Institution profile · Big Six bank (Schedule I)
RBC Royal Bank
ActiveRoyal Bank of CanadaCDIC
Royal Bank of Canada is a Schedule I bank and one of the Big Six. It absorbed HSBC Bank Canada in 2024, and former HSBC Canada branches opened as RBC locations on April 1, 2024.
Profile facts checked October 30, 2026
Mitey files the RBC Royal Bank index card: cheapest everyday account $155 a year.
Is RBC Royal Bank a good bank for everyday banking?
RBC Royal Bank’s cheapest chequing account open to anyone, RBC Advantage Banking, costs $155 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $204 below the national median of $359. It scores 50/100, #8 of 13, in our bank review. Eligible deposits are CDIC-insured to $100,000 per category.
At a glance
- Legal name
- Royal Bank of Canada
- Type
- Big Six bank (Schedule I)
- Head office
- Corporate headquarters Toronto, ON; head office Montreal, QC
- Founded
- 1864 — Began as the Merchants Bank in Halifax in 1864.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- RBC Advantage Banking — $155 a year for the Everyday example
- Best posted savings rate
- 1.8% on $10,000 (RBC Investment Savings Account)
- OBSI banking cases
- 1,172 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.rbc.com
Is my money safe at RBC Royal Bank?
CDIC member. Several RBC group companies (for example Royal Bank Mortgage Corporation and The Royal Trust Company) are separate CDIC members with their own limits.
Our assessment: 50/100, #8 of 13 in our bank review
Strongest on branch and ATM access and app rating. Trails on complaints per client and savings rate. Cheapest account for everyday use: $155 a year.
Cost 54 · Access 100 · Savings rate 22 · App rating 87 · Complaints per client 0. How the review works.
What do RBC Royal Bank’s chequing accounts cost?
RBC Royal Bank lists 5 chequing accounts with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is RBC Advantage Banking at $155 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| RBC Leo's Young Savers AccountYouth (18 and under) | No monthly fee | Unlimited | $24 |
| RBC Advantage Banking | $12.95/mo, no balance waiver | Unlimited | $155 |
| RBC Signature No Limit Banking | $16.95/mo, no balance waiver | Unlimited | $203 |
| RBC VIP Banking | $30.00/mo, no balance waiver | Unlimited | $360 |
| RBC Day to Day Banking | $4.00/mo, no balance waiver | 12 a month | $402 |
- RBC Leo's Young Savers Account · youth only$24
- RBC Advantage Banking$155
- RBC Signature No Limit Banking$203
- RBC VIP Banking$360
- RBC Day to Day Banking$402
- Cheapest in Canada: Personal Account · EQ Bank$0
- Median nationwide account$359
What would RBC Royal Bank cost a typical household?
The cheapest RBC Royal Bank account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at RBC Royal Bank | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | RBC Day to Day Banking | $108 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | RBC Advantage Banking | $155 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | RBC Advantage Banking | $155 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | RBC Advantage Banking | $191 | Basic Bank Account Scotiabank | $134 |
Worked example — RBC Advantage Banking (Royal Bank of Canada), Everyday profile
| Monthly fee × 12 | $155.40 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $0 |
| Paper statements × 12 | $0 |
| Fees a year | $155.40 |
What savings rates does RBC Royal Bank pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| RBC Investment Savings Account | 1.8% | No monthly fee |
| RBC High Interest eSavings | 0.65% | No monthly fee |
| RBC Day to Day Savings | 0.01% | No monthly fee |
| RBC Enhanced Savings | 0.005% | No monthly fee |
Is RBC Royal Bank on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Royal Bank of Canada | OSFI — Schedule I domestic bank | Yes |
| Royal Bank Mortgage Corporation | OSFI — loan company | Yes |
| The Royal Trust Company | OSFI — trust company | Yes |
| Royal Trust Corporation of Canada | OSFI — trust company | Yes |
| RBC Investor Services Trust | OSFI — trust company | Yes |
What else should you know about RBC Royal Bank?
- Corporate headquarters at Royal Bank Plaza, 200 Bay Street, Toronto; head office at 1 Place Ville-Marie, Montreal.Source: rbc.com
- Completed the acquisition of HSBC Bank Canada on March 28, 2024; HSBC Canada branches opened as RBC locations on April 1, 2024.Source: sec.gov
- Common shares trade on the Toronto Stock Exchange and New York Stock Exchange under RY.Source: rbc.com
- Describes itself as serving clients in Canada, the U.S. and 27 other countries.Source: rbc.com
Your own pattern can change the order. Put your numbers into the true-cost finder to rank RBC Royal Bank’s accounts against everyone else’s.
How many RBC Royal Bank complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 1,172 banking cases about Royal Bank of Canada in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 846, and resolved 198 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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