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
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
Deposit protection
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: 49.8/100, #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 20 · App rating 87 · Complaints per client 0. How the review works.
RBC Royal Bank chequing accounts and what they 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 Royal Bank savings accounts and posted rates
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| RBC Investment Savings Account | 1.8% | No monthly fee |
| RBC High Interest eSavings | 0.55% | No monthly fee |
| RBC Day to Day Savings | 0.01% | No monthly fee |
| RBC Enhanced Savings | 0.005% | No monthly fee |
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 |
Facts, with sources
- 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.
Complaints that 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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