RBC Review 2026: Chequing and Savings
Written by Lauren Brown,
Edited by Abid Salahi
Last updated on September 28, 2026
FinlyWealth rating
🏅
4.1
Products they offer:
Best for:
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.
on Royal Bank of Canada (RBC)'s website
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.
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
Product Reviews
Savings Accounts
2.4 Our rating
on RBC's website
Welcome Bonus
N/A
Regular Interest
Up to 0.01%
Monthly Fee
$0
For RBC clients looking for basic savings, the RBC Day to Day Savings Account provides a convenient option. The account helps to keep cash separate from everyday spending while remaining readily available whenever you need it. There is one free debit transaction per month and no charge to move money to your other RBC accounts. All without a monthly fee.
The account’s value is limited by its interest rate. While it pays interest on all balances, its rates are less competitive, falling behind accounts at other institutions. The true value of this account is found by customers who appreciate the convenience of keeping their savings alongside their everyday banking.
- Earn more interest as you save
- $0 monthly fee
- Move money to any of your personal RBC deposit accounts free of charge
- 1 free monthly debit
- RBC ATM withdrawals free of charge within Canada
2.2 Our rating
on RBC's website
Welcome Bonus
N/A
Regular Interest
Up to 0.01%
Monthly Fee
$0
The RBC Enhanced Savings Account has a tiered interest rate structure, rewarding customers who maintain a larger balance in the account. There is no monthly fee on the account and customers can move funds to their RBC accounts at any time for no additional cost.
The biggest drawback of the account is its interest rate. While RBC increases the rate with a higher balance, customers need to hold over $25,000 in the account to qualify for the top level of interest. Even then, the account pays less than competitors, including some that don’t have a minimum balance requirement.
- Earn interest with a higher amount going to those with greater balances
- No monthly fees
- No charge for transfers to any of your personal RBC deposit accounts
- 1 free debit per month
- No charge for using RBC ATMs
2.7 Our rating
on RBC's website
Welcome Bonus
Earn 4.60% for 3 months for new High Interest eSavings account holders
Monthly Fee
$0
The RBC High Interest eSavings Account provides a way to grow your savings while maintaining easy access to your money. With no monthly fee, the account allows free-of-charge transfers to your other RBC accounts.
While the High Interest eSavings Account has a competitive promotional rate for new customers, its long-term rate is well below those offered by many digital institutions. This makes the account less appealing for those focused on maximizing their return. That said, the account is still suitable for existing RBC customers who value the convenience of having all their accounts with a single institution.
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
Chequing Accounts
on RBC's website
Welcome Bonus
N/A
Monthly Fee
$12.95 (waivable)
Account Type
Chequing • Personal
The RBC Advantage Banking Account gives customers unlimited everyday banking at a lower monthly fee. It includes unlimited debit transactions and free Interac eTransfers, making it a sound choice for those who use their bank account frequently. Customers can also access RBC’s Value Program which may reduce or eliminate the monthly fee.
While the account provides strong everyday banking features, its value depends on whether customers qualify for the monthly fee rebate. Without the rebate, you can find similar core banking features from digital banks for a lower cost. The Advantage Banking Account can still be a good fit for existing RBC customers, though, if they want unlimited banking and access to RBC’s network.
- Unlimited debit transactions in Canada
- No minimum balance
- Free Interact e-Transfer transactions(3,4)
- Get unlimited cash withdrawals at non-RBC ATMs across Canada(9)
- Earn Avion points on everyday purchases(15)
- Save 3₡/L on gas at Petro-Canada(5)
- 1 free NSF fee rebated every calendar year(10)
Pros
- No minimum balance
- Unlimited debit transactions in Canada
- Free Interact e-Transfers
- Unlimited cash withdrawals at non-RBC ATMs
- Earn Avion points on everyday purchases
- Petro-Canada discounts
- 1 free NSF fee rebated every calendar year
- Monthly fee can be reduced or eliminated through the RBC Value Program
Cons
- Monthly fee is relatively high
- Not the most feature-rich account
- Harder to waive fees vs competitors
- Rewards are limited
Account Fees
Monthly Fee
$12.95
Fee Waiver: Value Program
Full waiver
As low as $0/month with the Value Program Rebate
Fee Rebate: Seniors Rebate
Save $8.95/mo
For seniors aged 65 and over (or less with the Value Program Rebate)
eStatement
Included
Transactions
Transactions
Unlimited free
Included e-Transfers / Month
999 free
Fee After Limit
$1 each
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$3
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
22% annually (if used)
Bank Draft
$9.95
Best for: Full time students
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
The RBC Advantage Banking Account for Students offers eligible individuals a no-fee way to manage their everyday banking. With unlimited debit transactions in Canada and free Interac e-Transfers, it’s a strong option for students who want access to the bank’s network but don’t want to worry about transaction limits.
This account provides strong value for students who want traditional banking at no cost. Though some digital banks offer similar no-fee banking, RBC adds the benefit of in-person support, making it a competitive option.
- 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
3.5 Our rating
on RBC's website
Welcome Bonus
No monthly fee for a year plus $150*
Monthly Fee
$4 (waivable)
Account Type
Chequing • Personal
RBC customers looking for a low-fee chequing account can turn to the Day to Day Banking Account. With a $4 monthly charge and fee waivers available for certain groups, the account includes 12 debit transactions per month and free Interac eTransfers. Customers also gain access to RBC’s branch and ATM network as well as digital banking tools.
It’s a practical option for customers who only need basic banking access without making a high volume of monthly transactions. That said, if you regularly use your debit card, you may outgrow the account quickly and find better value in an unlimited chequing account.
- No monthly fee for a year plus $150
- Offer ends December 8, 2026
- Qualifying criteria and other conditions apply*
How to Receive this Offer:
- Open the RBC Day to Day Banking account by December 8, 2026, and enjoy no monthly fee for a year
- Enrol your new Day to Day Banking account into the Value Program at the same time you open the account
- Set up and complete two of the following qualifying criteria by February 16, 2027, and you could get $150*!
- Your payroll or pension as a direct deposit
- Two pre-authorized monthly payments
- Two bill payments to a service provider
- Open an RBC Day to Day Banking account online† and you could get $150*!
- The essentials RBC Day to Day Banking account
- 12 Free Debits of any kind per month, $1.25 each thereafter
- Unlimited Interac (±) e-transfers (2,3), Public Transit (4), and Virtual Visa Debit (5) transactions
- Save 3¢/L (5) on gas at Petro-Canada
- No minimum balance needed to get the no monthly fee offer (1)
- No monthly fee for a year (1). After that, $4/month (7,8) or less with the Value Program Rebate (9)
Pros
- First Year Fee Rebate
- Low monthly fee with the Value Program Rebate
- Unlimited Interac e-Transfers
- No minimum balance
- Earn Avion points on everyday purchases
- Free Interact e-Transfers
- Petro-Canada discounts
Cons
- Limited free transactions
- Extra fees are common
- Limited perks vs higher-tier accounts
- Not ideal for frequent users
Account Fees
Monthly Fee
$4
Fee Waiver: First Year Rebate
Full waiver
Open the RBC Day to Day Banking account by December 8, 2026*
Fee Waiver: Value Program(2)
Full waiver
Satisfy a few conditions to earn rebate with the Value Program(2)
Fee Waiver: Seniors Rebate(7,31)
Full waiver
No monthly fee for seniors(7,31)
Fee Waiver: Indigenous Peoples Rebate(31,33)
Full waiver
Monthly fee waiver for Indigenous Peoples(31,33)
Fee Waiver: RDSP Beneficiary Rebate(6,31)
Full waiver
Monthly fee waiver for RDSP Beneficiaries(6,31)
eStatement
Included
Transactions
Included Transactions / Month
12 free
Fee After Limit
$1.25 each
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
22% annually (if used)
Bank Draft
$9.95
on RBC's website
Welcome Bonus
Open an eligible RBC Chequing Account and get the new iPad(1)
Monthly Fee
$16.95 (rebates available)
Account Type
Chequing • Personal
The RBC Signature No Limit Banking Account gives customers a more complete everyday banking experience without moving into the bank’s highest-fee chequing package. It includes unlimited debit transactions in Canada as well as free Interac e-Transfers, making it a strong option for customers who use their account frequently. Extra value comes from features like a credit card annual fee rebate, non-RBC ATM fee reimbursements, and access to RBC’s Avion program.
The account’s monthly fee is higher than basic chequing accounts, so customers need to use its features to justify the additional cost. If you don’t, a digital bank may be a better choice as they typically offer core banking features for free, and include unlimited transactions and e-Transfers. The Signature No Limit Bank Account’s added perks and branch access are an important piece of the account’s overall value. For existing RBC customers who want unlimited everyday banking with some extra benefits, this account offers a solid middle ground.
- 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 transaction in Canada
- Save up to $48 on eligible credit card annual fee(9,41)
- FREE Interac e-Transfer transactions(4,5)
- 3 non-RBC ATM fees waived/month, $2 each thereafter(7)
- No minimum balance requirement to enjoy account benefits
- If you're not completely satisfied within the first 4 months, we'll refund your monthly fees for up to 3 months(4)
- Earn Avion points(14) on everyday purchases
- Save 3c/L on gas at Petro-Canada(6)
Pros
- Unlimited transactions + e-Transfers
- Credit card annual fee rebates
- 3 free non-RBC ATM uses/month
- Cross-border debit included
- Strong RBC ecosystem perks
Cons
- $16.95 monthly fee is relatively high
- No full fee waiver via minimum balance
- FX fees still apply (2.5%)
- Value depends on using multiple RBC products
- Not competitive vs free online banks
Account Fees
Monthly Fee
$16.95
Fee Rebate: Eligible Personal Credit Card and Personal Investment
Save $6/mo
Get a $6 monthly fee rebate when you open an eligible RBC personal credit card as well as investment account
Fee Rebate: Residential Mortgage or Small Business Account
Save $6.95/mo
Get an additional $6.95 monthly fee rebate when you open an eligible RBC small business account or a residential mortgage
Credit Card Rebate
Up to $48
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%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Interest
22% annually (if used)
Bank Draft
$9.95
4.5 Our rating
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
The RBC VIP Banking Account combines unlimited everyday banking with a wide range of premium account features. Customers receive unlimited Interac eTransfers and debit transactions worldwide6. Additional value-added features include a partial rebate of the annual fee on select RBC credit cards and the ability to earn Avion points15 on select purchases.
With an elevated monthly fee compared to most chequing accounts, customers need to use the account’s premium features to get their money’s worth. RBC’s Value Program Rebate14 can reduce the monthly charge and unlike other premium chequing accounts, the VIP Banking Account does not rely on a minimum-balance waiver.
This account is best suited for customers who actively use RBC’s broader banking ecosystem. For those who can take advantage of the included rebates, unlimited banking and transfer benefits, this remains one of RBC’s most comprehensive chequing packages.
- 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
Explore RBC credit cards
See our full guide to RBC's best credit cards.
Read guide
Customer Experience
2.8/5
Sitting at the top of the list of the biggest banks in Canada, RBC has recently ranked well in terms of customer satisfaction surveys. With a large footprint, the bank has the capability of providing standout service. Especially with its strong digital experience involving a highly rated mobile app and budgeting tools.
Despite its positive attributes, there is no ignoring the feedback from some customers. For example, Trustpilot ranks RBC at only 1.3 out of 5 stars, with customers citing frustration with its automated calling system. Once they do access help from a person, many say the staff is “rude, incompetent, and unsupportive.” Comments about its inconsistent service materially impact RBC’s customer experience rating.
Rating Methodology
How We Rate Royal Bank of Canada (RBC)
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
Yes. Many RBC chequing accounts will charge a monthly fee unless the customer maintains a minimum balance. Some customers can benefit from the Multi-Product Rebate.
RBC has a large branch network and a broad product line up, not to mention strong mobile banking tools. Some customers find its fees too high and its customer service to be lacking in comparison to other financial institutions.