RBC offers an impressive spread of TFSA investment options, appealing to hands-on and laid-back investors alike. If you prefer trading your money yourself, you can open a RBC Direct Investing TFSA. But if you prefer investing to be a bit more lowkey, you can choose to invest in TFSA GICs, mutual funds, portfolios, or even a registered savings account.
But what you get for convenience, you trade for competitive rates – which is often the case for big banks. Don't expect to pay low trading fees or earn high rates on your GICs when you open an RBC TFSA.
RBC TFSA features
Here's how a RBC TFSA compares to other options on the market.
Why You Want It
Redeem RBC Rewards as contributions + Multiple client support options.
Special Features
- Redeem RBC Rewards points towards contributions to your TFSA
Eligibility
- Age of majority
- Canadian citizen
- Have a Social Insurance Number (SIN)
Provinces
ALL
GIC Rates
Cashable
1 Year
2%
Non-Cashable
1 Year
2.45%
18 Months
2.5%
2 Years
2.55%
3 Years
2.55%
4 Years
2.7%
5 Years
2.75%
7 Years
2.75%
10 Years
2.75%
Features
Self-directed TFSA Platform
RBC Direct Investing
Self-directed Base Fee
$9.95
TFSA GICs List
- Cashable
- Non-cashable
- Building Block
- Market-linked
- U.S Dollar
Self-directed Available?
TFSA GICs Available?
TFSA Mutual Funds?
TFSA Portfolios?
TFSA Savings Account?
Min TFSA Savings Account Interest Rate
0.4%
Max TFSA Savings Account Interest Rate
0.4%
Promotion
N/A
Promotion End Date
N/A
Average Mutual Fund MER
See Issuer for Details
Investment Portfolios Fees
See Issuer for Details
RBC TFSA product rating: 4.6 stars
RBC TFSAs score fairly well, thanks to the bank's wide range of available investment types. In fact, RBC checks most boxes when it comes to types of TFSA investments we look for – providing its clients with self directed options, GICs, mutual funds, and portfolios.
But you won't see RBC getting full marks because of its relatively high fees and low rates of return. This is common for big banks, since they offer the convenience of keeping your money all in one place.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a RBC TFSA
An RBC TFSA will give you a lot of flexibility and options when it comes to investing your money.
Pros
A big name you know and trust
One of the hardest parts about opening a new investment account is learning to trust the company with your hard earned money. The good thing about working with one of the biggest banks in Canada is you can mostly skip this step, especially if you already have an established relationship with them through other banking products.
Get guaranteed return with a wide variety of TFSA GICs
You can buy a wide variety of TFSA GICs within your RBC account, including cashable, non-cashable, building block, market-linked, and U.S. Dollar. This means you have your choices cut out for you, whether you want to just park your money, continue to contribute to your GIC, or even earn a bit extra depending on the market.
Take control of your investments with RBC Direct Investing
If you're the kind of investor who likes to be hands on with your money, you can open an RBC Direct Investing TFSA and make every trade manually. As a major online broker, you can charge a large variety of investments, including stocks, ETFs, options, and fixed income securities.
Invest in a professionally managed portfolio with RBC InvestEase
Prefer to let the professionals handle it? Opening a TFSA with RBC InvestEase will give you a portfolio filled with ETFs that's customized to your risk profile and managed by RBC experts. Your portfolio will be rebalanced and monitored for relatively low fees.
Open a TFSA mutual fund
Another option you can go for with a RBC TFSA is opening up a registered mutual fund. This way you can pool your money together with other investors, all overlooked by a portfolio manager.
The cons of a RBC TFSA
But usually you have to pay for increased convenience – which is also the case when you open a RBC TFSA.
Cons
High base rates for RBC Direct Investing
If you opt for the RBC Direct Investing TFSA, most of your trades will be at a high base rate of $9.95. This includes stocks, ETFs, and Options. You can see this price discounted to $6.95 if you make at least 150 trades per quarter, but this still isn't the best rate you can get out there.
Low rates on GICs and the savings account
If you go for a simple registered savings account from RBC, you're looking at incredibly low interest rates of 0.4%. Which is so low, it may as well be 0%. Though the rates on the GICs are better, they still aren't the best you can get in Canada (the best GIC rates are usually from online banks).
No current promotion for opening a RBC TFSA
There's currently no active promotion for opening a TFSA at RBC, which would be a nice addition to get you interested in what they have to offer. You can sometimes see banks offer some extra money just for opening an account, but that's not the case at the time of writing.
Nothing much to separate it from the crowd
Overall, a RBC TFSA has one thing going for it: lots of investment options. Once you get past that, it doesn't really offer much to get excited about that helps it stand out from your other options.
RBC TFSA alternatives
Want to know how RBC compares to alternatives? Here are 3 similar options.
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC TFSA | Scotiabank TFSA | Questrade TFSA | TD TFSA |
| Genius Rating | ||||
| Why You Want It | Redeem RBC Rewards as contributions + Multiple client support options. | Grow your money tax free + Get plenty of flexibility for your investments. | Exclusive: Get $50 off commission fees + ETFs are always free to buy. | Choose from several investment options + Trusted bank with expert help. |
| GIC Rates | Cashable
Non-Cashable
| Cashable
Non-Cashable
Savings
| See Issuer for Details | Cashable
Non-Cashable
|
| Self-directed TFSA Platform | RBC Direct Investing | Scotia iTrade | Questrade | TD Direct Investing |
| Self-directed Base Fee | $9.95 | N/A | N/A | $9.99 |
| TFSA GICs List |
|
| N/A |
|
| Self-directed Available? | | | | |
| TFSA GICs Available? | | | | |
Show More | ||||
| Open an account See more RBC products Compare | Open an account See more Scotiabank products Compare | Open an account See more Questrade products Compare | Learn More See more TD products Compare |
FAQ
How can I open a RBC TFSA?
You can open a RBC TFSA either through your online banking portal, by calling 1-844-252-3674, or by visiting your branch in person.
What's the RBC TFSA transfer fee?
If you want to transfer the money in your RBC TFSA to another bank, there is a $150 fee.
How do I make a RBC TFSA withdrawal?
You can make a RBC TFSA withdrawal directly from your account or by calling customer service. Unlike an RRSP, you don't have to worry about paying withdrawal tax and anything you take out will be added back to your contribution room the next year.
What is the RBC TFSA interest rate?
If you were to open a simple registered savings account in your RBC TFSA, you can expect interest rates of 0.4% – which are very low.
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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