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Manulife Bank of Canada vs Royal Bank of Canada (RBC)
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
Royal Bank of Canada (RBC) edges ahead on our overall rating (4.1 vs 3.8), but the right pick depends on which products and fees matter most to you.
Overview
Manulife Bank is “Canada's first branchless bank,” with its parent company well-known among Canadians. The digital bank has $33.5 billion in assets and is ranked by Forbes as number seven in Canada on its list of the World’s Best Banks 2026. It also has Canada Deposit Insurance Corporation (CDIC) coverage on deposits.
Offering a much narrower lineup versus the biggest banks in Canada, Manulife Bank has one main bank account, which acts as a hybrid between chequing and savings. It also has Visa-branded credit cards, though does not offer Mastercard or American Express. The bank’s lineup is complete with mortgages and lines of credit, but its ongoing, non-promotional borrowing rates are less competitive, especially compared to offers available through digital banks.
One of the standout features of Manulife Bank is its integration with Manulife Financial, which allows customers access to insurance and wealth management services alongside daily banking. For those who already use Manulife products, it can provide a simple way to manage everyday banking with other financial needs.
As one of the largest and most established financial institutions in Canada, RBC stands out for its size and lineup of products. Its full-service approach allows customers to manage their everyday banking in the same place where they have their credit cards, mortgages, investments, and insurance.
RBC provides a large selection of products for everyday banking needs. It offers chequing accounts for specific groups like students, seniors, and newcomers. Premium banking options are also available. While its savings account lineup is less competitive, especially compared to fintechs, the firm periodically has valuable promotions. Long-term rates tend to lag behind other digital providers, though.
Not only does RBC have a wide range of bank account options, it also has one of the largest credit card lineups in Canada. Options range from cashback and rewards to travel and business. FinlyWealth recently ranked the RBC Avion Visa Infinite Card amongst the best travel credit cards in Canada.
In terms of mortgage and lending products, the bank provides many options. But posted rates at RBC are not always the lowest in comparison to other banks and fintechs. While rates may be less competitive, the bank benefits from its widespread product offering as well as strong brand trust and broad advisor access.
Overall rating
3.8
4.1
Customer experience
3.2
2.8
Best for
Manulife Bank is ideal for Canadians who want digital banking from an established financial institution. Is it particularly attractive to those who already use Manulife for insurance, wealth management, or borrowing.
Those who want full-service banking with access to both physical branches and a wide range of financial products. The bank also boasts strong digital banking tools and one of the largest ATM and branch networks in Canada, making it ideal for Canadians who value integrated banking as well as established customer support.
Pros & cons
Pros
Schedule I federally chartered bank with backing from The Manufacturers Life Insurance Company
Integration with Manulife Financials’ broader offering
CDIC insurance coverage on eligible deposits
Access to over 2,600 surcharge-free ATMs in Canada through Manulife Bank or The Exchange Network
Hybrid banking, which combines interest with everyday banking features
Cons
No physical branch locations
Less banking options compared to the Big Six Canadian banks
Mixed customer reviews
Business banking is not a complete offering
Rewards ecosystem is less competitive
Regular savings rates are not market-leading
Pros
In-person service available through one of the largest branch networks in Canada
More than 4,000 ATMs across the country
Strong integration between banking, lending, and investing
Robust product offering for savings and chequing accounts
Numerous credit card options with varying rewards
Established brand with broad access to customer support
Mobile app quality ranks well amongst the Big Six Canadian banks
Cons
Fees are typically higher than competitors
Monthly fees on many chequing accounts
Savings products pay a lower interest rate
Higher mortgage and loan rates comparatively
Some premium banking benefits require high balances or bundled products
Top chequing accounts
Manulife Bank of Canada has no chequing account listed.
RBC VIP Banking Account
RBC VIP Banking Account
4.5 Our rating
OPEN ACCOUNT
on RBC's website
Welcome Bonus
Open an eligible RBC Chequing Account and get the new iPad(1)
Monthly Fee
$30 (rebates available)
Account Type
Chequing • Personal
- Open an eligible RBC Chequing Account and get the new iPad(1)
- Offer ends November 2 , 2026
- Qualifying Criteria and other Conditions Apply
How to Get Your RBC iPad Offer
Once you’ve opened your the RBC Signature No Limit Banking account or the RBC VIP Banking account by November 2, 2026, complete at least two of the following within 90 days:
- Set up your full payroll or pension as a direct deposit (no splitting)
- Set up two pre-authorized monthly payments
Make two eligible bill payments using RBC Online Banking, the RBC Mobile app, an ATM or telephone banking. Other terms and conditions apply.
- Unlimited tap, swipe and debit transactions Worldwide(6)
- $30/month(2), as low as $17.05/month with the Value Program Rebate(14), or $22.50/month after the Seniors(13) Rebate
- No minimum balance requirement
- No monthly fee for up to two additional CAD accounts and one USD account(7)
- Save up to $120 on eligible credit card annual fee(10,38)
- Free Interac e-Transfer transactions(4,5)
- Earn Avion points(15) on everyday purchases
- Save 3c/L on gas at Petro-Canada(6)
- If you're not satisfied within the first 4 months, we'll refund up to 3 months of monthly fees(11)
- Free cross-border debits(9,19,20)
Pros
- Unlimited transactions + e-Transfers
- Global ATM fee waivers (RBC side)
- High credit card rebate ($120)
- Strong bundle of premium perks
- Great for frequent travellers
Cons
- Very high $30 monthly fee
- No full fee waiver option
- FX fee still applies (2.5%)
- Overkill if you don’t use premium perks
- Not competitive vs free / low-cost banks
Account Fees
Monthly Fee
$30
Fee Rebate: Eligible Personal Credit Card, Personal Investment and Small Business Account
Save $12.95/mo
As low as $17.05/month with the Value Program Rebate(14)
Fee Rebate: Eligible Personal Credit Card, Personal Investment and Residential Mortgage
Save $12.95/mo
As low as $17.05/month with the Value Program Rebate(14)
Credit Card Rebate
Up to $120
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Cross-Border Debit Fee
$0
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$0/month
Overdraft Interest
22% annually (if used)
Bank Draft
$0
Best for: Full time students
OPEN ACCOUNT
on RBC's website
Welcome Bonus
Open a No Monthly Fee RBC Advantage Banking Account for Students and Get AirPods 4.(1)
Monthly Fee
$0
Account Type
Chequing • Personal
- Open a No Monthly Fee RBC Advantage Banking Account for Students and Get AirPods 41
- Bonus! Get 3 months of Apple Music with your new AirPods.
- New subscribers only. After 3 months, subscription automatically renews until cancelled.
- Conditions apply. Offer ends November 2, 2026. Complete offer qualifying criteria by January 15, 2027.
- $0 Monthly Fee(2) for full-time students(3)
- Unlimited Debit Transactions
- Free Interac e-Transfer Transactions(4,5)in Canada
- One of the Largest Combined ATM and Branch Networks in Canada
- Up to $48 rebate on the annual fee of an eligible credit card(1)
- Earn Avion Points on debit purchases, even with your Virtual Visa Debit
- International Money Transfers - Pay no fee for U.S. and international money transfers for this offer/account
Pros
- No monthly fee for full-time students
- Unlimited Debit Transactions + Free Interac e-Transfers
- Up to $48 rebate on the annual fee of an eligible credit card
- Avion Points on debit purchases
- Large branch + ATM network
- No minimum balance required
- No RBC fee at other-bank ATMs in Canada
Cons
- Only for full-time students
- Fees kick in after graduation
- No interest on your balance
- Rewards system is limited
- Best perks require multiple RBC products
Account Fees
Monthly Fee
$0
Fee Waiver: Students Rebate
Full waiver
No monthly fee for full-time students or anyone 24 and younger(2,3)
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$3
International
$5
International & Currency
International Transaction Fee
$0
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
22% annually (if used)
Bank Draft
$9.95
Top savings account
Manulife Advantage Account
Manulife Advantage Account
3.9 Our rating
OPEN ACCOUNT
on Manulife Bank's website
Welcome Bonus
Get an additional 1.5% in interest for new customers
Regular Interest
1.5%
Monthly Fee
$0
Earn an extra 1.5% on top of the regular 1.50% variable interest rate when you make a deposit your new Advantage Account*
* 3.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 1.50%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 730 days (2 years) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of July 2, 2026 and subject to change without notice. Click here for full terms and conditions (PDF).
- Earn interest on your entire account balance
- $1.00 per Interac® debit transaction, Interac e-Transfer or bill payment
- $1.50 to withdraw your money
- Access to 2,600 Manulife Bank or The Exchange Network ATMs in Canada
- Fees waived on all banking transactions with a minimum account balance of $1,000
RBC High Interest eSavings
RBC High Interest eSavings
2.7 Our rating
OPEN ACCOUNT
on RBC's website
Welcome Bonus
Earn 4.60% for 3 months for new High Interest eSavings account holders
Monthly Fee
$0
If this is your first RBC High Interest eSavings account, you can earn up to 4.60% in interest for 3 months. Offer expires 3pm EST on June 9, 2026.
Interest rates
All balances 0.55%
Promotional rate of 4.60%13 on your first three months12
Account fees
Monthly Fee $0
eStatement Included
Earn interest of up to 4.60%12,13
- Earn a rate of 0.55% or a promotional 4.60%13 on your first three months12
- No monthly fee with no minimum balance requirement
- No cost transfers to any of your personal RBC deposit accounts making it a practical choice for existing RBC customers
- 1 no charge ATM withdrawal per month with an additional $5 charge thereafter
- Access to your savings at any time
Top credit card
Manulife Bank of Canada has no credit card listed.
APPLY NOW
on RBC's website
Welcome Bonus
Enjoy a 0.99% introductory interest rate for the first 10 months on balance transfers^ and no annual fee for the first year*. Apply by September 30, 2026.
Rewards Rate
N/A
Annual Fee
$20 $0
Interest Rates
12.99% / 12.99%†
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
4.8/5
A low-interest credit card in case you want to carry a balance every month. This card provides no rewards on purchases, however comes with a relatively lower interest rate compared to many other credit cards, so if you're unable to pay your balance in full every month, this card will save you a lot of money in interest payments.
Awards & Recognition
Best Low Interest Credit Card
2026
Pros
- Low annual fee
- Lower interest rates
- Low interest welcome bonus
- first-year fee rebate
Cons
- No rewards
Rewards
- Get a low, fixed annual interest rate of 12.99% on purchases, cash advances including balance transfers.1 No surprises.
- Your RBC Visa Classic Low Rate Option card includes purchase security and extended warranty insurance coverage4.
- Get special partner offers from brands like Petro Canada, Rexall and DoorDash.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Doubled Up to 1 year
Benefits
Details
Extra points
50 Be Well points for every $1 spent on eligible products at Rexall.svg?dpl=dpl_AkK5eEtPMfijXUHX3VjAenjFrzpm)
Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada and 20% more Avion points at Petro-Canada
Discount
Get a 6-month complimentary DashPass subscription — a value of almost $60. Plus, enjoy unlimited deliveries when $0 delivery fees on orders of $15 or more when you pay with your eligible RBC credit card.
Eligibility
Credit Score
GoodAnnual Income
N/A
All products offered
1 product
Savings
Manulife Advantage Account
28 products
Chequing
RBC Advantage Banking Account
RBC Advantage Banking Account for Students
RBC Day to Day Banking Account
RBC Signature No Limit Banking account
RBC VIP Banking Account
Credit cards
RBC Avion Visa Infinite
RBC Avion Visa Infinite Privilege
More Rewards RBC Visa
moi RBC® Visa‡
More Rewards RBC Visa Infinite
RBC Avion Visa Platinum
RBC Cash Back Mastercard
RBC Cash Back Preferred World Elite Mastercard
RBC ION Visa
RBC ION+ Visa
RBC U.S. Dollar Visa Gold
RBC RateAdvantage Visa
RBC Visa Classic Low Rate Option
RBC Visa Platinum
RBC® British Airways Visa Infinite‡
WestJet RBC Mastercard
WestJet RBC® World Elite Mastercard®
RBC Avion Visa Infinite Business Credit Card
RBC® Business Cash Back Mastercard‡
WestJet RBC® World Elite Mastercard® for Business