RBC Bank Reviews | My personal take

By Tyler Wade

🗓️

Updated: October 04, 2024

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The day after I got married, my wife and I walked into the Royal Bank of Canada (RBC) and opened a joint account with the cash and cheques we received from our big day. 

We still bank with RBC, and we’re still happily married (over a decade later) but I will admit to unbundling (i.e. diversifying)  my banking products when my mortgage came up for renewal. RBC couldn’t match (or didn’t want to match) the rate I received elsewhere. I moved my emergency fund to another institution with higher rates and my investing account to my employer-at-the-time’s group Registered Retirement Savings Plan (RRSP). 

We still use the RBC Avion Visa Infinite credit card, even after years of romantic trips, family vacations, and refunded cancelled trips, thanks to its insurance.

Our kids use RBC’s Mydoh account for their allowance, and my wife uses her RBC account to effortlessly transfer money to other RBC account holders (her family). Still, we’ve never used some of RBC’s cool features like NOMI (an AI-assisted budgeting app), which is RBC’s alternative to Mint (or, now that it’s gone, YNAB or Pocketsmith). 

As long-term loyal customers, we’ve (sadly) never benefited from their iPad promotions for new customers. 

Who is RBC Bank best for?

RBC Bank has many products and services to serve a wide range of Canadians. I’ve segmented it by demographics. 

Younger people and students benefit from RBC’s wide range of accounts and unique services tailored to them. No-fee chequing accounts, high-interest savings (promotional rates), student loans, automatic investing, NOMI automatic budgeting insights, no-to-low fee rewards credit cards and Avion’s browser extension can help younger savers  even as they browse the internet. It’s as simple as clicking the browser extension link, installing it in Chrome, Safari or Microsoft Edge browser, and as you shop the Avion browser extension automatically populates deals you can click on by being an Avion member — all for free!

Seniors and retirees get a rebate on all personal banking accounts if they’re 65 years of age and over. You automatically receive a rebate of 25%, or $4, whichever is greater.  If you’ve hit retirement, RBC has a wide range of products to suit your unique needs: turn your RRSP into a registered retirement income fund (RRIF) or transfer and pay off your mortgage. While RBC’s high-end credit cards typically require a higher income to qualify, seniors can get the RBC Avion Visa Platinum, . The best part? The more products you have with RBC, the more discounts you get.  

For working professionals, your options run the full gamut, from various chequing accounts to top-end credit cards, a slew of mortgage offerings, loans as well as managed or self-directed investing options. It means you can have all your banking under one roof and earn Avion points and monthly fee rebates that get better the more product categories you have with RBC. 

RBC Bank pros and cons

Pros

• Extensive network and accessibility: RBC has the largest branch and automatic teller machine (ATM) network in Canada, making it convenient for customers to access their accounts and services.

• Wide range of products and services: RBC offers a comprehensive suite of financial products and services, including banking, investments, insurance, and wealth management, catering to diverse customer needs.

• Digital banking capabilities: RBC has invested heavily in digital banking, providing a user-friendly online and mobile banking experience with features like mobile cheque deposits, bill payments, and money transfers.

• Security and trust: As one of the largest and oldest banks in Canada, RBC has a reputation for stability, security, and trustworthiness, providing peace of mind for customers.

• Rewards and benefits: RBC offers various rewards programs and benefits, such as cashback, travel rewards, and discounts on products and services, for eligible customers.

• Global presence: RBC operates internationally, providing services to Canadians and businesses with global interests.

• Innovative financial products: RBC is known for introducing innovative products and services, such as the RBC Rewards program and specialized credit cards.

Cons

• High fees: RBC is known for having higher fees than other banks, including monthly account fees, transaction fees, and ATM fees for using non-RBC ATMs.

• Lower interest rates: Interest rates on savings accounts and GICs at RBC may be lower compared to rates offered by online banks or credit unions.

• Limited free chequing account options: RBC has fewer free chequing account options than some competitors, potentially resulting in higher customer banking costs.

• Complex fee waivers: Qualifying for fee waivers or reductions may require maintaining high minimum balances or meeting specific transaction criteria, which could be challenging for some customers.

• Customer service: While RBC strives to provide good customer service, there have been some reports of long wait times or issues with resolving customer inquiries or complaints.

• Sales pressure: Some customers report feeling pressured by RBC representatives to purchase additional financial products or services.

Royal Bank account summaries

RBC Accounts

Before we break down each account, know that RBC offers MultiProduct rebates rather than “packages” like you’d find in Scotiabank’s Ultimate Package or TD’s All Inclusive Banking Plan. 

RBC chequing accounts

A chequing account is an account to handle your paycheques, pay bills, and withdraw cash. Below are RBC’s chequing account reviews. 

Related: Best chequing accounts in Canada

RBC Day-to-Day Banking

The RBC Day-to-Day banking account is a budget-friendly option that keeps things simple. For a low monthly fee of $4, you get 12 free debits each month, making it a solid choice if you don’t need to do a lot of transactions. This account covers your basic banking needs without any extra frills, making it perfect for someone who just wants to manage their money without paying for features they won’t use.

Think of this account as RBC's no-frills option. It comes with a set number of transactions each month, perfect for handling the basics like paying bills and making a few purchases. It's designed with simplicity in mind, making it easy to manage your day-to-day finances without any unnecessary complications.

Exploring other accounts might be worthwhile if you anticipate needing more transactions or additional features.

RBC No Limit Banking for Students

The RBC No Limit Banking for Students account offers unlimited debits, Interac e-transfers, and free e-statements for a low monthly fee of $10.95, which RBC often waives for full-time students. As a bonus, there are no limitations on your transactions — great for students on busy schedules managing work and studies. 

Once you graduate (or no longer meet the student eligibility criteria), however, you’ll be paying that monthly fee. 

After graduation, it’s best to find a new RBC chequing account, or browse our selection of the best no-fee chequing accounts or other chequing accounts to see which one suits you best going forward. 

RBC Signature No Limit Banking (expand collapse box)

RBC’s premium chequing account gives you unlimited transactions, letting you pay bills, transfer funds, and use your debit card without worrying about extra fees. Plus, if you bundle it with other RBC products like a mortgage, credit card or investments, you can score a multi-product rebate that cuts down on your monthly banking fee.

This account is perfect if you're a frequent banking user or already have multiple RBC products. The multi-product rebate can make it more cost-effective, but crunch those numbers to see if you’re actually saving. If you need a basic, low-cost account, this might not be the best fit.

RBC Advantage Banking

The RBC Advantage Banking account is a straightforward, no-nonsense option that covers your everyday banking needs without breaking the bank. For a monthly fee of $11.95, you get access to a solid range of features, including 12 free debits per month, unlimited Interac e-transfers, and a rebate on that monthly fee if you meet certain conditions, like maintaining a minimum balance or setting up a recurring direct deposit.

The free debit card and included transactions are definite pluses. This account could be a good fit if you don't need unlimited transactions but still want some flexibility. The monthly fee is lower than the premium options, but there are better options. Also, keep in mind that you'll pay transaction fees if you exceed the monthly limit.

This account is a potential match if you want to balance affordability and functionality. It's suitable for those with moderate banking needs who wish to avoid paying for features they won't use. If you consistently exceed the transaction limit, consider an account with more included transactions or unlimited options to avoid extra fees.

RBC VIP Banking

The RBC VIP Banking account is the top-tier option for those who want an all-inclusive banking experience. With a monthly fee of $30, you get unlimited debits, Interac e-transfers and ATM transactions worldwide. But that’s just the beginning. This account also comes with premium perks like an annual fee rebate on select RBC credit cards, free personalized cheques, and access to RBC’s extensive travel insurance coverage. It’s designed to give you everything you need — and more — without worrying about additional fees.

The extensive benefits and worldwide access are major advantages, especially for frequent travellers who value convenience and comprehensive coverage. However, this top-tier service comes with a top-tier price tag, as the monthly fee is significantly higher than other RBC accounts. The value proposition depends heavily on whether you'll utilize the premium features enough to justify the cost.

This account is ideal if you want ultimate convenience in banking plus benefits. It's tailor-made for those who frequently travel, conduct international transactions, and prioritize premium services. The high monthly fee makes it crucial to carefully consider your banking needs and spending habits before taking the plunge. If you're seeking a more budget-friendly option or don't require the extensive perks, exploring other RBC accounts might be a wiser choice.

RBC U.S. Personal Banking

The RBC U.S. Personal Banking account is your gateway to seamlessly manage your finances on both sides of the border. If you spend a lot of time in the US or frequently make transactions in US dollars, this account is designed to save you time and money. For a low monthly fee of USD$2.95, you get easy access to your funds, whether you’re in Canada or the US without worrying about currency conversion fees every time you make a transaction. 

The account also offers unlimited US dollar transactions, so you have plenty of flexibility. However, given there is a monthly fee, you need to ensure the benefits outweigh the cost.

This account is a fantastic choice for snowbirds or anyone who would benefit from relief from foreign exchange fees while purchasing anything in US dollars. A standard Canadian chequing account might be a more cost-effective option if you rarely use US currency.

Remember, finding an account that aligns with your unique financial needs and spending habits is vital.

RBC Void cheque sample

A sample RBC void cheque can be incredibly useful when setting up direct deposits, automatic bill payments, or transferring funds between accounts. By providing a visual reference, it helps you easily locate important banking details like your account number and transit number, ensuring accuracy when sharing this information with employers or service providers. 

RBC Savings accounts

A savings account is there to store your money and save for emergencies, travel or anything for short- to mid-term goals. 

Related: Best High Interest Savings accounts

RBC High-Interest eSavings

The RBC High-Interest eSavings account helps you grow your savings without the usual banking fees eating into your hard-earned money. This online-only account offers a regular interest rate of 1.50%, which isn’t the highest out there, but I’d argue it’s pretty solid for a Big Six bank. There’s no monthly fee, and you can transfer money easily between your RBC accounts, making saving for your goals hassle-free. The downside is that it's an online-only account, so if you prefer in-person banking, this might not be the best fit.

This account is a fantastic option if you're looking to maximize your savings potential and are comfortable with online banking. It's perfect for building an emergency fund, saving for a big purchase or simply stashing away some extra cash. If you need frequent access to your savings or prefer face-to-face banking, a traditional savings account might be a better choice. Remember, the ideal savings account depends on your individual needs and preferences.

RBC Day-to-Day Savings

In my opinion, the RBC Day-to-Day Savings account is kind of an odd duck account because it offers a tiered interest rate. If your balance is $999.99 or less, you’ll earn 0.005%, but if it’s over $1,000.000, you’ll earn 0.010% — hardly anything to write home about.  At least it won’t cost you money like a typical chequing account. 

Well, that is to say there’s no monthly fee. If you want more than one debit per month, then it’ll cost you $2.00 each and every time. An Interac e-transfer is $1.00and there are still more fees. 

The RBC Day-to-Day Savings account is the bank’s basic savings account and I’d argue you can “save” your money elsewhere for a higher rate without hurting your chances at a bundle discount. 

RBC Enhanced Savings

This account is best for balances over $5,000, I guess? Anything less and you’ll earn 0% interest. At $5,000, they’ll give you 0.001% and once you surpass $25,000, you’ll unlock 0.010% interest. Again, you can find far better savings rates, like at EQ Bank, Neo Financial or Wealthsimple Cash. Because this account doesn’t get you a bundle discount, it’s hard to recommend its use to tie up that much cash. Especially when, if you debit more than once per month, they’ll charge you $2.00 for each debit thereafter. You can transfer for free between it and your RBC chequing account, though. 

NOMI Find & Save

Think of Nomi Find & Save as your personal savings assistant, working behind the scenes to help you save money. It uses fancy algorithms to analyze your spending habits and automatically sets aside small amounts of money into your savings account. It's like having a little savings fairy sprinkling extra cash into your account without you even noticing. 

The downside is that it might take some time to see significant savings, especially if you start with small amounts. Also, it's important to keep an eye on your spending to ensure Nomi's transfers don't leave you short on cash for essential expenses.

It does offer a higher interest rate than the day-to-day savings at 0.60% and offers free to and from transactions from your RBC chequing account. But it’s not a “typical” savings account. 

RBC Leo’s Young Savers Account

Open your child’s first ever bank account with RBC Leo’s Young Savers Account. For kids zero to 12, your kids can benefit from free unlimited debit transactions, and can send and receive free Interac e-transfer transactions. As a parent, you can set up regular transfers (e.g., allowance) to their account. 

You’ll get $25 when you open this no-fee account, but the account earns a measly 0.010% interest on the funds in the account. Any non-RBC Royal Bank ATM transactions will cost between $2 to $5, each. 

My kid has this account. It’s where we put his birthday money, which never gets touched or used. We also set him up with an RBC Mydoh account, where the allowance goes to a prepaid Visa card. I can assign chores, too, if he wants extra money. 

RBC Bank promotional offers

RBC credit cards

Related: Best Royal Bank credit cards

RBC mortgages

Whether you’re looking to buy your first home, renew your mortgage, refinance, renovate or buy a vacation home (possibly an investment property?) RBC can help. 

Fixed and variable mortgages

RBC offers fixed and variable mortgages, depending on your needs. Special rates are available for those who can make a 20% downpayment on properties under $1 million. 

RBC Homeline Plan: Home Equity Line of Credit (HELOC)

With the HELOC, you can borrow only the funds you need when needed. It provides you with access to credit based on your home's equity, and you can borrow up to 80% of the value of your home. 

Mortgage Refinancing

You can refinance your mortgage with RBC and negotiate your existing loan agreement to access the equity in your home. You can use this equity (extra cash) to fund a renovation, update appliances or even contribute to your RRSP (be sure the math makes sense first). 

Mortgage Renewal

If you’re 120 days ahead of the mortgage renewal date, you can start the renewal process with RBC Bank.

Mortgage pre-approval tools

RBC offers helpful tools for potential homeowners who are looking to apply for a mortgage in the near future, including:

• Mortgage payment calculator. This will help you determine how much you can expect to pay based on your specific financials. 
• Mortgage affordability calculator. If you input the numbers, you’ll determine what kind of home you can afford so that you can narrow down your search.

RBC mortgage reviews

I had a mortgage with RBC. I had a great rate. At renewal time, RBC sent me a renewal letter at a much higher rate and I narrowly missed getting automatically signed up. While it was nice having everything under one umbrella — I could quickly scan one website and see how much I had in my bank account, whath I owed on my credit card and the balance on my mortgage — the cost I saved by switching to another mortgage lender far outweighed the price of convenience. 

In online forums, people generally applaud the range of mortgage options and online tools. Some users, however, express concerns about potentially higher interest rates compared to other lenders and the perceived difficulty in negotiating favourable terms. There are also occasional complaints about customer service and the complexity of the application process.

A few reviews pointed to feeling "looked down on" by customer service reps, especially when applying for smaller mortgages​. Others complained about confusing terms, unexpected fees and significant penalties for breaking fixed-rate mortgages early​ (but this is true of all lenders). One particularly spicy take called out an advisor for not even being able to do basic math during their consultation — a red flag if you're about to hand over hundreds of thousands of dollars (but an error that could happen at any bank, at any time)​.

RBC loans and borrowing

From unsecured to secured lines of credit, personal loans, student loans, car loans, RRSP loans and home improvement loans, as a Big Six bank, RBC has it all — even loans for RVs, boats and speciality solutions for business vehicles. 

Whether you want to consolidate your debts into one spot, improve your cash flow or leverage the equity in your home, RBC has a solution. 

Related: Are RRSP Loans worth it?
Related: Car loan calculatorRelated: Loan payoff calculator

RBC investing products

If you’re looking to invest your money with RBC, they likely have an investment plan or product for your situation. 

These are the investing accounts offered by Royal Bank of Canada:

• Tax-Free Savings Account (TFSA). You can grow your funds tax-free and even make withdrawals whenever you wish.
• Registered Retirement Savings Plan (RRSP). This product is ideal for those looking for tax-deferred growth for their retirement funds.
• Registered Education Savings Plan (RESP). You can save up for your child’s post-secondary education-related expenses.
• Registered Retirement Income Fund (RRIF). You can manage your golden years with a steady income stream when you leave your job.
• Registered Disability Savings Plan (RDSP). This product offers tax-deferred growth for Canadians who have disabilities.
• First Home Savings Account (FHSA). This tax-free savings account was created to help Canadians save up for their first homes.
• Non-Registered Accounts. These are general investment accounts that do not have tax advantages but offer flexibility in holding investments.
• Margin Accounts. This type of account allows you to borrow money to invest, giving you the potential for higher returns, but also increasing risk.
• Locked-In Retirement Account (LIRA). This account is designed to hold pension funds from a former employer, preserving them until retirement, when they can be converted to an income stream.

Investment types

• Exchange-Traded Funds (ETF). A collection of securities like stocks or bonds that trades on an exchange, offering diversification and lower fees.
• Guaranteed Investment Certificates (GIC). A low-risk investment that locks in your money for a set term and provides a guaranteed return.
• Options. A contract that gives you the right, but not the obligation, to buy or sell an asset at a set price before a specific date, used for both speculation and hedging.
• Mutual Funds. A pooled investment where many investors contribute to a portfolio managed by professionals, providing diversification and ease of access.
• Gold and Silver Certificates. These represent ownership of physical gold or silver without needing to store the metals, often used as a hedge against inflation.
• Stocks. Shares of ownership in a company, offering the potential for capital growth and dividends but with higher risk.

RBC investment options

RBC InvestEase is a robo-advisor designed for beginners or hands-off investors, offering professionally managed portfolios and automated rebalancing with a small management fee. 

RBC Direct Investing is a self-directed platform for experienced investors who prefer full control over their investment choices, allowing access to a wide range of investment products with more involvement. 

If you want simplicity and expert management, choose InvestEase; if you prefer hands-on investing with full control, go for Direct Investing.

Related: Best Trading Platforms

RBC Easy Trade vs. RBC Direct Investing

Choosing between RBC InvestEase and RBC Direct Investing depends on your experience level and how hands-on you want to be with your investments. 

If you're new to investing or prefer a more passive approach, RBC InvestEase offers a simple, automated solution. With professionally managed portfolios and automated rebalancing, it's ideal for those who want to set it and forget it, trusting experts to manage their investments for a fee. This platform is particularly suited for individual investors looking to grow their savings through RRSPs, TFSAs or non-registered accounts without needing to choose each investment themselves. RBC calls InvestEase an “online investment management service” but it is not a robo-advisor because they use real advisors that keep an eye on a carefully curated portfolio of ETFs on your behalf. 

Related: Best Robo Advisor

On the other hand, RBC Direct Investing is perfect for more experienced or hands-on investors who enjoy making their own decisions. It gives you full control over a wide range of investment products, including stocks, bonds, ETFs and mutual funds. You can also open individual, joint or corporate accounts and access advanced research, trading and portfolio management tools. If you like to stay active with your investments or are looking for more complex account types, RBC Direct Investing provides the flexibility and resources to meet your needs.

Related: Best Investment apps

RBC mutual funds

RBC offers many different mutual funds to suit your needs, preferences, and retirement goals. Each fund comes with a management expense ratio (MER), which represents the fees and expenses associated with managing the fund.

Related: Mutual funds vs. ETFs

Here are a select few to give you an idea of what to expect from each.

RBC GIC rates

RBC Guaranteed Investment Certificates (GICs) are secure, low-risk investments that guarantee your principal and offer fixed or variable interest returns over a specific term. They are ideal for conservative investors who want to preserve their capital while earning a predictable return.

Related: Best GIC rates in Canada

Key features of RBC GICs:

• Principal guarantee: Your original investment is protected, regardless of market conditions.
• Interest rates: You can choose between fixed-rate GICs, which offer a guaranteed rate of return, or variable-rate GICs, where the interest fluctuates with market rates.
• Terms: RBC GICs are available in various terms, ranging from 30 days to 10 years, allowing flexibility based on your financial goals.
• Non-Redeemable vs. Redeemable: Non-redeemable GICs lock in your funds for the entire term but offer higher interest rates. Redeemable GICs provide flexibility to access your money early, though typically at a lower rate.

Types of RBC GICs:

1. 1.

   Regular GICs: Offer fixed or variable interest over the term.

2. 2.

   Market-Linked GICs: Returns are tied to the performance of an underlying index, allowing for potentially higher returns without risking your principal.

3. 3.

   Cashable GICs: Allow you to redeem your investment early, providing liquidity with a slight trade-off in interest rates.

RBC GICs are suitable for investors looking for stability, guaranteed returns and capital protection.

RBC Investment Savings Account

RBC offers an Investment Savings Account (ISA) called the RBC Investment Savings Account. This account is designed to provide a safe, low-risk option for investors who want to earn interest on their cash while maintaining liquidity. It is typically used as a holding account within registered and non-registered investment portfolios.

Key Features:

• Interest Rates: Competitive interest rates on balances.
• Liquidity: You can access your funds at any time without penalties, making it a flexible option for managing cash in your portfolio.
• Safety: Like GICs, the principal in an ISA is protected, making it a low-risk option.
• Registered and Non-Registered Options: You can hold the ISA in RRSPs, TFSAs, RRIFs, and other investment accounts.

This account is ideal for investors looking for a secure place to park cash between investments while still earning interest.

RBC Insurance products

Car and home insurance

RBC is also a property and casualty insurance agency, meaning you can connect all your financial accounts, even your insurance, under one umbrella. You can buy insurance with them directly, not through online comparison shopping or a broker, so you’ll have to compare it to the rates you find elsewhere on your own. 

Like most car insurance companies, RBC offers mandatory coverage (liability, accident benefits, etc.), option coverages (e.g., collision and comprehensive insurance), and additional endorsements or add-ons such as accident forgiveness, rental car insurance and roadside assistance. They also provide discounts if you use winter tires, multi-vehicle rebates, clean driving records and bundling with an RBC home insurance policy. 

RBC home insurance protects your home and personal belongings against risks like fire, theft and weather-related damage. You can add more coverage to protect yourself from water damage and things like identity theft. They also offer claims-free discounts and pricing reductions from home security systems (not a Ring doorbell, though as the system must have live-person monitoring). 

RBC does not operate collision reporting centres and recommends policyholders use local collision centres instead. You can use their insurance app, RBC Insurance My Benefits, which allows you to file and process claims. However, they’d prefer you to use the RBC Insurance website to upload documents, track your claims and communicate with a representative. 

RBC Home and auto insurance is underwritten by Aviva General Insurance Company. 

Online, RBC insurance gets mixed reviews, but that’s not surprising — people typically only review the products and services they receive when they are thrilled or dissatisfied.

Generally speaking, agents are praised for their kind, knowledgeable and efficient service, but people also appear to dislike long wait times, unexpected rate increases and difficulty during claims processes. 

RBC life insurance

RBC offers a variety of life insurance products through RBC Insurance.

Types of life insurance offered by RBC:

Term Life Insurance:. Provides coverage for a set period (10, 15, 20 or 30 years). Term coverage initially offers lower premiums, ideal for temporary needs like mortgage protection or income replacement during working years.

Permanent Life Insurance: You can choose between either Whole Life Insurance, which provides lifetime coverage with fixed premiums and a cash value that grows over time or Universal Life Insurance which combines lifetime protection with an investment component, offering flexibility in premiums and investment options.

Simplified Term Life Insurance:. No medical exam is required for coverage, making it easier and faster to obtain a policy with less underwriting involved.

Critical Illness Insurance: Provides a lump-sum payment if you're diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. The payout can be used for anything, such as covering medical expenses, paying off debts, or modifying your home for accessibility. RBC offers options to tailor coverage to your needs, including different levels of protection and additional riders.

Short-Term Disability Insurance: Replaces a portion of your income if you are temporarily unable to work due to illness or injury.  Typically covers disabilities lasting from a few weeks to several months, depending on the policy. Usually requires a waiting period before benefits begin, which varies by policy.

Long-Term Disability Insurance: Provides income replacement if you are unable to work for an extended period due to a disabling condition.You can continue until retirement age or as specified in the policy. Policies can be tailored to fit your needs, with options for different coverage amounts and benefit periods.

Additional Features:

• Optional Riders: RBC allows you to add options like critical illness protection onto your life insurance policy and coverage for children.
• Convertible Options: Term policies can often be converted to permanent life insurance without a medical exam.

Going with RBC for your life insurance needs is about convenience, trust or stability. 

You rightly believe that Canada’s biggest bank will have locations to serve you, won’t go bankrupt and has longevity as a top bank for a reason.

RBC’s YourTerm life insurance allows you to purchase a term life insurance policy with a term length anywhere from 10 years all the way to 40 years. 

Sunlife, Manulife, Empire Life and Manulife more offer more customizable options and products, if you go with RBC, you can see it all with RBC in your app. Unfortunately, there are no multi-product discounts with their life insurance policies. 

The RBC life insurance reviews online are mostly negative, and mostly relate to difficulties with policy cancellations, owed to communication delays that can lead to billing and policy lapses (which means you’re throwing away the policy you paid into for years). 

Other TD insurance offerings

Health insurance

• Critical illness recovery plan: Covers more than 30 conditions with customizable amounts ranging from $25,000 to $2 million.
• Critical illness insurance plan: Offers smaller coverage amounts (up to $75,000) for the most common illnesses: cancer, heart attack, and stroke.
• Simplified disability insurance: A policy for self-employed individuals and those hard to insure, offering easy eligibility with no medical exams.
• Professional series: Tailored for high-earning professionals such as doctors and business owners.
• Travel health insurance:  Protects you when travelling outside of Canada by covering emergency medical costs, including hospital visits, medical evacuations, and other health-related incidents abroad.
• Hospital insurance: Provides a daily benefit if you're hospitalized due to illness or injury.
• Personal accident insurance: Provides benefits in case of accidental death or dismemberment.

These plans are available to eligible RBC customers with varying age eligibility and family coverage options. While no medical or health questions are required for the first three plans, the Critical Illness Recovery Plan does require them.

Travel Insurance

RBC offers travel insurance protection for nearly every possible scenario, including emergency medical coverage, trip cancellation, interruption protection and multi-trip all-inclusive packages. The amount that you pay for travel insurance will depend on the coverage that you select. 

Emergency Medical Insurance

Coverage: Protects you in case of medical emergencies while travelling, including hospital stays, doctor visits, diagnostic services, and medical evacuations.

Purpose: Covers medical expenses not covered by your provincial health insurance plan while you're outside Canada or your home province.

Key Features:

• Emergency medical care
• Emergency transportation (air ambulance, repatriation)
• Coverage for prescription drugs and paramedical services
• 24/7 access to emergency assistance

Trip Cancellation & Interruption Insurance

Coverage: Reimburses you for non-refundable travel expenses if you need to cancel or interrupt your trip due to specific covered reasons, such as illness, injury or other emergencies.

Purpose: Provides peace of mind in the middle of a potentially stressful experience that you’ll be reimbursed for flight costs, hotels, and possibly the price of tickets and attractions you’d otherwise miss (depending on the amount of coverage purchased).

Key Features:

• Reimbursement for unused, non-refundable prepaid travel expenses
• Coverage for delayed or interrupted trips due to covered risks
• Includes coverage for missed connections and delays due to weather or carrier issues

Travel Accident Insurance

Coverage: Provides coverage in the event of accidental death or dismemberment while travelling.

Purpose: The last thing you want to deal with should you face injury is the added stress of managing its associated costs from transportation, medication and specialists — especially when you’re in a foreign country.

Key Features:

• Lump-sum payment in the event of accidental death or serious injury
• Protection during air travel and other modes of transportation

Baggage Loss, Damage, & Delay Insurance

Coverage: Provides coverage in the event of loss, theft or damage to your baggage and/or personal belongings during your trip.

Purpose: Don't be left with nothing more than the shirt on your back. This coverage enables you to buy clothes and other essentials so that your trip doesn't need to get more expensive than it already is.

Key Features:

• Coverage for lost or stolen baggage
• Compensation for delays in receiving your luggage
• Reimbursement for damaged items

Multi-Trip Annual Plans

Coverage: Offers comprehensive travel insurance for multiple trips throughout the year.

Purpose: Ideal for frequent travellers, this plan covers all trips taken within a 12-month period, reducing the need to purchase separate coverage for each trip.

Key Features:

• Coverage for unlimited trips within the year (with a maximum trip length per policy)
• Includes emergency medical, trip cancellation, and other travel-related benefits

Additional benefits

• 24/7 Emergency Assistance: Access to RBC's global network of support services if you need help while travelling.
• Customizable Coverage: You can tailor your policy to include just medical coverage, trip cancellation, or a combination of both, depending on your travel needs.

We’d tell you what costs you’ll be looking at for each of these insurance options, but unfortunately, you have to apply for a quote online before you can get a reliable figure of how much your individual travel needs will cost to insure.

However, it’s worth noting that many of RBC’s credit cards provide travel insurance (some better than others) with no fee, so you don’t want to pay twice for coverage if you don’t have to. Some of the travel credit card benefits include:

• Flight/trip delay insurance
• Travel medical insurance
• Delayed and lost baggage insurance 
• Emergency travel assistance services for you and your family
• Hotel burglary insurance coverage 

This is why you must review the benefits and terms of your credit card so that you know what you’re getting. Sometimes, a credit card with an annual fee may also be worth it for the included insurance. Ultimately, it’s on you to determine if you have the right credit card for your unique needs. 

I also highly recommend reading through customer service reviews online to know what other people are saying and have experienced, and compare other travel insurance rates to determine if there’s a better solution for your family. 

Protection insurance

RBC offers protection plans like mortgage and loan insurance to guard against financial setbacks from illness, injury or job loss. While these sound helpful, they often come at a steep price — much higher than traditional life or disability insurance policies that offer broader protection.

Many of these plans are packed with exclusions and fine print, making it hard to qualify for benefits when you need them the most. Worse, the coverage only pays off specific debts, limiting your flexibility to tackle other financial challenges, like unexpected travel or medical expenses.

To make matters worse, the benefits typically go straight to RBC to cover the debt, leaving you and your family with little financial relief. Choosing more comprehensive, lower-cost options like life or disability insurance could give you greater control and peace of mind.

TD web & app insights

RBC has many apps on both Google Play and Apple’s App Store. In 2024, RBC ranked #1 in the J.D. Power Canada Banking Mobile App Satisfaction Study and the J.D. Power Canada Online Banking Satisfaction Study, reflecting customer feedback on their user experience, ease of navigation and security.

In 2022, RBC also won the J.D. Power Canada Award for "Best in Customer Satisfaction" for its mobile banking app.

Below, we’ve aggregated all the RBC Apps without thousands of reviews from users on the different platforms. 

RBC reviews for customer service

Reviews of RBC’s customer service on platforms like Reddit, Quora, Better Business Bureau (BBB), and TrustPilot are mixed, with several negative experiences reported, especially concerning long wait times, inconsistent service, and unhelpful staff.  RBC holds a BBB rating of A+, a rating that reflects the bank’s responsiveness to complaints rather than overall customer satisfaction. This BBB rating considers factors like complaint volume, resolution efforts, and transparency in addressing customer concerns. 

However, the rating doesn’t fully capture post-resolution customer sentiment, as many reviews focus on pre-resolution experiences where customers often express dissatisfaction with the bank’s communication, delayed resolutions, and issues like unauthorized account closures or delayed transaction processing.

This difference in perception arises because BBB’s scoring process emphasizes the business's response to complaints — whether they work to resolve the issue — not necessarily how satisfied the customer is with the outcome. 

On other platforms, such as Reddit and TrustPilot, the negative reviews focus on prolonged frustrations, suggesting that many customers continue to experience dissatisfaction despite the bank’s attempts to resolve their issues through formal complaint processes. f. For instance, on TrustPilot, RBC holds a low average rating (around 1.2/5 stars), with users pointing out issues like locked accounts, high fees, and difficulty accessing funds during critical times​. While a few positive reviews highlight helpful staff, these are far outweighed by complaints about poor communication and service disruptions.

As with any institution, online reviews often reflect the extremes of customer experiences — with most customers prompted to leave a review after receiving poor service. When considering a financial institution, it’s vital to assess RBC's services firsthand and address specific concerns directly with an RBC representative.

Key questions to ask include their typical response times, dispute resolution processes and any recent changes to fees or policies. 

If you’re considering using Royal Bank, I suggest starting with a single account or service to evaluate their performance and decide for yourself if you’re satisfied with the products, services and customer support.

RBC Banking contact details

How to open an RBC Bank account

• Choose the type of account you want (e.g., chequing, savings, student, business).
• Prepare identification: You’ll need at least two forms of ID, such as a driver’s license, passport, or Canadian permanent resident card.
• Complete the application: Either online or in-branch, provide personal information like your name, address, and employment details.
• Submit proof of address (e.g., utility bill or lease agreement).
• Deposit initial funds: Some accounts require a minimum opening deposit.
• Review and sign the agreement: Read the terms and conditions and sign the paperwork.
• Set up online banking to manage your account digitally.

What you need to open an RBC Account

• Government-issued photo ID (e.g., passport, driver’s license, or permanent resident card).
• Proof of address (e.g., utility bill, lease agreement).
• Social Insurance Number (SIN) or proof of immigration status.
• Additional documents may be required depending on the type of account.

RBC FAQ

Tyler Wade Content strategist & writer

Tyler Wade Content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

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