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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 optionsSavings
Visa and Mastercard credit cards
- Other RBC servicesMortgages
Loans and lines of credit
Wealth management services
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.
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
- RBC Day to Day Savings: a traditional savings account.
- RBC High Interest eSavings: earns a higher interest rate than a typical savings account.
- RBC Enhanced Savings: the interest rate increases when 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 U.S. High Interest eSavings: designed for customers who deal with US currency.
» MORE: Read our RBC savings account review
RBC chequing accounts
- RBC Advantage: unlimited debit transactions for a monthly fee.
- RBC Signature No Limit Banking: a higher monthly fee but more perks than the Advantage account.
- RBC VIP Banking: unlimited worldwide debit transactions and no Direct Investing maintenance fees
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 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.
- Tax-free savings accounts (TFSAs).
- Registered retirement savings plans (RRSPs).
- Registered retirement income funds (RRIFs).
- Guaranteed investment certificates (GICs).
» MORE: Read our RBC RRSP review
Other RBC services
- Personal lines of credit.
- Home equity lines of credit (HELOCs).
- Wealth management services for high net worth individuals.
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 debit fee and applicable overdraft interest.
- ATM withdrawals outside network: $2.
- Using a PLUS System ATM in Canada or the US: $3.
- Inactivity fees: $210 (after two and five years), $40 (after nine years)
- RSP, TFSA or RIF transfer to another institution: $50
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
- Comprehensive online and mobile banking options.
- Offers a variety of personal, business and investment accounts.
- Many physical locations.
Cons of RBC Bank
- Low interest rates paid on savings accounts.
- Debit and ATM transaction fees can add up.
- Its mobile investment platform is outdated compared to newer competitors.
How RBC compares to other big banks
|RBC Bank||TD Bank||BMO Bank|
|Number of countries served||29||Global||More than 10|
|Number of branches in Canada||More than 1,200||More than 1,000||More than 900|
|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
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.
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).
Setting up multiple bank accounts can help you budget, maximize savings and optimize taxes. Having more than one savings account can support financial goals.