TD vs RBC: Comparing Canada's Two Largest Banks (2026)

TD and RBC are Canada’s two largest banks, and for most everyday banking purposes they are nearly identical. Both charge similar monthly fees (starting at $3.95–$4.00 and waivable with minimum balances), offer similar chequing and savings products, and maintain thousands of branches and ATMs across the country. The meaningful differences between them are real but narrow: TD has significantly longer branch hours and a stronger US banking presence; RBC has the largest branch and ATM network in Canada and a slight edge in investing research tools.

For the majority of Canadians, the tiebreaker is geography and convenience rather than any product difference. If TD has a branch near your office with evening hours that lets you avoid taking time off work, that convenience is worth more than a marginal rate or reward difference. If RBC is the only branch in your town, the choice is made for you.

One point both banks share: neither is competitive for savings. For savings, park money at EQ Bank or another online bank paying 3.50–4.25%. Use TD or RBC for the transaction account and branch infrastructure, not the savings rate.

At a Glance

Chequing Accounts

Both banks structure their chequing lineup identically: a low-volume basic account at roughly $4/month, an unlimited account in the $10–$12/month range, and premium accounts up to $29–$30/month — all with fee waivers for maintaining minimum daily balances.

The most significant functional difference is e-Transfer fees at the basic tier. TD’s Minimum Chequing Account includes a limited number of free e-Transfers (typically 2); additional e-Transfers cost extra. RBC’s Day to Day Banking charges $1.50 per e-Transfer beyond the included count. For anyone who sends e-Transfers regularly, the unlimited tiers at either bank are practically necessary.

Both banks offer free student chequing accounts with unlimited transactions — RBC’s Student Banking and TD’s Student Chequing are comparable. Neither bank has a no-fee unlimited chequing option for non-students. For that, Simplii Financial (backed by CIBC) and Tangerine (backed by Scotiabank) are the alternatives.

Branch Hours

This is the clearest practical differentiator between the two banks, and it matters more than any minor fee difference for Canadians who occasionally need in-person banking.

TD Canada Trust branches at many locations are open from 8 a.m. to 8 p.m. on weekdays and have Saturday and Sunday hours. The evening and weekend availability allows salaried workers to visit a branch without taking time off work — useful for mortgage discussions, certified cheques, bank drafts, or anything that requires in-person service.

RBC branches generally operate standard business hours: approximately 10 a.m. to 5 p.m. on weekdays, with Saturday hours at some locations and minimal Sunday availability. For clients who work standard hours, this means most in-person banking requires scheduling around a bank visit during the week.

For anyone who values in-person banking and works a 9-to-5 schedule, TD’s extended hours are a tangible advantage that RBC does not match.

Savings Accounts

Both TD and RBC offer High Interest Savings Accounts that pay promotional rates periodically, with standard ongoing rates that are among the lowest in the market.

Neither rate is competitive with what online banks pay on an ongoing basis. EQ Bank pays 3.50–4.25% without promotional conditions. On a $25,000 savings balance, the difference between EQ Bank (4%) and a Big Five standard savings rate (0.10%) is approximately $975/year. This is a meaningful enough gap that virtually all financially attentive Canadians who bank with TD or RBC maintain their savings elsewhere.

Credit Cards

This is where the two banks diverge most clearly, and the divergence is largely driven by their rewards program affiliations.

TD’s Aeroplan partnership makes it the natural home for Air Canada loyalists. The TD Aeroplan Visa Infinite earns 1.5 points per dollar on eligible groceries, gas, and Air Canada purchases, and 1 point everywhere else. Aeroplan points are among the most valuable travel currencies in Canada for Air Canada redemptions, and TD is the primary issuer. If you earn and redeem Aeroplan miles and want a card that feeds that program, TD is the answer.

RBC’s Avion program is more flexible — points can be redeemed for any airline through the RBC travel portal, or transferred to British Airways Avios and other partners. The Avion Visa Infinite earns 1 point per dollar with accelerated earn on travel. The flexibility is the selling point: unlike Aeroplan, which is optimised for Air Canada, Avion redemptions are airline-agnostic.

For cash back, RBC has the no-fee edge. The RBC Cash Back Mastercard earns 2% on groceries with no annual fee. TD’s no-fee cash back option earns at lower rates. For serious cash back earners, neither bank’s no-fee card matches what the Scotiabank Momentum Visa Infinite (4% on groceries, gas, recurring bills, and dining at $120/year) delivers.

Investing

Both TD Direct Investing and RBC Direct Investing charge $9.99 per equity trade at standard volume, dropping to $6.95–$7.00 for active traders (150+ trades/quarter). At this price point, both are among the most expensive Canadian self-directed brokerages — NBDB charges $0, Wealthsimple Trade charges $0 for Canadian equities, and Questrade charges $4.95–$9.95 with ETFs free to buy.

TD Direct Investing has an advantage for active traders through its access to Thinkorswim — a sophisticated US-origin platform with advanced charting, options analytics, and paper trading. It is one of the strongest active trader tools available from any Canadian bank brokerage.

RBC Direct Investing has stronger integrated research — screeners, analyst reports, and portfolio analytics — which benefits research-oriented investors who buy individual stocks. The platform’s depth is consistently rated above TD’s WebBroker for fundamental research.

For passive investors buying index ETFs on a regular schedule, neither platform offers meaningful advantage over the other, and both are more expensive than commission-free alternatives. The main reason to use either is consolidation — keeping banking and investments under one login.

Both banks also offer robo-advisors: TD Goal Assist and RBC InvestEase. Both charge approximately 0.40–0.65% in total fees (management fee plus underlying fund MERs). They are comparable in cost and suitable for Canadians who want managed portfolios without choosing individual funds. Wealthsimple Invest (no minimum) and Questwealth ($1,000 minimum) offer similar or lower costs without requiring a Big Five bank account.

US Banking

Both TD and RBC have US banking operations, but they serve different needs.

TD Bank (US) is a full-service US retail bank with thousands of branches, primarily concentrated in the eastern United States from Maine to Florida. For Canadians who live part-time in the US, have US employment income, or spend significant time in major US east coast cities, TD Bank US functions as a real US bank account — US dollar chequing, US direct deposit, US bill payments, and US ATM access through a large network.

RBC Bank (US) is a more targeted product designed for Canadian cross-border clients, particularly snowbirds who spend winters in Florida, Arizona, or other US states. It is simpler than TD Bank US and does not have the same US retail banking footprint, but it provides US dollar chequing and US ATM access for clients who need to avoid FX fees on US spending without establishing a full US banking relationship.

For Canadians who genuinely need US banking — work income, US property, frequent US travel — TD’s broader US presence provides more utility. For those who just want to avoid FX fees on occasional US purchases, either bank’s cross-border product is adequate.

Who Should Choose Each Bank

Choose TD if you value extended branch hours (evenings and Sundays), are an Aeroplan collector who wants the most efficient points-earning card, need full-service US banking through TD Bank US, or are a student who banks near a campus with TD presence.

Choose RBC if you need the broadest branch and ATM network in Canada (particularly useful in smaller markets and rural areas), want the Avion travel rewards program for flexible airline redemptions, prefer RBC Direct Investing’s research depth for stock analysis, or value RBC’s cross-border banking product for snowbird US spending.

Use either bank with EQ Bank for savings. Regardless of which Big Five bank you choose for everyday chequing, the savings rate at both TD and RBC is too low to justify keeping significant savings there. EQ Bank’s 3.50–4.25% ongoing rate is the standard Canadian savers have come to expect from online institutions, and the friction of maintaining a second account is minimal when transfers are free and instant.

Related Resources

• RBC Review
• Best Savings Accounts Canada
• EQ Bank Review
• Simplii vs Tangerine vs EQ Bank
• Best Chequing Accounts Canada
• Bank Reviews Hub: Big Banks, Online Banks & Credit Unions Compared
• Best Credit Cards Canada