Quick Comparison
| Feature |
TD |
RBC |
| Total assets |
#1 in Canada |
#2 in Canada |
| Branches |
~1,100 |
~1,200 |
| Hours |
Extended (7 days) |
Standard |
| Mobile app rating |
4.7/5 |
4.6/5 |
| Student account |
Good |
Excellent |
| Travel rewards |
TD Aeroplan |
RBC Avion |
Chequing Accounts Comparison
Account Fees and Features
| Account Type |
TD |
RBC |
| Basic account |
$3.95/month |
$4.00/month |
| Mid-tier |
$10.95/month |
$10.95/month |
| Premium |
$29.95/month |
$30.00/month |
| Fee waiver minimum |
$3,000-5,000 |
$3,000-4,000 |
| Free Interac e-Transfers |
Limited (depending on account) |
Limited (depending on account) |
Student Accounts
| Feature |
TD Student Account |
RBC Student Banking |
| Monthly fee |
$0 |
$0 |
| Age limit |
Up to 22 (or full-time student to 29) |
Full-time student to age 25 |
| Transactions |
Unlimited |
Unlimited |
| SPC discount included |
Yes |
Yes |
| Credit card with no credit history |
Yes |
Yes |
Youth Accounts
| Feature |
TD Youth Account |
RBC Leo’s Young Savers |
| Monthly fee |
$0 |
$0 |
| Age range |
Under 19 |
Under 13 |
| Interest |
Yes |
Yes |
Savings Accounts
| Account |
TD High Interest Savings |
RBC High Interest eSavings |
| Interest rate |
0.10-1.00% |
0.10-1.00% |
| No monthly fee |
Yes |
Yes |
| Promotional rates |
Occasionally |
Occasionally |
Note: Both Big 5 bank rates are significantly lower than online banks like EQ Bank (4%+).
Credit Cards Comparison
Travel Rewards
| Card |
TD Aeroplan Visa Infinite |
RBC Avion Visa Infinite |
| Annual fee |
$139 |
$120 |
| Welcome bonus |
10,000-50,000 points |
15,000-35,000 points |
| Earn rate (general) |
1.5 points/$ |
1 point/$ |
| Travel insurance |
Comprehensive |
Comprehensive |
| Lounge access |
No |
4 visits/year |
Cash Back
| Card |
TD Cash Back Visa Infinite |
RBC Cash Back Mastercard |
| Annual fee |
$139 (waived first year) |
$0 |
| Top category |
3% grocery, recurring bills |
2% grocery |
| Base rate |
1% |
0.5% |
| Best for |
High spenders |
No annual fee option |
No-Fee Options
| Card |
TD Cashback Visa |
RBC Rewards+ Visa |
| Annual fee |
$0 |
$0 |
| Rewards |
0.5-1% cash back |
1 point/$ |
| Good for |
Building credit |
Building credit |
Investment Services
Self-Directed Investing
| Feature |
TD Direct Investing |
RBC Direct Investing |
| Stock trade commission |
$9.99 |
$9.99 |
| ETF commission |
$9.99 (some free) |
$9.99 (some free) |
| Minimum to open |
$0 |
$0 |
| Platform quality |
Good (WebBroker) |
Excellent |
| Mobile app |
Good |
Good |
| Research tools |
Strong |
Very strong |
Robo-Advisor
| Feature |
TD Goal Assist |
RBC InvestEase |
| Minimum investment |
$100 |
$100 |
| Management fee |
0.40-0.65% |
0.50% |
| Underlying fund fees |
~0.15-0.35% |
~0.10-0.15% |
| Total cost |
~0.55-1.00% |
~0.60-0.65% |
Digital Banking
| Feature |
TD |
RBC |
| Mobile app rating |
4.7/5 |
4.6/5 |
| Biometric login |
Yes |
Yes |
| Zelle/Send money to US |
TD has US presence |
No |
| Interac e-Transfer |
Yes |
Yes |
| Apple Pay |
Yes |
Yes |
| Google Pay |
Yes |
Yes |
Branch Hours
|
TD |
RBC |
| Weekday hours |
8am-8pm (many locations) |
10am-5pm |
| Saturday hours |
9am-4pm |
Some locations |
| Sunday hours |
10am-4pm (select) |
Rare |
TD’s longer hours are a significant advantage for in-person banking.
Mortgage Rates
| Term |
TD Posted Rate |
RBC Posted Rate |
| 5-year fixed |
6.79% |
6.79% |
| 5-year variable |
Prime - 0.10% |
Prime - 0.05% |
| Special offers |
Negotiable |
Negotiable |
Note: Always negotiate — posted rates are starting points.
Who Should Choose Each Bank?
Choose TD If:
| Reason |
Why |
| Need extended hours |
Open 7 days, late hours |
| Aeroplan loyalist |
TD is Aeroplan’s main partner |
| US banking needs |
TD has US operations |
| Student |
Strong student account |
Choose RBC If:
| Reason |
Why |
| Investment-focused |
Strong RBC Direct Investing platform |
| Travel rewards |
RBC Avion is excellent |
| Large branch network |
Most branches in Canada |
| Business banking |
Strong small business services |
Alternative: Online Banks
| Feature |
TD/RBC |
EQ Bank |
Tangerine |
| Monthly fee |
$4-30 |
$0 |
$0 |
| Savings rate |
0.10-1.00% |
4.00%+ |
1.00-2.50% |
| Branches |
1,000+ |
0 |
0 (use Scotiabank ATMs) |