{“menuItems”:[{“label”:”Royal Bank of Canada at a glance”,”anchorName”:”#royal-bank-of-canada-at-a-glance”},{“label”:”What RBC personal banking products are available in Canada?”,”anchorName”:”#what-rbc-personal-banking-products-are-available-in-canada”},{“label”:”Compare RBC bank accounts vs competitor bank accounts”,”anchorName”:”#compare-rbc-bank-accounts-vs-competitor-bank-accounts”},{“label”:”RBC personal banking FAQs”,”anchorName”:”#rbc-personal-banking-faqs”},{“label”:”About Finder”,”anchorName”:”#about-finder”}]}RBC is one of the largest banks in the world, based on market capitalization, and a top bank in Canada. There are in-person RBC branches across the country and in select American states, making RBC personal banking easy for clients who want face-to-face access as well as online options. While most communities across Canada offer at least one branch with longer opening hours, most customers now use the bank’s digital site to complete their banking transactions while getting access to a variety of other financial products, such as insurance, credit cards and investments.Royal Bank of Canada at a glanceRoyal Bank account optionsRoyal Bank additional products and servicesRBC is best for:Clients looking for exceptional online banking options with good mobile banking support.Customers focused on optimizing their credit card experience.RBC personal banking customers who want to keep all products and services under one roof.Clients looking to use technology to help them save and invest.Watch out for:RBC direct investing is easy to set up but can get glitchy, according to some online customer reviews.RBC’s monthly fees and one-off costs can get steep.Customer service is relatively easy to access, but West Coast customers may need to keep an eye on the clock since RBC adheres to an East Coast time zone.RBC online bankingOnline banking is now free and included with all RBC Royal Bank personal banking accounts – this includes RBC chequing and savings accounts as well as accounts for students, seniors, newcomers and businesses. With RBC online banking, you get access to all your accounts, tools and products in the comfort of your home. Online banking lets you view and track expenses, make payments, pay bills, send e-transfers and set up new accounts.RBC online banking ranks high, at just over 82.3%, based on customer reviews and surveys. For clients interested in easy, online access, RBC is a good option.RBC mobile bankingThe RBC mobile app lets you bank, shop, deposit checks and redeem RBC rewards, all from your smartphone or tablet. RBC mobile banking ranks well – at close to 57.6% – according to customer reviews and surveys, but isn’t as robust or as user-friendly as RBC’s online banking interface.RBC monthly fees and costsWhile access to RBC online banking and the RBC mobile app is completely free, many of the RBC chequing accounts and a few of the RBC savings accounts come with a monthly fee. To save on account costs, you can choose an account that offers rebates based on minimum monthly account balances or an account that offers special rebates (such as student or senior accounts). The multiproduct rebate program, where the use of more than two RBC financial products can cut monthly fees, could also help you save money. Still, as a large bank with coast-to-coast access, Royal Bank of Canada account costs can certainly add up and this is reflected in the 35.5% customer satisfaction rating regarding RBC monthly fees and ongoing costs.RBC customer serviceWe all have questions, and RBC tries to make finding the answers to those questions simple and easy. Not only does the bank offer a toll-free customer service number, but the website also has a frequently asked question section. You can also book in-person appointments online or, once logged in, you can send a secured message to RBC customer service representatives. You can also click the desktop chat icon. Despite the various methods to access customer service, clients often complain about long wait times and customer service representatives that are unable to resolve their complaints. Perhaps that’s why RBC’s customer service is rated at 46.0% based on customer satisfaction surveys.RBC ATM and branch availabilityDay-to-day banking often means getting cash when you need it most, which means access to cash machines and in-person bank branches. As a national bank, the RBC ATM network and branch availability are significantly better than most, giving the bank a customer satisfaction score of 50.0% and 39.0%, respectively. As with most larger financial institutions, one of the biggest drawbacks for RBC ATM and branch availability is bank branch hours – with many smaller in-person branches only open during regular business hours.What RBC personal banking products are available in Canada?As Canada’s largest bank, RBC provides plenty of choices to meet the banking needs of Canadians. To help, here are the key bank accounts offered by the Royal Bank of Canada.RBC chequing accountsRBC Day-to-Day BankingMonthly fee:$4Multiproduct rebate fee: $0Senior monthly fee: $0# of transactions: 12 a monthThis basic chequing account from Royal Bank gives you 12 transactions per month for a fee of $4. RBC will waive the fee if you also hold and use at least two other RBC products, such as a credit card, personal investment, residential mortgage or small business product.RBC Day-to-Day Banking account reviewRBC Advantage BankingMonthly fee: $11.95Multiproduct rebate fee: $5.95 or $0Senior monthly fee: $0Newcomer to Canada fee: $0# of transactions: Unlimited in CanadaRBC Vantage reviewRBC Signature No Limit BankingMonthly fee: $16.95Multiproduct rebate fee: $10.95 or $5Senior monthly fee: $12.95# of transactions: unlimited in CanadaThis is RBC’s most popular chequing account. It comes with unlimited debits in Canada, free Interac e-Transfers and up to three non-RBC ATM fees waived per month. If you have more than two RBC products, such as a premium credit card, a mortgage, or an investment account, you can qualify for a multiproduct rebate. Notable benefits of this account include free bank drafts, personalized cheques, rebates on basic credit card fees (up to $39) and no monthly overdraft fees. You’ll also get free Interac e-Transfers and reimbursements for non-RBC ATM fees, up to a monthly limit.RBC Signature No Limit Banking reviewRBC VIP BankingMonthly fee: $30Multiproduct rebate fee: $24 or $18.05Senior monthly fee: $22.50# of transactions: unlimited worldwideThis is the Royal Bank of Canada’s exclusive chequing account that lets you make unlimited worldwide transactions and ATM withdrawals, even at non-RBC Interac machines (in Canada). It also includes additional perks such as free bank drafts and complimentary personal and certified cheques. It’s possible to reduce or waive the monthly fee if you own and use at least two more RBC products, such as a premium RBC credit card, mortgage, investment account or safety deposit box.RBC VIP Banking reviewRBC Advantage Banking for studentsMonthly fee: $0# of transactions: unlimited debit transactionsThis day-to-day bank account gives full-time post-secondary students unlimited debits and free e-transfers, plus access to NOMI Find & Save – the predictive technology used by RBC that monitors your account to find underutilized money that can be set aside in a savings account each month. Additional perks include personalized offers and up to a $48 rebate on the annual fee for an eligible credit card.RBC Advantage Banking for students reviewRBC U.S. Personal AccountMonthly fee: USD$3# of transactions: 6 debits a monthIf you are a frequent traveller and want to avoid fluctuations in exchange rates, an RBC U.S. Personal account helps you store and use American cash.RBC U.S. Premium Checking AccountMonthly fee: $9.95 for e-statements or $11.95 for paper statements# of transactions: unlimitedFor Canadian clients who want the freedom and flexibility to pay US or Canadian bills through one bank account, the RBC U.S. Premium Checking account is the best option. Clients can withdraw and deposit money using RBC ATMs throughout North America as well as access cashback with large retailers throughout the 50 US states. Clients with this account also get a preferred FX rate, which helps keep cross-border transaction costs to a minimum.RBC U.S. Premium Checking Account reviewRBC savings accountsIf you’re looking for a savings account, it’s important to consider the primary reason for the account and how you will use it. Here is a list of six RBC savings accounts, along with their key features and benefits.RBC High-Interest eSavings AccountMonthly fee: $0# of transactions: 1 ATM withdrawal a monthThe RBC High-Interest eSavings Account is ideal for clients who primarily bank online and have little need for in-branch services. The no-monthly fee and no minimum balance means your interest earnings won’t erode due to ongoing fees. Remember, though, that you only get one free RBC ATM withdrawal per month – after that, you’ll pay per use. You can expect a modest 1.1% interest rate on your monthly balance – although promotional rates can push this to 3% or 4% for a short, specified time.RBC High-Interest eSavings Account reviewRBC Day-to-Day Savings AccountMonthly fee: $0# of transactions: 1 ATM withdrawal a monthConsidered the “basic” savings account, the RBC Day-to-Day Savings Account is another no-monthly fee option for savers. One advantage of this account is that you can set up Save-Matic plans – pre-authorized transfers into your savings account that help you make saving automatic. The account is also eligible for NOMI Find & Save, an RBC-branded predictive technology that learns your transaction patterns and makes suggestions to help you cut costs and save fees. The interest rate paid on your monthly balance is 0.005% for the first $999 and 0.01% for a balance over $1,000.RBC Day-to-Day Savings account reviewRBC Enhanced Savings AccountMonthly fee: $0# of transactions: 1 ATM withdrawal a monthIf you keep a larger balance in your savings accounts, you may want to consider the RBC Enhanced Savings Account. While no interest is offered on balances below $5,000, you will get 0.001% on any balance between $5,000 and $9,999. The interest rate earned goes up to 0.05% on balances between $10,000 and $24,999 and tops out at 0.01% and any balance above $25,000.RBC NOMI Find & SaveMonthly fee: $0# of transactions: 1 ATM withdrawal a monthRBC’s NOMI Find & Save uses predictive technology to monitor the financial trends in your RBC chequing account and makes suggestions on how much you can set aside in a savings account each month. It’s ideal for clients who really want to make savings automatic, plus the interest paid on all balances – 0.45% – is one of the most competitive within the suite of RBC savings products.RBC NOMI Find & Save reviewRBC U.S. High-Interest eSavings AccountMonthly fee: $0# of transactions: 1 ATM withdrawal a monthIf you have an abundance of US dollars, make them work harder for you by opening an RBC U.S. High-Interest eSavings Account. With a $0 fee per month and a $0 minimum account balance, you’ll pad your savings with an interest rate of 0.25%.RBC U.S. High-Interest eSavings Account reviewRBC Leo’s Young Savers AccountMonthly fee: $0# of transactions: 1 ATM withdrawal a monthIf you’re interested in teaching your kids about money management and saving, then the Royal Bank of Canada has an account for you. The RBC Leo’s Young Savers Account is designed specifically for children (or dependants under the age of 12). This no-fee savings account lets kids deposit money through the ATM or in-branch transactions and pays 0.01% on all balances in this account.RBC Leo’s Young Savers Account reviewRBC credit cardsThere is a wide range of credit cards offered through the Royal Bank of Canada, including options for either Visa or Mastercard. To find the best RBC credit card, you’ll need to consider the card’s annual fees, how you will use the card and what rewards or features are important to you.For the best RBC credit cards in Canada, check out the Finder round-up. Or to help narrow down your options, check out the types of credit cards offered through RBC:RBC travel credit cardsEarn points on every purchase and redeem those points for flights, hotels and other travel expenses. Plus, these credit cards offer extensive insurance to cover you and your trip. Another good option is a credit card that charges zero fees for foreign transactions – fees charged to convert Canadian dollars into foreign currency.Best travel credit cardsRBC rewards credit cardsIf you want flexibility and rewards, consider an RBC rewards credit card. For every purchase you make, you can collect either Avion points, WestJet dollars, Avios or Asia Miles. You can redeem these points for travel, merchandise, gift cards and more. You can also choose to get cashback rewards.Compare reward credit cardsRBC cashback credit cardsIf cash is king in your household, consider a credit card that rewards you with cashback every time you shop. Better still, many of these cards offer insurance options to help protect you and your purchases.Best cashback credit cardsRBC low-interest credit cardsThese RBC credit cards are designed to help save you money with low interest on balances and low or no annual fees. Another good option is to switch to a low-interest credit card using a balance transfer. To save on interest costs, pick a card with a low balance transfer fee.Best low-interest credit cardsRBC no-annual-fee credit cardsWith no annual fees and flexible convenience, these RBC credit cards help you build credit and manage your spending with ease.Best no-annual-fee credit cardsRBC student credit cardsFull-time post-secondary students can start building their credit while managing ongoing expenses and earning rewards by using a student RBC credit card.Best student credit cardsRBC business credit cardsBusiness credit cards are similar to personal credit cards – you have access to a revolving line of credit, you can earn rewards based on how much you spend and you must make a minimum monthly payment to keep your account in good standing. However, the main difference is that many of the benefits and features are tailor-made for businesses, plus your business builds its creditworthiness, which helps your growing business secure better financing in the future.RBC business credit cardsRBC insuranceRegardless of whether you’re an RBC client, RBC insurance offers competitive rates on travel insurance, car insurance, home insurance and life insurance. For a no-obligation quote, you can enter your details online and either get an email outlining the offer or a representative will contact you.RBC home insuranceRBC car insuranceRBC travel insuranceRBC loans, home equity lines of credit and mortgagesWhether you’re looking for a stop-gap personal loan, a larger home equity line of credit or a mortgage, the Royal Bank of Canada can help. As one of Canada’s largest banks, RBC offers a variety of loan options.To learn how to get the best loan for your needs, check out Finder’s guide on how to compare loans and lenders.RBC investmentsIf you’re already an RBC Royal Bank customer, you probably already know about a few of the investment products and accounts offered by the Royal Bank of Canada. RBC offers a variety of investment products, including a range of RBC GICs as well as the ability to invest in stocks and bonds through the RBC direct investing brokerage.RBC direct investing reviewCompare RBC bank accounts vs competitor bank accountsTo find the best bank account, it’s best to consider all options in the Canadian marketplace. At Finder, we’ve curated a list of the most popular chequing accounts and savings accounts available throughout most regions in Canada. To find the best for your needs, examine the features you require and assess the fees associated with the account.RBC personal banking FAQs
How do I access my RBC chequing account online?
You can access your chequing account online using RBC’s secure web portal, Online Banking.
How can I waive my monthly fee?
Not all RBC accounts are eligible to have the entire monthly fee waived. In some cases, to be able to receive a partial or full waiver of the monthly fee, you will need to have at least two or more RBC accounts (i.e. credit card, mortgage, personal investment).
What can I do with the RBC Wallet app?
The RBC Wallet mobile application is a way you can store your credit card information to securely make purchases and send and request money. The app has a tap and pay function enabling you to pay without needing your physical credit or debit cards.
How can I apply for an RBC savings account?
You can apply for an RBC savings account in one of three ways. You can either apply online in which you will be prompted for specific personal information. You can apply by calling RBC toll-free at 1-800-769-2561. Lastly, you can apply in-person at an RBC branch by booking an appointment.
How much money do I need to keep in my RBC Savings account?
RBC’s savings accounts generally do not require you to have a minimum balance in your account. You can have as little or as much in your RBC savings account as you please. Just know that for select savings account plans, the more money you have in your account, the higher the interest rate you will earn.
How do I activate NOMI Find & Save?
You can turn NOMI Find & Save on in the RBC Mobile app, then see your balance, transaction history and statements through the RBC Mobile app or RBC Online Banking.
How will NOMI transfer money from my RBC chequing to my savings account?
For NOMI to work, you will need to have an RBC chequing account for at least three months so NOMI can understand, based off of your banking activity, what your financial patterns are. NOMI will transfer $50 per day from your chequing to savings account, up to a maximum of five times per week. Since NOMI Find & Save is personalized to you and your transaction patterns, some months you may not see any transfers.
What is RBC’s Right Account Guarantee?
In a nutshell, it is a customer satisfaction guarantee whereby RBC promises to refund you up to three months worth of monthly account fees if you are not completely satisfied with your account.
Will I be charged a fee if I withdraw money using a different bank’s ATM?
Yes, in most cases you will be charged a fee if you withdraw money from a non-RBC ATM. There is a small fee for using a non-RBC ATM in Canada and the America, while there is a higher fee for using international ATMs.
About FinderFinder is a personal finance comparison site with a mission to help Canadians save, invest, spend wisely and grow their wealth. Each month, Finder provides half a million Canadians – and more than 10 million globally – with independent and trustworthy financial information. Our goal is to help people make better financial decisions by providing objective, comparative insight on more than 2,000 products and services each month.As a global fintech website and app, Finder gives consumers free access to smart money content. Whether it’s expert insight, product or service comparisons or independent reviews, Finder helps consumers stay on top of their finances, while saving time and money.Finder is available to consumers in over 50 countries, including Canada, the USA, the UK, Australia, New Zealand and Singapore. Initially launched in 2006 by three Australians – Fred Schebesta, Frank Restuccia and Jeremy Cabral – Finder’s global reach now includes more than 2,000 products and services in more than 100 financial categories and provides expert content and independent reviews to more than 10 million users each month.
