RBC Royal Bank of Canada Review 2025
Royal Bank of Canada overview
🏦 RBC was founded in 1864 and became a chartered bank in 1869. RBC 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 and financing
Canadians who want to keep all their financial accounts in one place.
RBC casts a wide net in its search for customers. If you’re willing to pay some banking fees and accept modest base savings rates, it can serve as a one-stop financial shop.
With multiple savings and chequing accounts, some offering low fees or reward points on your purchases, RBC attempts to meet the needs of virtually every customer type. The RBC TFSA, RRSP and other investments, such as short- and long-term GICs, cater to personal investors, business owners, home buyers and high-net-worth individuals.
PROS AND CONS
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
- Comprehensive online and mobile banking options.
- Offers a variety of banking, lending and investment accounts for individuals and businesses.
- Many physical locations.
Cons
- Interest rates paid on savings accounts may be lower than those at some other banks.
- Debit and ATM transaction fees can add up, depending on your account choices.
- It’s complicated to qualify for reduced or waived monthly fees.
Royal Bank of Canada full review
The Royal Bank of Canada, commonly known as RBC, is one of Canada’s Big Six financial institutions. Launched in 1864 to offer credit to merchants on the Halifax waterfront, it was incorporated in 1869 as the Merchants’ Bank of Halifax and RBC is now a global entity that operates in 29 countries.
In addition to offering traditional banking services, like in-person banking, savings accounts and chequing accounts, RBC provides online banking, investment banking, wealth management and direct investing services. It’s also one of Canada’s largest mortgage lenders.
WHAT ONLINE BANKING FEATURES DOES RBC OFFER?
Even though RBC operates more than 1,100 physical locations, clients can also access the bank’s services through a fairly robust online banking portal. RBC allows users to open and manage accounts online — including RBC-affiliated credit cards, credit lines and investment accounts — make direct payments and conduct business banking.
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, or CDIC.
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.
🚩 Customer ratings
We gather consumer feedback to understand how users feel about banking with RBC. While the bank generally performs well on mobile app stores, its score remains below average on the consumer review platforms and forums.
As of this writing, RBC had the following ratings:
4.7 stars on the Apple App Store and 2.5 stars on the Google Play Store.
1.3 out of 5 possible stars, based on over 1,600 customer reviews on Trustpilot.
1.1 out of 5 possible stars, based on nearly 90 customer reviews on the Better Business Bureau’s website.
What Reddit users are saying
Overall, Reddit users offer positive feedback on RBC’s comprehensive banking solutions, especially with the fee rebates like the Value Program that may lower monthly account fees. However, its investment platform often receives criticism for higher trading fees compared to low-cost alternatives.
Reddit discussions include:
Note: Consumer review platforms tend to reflect a higher volume of negative feedback as satisfied users are less likely to leave comments. Additionally, individual reviews may not reflect the full experience of these users. That said, public forums can offer a helpful starting point for understanding how the financial institution handles account issues, customer service and overall support.
RBC Bank account types
As one of Canada’s biggest banks, RBC offers a wide selection of accounts for you to choose from. Various packages and combinations can help reduce or waive monthly fees. NerdWallet's picks for best banking products include:
NerdWallet's take
NerdWallet's take
Product details
Product detailsNerdWallet's take
NerdWallet's takeProduct details
Product detailsRBC savings accounts
🤓 OUR TAKE
RBC offers several savings account options, including foreign currency choices, but base interest rates max out at 0.75%, so growth is nominal. The RBC High Interest eSavings account remains a popular pick thanks to its tempting introductory rates. For steadier long-term growth, you may want to compare higher-yield options from online banks or lesser-known institutions.
Explore RBC savings accounts
RBC Day to Day Savings: A traditional savings account with one free debit transaction per month.
RBC High Interest eSavings: Earns a higher interest rate than a typical savings account.
RBC Enhanced Savings: The interest rate increases as 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 Leo’s Young Savers Account: A savings account for kids 12 and under with unlimited debit transactions and Interac e-transfers.
RBC U.S. High Interest eSavings: Designed for customers who deal with US currency.
RBC Euro eSavings: A no-fee savings account for euros.
RBC British Pound eSavings: A savings account to earn tiered interest rate on your pounds.
RBC Hong Kong Dollar eSavings: A savings account designed for your HKD.
RBC chequing accounts
🤓 OUR TAKE
RBC chequing accounts cover nearly everyone's banking needs, from students to newcomers and seniors. The monthly fees cannot be waived by maintaining a minimum balance, which is unique to this bank. Instead, clients can reduce banking fees through the Value Program by holding additional RBC products. If you're looking for an all-in-one Big Six bank with bundle fee rebates and attractive promotional offers, RBC may be your pick.
Explore RBC chequing accounts
RBC Advantage Banking: Unlimited debit transactions for an $11.95 monthly fee.
RBC Signature No Limit Banking: Similar to RBC Advantage, but with a $16.95 monthly fee and a few more perks.
RBC VIP Banking: Provides unlimited worldwide debit transactions and eliminates RBC-charged worldwide ATM fees for a $30 monthly fee.
RBC Day to Day Banking: Free Interac e-transfers and 12 free debits per month for a $4 monthly fee.
U.S. Personal Banking: 6 debit transactions per month for a US$3 fee.
RBC credit cards
🤓 OUR TAKE
RBC credit cards include travel, rewards, cash-back, low-interest, student and business cards with purchase APRs typically ranging from 12.99% to 20.99%, depending on the card type. If you’re a frequent flyer or want a flexible travel rewards redemption program, RBC credit cards are worth considering.
Explore RBC credit cards
RBC ION Visa.
RBC ION+ Visa.
RBC Cash Back Mastercard.
RBC Avion Visa Infinite.
RBC British Airways Visa Infinite.
RBC investing accounts
🤓 OUR TAKE
RBC GICs often earn competitive interest rates. Though returns on market investments depend on your holdings, RBC’s fees are higher than some low-cost platforms, which can affect overall value.
Explore RBC investment options
RBC Direct Investing, which allows you to manage stock trades online.
» MORE: Read our RBC RRSP review
Other RBC services
🤓 OUR TAKE
RBC may appeal to clients who value full-service banking and a strong ATM and branch network over low costs and higher savings rates.
Explore other services
Wealth management 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:
Fees you should know about
Non-sufficient funds: $45.
Overdraft fees: $5 each, plus handling fee and applicable overdraft interest.
ATM withdrawals outside the network: $3 to $5.
Inactivity fees: $20 (in years two to eight), $40 (after nine years).
RRSP, TFSA or RRIF transfer to another institution: $150.
How RBC compares to other big banks
ATMS AND BRANCHES | ARE DEPOSITS INSURED? | |
|---|---|---|
ATMs: 4,000+ Branches: 1,100+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,000+ Branches: 360+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,500+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,200+ Branches: 800+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,900+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,500+ Branches: 900+ | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Read our Banking Reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
Is the Bank of Canada the same as the Royal Bank of Canada?
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?
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 of Canada.
Toronto-Dominion Bank (TD Bank).
DIVE EVEN DEEPER
Georgia Rose
Shannon Terrell
Clay Jarvis