RBC RRSP Review: Is It Worth It?
RBC RRSP at a glance
Best pick for:
Tax-free investment gains
The RBC RRSP could be a convenient fit if you're an existing customer looking for a tax-advantaged account that allows for both saving and investing.
Consultation seekers
RBC offers self-directed and advisor-led RRSP investing across multiple asset classes to match your risk tolerance.
Consolidated banking users
You may decide to consolidate your banking products for convenience, to receive fee rebates with the Value Program, or to establish a new relationship with RBC.
Not ideal for:
High-yield savers
The RBC RRSP offers a base savings rate comparable to other Big Banks. However, you might find higher rates with credit unions and online banks, especially if there are bonus rates involved.
Fee-conscious individuals
For low-cost investment management and trading fees paid to access your funds, explore online alternatives that offer no- or low-fees.
Non-RBC customers
For non-RBC clients, managing RRSP transfers, withdrawals, and contributions can be a hassle. RBC’s RRSP also falls short on interest rates and often lacks an introductory offer compared to other institutions.
RBC RRSP full review
RBC’s registered retirement savings plans, or RRSPs, are investment accounts that help the bank’s Canadian customers increase their retirement savings through a combination of compound interest and tax benefits.
RRSPs aren’t the most flexible investment vehicle — withdrawing money early involves costly penalties — but RBC offers several varieties of RRSPs, with each one able to hold a different combination of assets, so investors do maintain a fair amount of control over their accounts.
Types of RBC RRSPs
RBC offers four types of RRSP accounts:
Individual RRSPs are the most common variety of RRSP. All the tax benefits and investments belong to a single investor.
Spousal RRSPs allow a spouse to contribute to an RRSP registered in the other spouse’s name — and receive the tax deduction — without affecting the account holder’s contribution limits.
Locked-in RRSPs, also known as a Locked-in Retirement Accounts, or LIRAs, are for Canadians who leave an employer before retiring and want to manage their vested pension funds.
Group RRSPs are collections of individual RRSPs some employers provide their employees. Contributions are subtracted from pre-tax pay through payroll deductions.
RBC RRSPs can also be categorized according to account management preferences.
People who gravitate toward more traditional investments, like mutual funds, guaranteed investment certificates (GICs) and savings deposits, can get their RRSPs through RBC directly, which comes with the added benefit of accessing the bank’s advisory services.
Those who wish to invest independently and place stocks, mutual funds, bonds, options and exchange-traded funds (ETFs) in their RRSPs can do so through the RBC Direct Investing platform.
Investors who want their RRSPs to have exposure to the stock market, but who don’t want to manage their portfolios directly, can use RBC InvestEase, which matches customers to a professionally-built ETF portfolio.
What is RBC?
The Royal Bank of Canada is one of Canada’s largest financial institutions and a more or less permanent member of the country’s Big Six banks. In addition to RRSPs, RBC offers a variety of other investment vehicles and banking products, including everyday chequing and savings accounts, mortgages and wealth management solutions.
Is RBC safe?
RBC has a high credit rating among the world’s leading ratings agencies, including Moody’s, S&P, and DBRS. RBC owns over $2 trillion in assets and has a $155 market cap.
Your RBC RRSP deposits are insured, too. Through its membership in the Canadian Deposit Insurance Corporation, up to $100,000 in eligible deposits at RBC are guaranteed to be recovered in the event the bank becomes insolvent.
RBC customer satisfaction ratings
RBC Royal Bank ranks first in customer satisfaction with retail banking advice, according to J.D. Power’s 2025 Canada Retail Banking Advice Satisfaction Study, a survey of 2,582 retail bank customers in Canada .
RBC Royal Bank ranks third in online banking and mobile app satisfaction according to J.D. Power’s 2025 Canada Online Banking Satisfaction Study, a survey of 9,857 retail bank and credit card customers nationwide .
At the time of this writing, RBC had a Trustpilot rating of 1.3 out of 5 possible stars after more than 1,600 customer reviews.
At the time of this writing, RBC had a Better Business Bureau (BBB) rating of 1.1 out of 5 possible stars after more than 80 customer reviews.
How RBC RRSP features stack up
We rate registered retirement savings plans based on several criteria in our evaluation methodology, including annual percentage yields, minimum balance requirements, fees, digital features, access to other investment products, and more. Here are the key banking features that our team scored on a scale of one to five, rounded for simplicity.
Interest rates | ⭐️
The interest RBC pays on RRSP funds is essentially nothing, but bank interest isn’t where most RRSP growth comes from. For that, you’ll have to choose a diversified portfolio of investments with the potential to deliver steady gains.
Ongoing interest rate as of January 2025
At the time of this writing, RBC pays an interest rate of 0.55% on funds that are deposited into RRSPs but not allocated to any other assets.
Features and Limitations | ⭐️⭐️⭐️⭐️⭐️
You can hold GICs, mutual funds, and savings deposits in your RBC RRSP with help from an advisor — online, by phone, or at a branch. Alternatively, choose RBC Direct Investing, a self-directed brokerage, to trade stocks, bonds, and ETFs, or choose RBC InvestEase for a low-cost, managed ETF portfolio.
Minimum balance
There is no minimum balance required to open or maintain an RBC RRSP.
The RRSP contribution limit is typically 18% of a person’s taxable income from the previous year, or an amount decided by the federal government, whichever is lower. The maximum contribution amounts for 2025 and 2026 are $32,490 and $33,810, respectively.
No matter the number of RRSPs you have, there’s only one contribution limit. Exceeding this limit can result in penalties.
Banking experience | ⭐️⭐️⭐️⭐️⭐️
You can manage your RBC RRSP using online, ATM, phone or in-branch banking services.
RBC does not charge a monthly or withdrawal fee for its RRSPs. However, a fee of $50 applies to RSP withdrawals made through RBC Direct Investing.
RBC does not charge monthly or withdrawal fees for its RRSPs. However, a $50 fee applies to RRSP withdrawals made through RBC Direct Investing.
You can use an RRSP in limited cases to buy a home (Home Buyers’ Plan) or fund post-secondary education (Lifelong Learning Plan). Outside of those programs, withholding tax applies, and the amount you withdraw is added to your taxable income for the year.
Whether your RRSP was opened with Royal Bank directly, through RBC InvestEase or RBC Direct Investing, you’ll have to pay a fee of $150 to transfer the RRSP outside of RBC.
Maximize your retirement savings
Compare the best high-interest RRSP accounts in Canada.
RBC RRSP details and eligibility
Who qualifies for an RBC RRSP?
To qualify for an RRSP at RBC, you must:
Have earned income and file a tax return in Canada.
Open and contribute to the account no later than December 31 in the year you turn 71.
Is an RBC RRSP right for you?
RRSPs aren’t necessarily for everybody. Before moving ahead with opening and funding an RRSP, it’s important to first consider if your age, income and financial goals will allow you to fully benefit from managing one — possibly for decades.
Let’s look at the nuts and bolts of opening an RRSP and then explore some ways to know if RBC’s RRSP offerings are a fit for you.
How to open an RBC RRSP
Method and general steps
If you’ll need advice and assistance from the bank to manage your RRSP, start by:
Calling 1-800-463-3863 , selecting the “investments” option from the menu provided and speaking to an RBC investment advisor.
Locating your local RBC branch and calling ahead to schedule an in-person appointment.
If you plan on managing your RRSP by yourself, which means choosing and purchasing which assets go into it, or would rather select from a list of suggested ETFs, you can open an account online through RBC Direct Investing or RBC InvestEase.
Deposit and withdrawal process
You can deposit funds into your RRSP in two ways.
You can make single deposits whenever you feel comfortable. You can do this in person or online through the bank’s website or app if you have an RBC savings or chequing account.
You can schedule regular contributions that come out of your bank account weekly, bi-weekly or monthly. You can change how much you contribute, or pause contributions altogether, at any time. The more frequently you contribute, the more you’ll wind up saving.
While you can adjust what’s in your RRSP account online, actually withdrawing funds from it requires contacting RBC. You can do that by calling customer service or visiting your local RBC branch. The bank’s website suggests calling 1-855-363-1729 first, to make an appointment.
Remember that withdrawing RRSP funds before you retire can trigger some fairly painful tax consequences, so be sure to weigh the consequences if you need to access the money in your RRSP early.
Customer service options
Because RBC is such a large financial institution, getting the help you need with your RRSP shouldn’t be too challenging. There are multiple phone numbers to call if assistance is needed with opening or managing an RRSP account. In-person appointments with investment advisors can be scheduled.
Questions can also be sent through the messaging portal RBC customers have access to if they set up online banking.
How to maximize the benefits of an RBC RRSP
The simplest way to maximize the benefit of your RBC RRSP is to contribute to it regularly. The more money that goes into an RRSP, the more you’ll benefit from the compound interest it earns.
Making more frequent deposits can help you earn more, too. According to RBC’s RRSP calculator, if you were to deposit $500 monthly for 30 years and score a 5% annual rate of return, you’d wind up saving $416,129. But if you deposited $250 every two weeks, you’d save almost $452,000 — an extra $35,000 for setting aside an additional $500 each year.
Since every dollar that goes into your account is one you can deduct from your taxable income, funding your RRSP to the max each year can help you pay less in taxes. The RRSP contribution limit is usually 18% of your income from the previous tax year, or a predetermined figure calculated by the government, whichever is lower. The contribution limit for 2025 is $32,490. For 2026, it will be $33,810.
Another way to take full advantage of the power of an RRSP is to leave your money in it until you retire. Sometimes early withdrawals can’t be avoided, but they can cost you an awful lot in early withdrawal taxes – from 10% on amounts up to $5,000 to a whopping 30% on amounts over $15,000.
If you’re married or in a common law relationship, combining your savings in a spousal RRSP can also help generate better results. If the plan is registered in your partner’s name, you can still claim the tax deduction and your deposits won’t count toward their contribution limit.
RBC RRSP alternatives
An RRSP isn’t the only way to save for retirement. It’s important to consider alternative investments before you commit to a product like an RRSP, which involves some pretty serious tax consequences if you decide it’s not for you. A common alternative to an RRSP is a tax-free savings account, or TFSA.
RRSPs vs. TFSAs
Like RRSPs, TFSAs allow you to save money in a specified account and then invest it in various financial products. You won’t have to pay income tax or capital gains tax on the returns generated by any asset purchased through a TFSA. If your portfolio performs well, you won’t have to worry about forking over any of the profits to the CRA.
TFSAs are also quite flexible. You can make withdrawals at any time and not have to pay a penalty. If that kind of liquidity appeals to you, an RBC TFSA may be more up your alley than an RRSP.
TFSAs have much lower annual contribution limits than RRSPs, though, so getting the same return on investment over the long term may require savvy strategizing or the assistance of a financial advisor.
Frequently asked questions
Is it worth it to get an RRSP?
Is it worth it to get an RRSP?
In most cases, yes. RRSPs can help increase your retirement savings significantly and score some tax relief while you’re funding your account. But to make the most of an RRSP, you’ll need to deposit as much money as you can and avoid early withdrawals.
How do I withdraw money from my RBC RRSP?
How do I withdraw money from my RBC RRSP?
RRSP withdrawals can be accomplished by calling RBC’s customer service department over the phone or visiting a branch. In certain situations, RRSP withdrawals can also be processed through RBC’s online banking message centre. Know that any RRSP withdrawals made before you retire will result in tax penalties.
Sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- J.D. Power. J.D. Power’s 2025 Canada Retail Banking Advice Satisfaction Study. Accessed Oct 6, 2025.
- J.D. Power. J.D. Power’s 2025 Canada Online Banking Satisfaction Study. Accessed Oct 6, 2025.
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