National 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

National Bank

National Bank of Canada

4.1

Open accountRead full review
RBC

Royal Bank of Canada (RBC)

4.1

Open accountRead full review

National Bank of Canada and Royal Bank of Canada (RBC) are evenly matched on our overall rating (4.1 each) — compare their products and fees below to decide.

Overview

The National Bank of Canada, also called National Bank, is one of the biggest banks in Canada, though it is the smallest of the group. Initially, the bank dominated in the province of Quebec, but has since expanded its reach throughout the country.  The migration of CWB Financial Group adds to National’s offering, with the integration of its clientele now complete according to the bank's website.


National Bank has a reputable Bank Account for Newcomers program and a range of chequing account options. Its monthly fees remain competitive, and certain groups can get the fee waived, as can those who maintain a minimum account balance. Minimum balance requirements are slightly above the other Big Six, though.  In terms of savings accounts, the bank’s main option for Canadian dollar savers is its High Interest Savings Account. The account has a less competitive rate, causing National Bank to fall behind the offerings from the other major banks. Anyone focusing on earning a higher interest rate can find a better return with digital institutions.


Another area where National Bank is more limited is in its credit card offering. The bank does not have Visa cards, instead sticking with Mastercard only. While its choices are narrower compared to some of the other Big Six Canadian banks, it does have a quality selection. For example, the bank has the National Bank World Elite® Mastercard®, which Finly rates highly at a 4.6 out of 5 due to its “generous earn rate.”


For its lending and mortgage products, National Bank boasts a wide variety of fixed and variable-rate mortgages plus personal loans and lines of credit as well as home equity borrowing. As a full-service lender, National Bank is more than just a niche banking option with mortgage and loan options generally in line with the major Canadian banks. It also has promotional rates that offer a competitive edge.

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

4.1

4.1

Customer experience

3.4

2.8

Best for

National Bank is best for Canadians who want full-service banking and access to a major federally regulated bank. It’s particularly suitable for those in Quebec or customers in Western Canada where the bank expanded.

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

  • Part of THE EXCHANGE ABM network, providing customers with access to almost 2,500 machines

  • Availability of fee-waiver options

  • Has a stand-out newcomer program and well-ranked credit card even with a more limited offering

  • National Bank Direct Brokerage promotes a unique offering of $0 online stock and ETF commissions

  • More valuable rates and rewards available through periodic promotional pricing


Cons

  • Smaller branch network versus the other major Canadian banks

  • Monthly account fees apply to all chequing accounts unless you maintain a minimum account balance or meet other fee-waiver eligibility

  • Minimum balance waiver is at a higher level in comparison to the other Big Six

  • Savings account offering is limited

  • Credit card lineup includes Mastercard only, no Visa or AmEx options

  • Every credit card has a 2.5% foreign transaction fee

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

Best for: Newcomers to Canada

Welcome Bonus

Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.


Monthly Fee

$15.95 (waivable)


Account Type

Chequing • Personal

Promotion: You could get up to $600 cashback


Start your life in Canada by taking advantage of our welcome offer: A bank account that allows you to earn up to $600 cashback. Here’s how to get the most out of it:


Get $300 cashback when you:
Open a chequing account and meet certain criteria.

  • Sign up for online banking.
  • Complete 20 eligible transactions.
  • Receive 3 eligible automatic deposits of at least $100 each.

Get $100 cashback when you: 
Apply for a Mastercard credit card, get approved, and complete 20 purchases with the new card.


Get $100 cashback when you:
Set up pre-authorized, recurring payments for your National Bank mortgage from your new chequing account.


Get $100 cashback when you:
Open a High Interest Savings Account and deposit at least $5,000.

You’re eligible to open a newcomer bank account if you:


  • Are 18 years of age or older.
  • Plan to move to Canada within 90 days or have been living in Canada for 5 years or less.
  • Have permanent or temporary resident status with a valid work or study permit.

A journey that evolves with you over 4 years


Year 1

Get started with no monthly fees

As soon as you arrive, enjoy all the benefits we offer, without any fixed monthly fees.1


Years 2 and 3

Keep your account free by meeting certain conditions*

Maintain a minimum daily balance of $4,500 in your account 

OR

Sign up for the following three products and services:

  • A credit card
  • Electronic bank statements
  • Payroll deposit or the electronic payment of at least two bills per month 

Year 4

Automatically switch to The Connected  
 
After your newcomer offer ends, your account automatically switches to The Connected® package, which lets you reduce or even eliminate your monthly fees.


Get even more advantages with your account for newcomers


  • Unlimited online transactions and Interac e-Transfer® usage within Canada
  • Access to over 360 branches and to our network of ABMs across Canada 7
  • First cheque order free of charge 4
  • Free National Bank ABM and in-branch withdrawals, transfers and bill payments for the first year 5
  • Free paper statements by mail for the first year 6
  • Cash withdrawals abroad through our network of global partners 8
  • Get 12 months of free legal advice through our partner FBA Solutions. 2
  • Send transfers to 19 European Union countries, India, the Philippines, and more. 3

Pros

  • Unlimited online transactions and Interac e-Transfers in Canada
  • Cashback promotional offer
  • Free legal assistance
  • Online international money transfers
  • Monthly fee waivers

Cons

  • Tiered monthly fee rebate requirements
  • Limited access outside Quebec
  • Limited low-fee international transfer locations

Account Fees

Monthly Fee

$15.95

Fee Waiver: Baseline Savings

Full waiver

Baseline savings of $334.92 over three years for the account You’ll save if you meet the following conditions: Open a bank account online before arriving with our secure form or visit a branch upon arrival. Sign up for our offer for newcomers. Savings are based on: First year: no flat monthly fee (savings of $15.95/month for 12 months) Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months) Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)

Fee Waiver: Maximum Savings

$4,500 min. balance

Maximum savings on the account: $574.20 over 3 years In addition to the basic savings conditions, you must: Maintain a minimum daily balance of $4,500 OR Sign up for the following three products and services before the end of the first year and maintain them until the end of the special offer: A Mastercard® personal credit card ; Electronic bank statements ; Payroll deposit to your bank account at one of our branches at least once a month or payment of at least two bills per month electronically from this bank account

Fee Waiver: Maximum Total Savings

$4,500 min. balance

Maximum total savings of the offer: $683.30 over 3 years To reach these savings, you must meet all the conditions for maximum savings on the account (above) and take advantage of the following services: First check order free ($67.10/order) Free paper bank statements for the first year ($42) Please note: The savings depend on meeting all the requirements for the entire duration of the offer (3 years). If you do not meet all the conditions in a given month, your savings will be reduced. If you no longer have the bank account or the Newcomer Package, the savings will no longer apply.

Credit Card Rebate

Up to $100

eStatement

Included

Transactions

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

$0

Canadian ATMs

$2

International & Currency

Foreign Currency Conversion

2.5%

Other Fees

NSF (Non-sufficient Funds)

$10

Overdraft Protection

$5/month

Overdraft Interest

21% annually (if used)

Bank Draft

$9

Best for: Premium Perks and Unlimited Transactions

Welcome Bonus

Up to $150 cashback with an eligible credit card


Monthly Fee

$28.95 (waivable)


Account Type

Chequing • Personal

Up to $150 cashback with an eligible credit card7


  • Available to new holders of an eligible National Bank Mastercard credit card and a chequing account with The Total® package
  • Eligible credit cards include: Echo® Cashback, Syncro, Platinum, World and World Elite®
  • Discount only applies once after enrollment
  • Bank account must be opened before the credit card account to qualify
  • Discount will be applied as a credit to the credit card account statement within a maximum of 90 days after activation of the card
  • Online application in a few clicks
  • Unlimited use of Interac e-transfer, 1 free of charge
  • Unlimited digital 2 and in-person 3 transactions
  • An integrated line of credit up to $5,000 4
  • Unlimited access to a lawyer by phone or videoconference, in partnership with FBA Solutions. Benefit from estate assistance to draw up your will and protection mandate in anticipation of incapacity, before witnesses, or online 5
  • Overdraft protection 6
  • Up to $150 cashback with an eligible credit card 7
  • Unlimited use of Interac ® & Cirrus® network ABMs in Canada, free of charge
  • Access to mobile cheque deposit
  • Stop pre-autorized debits or cheques, free of charge
  • Mail statements at no extra cost
  • 100 cheques per year, 8 free of charge
  • Access to THE EXCHANGE® network of ABMs at no additional cost
  • Online statements at no extra cost

Pros

  • Easy online application
  • Unlimited free transactions and e-Transfers
  • Integrated line of credit
  • Promotional cashback
  • Legal Assistance
  • Monthly fee rebates
  • Overdraft protection

Cons

  • Minimum balance required for monthly fee rebates
  • Limited branch access
  • International transfer fees

Account Fees

Monthly Fee

$28.95

Fee Rebate: 0-17 years old

Partial rebate

0-17 years old Monthly fees (9): $18/month

Fee Waiver: 18-24 years old

$6,000 min. balance

18-24 years old Monthly fees (9): $13/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount

Fee Waiver: 25-59 years old

$6,000 min. balance

25-59 years old Monthly fees (9): $28.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount

Fee Waiver: 60 plus

$6,000 min. balance

60 plus Monthly fees (9): $23.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (5) and enjoy a $10/month discount

Credit Card Rebate

Up to $150

eStatement

Included

Transactions

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

$0

Canadian ATMs

$0

International & Currency

International Transaction Fee

$5.95

Foreign Currency Conversion

2.5%

Other Fees

NSF (Non-sufficient Funds)

$10

Overdraft Protection

$5/month

Overdraft Interest

21% annually (if used)

Bank Draft

$0

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

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

Best for: Bulking up your savings

Welcome Bonus

N/A


Monthly Fee

$0

Benefits at a glance


  • 0.55% interest1 paid monthly
  • Risk-free saving available at all times
  • Free unlimited funds transfers2 between your National Bank ® accounts
  • No fixed monthly fees5

Earn interest from the first dollar invested


You will earn interest no matter how much money you have in your account. That means your savings will start growing right away!


Easily access your funds


You can access your savings at any time. With your online bank, transferring funds between your accounts* is fast and easy.


A handy emergency fund


Your savings provide a financial cushion against the unexpected. If needed, you can withdraw funds to face emergencies.


How to open a savings account


Apply

Submit an application online in less than 5 minutes.

  
Deposit

Transfer funds from your online bank in just a few clicks.

Pros

  • Easy access (great for emergency funds)
  • CDIC insured
  • No monthly maintenance fee
  • No minimum balance

Cons

  • Relatively low interest rate
  • Hefty transaction fee
  • no free e-Transfers

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

Welcome Bonus

N/A

Rewards Rate

1x - 5x

Points

Annual Fee

$150

Interest Rates

20.99% / 22.49%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring

4.6/5

The National Bank World Elite Mastercard is a strong choice for frequent travelers who value rewards and comprehensive insurance coverage. With a generous earn rate on everyday spending categories like groceries and restaurants, it offers substantial value, especially if you redeem points for travel. The $150 annual travel credit effectively offsets the card's $150 annual fee, making this card almost "fee-free" if fully utilized. Additionally, the card’s airport lounge access, superior purchase protection, and extended warranties make it a great companion for those who prioritize convenience and peace of mind during their travels.

Pros


  • High earn rates
  • Annual travel credit
  • Comprehensive insurance
  • Unlimited airport lounge access

Cons


  • High income requirements
  • Annual fee

Rewards

  • Earn up to 5 points per dollar in eligible grocery and restaurant purchases*
  • 2 points per dollar in eligible gas and electric vehicle charging purchases, recurring bill payments and À la carteTM travel purchases*
  • 1 point per 1 dollar in other purchases

Insurance

Coverage

  • purchase protection

    Purchase Protection*

    180 days
  • extended warranty

    Extended Warranty*

    Up to 2 years
  • travel accident medical

    Travel Medical Insurance (54 & under)

    60 days
  • travel accident medical

    Travel Medical Insurance (55 to 64)

    31 days
  • travel accident medical

    Travel Medical Insurance (65 to 75)

    15 days
  • pause

    Trip Interruption

    $5,000
  • cancel airplane

    Trip Cancellation

    $2,500
  • hourglass timer

    Baggage Delay

    $500
  • hourglass timer

    Flight Delay

    $500
  • lost baggage

    Lost or Stolen Baggage

    $1,000
  • car insurance

    Car Rental Damage & Theft

    yes
  • mobile device insurance

    Mobile Device Insurance

    $1,000

Benefits

Details

  • alcohol cheers

    Airport Lounge - National Bank

    Unlimited access to the National Bank Lounge at Montréal-Trudeau Airport
  • travel

    Travel Credit

    $150 refund per year on travel expenses (seat selection, airport parking, baggage fees, airline ticket upgrades and lounges)

Eligibility

  • Credit Score

    Good
  • Annual Income

    $80,000 personal or $150,000 household

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 November 4 2026.

Rewards Rate

N/A

Annual Fee

$20 $0

Interest Rates

12.99% / 14.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring

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

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 and 14.99% on cash advances including balance transfers1. 
  • 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

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Doubled Up to 1 year

Benefits

Details

  • reward cup

    Extra points

    50 Be Well points for every $1 spent on eligible products at Rexall
  • gas station

    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

    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

    Good
  • Annual Income

    N/A


Compare National Bank with other banks


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