Founded in Halifax in 1864, The Royal Bank of Canada, or RBC, is now a multinational corporation with more than 19 million clients. Based on net worth, RBC is also the largest bank in Canada by a significant margin – it's currently worth $169.67 billion.
One of the biggest benefits of banking with RBC is that you can get everything done in one place. Its long list of quality banking products includes the country's best student chequing account and the top robo advisor, proving that RBC is a reliable option for anyone banking in Canada.
Overview
- The largest bank in Canada, based on net worth
- 1,284 branches and 4,000+ ATMs across Canada
- Award winning chequing accounts, investment services, and more
- Wide selection of branded credit cards
- Extensive, well-rated mortgage options
Rating methodology
RBC's overall rating is 3.3 out of a possible 5 stars. This number is an average of all the individual products we've rated so far, which you can find more info on below. Each of these are scored by breaking them down into their main parts, then comparing each feature to similar products on the market.
RBC chequing and savings
RBC has a full suite of bank accounts available, including the standard tiers of chequing accounts and some niche savings accounts. From a premium chequing account with lots of bells and whistles to a savings account designed especially for kids, there are plenty of options available. In fact, the RBC Leo's Young Savers Account is a top-rated choice for younger children.
Foreign currency and business accounts are also available, further extending the range of RBC's services. The RBC Digital Choice Business Account Package is an excellent choice for mid-size businesses.
RBC chequing account ratings
Working with a big bank like this certainly has its advantages – all RBC chequing accounts are well rated, including its business and foreign currency accounts (not shown here).
RBC High Interest eSavings account
Earn 0.65% on every dollar + Transfer money between RBC accounts for free.
RBC NOMI Find & Save
Predictive technology funds your savings automatically + Protects against upcoming purchases.
RBC savings account ratings
If you're looking for a safe place to stash your extra cash, RBC's options are both varied and valuable. Some accounts include interesting features like tiered interest rates and automatic savings tools.
RBC Signature No Limit Banking Account
Free Apple Watch Series 10 + Save 3 cents per litre at Petro-Can.
RBC credit cards
Like most big banks, RBC has a wide selection of credit cards available for Canadians, ranging from cash back to flexible travel cards. Its branded cards are especially noteworthy, including the RBC Avion Visa Infinite Privilege. This card has the best insurance package in Canada, with coverage for travel, extended warranties, and more.
RBC also offers excellent business credit cards, adding to its reputation as a top bank for business accounts and products.
| Credit Card | Score | Welcome Bonus | Annual Fee | Avg. Rate of Return | Apply | Card |
|---|---|---|---|---|---|---|
RBC Avion Visa Infinite Privilege  | 70,000 points (Terms) | $399 | 2.91% | Apply | ||
RBC® British Airways Visa Infinite‡  | 60,000 Avios (Terms) | $165 | 2.05% | Apply | ||
RBC Cash Back Mastercard  | $30 (Terms) | $0 | 1.05% | Apply | ||
RBC Avion Visa Infinite  | 55,000 points (Terms) | $120 | 2.35% | Apply | ||
RBC Visa Platinum Avion  | 55,000 points (Terms) | $120 | 2.33% | |||
WestJet RBC Mastercard  | 15,000 points (Terms) | $39 | 1.02% | |||
WestJet RBC World Elite Mastercard  | 70,000 points (Terms) | $119 | 1.52% | |||
RBC® Visa‡ Classic Low Rate Option  | $30 (Terms) | $20 | 0% | Apply | ||
RBC RateAdvantage Visa  | $30 (Terms) | $0 | 0% | |||
RBC U.S. Dollar Visa Gold  | $30 (Terms) | $65 | 1% | |||
RBC Visa Platinum  | $30 (Terms) | $0 | 0% | |||
RBC Cash Back Preferred World Elite Mastercard  | $120 (Terms) | $99 | 1.5% | Apply | ||
RBC ION Visa  | 7,000 points (Terms) | $0 | 1.08% | Apply | ||
RBC ION+ Visa  | 14,000 points (Terms) | $48 | 1.5% | Apply | ||
moi RBC® Visa‡  | 5,000 points (Terms) | $0 | 0.94% | Apply | ||
More Rewards RBC Visa  | 20,000 points (Terms) | $0 | 1.48% | Apply | ||
More Rewards RBC Visa Infinite  | 20,000 points (Terms) | $0 | 2.1% | Apply |
RBC insurance products
Insurance is an essential product for Canadians, and RBC provides some of the highest-quality options available. Especially if you already have a relationship with RBC, purchasing coverage from this bank is an easy and valuable choice. Its life insurance options are especially extensive, including RBC Universal Life Insurance, RBC Guaranteed Acceptance Life Insurance, and Personal Accident Insurance.
Still, it's very important to do your own research before purchasing any type of insurance from anywhere. You want to find the middle ground between affordable premiums and a reputable provider.
RBC investment accounts and products
From registered savings accounts to ETFs and mutual funds, RBC has your investment needs covered. And in true big-bank style, there are multiple ways to invest with RBC, including via robo advisor, online broker, financial planner, and wealth management professional. There's an option for everyone, whether you prefer the DIY route or want to defer to an expert.
RBC Digital Choice Business Account Package is an especially noteworthy, low-cost way to manage your investments. This robo advisor allows you to specify your preferences so you can sit back and let the algorithm take it from there. RBC even waives up to $200 in fees if you transfer $15,000 or more from another financial institution.
RBC loans
RBC offers loans and lines of credit for many situations for people in various stages of life. Whether you're a student needing help with tuition, an entrepreneur borrowing for your business, or a regular Joe who suddenly needs a new car, RBC has options for you.
With features like flexible payment amounts and easy online access to funds, RBC's RBC Personal Line Of Credit and Scotiabank Personal Line Of Credit are worth a look.
RBC mortgages
Getting a mortgage from a big bank like RBC is a popular choice, providing peace of mind that your home and money are safe with a well-established, trusted Canadian institution. There's a wide variety of options to consider, plus you'll get access to an RBC advisor for one-on-one attention and advice.
The Scotiabank Personal Line Of Credit is a unique product that combines aspects of a traditional mortgage with various features of a home equity line of credit, turning the equity in your home into low interest rates. It's one of the top HELOCs in Canada.
FAQ
What are the disadvantages of RBC?
Unfortunately, RBC has rather high monthly fees for its more premium accounts, and while the RBC Value Program provides a means of lowering these fees, it's complicated to figure out. RBC also has disappointing interest rates.
How much money do you need to open an RBC account?
Opening chequing and savings accounts with RBC is free, but there are monthly fees to consider after the account is open. Fees range from $0 for savings accounts to $30.00 for a premium chequing account.
What are Avion points?
Avion points are points earned through RBC's Avion Rewards program. Clients can earn points simply by spending with their RBC credit or debit cards. Your Avion points can be redeemed in numerous ways or transferred to other points programs.
What's the best RBC credit card?
The RBC Avion Visa, RBC Avion Visa Infinite Privilege, and RBC Avion Visa Infinite Business are the top RBC credit cards. They offer opportunities to earn Avion Rewards, have excellent insurance packages, and are backed by a reputable bank.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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