RBC RRSP Review: Is It Worth It?
RBC RRSP at a glance
Best pick for:
Tax deduction and tax deferral
RBC RRSP lets you deduct contributions (up to your deduction limit), reducing taxable income. Investment income and gains grow tax-deferred within the plan; withdrawals are taxed as income, typically in retirement.
Variety of options
RBC offers a range of self-directed and advisor-led RRSP options with many types of investment products to match your risk tolerance.
Consolidated banking users
You may decide to consolidate your banking products at one financial institution for convenience, to receive fee rebates with RBC’s Value Program, or to establish a new relationship with RBC.
Not ideal for:
High-yield cash savings
The RBC RRSP's base savings rate is comparable to other Big Banks and typically doesn’t have an introductory offer. While credit unions and online banks may offer higher rates, especially with bonus rates, saving cash in an RRSP is generally not the best strategy to earn a high yield.
Trading specific stocks or options
RBC recently stopped charging fees to trade mutual funds and more than 50 exchange-traded funds (ETFs) in RRSPs on its Direct Investing platform. But if you want to trade stocks, options or other ETFs, you’ll pay a fee for each transaction.
Non-RBC customers
It’s a bit easier to manage contributions to your RBC RRSP from an RBC chequing or savings account than from an external bank. If your other banking isn’t already with RBC, it may be better to compare rates and features at your current bank or other providers.
RBC RRSP full review
Registered retirement savings plans, or RRSPs, are investment accounts that help RBC’s Canadian customers increase their retirement savings through a combination of short-term tax benefits and longer-term tax-deferred earnings.
RRSPs aren’t the most flexible account — withdrawing money early involves costly penalties. But RBC offers several varieties of RRSPs, so investors can choose how to invest or save their money, as well as how much support they’d like from the bank’s advisors.
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 one spouse to contribute to an RRSP registered in the other spouse’s name — and receive the tax deduction — without affecting the account holder’s own contribution limits.
Locked-in RRSPs, also known as 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 cash deposits, can open a basic RBC RRSP, which comes with the added benefit of accessing the bank’s advisors to answer questions.
Those who wish to invest independently and hold stocks, mutual funds, bonds, options and exchange-traded funds (ETFs) in their RRSPs can do so through the RBC Direct Investing platform.
People who want to invest in the stock market but don’t want to manage their portfolios themselves can use RBC InvestEase, which matches customers to a professionally built ETF portfolio.
If you’re not sure which option might be best for your needs, you can chat with one of the bank’s advisors to find the right fit.
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.
Your RBC RRSP cash deposits and GICs are insured through the bank’s membership in the Canadian Deposit Insurance Corporation. If the bank becomes insolvent, up to $100,000 in eligible deposits at RBC are guaranteed to be recovered.
RBC is also a member of the Canadian Investor Protection Fund (CIPF). In the unlikely case that RBC fails, CIPF insurance protects up to $1,000,000 of your investments, such as stocks, mutual funds, and ETFs held within your RRSP.
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 14,399 retail bank customers in Canada .
RBC Royal Bank ranks third in online banking and fourth in 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 1.11 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 October 2025
At the time of this writing, RBC pays an interest rate of 0.40% on funds that are deposited into RRSPs but not allocated to any other assets.
Features and Limitations | ⭐️⭐️⭐️⭐️⭐️
You can hold GICs, mutual funds and cash deposits in your RBC RRSP, and you’ll have access to 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 a set amount decided by the federal government each year, whichever is lower. The maximum contribution amounts for 2025 and 2026 are $32,490 and $33,810, respectively.
If you don’t use all of your contribution room in one year, it carries over to future years. 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 RRSP withdrawals made through RBC Direct Investing.
You can borrow money from an RRSP to buy a home (Home Buyers’ Plan) or fund post-secondary education (Lifelong Learning Plan), though both programs come with strict rules and you’ll need to pay back the amounts within a certain time frame. Outside of those programs, a withholding tax applies to early withdrawals, 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 any RRSP, including an RBC RRSP, you must:
Be a Canadian resident with a Social Insurance Number (SIN).
Have earned income and filed 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 the best option for everybody. Before opening and contributing to an RRSP, it’s important to first consider if your age, income and financial goals will allow you to fully benefit from it — or whether another account might be a better option for your savings.
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
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.
While you can adjust what’s in your RRSP account online, actually withdrawing funds from the account requires contacting RBC. You can do that by calling customer service or visiting your local RBC branch. The bank’s website suggests using its online booking tool 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. You can also schedule in-person appointments with investment advisors.
If you set up online banking, you can also send questions through the bank’s customer service messaging portal.
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 or investment gains it earns (though of course, investment gains are never guaranteed).
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 RRSP 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.
If you can’t contribute the maximum amount in any given year, it carries forward and keeps adding up. You can check your contribution room in your CRA My Account.
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 with a significant income gap, you could consider having the higher-earning partner contribute to a spousal RRSP. The account is in the lower-earning partner’s name, but the higher-earning partner contributes and gets the tax deduction, and their contributions don’t affect the lower-earning partner’s own contribution room. Spousal RRSPs can be a bit complicated, so it’s worth speaking to an advisor if you think one might be an option for you.
RBC RRSP alternatives
An RRSP isn’t the only way to save for retirement. It’s important to consider alternative investments before you open and contribute to an RRSP, which involves some pretty serious tax consequences if you realize you need access to the money. A common alternative to an RRSP is a tax-free savings account, or TFSA.
RRSPs vs. TFSAs
Like RRSPs, TFSAs allow you to save cash or hold various investment products and offer key tax benefits. With a TFSA, you won’t have to pay income tax or capital gains tax on the returns or interest you earn in the account. All of your earnings in it are tax-free, no matter when you withdraw them.
TFSAs are also quite flexible. You can make withdrawals at any time, for any reason, without having to pay a penalty. If that kind of liquidity appeals to you, an RBC TFSA may be a better option for your needs than an RRSP.
However, TFSA contributions don’t reduce your taxable income the way RRSP contributions do. So if you’re in a higher tax bracket, contributing to an RRSP could be a more beneficial option.
TFSAs have annual contribution limits, though they’re much lower than those of RRSPs. Similarly, the contribution room carries forward, so if you can’t max out your contributions one year, it gets added to your room in future years. You can check your contribution room in your CRA My Account.
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 your retirement savings grow and your contributions help reduce your taxable income, lowering your tax bill. But to make the most of an RRSP, you’ll need to contribute as much money as you can, choose your investments wisely 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 19, 2025.
- J.D. Power. J.D. Power’s 2025 Canada Online Banking Satisfaction Study. Accessed Oct 19, 2025.
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