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Published June 16, 2022

Royal Bank of Canada (RBC) Review

Royal Bank of Canada, or RBC, is one of Canada’s Big Six banks. It provides banking services for individuals, businesses, investors and home buyers.

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Royal Bank of Canada at a glance

RBC was founded in 1869 and 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

Royal Bank of Canada overview

The Royal Bank of Canada, commonly known as RBC, is one of Canada’s Big Six financial institutions. First incorporated in 1869 as the Merchants Bank of Halifax, RBC is now a global entity that operates in 29 countries. In addition to offering traditional banking services, like savings accounts and chequing accounts, RBC provides online banking, lines of credit, credit cards, investment banking, and wealth management services. It’s also one of Canada’s largest mortgage lenders.

Online banking capabilities at RBC

Even though RBC operates more than 1,200 physical locations, clients can also access the bank’s services through a fairly robust online banking portal (www.rbcroyalbank.com). RBC allows users to open and manage accounts online — including RBC-affiliated credit cards, credit lines and investment accounts — make direct payments and manage business bank accounts.

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, orCDIC.

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.

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RBC Bank account types

As one of Canada’s biggest banks, RBC offers a wide selection of accounts for you to choose from.

RBC savings accounts

» MORE: Read our RBC savings account review

RBC chequing accounts

RBC credit card accounts

RBC offers a variety of credit cards, including travel, rewards, cash-back, low interest, student and business. These include but are not limited to:

RBC investing accounts

» MORE: Read our RBC RRSP review

Other RBC 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:

Who RBC is best for

Canadians who want to keep all their financial accounts in one place.

RBC 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 checking accounts for individuals to choose from, with some offering low fees and others allowing you to earn points through your purchases. There are also products and services designed especially for investors, business owners, home buyers and high net worth individuals.

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 of RBC Bank

Cons of RBC Bank

How RBC compares to other big banks

 RBC BankTD BankBMO Bank
Number of countries served29GlobalMore than 10
Number of branches in CanadaMore than 1,200More than 1,000More than 900
Mobile app?YesYesYes
Are deposits insured?Yes, by the Canada Deposit Insurance Corporation.Yes, by the Canada Deposit Insurance Corporation and Canadian Investor Protection Fund.Yes, by the Canada Deposit Insurance Corporation and Canadian Investor Protection Fund.

RBC bank frequently asked questions

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?

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.
  • Toronto-Dominion Bank (TD Bank).
How to Open a Bank Account

How to Open a Bank Account

You can open an account at a Canadian bank or credit union in person or online. You need to be aged 17 or older and have two forms of identification.

5 Advantages to Setting Up Multiple Bank Accounts

5 Advantages to Setting Up Multiple Bank Accounts

Setting up multiple bank accounts can help you budget, maximize savings and optimize taxes. Having more than one savings account can support financial goals.

Best Tax-Free Savings Account Rates in Canada for 2022

Best Tax-Free Savings Account Rates in Canada for 2022

The best high-interest tax-free savings accounts (TFSAs) in Canada have no fees and earn high rates of interest to help grow your investment.

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