly fee.
U.S. Personal Banking: 6 debit transactions per month for a US$3 fee.
RBC credit cards
RBC credit cards include a variety of travel, rewards, cash-back, low-interest, student and business cards, including:
RBC ION Visa.
RBC ION+ Visa.
RBC Cash Back Mastercard.
RBC Avion Visa Infinite.
RBC British Airways Visa Infinite.
RBC investing accounts
RBC Direct Investing, which allows you to manage stock trades online.
» MORE: Read our RBC RRSP review
Other RBC services
Wealth management services.
Royal Bank of Canada fees
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using RBC’s financial products and services:
Non-sufficient funds: $45.
Overdraft fees: $5 each, plus handling fee and applicable overdraft interest.
ATM withdrawals outside the network: $3 to $5.
Inactivity fees: $20 (in years two to eight), $40 (after nine years).
RRSP, TFSA or RRIF transfer to another institution: $150.
Who is RBC best for?
Canadians who want to keep all their financial accounts in one place.
RBC casts a wide net in its search for customers, so it has something for almost everyone, especially if they’re willing to pay some banking fees and are satisfied with lower interest rates on savings products.
There are multiple savings and chequing accounts for individuals to choose from, with some offering low fees and allowing you to earn points through your purchases. There are also products and services, such as the RBC TFSA, RRSP and other investments, such as short- and long-term GICs designed especially for personal investors, business owners, home buyers and high-net-worth individuals.
Unlike some smaller institutions, RBC attempts to meet the needs of all potential Canadian customers in one place.
How RBC compares to other big banks
ATMS AND BRANCHES | ARE DEPOSITS INSURED? | |
|---|---|---|
ATMs: 4,000+ Branches: 1,100+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,000+ Branches: 360+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,500+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,200+ Branches: 800+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,900+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,500+ Branches: 900+ | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Read our Banking Reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
Is the Bank of Canada the same as the Royal Bank of Canada?
Is the Bank of Canada the same as the Royal Bank of Canada?
No, the Bank of Canada and Royal Bank of Canada are not the same institution. The Bank of Canada is Canada’s central bank. Its main duty is developing and implementing financial policy to keep the country’s economy running smoothly. Royal Bank of Canada, a traditional bank, is a profit-generating business.
What are the Big Six banks in Canada?
What are the Big Six banks in Canada?
Canada’s “Big Six” banks are:
Royal Bank of Canada (RBC).
Bank of Montreal (BMO).
Bank of Nova Scotia (Scotiabank).
Canadian Imperial Bank of Commerce (CIBC).
National Bank of Canada.
Toronto-Dominion Bank (TD Bank).
DIVE EVEN DEEPER
Siddhi Bagwe
Clay Jarvis
Janine DeVault