RBC Review 2026 | Royal Bank of Canada

RBC is Canada’s largest bank by assets, branch count, and ATM network. Founded in 1869 and headquartered in Toronto, it operates over 1,200 branches and 4,500 ATMs across the country — a physical footprint that no other Canadian bank matches. That scale is the core argument for RBC: if you need in-person banking service reliably, anywhere in Canada, RBC is the institution most likely to have a branch or ATM within a reasonable distance.

The tradeoff is cost. RBC offers no free chequing account, standard savings rates that lag well behind online banks, and investing commissions that are substantially higher than commission-free platforms. Whether RBC is the right institution depends largely on how much you value physical access versus how much you are prepared to pay for it.

RBC at a Glance

RBC Quick Reference

Chequing Accounts

RBC’s chequing lineup follows the standard Big Five tiered model: higher monthly fee buys higher transaction limits and more included features, with each tier offering a fee waiver if you maintain a minimum daily balance.

Day to Day Banking is the cheapest entry point but the least practical for most Canadians. Twelve transactions per month is tight if you use your chequing account for grocery runs, bill payments, and occasional ATM withdrawals — most households exceed this within two weeks. The $1.50 per e-Transfer fee is the most expensive in RBC’s lineup and punitive for anyone who sends e-Transfers regularly.

No Limit Banking at $10.95/month is where most RBC customers land. Unlimited transactions, unlimited e-Transfers, and a $3,000 minimum daily balance waiver. The $3,000 minimum is achievable for most working Canadians whose paycheque deposits routinely push the account above that level — in which case the effective monthly fee is $0.

VIP Banking at $16.95/month adds rebates on other RBC products — credit card annual fee discounts, reduced investing fees, and priority service in some branches. The $4,000 balance waiver keeps the effective cost at $0 for those who hold sufficient assets with RBC. The most compelling feature is the multi-product discount: if you have an RBC credit card, mortgage, and chequing account, the combined rebates can offset the monthly fee meaningfully.

RBC has no equivalent to the no-fee digital accounts offered by Simplii, Tangerine, or EQ Bank. If zero fees is the requirement, RBC is the wrong institution.

Savings Accounts

RBC’s savings rates are among the weakest of any major Canadian institution. The Day to Day Savings Account pays approximately 0.01% — functionally $0 — on deposits. The High Interest eSavings account runs promotional rates (typically 3–4%) on new deposits for a limited period, reverting to approximately 1.50% standard rate thereafter.

For Canadians who bank with RBC for convenience but need competitive savings rates, the practical solution is a two-bank approach: RBC for everyday chequing and payments, EQ Bank for savings. EQ Bank’s Notice Savings Account pays 3.50–4.25% with no promotional expiry. The difference on a $20,000 savings balance is roughly $700–$850/year in additional interest — more than enough to justify managing two accounts.

Credit Cards

RBC’s credit card lineup is one of the strongest among Canadian banks. The Avion points program is particularly flexible — points can be redeemed for any flight on any airline through RBC’s travel portal, or transferred to airline partners including British Airways Avios, which allows savvy travellers to find strong value on international award bookings.

RBC Cash Back Mastercard (no annual fee): earns 2% on groceries and 0.5% on all other purchases. A reasonable no-fee option, though the Tangerine Mastercard and National Bank Syncro Mastercard offer 2–4% in selectable categories with comparable earn structures.

RBC Avion Visa Infinite ($120/year): earns 1 Avion point per dollar spent, with a higher earn rate on travel purchases. The transfer partnerships with airline programs and the any-airline redemption flexibility make this one of the more versatile travel cards in Canada. The $120 annual fee is mid-tier for a travel card.

RBC Avion Visa Infinite Privilege ($399/year): adds airport lounge access (Visa Infinite Privilege airport lounge network), enhanced travel insurance, and a higher earn rate. At $399, it competes with the Scotiabank Passport Visa Infinite ($150) and American Express Platinum ($799) at different price points. Most Canadians who want lounge access will find better value in the Scotiabank Passport Visa Infinite, which includes Visa airport companion access (6 free visits/year) at less than half the annual fee.

Investing

RBC Direct Investing is a full-featured self-directed brokerage. It supports Canadian and US stocks, ETFs, options, bonds, GICs, mutual funds, and all registered account types including TFSA, RRSP, FHSA, and RESP. The platform is well-regarded for its research tools, charting, and the depth of its screeners — it is a materially better research environment than Wealthsimple Trade.

The significant drawback is commissions. RBC Direct Investing charges $9.95 per trade at standard volume, dropping to $6.95 for active traders (150+ trades/quarter). This compares unfavourably with NBDB ($0), Wealthsimple Trade ($0 for Canadian equities), and Questrade ($4.95–$9.95 with ETFs free to buy). On 50 trades per year, the commission difference between RBC Direct Investing and NBDB is $497.50 — roughly 5% of a $10,000 portfolio and a meaningful drag on returns for active traders.

RBC InvestEase is RBC’s robo-advisor, offering managed ETF portfolios at a 0.50% annual management fee. The $10,000 minimum to open is higher than Wealthsimple Invest (no minimum) and Questwealth ($1,000 minimum). The 0.50% fee is in line with Questwealth but higher than Wealthsimple Invest (0.50% on first $100K). RBC InvestEase makes sense primarily for existing RBC clients who want managed investing without opening a second institution.

Mortgages

RBC is one of Canada’s largest mortgage lenders. It offers fixed and variable rate mortgages, HELOCs, and bridge financing, with pre-approval available online or in-branch. Rates are competitive with the Big Five average and are negotiable — most borrowers get better than posted rates, especially with a full banking relationship.

One genuine advantage of RBC for mortgages is the cross-product integration: your RBC mortgage, chequing account, and direct investing account are all visible in one app. For clients who value consolidated financial visibility, this simplifies tracking. Mortgage rates are always worth comparing against what a mortgage broker can source from across the market — even loyal RBC clients benefit from knowing the competitive rate before negotiating.

Cross-Border Banking

RBC’s US banking subsidiary is a meaningful differentiator. RBC Bank (US) offers US dollar chequing accounts for Canadians — useful for snowbirds, Canadians who work in the US, and anyone who makes frequent US purchases. The account allows USD spending without per-transaction FX fees, USD cheque writing, and US ATM access. It can be opened from Canada through RBC Canadian branches.

For Canadians who spend significant time in the United States, this cross-border banking integration is one of the strongest arguments for RBC specifically over other Canadian Big Five banks.

Who Should Bank with RBC

Canadians who need branch access anywhere in Canada. No other bank matches RBC’s 1,200+ branch footprint. If you travel frequently within Canada and occasionally need in-person service — a bank draft, a mortgage discussion, a medallion signature — RBC’s network is the most reliable.

Canadians with complex financial lives who want one institution. Mortgage, chequing, credit card, RRSP, RESP, and direct investing all under one login with cross-product visibility is genuinely useful for some households. The convenience cost (higher fees, lower savings rates, higher commissions) is the price of that integration.

Students. RBC’s Student Banking account is free with unlimited transactions. It is comparable to TD, Scotiabank, and BMO student offers. Students who open an RBC account often stay with it — worth considering whether a no-fee digital bank would serve them better long-term.

Canadians who spend significant time in the United States. RBC Bank US is a real advantage for cross-border use cases that other Big Five banks do not replicate as cleanly.

Anyone prioritising low fees or high savings rates. RBC is not the right fit. Simplii and Tangerine provide free unlimited chequing. EQ Bank pays 3.50–4.25% on savings. NBDB and Wealthsimple Trade offer $0 investing commissions. The cost gap between RBC and the combination of these institutions is real and compounds over time.

RBC vs the Big Five

Related Resources

• RBC Routing Number
• RBC ATM Withdrawal Limit
• RBC E-Transfer Limit
• RBC Wire Transfer Limit
• RBC Mobile Deposit Limit
• RBC Customer Service
• RBC Branch Hours
• RBC Fees
• Bank Reviews: Big Banks, Online Banks & Credit Unions Compared
• Best No-Fee Chequing Accounts Canada
• Best Savings Accounts Canada
• EQ Bank Review