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Royal Bank of Canada (RBC) vs Wealthsimple
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Wealthsimple edges ahead on our overall rating (4.3 vs 4.1), but the right pick depends on which products and fees matter most to you.
Overview
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.
Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.
While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.
Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.
Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.
Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.
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