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RBC Royal Bank of Canada Review

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Royal Bank Of Canada (RBC) Review 2024: What To Expect From Canada’s Largest Bank

Jordan Lavin

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Updated: Feb 8, 2024, 6:15am

Courtney Reilly-Larke

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RBC is Canada’s largest bank, offering a full range of financial products to meet all of your banking needs. If you value choice, in-person customer service and want to do all your banking under one roof, RBC is worth considering for your everyday banking needs.

Pros

Access to over 1,200 branches and 4,200 ATMs across Canada with no additional fees for in-person customer service
The lowest price for unlimited transactions of any major bank in Canada
Generous rewards and loyalty programs with RBC Vantage
Competitive features on the most affordable accounts

Cons

Limited free chequing account options
Sub-par interest rates on savings accounts and GICs
Fees may apply to use non-RBC ATMs

Products

Chequing accounts, savings accounts, credit cards, investments mortgages and loans

Fees

Monthly chequing account fees, transaction fees, overdraft fees

ATM Network

Over 4,200 RBC ATMs

RBC Account Basics

Chequing Accounts

RBC is the most competitive major bank in Canada when it comes to chequing accounts, offering better features at lower price points than the other Big Six Banks.

The most basic chequing account level is RBC Day to Day Banking. For $4 per month, this package includes 12 free debit transactions and unlimited Interac e-Transfers. RBC is also the only major bank to exclude public transportation from the transaction cap, allowing its clients to use their debit cards to pay for individual fares without worrying about additional fees.

Related: Best Chequing Accounts

RBC has also taken a stance on pricing for unlimited transactions. Whereas most major banks seem to have agreed that unlimited transactions costs $16.95 per month, RBC’s Advantage Banking plan offers similar features at a much lower price. For $11.95 per month, RBC offers unlimited debit transactions, unlimited Interac e-Transfers, and unlimited withdrawals at non-RBC ATMs (although the ATM owner’s fee will still apply).

The next level is RBC Signature No Limit Banking. For a $16.95 monthly fee, this package includes no-fee overdraft protection, for those who qualify, and five free international debit transactions per month. This account includes unlimited free personalized cheques, six free bank drafts annually and $48 off the annual fee on an eligible RBC credit card.

The bank’s top chequing account is RBC VIP Banking. For $30 per month, you get unlimited debits worldwide, up to $120 off the annual fee on an eligible RBC credit card, no-fee RBC Direct Investing and up to $60 per year off a safety deposit box. You’ll also get the new Apple Watch Series 9 when you sign up for a new RBC Signature No Limit Banking or RBC VIP Banking account by April 12, 2024.

If you’re a frequent traveller to the United States, you can also open an RBC U.S. Personal Account to save and spend U.S. dollars. This account has a monthly fee of $3 USD and includes six debit transactions per month.

In addition to having some of the most competitive chequing account fees, RBC offers a number of ways to save even more. For example, it offers a seniors’ rebate of $4 per month on all its Canadian dollar accounts for clients 65 and older. You can also save up to $11.95 per month on your chequing fees when you use other RBC products like a personal credit card, investments or a mortgage. Noticeably absent, however, is a rebate for maintaining a minimum monthly balance.

RBC also stands by its chequing accounts. If you’re not happy with your new account within the first four months, the bank will refund your monthly fees for up to three months. However, as the following chart lays out, none of RBC’s chequing accounts offer interest on balances:

Account	Monthly fee	APY
RBC Day to Day Banking	$4	0.0 %
RBC Advantage Banking	$11.95	0.0 %
RBC Advantage Banking For Students	$0	0.0 %
RBC Signature No Limit Banking	$16.95	0.0 %
RBC VIP Banking	$30	0.0 %
U.S. Personal Account	$3 USD	0.0 %

Savings Accounts

RBC features six savings accounts, each with a different purpose to help you meet your savings goals.

The RBC High Interest eSavings account pays high interest on every dollar you save with no minimum deposit requirements or monthly fee.

For automatic savings, RBC offers a product called NOMI Find & Save. This account learns your spending patterns and automatically transfers money into savings when it thinks you won’t miss it. The account works both ways, automatically saving up to $75 per day and automatically transferring up to $1,000 back to your chequing account to cover upcoming bill payments or if you go into overdraft.

Related: Best Savings Accounts

For youth, RBC offers its venerable Leo’s Young Savers Account. This account includes unlimited free debit transactions and Interac e-Transfers and access to smart technology that helps parents and their children learn about spending and saving responsibly.

Additionally, RBC offers two savings accounts that include one free debit transaction per month: the RBC Day to Day Savings account and the RBC Enhance Savings account. In addition, there’s the U.S. High Interest eSavings account for saving your U.S. dollars.

Overall, RBC’s savings accounts are competitive with other major banks in Canada but they fall behind those offered by digital banks.

Account	Monthly fee	APY
RBC High Interest eSavings	$0	1.60%
NOMI Find & Save	$0	0.65%
RBC Leo’s young Savers Account	$0	0.010%
RBC Day to Day Savings	$0	$0 – $999: 0.005% $1,000+: 0.01%
RBC Enhanced Savings	$0	$0 – $4,999: 0.001% $5,000 – $9,999: 0.001% $10,000 – $24,999: 0.005% $25,000+: 0.010%
RBC U.S. High Interest eSavings	$0	0.50%

GICs

RBC offers a wide variety of GIC options for investing. In addition to traditional redeemable and non-redeemable GICs, the bank also offers interest rate-linked GICs and what it calls RBC Equity-Linked GICs.

RBC’s Interest Rate-Linked GICs are linked to the bank’s prime rate, which is especially attractive during times of rising interest rates. These variable-rate investments are fully redeemable and can be cashed out at any time.

RBC’s Equity-Linked GICs are linked to stock market performance and give you the choice of six markets to invest in. Many of the bank’s Equity-Linked GICs come with a minimum and maximum rate of return, allowing you to enjoy the benefits of investing in the stock market without the risk.

Related: Best GIC Rates

Product	Bankdraft		30 days	60 days	90 days	120 days		180 days	270 days	1 year	1.5 years	2 years	3 years	4 years	5 years	6 years	7 years	10 years
		Interest Paid at Maturity	2.000	2.250	2.500	‎ ‎ ‎	‎ ‎ ‎	‎ ‎ ‎ ‎ 2.750	‎ ‎ ‎ ‎ 2.900	3.250	3.250	3.500	3.600	3.600	3.750	‎ ‎ ‎	3.800	3.900
	Non-redeemable	Interest paid monthly	‎	‎	‎	‎	‎	‎	‎	3.125	3.125	3.375	3.475	3.475	3.625	‎	3.675	3.775
		Special	‎ ‎ ‎	‎ ‎ ‎	‎ ‎ ‎	‎ ‎ ‎	‎ ‎ ‎	‎ ‎ ‎	‎ ‎ ‎	4.750	‎ ‎ ‎	4.650	‎ ‎ ‎	‎ ‎ ‎	4.000	‎ ‎ ‎	‎ ‎ ‎	‎ ‎ ‎
		Interest Paid at Maturity	1.750	2.000	2.250	‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎	2.500	2.650	3.000	3.000	3.000	3.000	3.000	3.000	‎ ‎ ‎ ‎ ‎ ‎	3.000	3.000
Guaranteed-Return GICs	Redeemable	Interest paid monthly	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	2.875	2.875	2.875	2.875	2.875	2.875	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	2.875	2.875
		Prior redemption	0.750	1.000	1.500	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	0.050	0.100	0.150	0.250	0.500	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎
		Interest Paid at Maturity	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	2.250	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎
	One-year cashable	Interest paid monthly	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	2.125	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎
		Special	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	3.000	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎	‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎

Other RBC Products

As Canada’s largest financial institution, RBC offers a full suite of financial products to meet your banking needs. These include:

Credit cards
Mortgages
Home equity lines of credit (HELOCs)
Personal loans and lines of credit
Car loans
Registered accounts including RRSPs and TFSAs
Investments
Wealth management
Business and corporate banking

Access on the Go

RBC clients have access to a full suite of banking options. RBC offers in-person services at over 1,200 branches across Canada, over 4,200 ATMs, online banking, mobile banking and 24-hour telephone banking.

RBC’s mobile app features include:

Account management
Electronic transfers
Interac e-Transfers
Mobile cheque deposit
Bill payments
Account activity alerts
International money transfers
RBC branch and ATM finder
NOMI financial insights
Card lock

RBC’s chequing accounts and credit cards are also compatible with mobile wallet apps including Apple Pay and Google Pay, so you can pay with your phone or smartwatch and leave your card at home.

How RBC Financial Stacks Up

RBC vs. CIBC

When it comes to products and features, RBC and CIBC are closely matched. Both banks have over a thousand branches, thousands of ATMs and a complete line of financial products for Canadians.

For everyday banking, RBC has better standard features for a lower everyday price, while CIBC offers better discounts for students, seniors and those who maintain a minimum balance.

In the savings department, CIBC offers the potential to earn more interest than RBC, but makes you jump through hoops to get it. Between tiered interest rates and monthly savings requirements, most Canadians are likely to earn more interest saving with RBC than CIBC.

RBC vs. TD

TD offers a similar range of products and services to RBC and has a similar footprint of branches and ATMs across the country.

RBC offers better value in its chequing accounts, offering more features and fewer limits at similar price points. When it comes to saving, TD pays a slightly higher interest rate on its best savings account—1.70% vs RBC’s 1.60%—with the caveat that you’ll need at least $10,000 saved before you earn any interest at all.

RBC vs. Scotiabank

Scotiabank has slightly fewer branches and ATMs than RBC but can still be easily found in any urban centre across Canada.

As with most major banks, Scotiabank falls short of RBC’s superior value for daily banking. Scotiabank offers slightly better savings rates, however, thanks to its “premium period” interest rates that allow you to earn up to 1.25% bonus interest for a limited time.

Related: Best Banks in Canada

Methodology

Forbes Advisor compared 41 banks, 20 of which are nationally available, —both traditional brick-and-mortar institutions and online-only banks—to find the best options available. To make this list, the bank had to be available to Canadians nationwide. They were rated out of five stars according to the following data points and formula out of 100%:

Product Offerings – 11%
APY – 25%
Fees – 20%
Minimum Deposit – 5%
Minimum Balance – 5%
Availability – 5%
3P Ratings – 5%
Customer Reviews – 2%
Live Chat – 2%
Digital Experience – 10%
ATM Network – 10%

Is RBC Right for You?

RBC is a full-service bank offering everything you need, from chequing and savings accounts, to credit cards, investments and insurance.

RBC is right for you if you value in-person customer service, premium features and the ability to do all your banking in one place. It might not be right for you if you want discounts for being a student, a senior or for maintaining a minimum balance. It may also not be the best choice if you’re comfortable with foregoing some services for better rates and lower fees.

Frequently Asked Question (FAQs)

Is RBC a good bank?

As Canada’s largest bank with 17 million clients around the world, RBC must be doing something right. The bank has an excellent reputation within its industry, but as with any large company the reviews aren’t always favourable when it comes to customer service.

What are the cons of banking with RBC?

The primary downsides of banking with RBC are its middling rates and fees. While RBC is competitive with the other Big Banks in Canada, it charges higher chequing account fees and pays lower savings interest rates than many digital banks and credit unions.

What is the best bank in Canada?

Forbes Advisor Canada ranks Motusbank first overall in Canada for its free chequing, high-interest savings and competitive rates. Other highly ranked banks include CIBC, TD Bank, BMO, Manulife Bank, National Bank and Scotiabank.

Is my money safe with RBC?

RBC is one of the safest banks in the world, and deposits are backed by the Canadian Deposit Insurance Corporation which protects your savings up to $100,000. As with any bank, it’s important to take precautions to protect yourself from fraud such as using strong passwords and logging out of online banking after every session.

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Jordan Lavin Contributor

Jordan Lavin is a personal finance expert, marketing professional, content creator, and writer with an extensive history of working with leading media, financial, and technology companies. When he’s not writing, Jordan can be found at a campground or curling rink, depending on the weather.

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