RBC is Canada’s largest bank by assets and the second-largest by market cap. About 1 in 3 Canadians has at least one product with them. Here’s an honest look at what you get for your money — and where the same money goes further elsewhere.
Last reviewed: May 2026. We have no affiliate relationship with RBC.
Where RBC actually wins
- Branch network. ~1,200 branches across Canada — the most of any bank. If you need to walk into a branch (estate work, mortgage signing, complex international wires), RBC is rarely more than 15 minutes from where you are.
- Mobile app. Consistently top-rated. Bill pay, e-Transfer, mobile cheque deposit, instant FX between CAD/USD accounts all work well.
- Newcomer programs. RBC’s newcomer banking package waives fees for a year, gives credit-card access without Canadian credit history, and offers newcomer mortgages. One of the smoother newcomer experiences among the Big Six.
- Avion Rewards ecosystem. Points are flexible (transfer to Aeroplan, WestJet, Cathay, etc.), and the Avion Visa Infinite is a legitimately strong travel card.
- RBC Direct Investing. Free trades for clients with $15K+ combined assets. Good research tools. Better than most bank-affiliated brokerages, worse than Wealthsimple Trade for casual investors.
Where RBC loses
- Chequing account fees. RBC No Limit Banking is $11.95/month. Day to Day is $4/month with 12 free transactions (basically nothing for an adult). Waivers exist with $3,000-$6,000 minimum balance, but that money earns 0% sitting there. Tangerine, EQ, and Simplii all give you no-fee unlimited chequing with no minimum.
- Savings account rates. RBC High Interest eSavings pays around 0.30-0.50% in 2026. EQ Bank pays 3.0-4.0%. On a $20K emergency fund, that’s $500-700 of free money you’d leave on the table by keeping it at RBC.
- USD account fees. $2-3/month + transaction fees. Wealthsimple Cash has free CAD/USD with no fees.
- Mortgage rates. RBC’s posted rates are 0.20-0.50% higher than what a mortgage broker can find at smaller lenders for prime applicants. On a $500K mortgage, that’s $10-25K of interest over a 5-year term you didn’t have to pay.
Who RBC is right for
- Newcomers in their first 2 years — the newcomer package is genuinely good
- People who value branch access for big-decision banking
- Premium-account customers (RBC VIP Banking) where the $30/month fee gets waived with $5K balance + bundles in safety deposit box, premium credit card, and rebates on other accounts
- Anyone who wants the convenience of all-banks-under-one-app and is willing to pay slightly more for that
Who should look elsewhere
- Anyone holding cash savings > $5K — keep your daily chequing at RBC if you want, but park savings at EQ Bank or Simplii
- Mortgage shoppers — always run RBC’s rate against a broker quote before signing
- DIY investors with under $15K invested — Wealthsimple Trade has free trades with no minimum
- Cost-sensitive customers — Tangerine + EQ combo will save you $200-400/year vs RBC
The realistic verdict
RBC is a solid, full-service bank. It’s not the cheapest, and it’s not the most innovative. But it’s competent, reliable, and has the branch network and product breadth most people need. If you value those, you’re paying a small premium for them — that’s fine, just know you’re paying it.
The best move for most people: keep RBC as your “main” bank if you want a branch relationship, but split savings to a high-interest online bank. You get the best of both — branch access + actual interest on your cash.
Frequently asked questions
Is the RBC newcomer package actually worth it, or just marketing?
It’s genuinely useful for the first 12 months. You get no-fee chequing, a credit card without Canadian credit history (usually the RBC Cash Back Mastercard or ION Visa with a $500-$2,000 starting limit), and a free Interac e-Transfer setup. A friend of my parents who landed from Vietnam in 2022 told me the credit card piece was the real win — she had a Canadian credit score within six months, which let her finance a car at a normal rate instead of a subprime one.
After month 13, though, the fees kick in and the package converts to a regular account. Most newcomers should switch to Tangerine or EQ at that point unless they specifically want the branch relationship.
Can I negotiate RBC’s mortgage rate, or is the posted rate final?
You can almost always negotiate, but RBC’s “discretionary discount” rarely beats what a broker brings you. In 2026, RBC’s discounted 5-year fixed for a prime borrower sits around 4.79-4.99%, while brokers are placing the same borrower at 4.39-4.59% with lenders like MCAP, First National, or Strive. On a $500K mortgage, that 0.30-0.40% gap is roughly $7,500-$10,000 over the term.
Bring the broker quote to your RBC advisor before signing. Sometimes they match, sometimes they shrug. Either way, you’ve done the math.
Should I keep my TFSA and RRSP at RBC or move them to Wealthsimple?
Depends on what’s inside them. If you’re holding RBC mutual funds (the RBC Select Portfolios charge 1.6-1.94% MER), you’re paying roughly $300-$400/year per $20K invested for performance that usually trails a basic index ETF. Moving to Wealthsimple Trade or Direct Investing and holding XEQT or VEQT at 0.20% MER is a clear win.
If your RBC accounts hold GICs or you genuinely use the advisor relationship, staying is reasonable. Wealthsimple will also reimburse transfer fees up to $150 per account if you move at least $15K.
Is RBC Direct Investing worth it if I already have $15K invested?
It’s fine, not great. Free trades above $15K combined assets, decent research, and the integration with your RBC accounts is seamless. But the platform feels dated next to Wealthsimple or Questrade, and there’s no fractional share investing.
For buy-and-hold ETF investors, it’s perfectly adequate. For anyone wanting modern features like auto-investing or USD registered accounts without conversion fees, look elsewhere.
Does RBC’s CDIC coverage differ from smaller banks?
No. CDIC insures eligible deposits up to $100,000 per category per member institution, whether you’re at RBC or EQ Bank. The “too big to fail” feeling RBC gives some people isn’t backed by extra insurance — it’s just brand comfort. Your $50K at EQ is protected the same way as $50K at RBC.
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