RBC Review 2026 | Royal Bank of Canada

RBC traces its roots to 1864, when it was founded as the Merchants Bank of Halifax; it was federally chartered in 1869 and renamed Royal Bank of Canada in 1901. Headquartered in Toronto, it runs one of the country’s largest branch and ATM networks. That reach is the core argument for RBC: if you want in-person service in most parts of Canada, an RBC branch or ATM is usually within reach.

The trade-off is cost. RBC has no free everyday chequing account for most adults, its standard savings rates are low, and its brokerage charges per-trade commissions. Whether RBC fits depends on how much you value branch access and having everything at one bank. Other Canadian banks are reviewed in the bank and fintech reviews.

RBC at a Glance

RBC Quick Reference

Chequing Accounts

RBC’s chequing lineup is tiered: higher monthly fees buy more transactions and features. RBC doesn’t use minimum-balance waivers on its core accounts; fees come down through the RBC Value Program, which bundles other RBC products (a credit card, mortgage, investments or savings), and through a Seniors Rebate at 65+.

Day to Day Banking is the cheapest entry point, but its monthly debit-transaction limit is tight for an account used for groceries, bills and ATM withdrawals. Interac e-Transfers, self-serve transfers, transit purchases and Virtual Visa Debit transactions don’t count against it.

Advantage Banking adds unlimited debit transactions and is fully waived for students and people 24 and under, and for newcomers in their first 12 months.

Signature No Limit Banking is RBC’s most-marketed unlimited account. There is no balance waiver; the Value Program is the main way to lower its cost.

VIP Banking is RBC’s premium chequing tier. Beyond unlimited transactions, it waives the monthly fee on some additional RBC accounts, includes a set number of free bank drafts each year, rebates part of an eligible RBC credit card’s annual fee and comes with overdraft protection. As with Signature No Limit, there is no balance waiver: the Value Program or the Seniors Rebate reduces the fee. RBC sometimes runs limited-time offers for new VIP Banking accounts; RBC’s site has the current terms.

RBC also has a U.S. Personal Account and a no-fee Leo’s Young Savers Account for children 12 and under. For adults who want a no-fee account, the alternatives are compared in the best no-fee chequing accounts. The full schedule of service fees is on the RBC fees page.

Savings Accounts

Rates posted as of October 5, 2026; RBC’s personal account rates page has the latest. Many RBC clients keep chequing at RBC and savings elsewhere; the cross-bank comparison is in the best savings accounts in Canada, and GIC rates at every bank are in the best GIC rates.

Credit Cards

RBC’s cards earn Avion points or cash back. Avion points can be redeemed for flights on any airline through RBC’s travel portal or converted to airline partner programs. The lineup includes the no-fee RBC Cash Back Mastercard and RBC ION Visa, the RBC Avion Visa Infinite (reviewed in full in the RBC Avion Visa Infinite review) and the premium Avion Visa Infinite Privilege. Fees, earn rates and the best fit for each card are compared in the best RBC credit cards.

Investing

RBC Direct Investing is RBC’s self-directed brokerage, with Canadian and US stocks, ETFs, options, bonds, GICs, mutual funds and the main registered accounts; its commissions, tools and account types are covered in the RBC Direct Investing review. RBC InvestEase is RBC’s robo-advisor, managing ETF portfolios for an annual fee; robo-advisors are compared in robo-advisors in Canada.

Mortgages

RBC is one of Canada’s largest mortgage lenders. It offers fixed and variable-rate mortgages, HELOCs and bridge financing, with pre-approval online or in a branch. Posted rates are a starting point for negotiation, especially with a broader banking relationship, and a mortgage broker can show what other lenders offer for comparison.

Having the mortgage, chequing and investing accounts in one RBC app is a practical advantage for households that want everything in one view.

Cross-Border Banking

RBC Bank (US) offers US dollar accounts for Canadians, useful for snowbirds, people who work in the US and anyone with regular US spending. It allows USD spending without per-transaction foreign exchange charges, USD cheques and US ATM access, and can be opened through RBC in Canada. Other banks’ cross-border options are compared in the comparisons hub.

Who RBC Suits

People who want branch access across Canada. RBC’s network makes in-person service (a bank draft, a mortgage meeting, a medallion signature) easy to find.

Households that want one institution. Mortgage, chequing, credit card, RRSP, RESP and direct investing under one login is useful for some families; higher fees, lower savings rates and per-trade commissions are the cost of that integration.

Students. Advantage Banking’s monthly fee is waived for students and people 24 and under.

People who spend a lot of time in the United States. RBC Bank (US) suits cross-border banking.

Less suited to: people focused on low fees or high savings rates. TD, CIBC, BMO and Scotiabank have their own reviews. No-fee online banks and higher-rate savings accounts are compared in the best online banks in Canada, and the Big Five side by side in CIBC vs TD vs RBC and the best banks in Canada.

Related Resources

• RBC customer service
• RBC fees
• RBC routing number
• RBC e-Transfer limit
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