Dive deeper: Best mobile banking apps
RBC review: Personal banking
To find out if the Royal Bank of Canada is the right fit for you, compare RBC personal banking products, customer service and more in this RBC review.
In this RBC review we take a look at the personal banking products offered by the Royal Bank of Canada (RBC). RBC is one of the largest banks in the world and a top bank in Canada. There are over 1,200 in-person RBC branches across the country as well as branches in select American states, making RBC personal banking easy for clients who want face-to-face access as well as online options.
While most communities across Canada offer at least one branch with longer opening hours, most customers now use the bank’s digital site to complete their banking transactions while getting access to a variety of other financial products, such as insurance, credit cards and investments. Keep reading this RBC review for details of Royal Bank’s accounts, online and mobile banking, branch and ATM network, and customer service.
RBC review: Royal Bank of Canada at a glance
RBC account options
RBC additional products and services
RBC is best for:
- Clients looking for exceptional online banking options with good mobile banking support.
- Customers focused on optimizing their credit card experience.
- RBC personal banking customers who want to keep all products and services under one roof.
- Clients looking to use technology to help them save and invest.
Watch out for:
- RBC direct investing is easy to set up but can get glitchy, according to some online customer reviews.
- RBC’s monthly fees and one-off costs can get steep.
- Customer service is relatively easy to access, but West Coast customers may need to keep an eye on the clock since RBC adheres to an East Coast time zone.
Is Royal Bank of Canada legit?
Yes. RBC is one of Canada’s “Big Five Banks” and is the largest bank in Canada in terms of assets. It was founded in Halifax, Nova Scotia, in the 1860s and is now headquartered in Toronto.
RBC has over 17 million banking customers globally and has a presence in 29 countries around the world. The bank also operates over 1,200 branches across the country as well as a network of more than 4,200 ATMs. And because it’s a member of the Canada Deposit Insurance Corporation (CDIC), your deposits of up to $100,000 are protected in the unlikely event RBC fails.
RBC online banking
Online banking is free and included with all RBC personal banking accounts – this includes RBC chequing and savings accounts as well as accounts for students, seniors, newcomers and businesses. With RBC online banking, you get access to all your accounts, tools and products in the comfort of your home. Online banking lets you view and track expenses, make payments, pay bills, send e-transfers and set up new accounts.
RBC online banking ranks high, at just over 82.3%, based on customer reviews and surveys. For clients interested in easy online access, RBC is a good option.
RBC mobile banking
The RBC mobile app lets you bank, shop, deposit checks and redeem RBC rewards, all from your smartphone or tablet. RBC mobile banking ranks well – at close to 57.6% – according to customer reviews and surveys, but it isn’t as robust or as user-friendly as RBC’s online banking interface.
RBC monthly fees and costs
Next in this RBC review we consider account fees. While access to RBC online banking and the RBC mobile app is free, many RBC chequing accounts come with a monthly fee. To save on account costs, you can choose an account that offers rebates based on minimum monthly account balances or an account that offers special rebates (such as student or senior accounts). The multiproduct rebate program, where the use of more than two RBC financial products can cut monthly fees, could also help you save money.
Still, as a large bank with coast-to-coast access, RBC account costs can certainly add up. This is reflected in the 35.5% customer satisfaction rating regarding RBC monthly fees and ongoing costs.
RBC customer service
We all have questions, and RBC tries to make finding the answers to those questions easy. Not only does the bank offer a toll-free customer service number, but the website also has a frequently asked questions section. You can also book in-person appointments online or, once logged in, you can send a secure message to RBC customer service representatives. Another option is to click the desktop chat icon.
Despite the various methods to access customer service, clients often complain about long wait times and customer service representatives that are unable to resolve their complaints. Perhaps that’s why RBC’s customer service is rated at 46.0% based on customer satisfaction surveys.
RBC ATM and branch availability
Day-to-day banking often means getting cash when you need it most, which means access to cash machines and in-person bank branches. As a national bank, the RBC ATM network and branch availability are significantly better than most, giving the bank a customer satisfaction score of 50.0% and 39.0%, respectively.
As with most larger financial institutions, one of the biggest drawbacks for RBC ATM and branch availability is bank branch hours – with many smaller branches only open during regular business hours.
Dive deeper: RBC new account offers and promotions on now
What RBC personal banking products are available in Canada?
As Canada’s largest bank, RBC provides plenty of choices to meet the banking needs of Canadians. To help, use this RBC review to compare key bank accounts offered by the Royal Bank of Canada.
RBC chequing accounts
RBC Day to Day Banking
- Monthly fee:$4
- Multiproduct rebate fee: $0
- Senior monthly fee: $0
- # of transactions: 12 a month
This basic chequing account from Royal Bank gives you 12 transactions per month for a fee of $4. RBC will waive the fee if you also hold and use at least two other RBC products, such as a credit card, personal investment, residential mortgage or small business product.
Dive deeper: RBC Day-to-Day Banking account review
RBC Advantage Banking
- Monthly fee: $11.95
- Multiproduct rebate fee: $5.95 or $0
- Senior monthly fee: $0
- Newcomer to Canada fee: $0
- # of transactions: unlimited free in Canada
Dive deeper: RBC Advantage Banking review
RBC Signature No Limit Banking
- Monthly fee: $16.95
- Multiproduct rebate fee: $10.95 or $5
- Senior monthly fee: $12.95
- # of transactions: unlimited in Canada
This is RBC’s most popular chequing account. It comes with unlimited debits in Canada, free Interac e-Transfers and up to three non-RBC ATM fees waived per month. If you have more than two RBC products, such as a premium credit card, a mortgage, or an investment account, you can qualify for a multiproduct rebate. Notable benefits of this account include free bank drafts, personalized cheques, rebates on basic credit card fees (up to $39) and no monthly overdraft fees. You’ll also get free Interac e-Transfers and reimbursements for non-RBC ATM fees, up to a monthly limit.
Dive deeper: RBC Signature No Limit Banking review
RBC VIP Banking
- Monthly fee: $30
- Multiproduct rebate fee: $24 or $18.05
- Senior monthly fee: $22.50
- # of transactions: unlimited worldwide
This is the Royal Bank of Canada’s exclusive chequing account that lets you make unlimited worldwide transactions and ATM withdrawals, even at non-RBC Interac machines (in Canada). It also includes additional perks such as free bank drafts and complimentary personal and certified cheques. It’s possible to reduce or waive the monthly fee if you own and use at least two more RBC products, such as a premium RBC credit card, mortgage, investment account or safety deposit box.
Dive deeper: RBC VIP Banking review
RBC Advantage Banking for students
- Monthly fee: $0
- # of transactions: unlimited debit transactions
This day-to-day bank account gives full-time post-secondary students unlimited debits and free e-transfers, plus access to NOMI Find & Save – the predictive technology used by RBC that monitors your account to find underutilized money that can be set aside in a savings account each month. Additional perks include personalized offers and up to a $48 rebate on the annual fee for an eligible credit card.
Dive deeper: RBC Advantage Banking for students review
RBC U.S. Personal Account
- Monthly fee: USD$3
- # of transactions: 6 debits a month
If you are a frequent traveller and want to avoid fluctuations in exchange rates, an RBC U.S. Personal Account helps you store and use American cash.
RBC U.S. Premium Checking Account
- Monthly fee: $9.95 for e-statements or $11.95 for paper statements
- # of transactions: unlimited
For Canadian clients who want the freedom and flexibility to pay US or Canadian bills through one bank account, the RBC U.S. Premium Checking account is the best option. Clients can withdraw and deposit money using RBC ATMs throughout North America as well as access cashback with large retailers throughout the 50 US states. Clients with this account also get a preferred FX rate, which helps keep cross-border transaction costs to a minimum.
Dive deeper: RBC U.S. Premium Checking Account review
Compare more RBC chequing accounts
RBC savings accounts
If you’re looking for a savings account, it’s important to consider the primary reason for the account and how you will use it. Next up in this RBC review is a list of six RBC savings accounts, along with their key features and benefits.
RBC High Interest eSavings Account
- Monthly fee: $0
- Transactions: $5.00 (after monthly limit)
The RBC High Interest eSavings Account is ideal for clients who primarily bank online and have little need for in-branch services. The fact that there is no monthly fee and no minimum balance means your interest earnings won’t erode due to ongoing fees. Remember, though, that you only get one free RBC ATM withdrawal per month – after that, you’ll pay per use. You can expect a modest 1.1% interest rate on your monthly balance – although promotional rates can push this to 3% or 4% for a limited introductory period.
Dive deeper: RBC High-Interest eSavings Account review
RBC Day to Day Savings Account
- Monthly fee: $0
- Transactions: 1 free debit, free RBC transfers
Considered the “basic” savings account, the RBC Day to Day Savings Account is another no monthly fee option for savers. One advantage of this account is that you can set up Save-Matic plans – pre-authorized transfers into your savings account that help you make saving automatic. The account is also eligible for NOMI Find & Save, an RBC-branded predictive technology that learns your transaction patterns and makes suggestions to help you cut costs and save fees. The RBC savings account interest rate paid on your monthly balance is 0.005% for the first $999 and 0.01% for a balance over $1,000.
Dive deeper: RBC Day to Day Savings account review
RBC Enhanced Savings Account
- Monthly fee: $0
- Transactions: 1 free debit transaction per month
If you keep a larger balance in your savings accounts, you may want to consider the RBC Enhanced Savings Account. While no interest is offered on balances below $5,000, you will get 0.001% on any balance between $5,000 and $9,999. The interest rate earned goes up to 0.05% on balances between $10,000 and $24,999 and tops out at 0.01% and any balance above $25,000.
RBC NOMI Find & Save
- Monthly fee: $0
- Transactions: 1 free debit transaction per month
RBC’s NOMI Find & Save uses predictive technology to monitor the financial trends in your RBC chequing account and makes suggestions on how much you can set aside in a savings account each month. It’s ideal for clients who really want to make savings automatic, plus the interest paid on all balances – 0.45% – is one of the most competitive within the suite of RBC savings products.
Dive deeper: RBC NOMI Find & Save review
RBC U.S. High-Interest eSavings Account
- Monthly fee: $0
- Transactions: cross-border transfers between your RBC Canadian and US accounts via Online Banking are free and instant but limited to $25,000 (CAD or USD) per transaction
If you regularly visit the US or get paid in US dollars, make your money work harder for you by opening an RBC U.S. High-Interest eSavings Account. With a $0 fee per month and a $0 minimum account balance, you’ll grow your savings with an interest rate of 0.25%.
Dive deeper: RBC U.S. High-Interest eSavings Account review
RBC Leo’s Young Savers Account
- Monthly fee: $0
- Transactions: Free and unlimited debit and Interac e-Transfer transactions
If you’re interested in teaching your kids about money management and saving, then the Royal Bank of Canada has an account for you. The RBC Leo’s Young Savers Account is designed specifically for children (or dependants under the age of 12). This no-fee savings account lets kids deposit money through the ATM or in-branch transactions and pays 0.01% on all balances in this account.
Dive deeper: RBC Leo's Young Savers Account review
Compare more RBC savings accounts
RBC credit cards
There is a wide range of credit cards offered through the Royal Bank of Canada, including options for either Visa or Mastercard. To find the best RBC credit card, you’ll need to consider the card’s annual fees, how you will use the card and what rewards or features are important to you.
For the best RBC credit cards in Canada, check out the Finder round-up. Or to help narrow down your options, check out the types of credit cards in this RBC review:
RBC travel credit cards
Earn points on every purchase and redeem those points for flights, hotels and other travel expenses. Plus, these credit cards offer extensive insurance to cover you and your trip. Another good option is a credit card that charges zero fees for foreign transactions – fees charged to convert Canadian dollars into foreign currency.
RBC rewards credit cards
If you want flexibility and rewards, consider an RBC rewards credit card. For every purchase you make, you can collect either Avion points, WestJet dollars, Avios or Asia Miles. You can redeem these points for travel, merchandise, gift cards and more. You can also choose to get cashback rewards.
Dive deeper: Compare rewards credit cards
RBC cashback credit cards
If cash is king in your household, consider a credit card that rewards you with cashback every time you shop. Better still, many of these cards offer insurance options to help protect you and your purchases.
Dive deeper: Best cashback credit cards
RBC low-interest credit cards
These RBC credit cards are designed to help save you money with low interest on balances and low or no annual fees. Another good option is to switch to a low-interest credit card using a balance transfer. To save on interest costs, pick a card with a low balance transfer fee.
Dive deeper: Best low-interest credit cards
RBC no-annual-fee credit cards
With no annual fees and flexible convenience, these RBC credit cards help you build credit and manage your spending with ease.
Dive deeper: Best no-annual-fee credit cards
RBC student credit cards
Full-time post-secondary students can start building their credit while managing ongoing expenses and earning rewards by using a student RBC credit card.
Dive deeper: Best student credit cards
RBC business credit cards
Business credit cards are similar to personal credit cards – you have access to a revolving line of credit, you can earn rewards based on how much you spend and you must make a minimum monthly payment to keep your account in good standing. However, the main difference is that many of the benefits and features are tailor-made for businesses, plus your business builds its creditworthiness, which helps your growing business secure better financing in the future.
Dive deeper: RBC business credit cards
RBC insurance
Regardless of whether you’re an RBC customer or not, RBC insurance offers competitive rates on travel insurance, car insurance, home insurance and life insurance. For a no-obligation quote, you can enter your details online and either get an email outlining the offer or a representative will contact you.
Dive deeper: RBC car insurance
RBC loans, home equity lines of credit and mortgages
Whether you’re looking for a stop-gap personal loan, a larger home equity line of credit or a mortgage, the Royal Bank of Canada can help. As one of Canada’s largest banks, RBC offers a variety of loan options.
To learn how to get the best loan for your needs, check out Finder’s guide on how to compare loans and lenders.
RBC investments
If you’re already an RBC customer, you probably already know about a few of the investment products and accounts offered by the Royal Bank of Canada. RBC offers a variety of investment products, including a range of RBC GICs as well as the ability to invest in stocks and bonds through the RBC Direct Investing brokerage.
Dive deeper: RBC Direct Investing review
Compare RBC bank accounts vs competitor bank accounts
To find the best bank account, it’s best to consider all options in the Canadian marketplace. At Finder, we’ve curated a list of the most popular chequing accounts and savings accounts available throughout most regions in Canada. To find the best for your needs, examine the features you require and assess the fees associated with the account.
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About Finder
Finder is a personal finance comparison site with a mission to help Canadians save, invest, spend wisely and grow their wealth. Each month, Finder provides half a million Canadians – and more than five million globally – with independent and trustworthy financial information. Our goal is to help people make better financial decisions by providing objective, comparative insight on thousands of products and services.
As a global fintech website and app, Finder provides consumers free access to smart money content. Whether it's expert insight, product or service comparisons or independent reviews, Finder helps consumers stay on top of their finances while saving time and money.
Finder is available to consumers in Canada, Australia, America and the United Kingdom. Initially launched in 2006 by three Australians – Fred Schebesta, Frank Restuccia and Jeremy Cabral – Finder's global reach now includes thousands of products and services in hundreds of financial categories and provides expert content and independent reviews to more than five million users each month.
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