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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Royal Bank of Canada


About bank

Incorporated in 1869 as a regional bank, the Royal Bank of Canada has eventually grown into a diversified financial services company. In 2001, the bank launched its global master brand, RBC.

Today, RBC is one of the biggest Canadian banks and is among the largest banks in the world based on market capitalization. RBC has operations in Canada, the U.S., and 27 other countries (including 17 countries in the Caribbean) and serves 17 million clients.


Royal Bank of Canada offers a wide range of financial products and services, including personal and commercial banking, investment banking, wealth management, business advisory, and so much more.

RBC provides clients with a variety of ways to bank — from a computer, a mobile device, at an ATM, or in person.

RBC offers Canadians who live, travel, shop, and work in the U.S. cross-border banking solutions. This way, Canadians can get access to US bank accounts, US credit cards, US mortgages, and US lines of credit while being in the US.

Being committed to protecting the environment and building a sustainable future, RBC offers climate-focused banking. The initiatives in this area include loans for electric vehicles, energy-saver loans, and investing opportunities aligning with a climate-focused approach.

Pros and cons

There are numerous advantages of working with the Royal Bank of Canada. Here are the main pros of RBC bank:

  • A wide range of financial products and services for individuals and businesses

  • Different ways to bank — web, mobile, ATM, or in-person

  • Services provided in up to 200 languages

  • Cross-border availability

  • Lots of physical locations

  • Money protection is ensured by coverage from the Canada Deposit Insurance Corporation

Still, just like any other financial institution, RBC has certain cons to be aware of:

  • A limited number of countries served

  • Relatively low-interest rates on savings accounts

  • Certain financial products and services involve fees that can add up


  • Personal loans and lines of credit. With loans and lines of credit from RBC, you can find a borrowing solution to meet your needs and budget. You can use the funds to achieve any of your goals — making a major purchase, renovating your home, or getting out of debt.

  • Car loans. For clients planning to buy cars & trucks, RVs, boats, or business vehicles, RBC offers convenient and flexible car loans.

  • Chequing accounts. With chequing accounts from RBC, there’s no minimum balance needed — even to save on fees.

  • Investment and savings accounts. Savings accounts from RBC provide opportunities to achieve your saving goals. These accounts offer competitive interest rates and involve no monthly fees or minimum balance.

  • Accounts for students and youth. Starting from 13 years old, students can open a bank account and enjoy unlimited debits in Canada and other great benefits for no monthly fee. For kids up to 12 years old, there is an option to open a savings account.

  • Accounts for newcomers to Canada. Newcomers to Canada can open a bank account at RBC that is right for their needs: a personal, a student, or a business account. RBC representatives can serve clients in up to 200 languages.

  • Mortgages. RBC provides mortgages of the following types: fixed-rate mortgages, variable-rate mortgages, investment property mortgages, and vacation home mortgages. In addition, you can renew or refinance your mortgage.

  • Credit cards. RBC offers credit cards in a range of categories — travel, rewards, cash back, low interest, student, and business. Some of the cards offer more benefits with an annual fee, while others have no annual fee at all.

  • Mutual Funds, ETFs & Stocks. With RBC, you can invest in a pool of stocks, bonds, securities, and exchange-traded funds professionally managed for you. “Do-it-yourself” investors can choose from a variety of direct investment options.

  • Insurance. RBC clients have access to affordable and valuable insurance solutions — in particular, creditor and travel insurance.


  • Financial planning. With financial planning services from RBC, clients can set a plan for the future and prepare for important life events — marriage, parenthood, or retirement.

  • Wealth management. For individuals, business owners, corporations, and institutions, RBC can prepare a wealth management plan tailored to their complex needs and goals.

  • Payment processing. Through payment processing services from RBC, businesses can make and receive payments, and manage cash flow with ease.

  • Business advice. RBC provides clients with advisory services on starting, growing, and exiting a business.

  • Direct investing. RBC clients can access the platform with all information and tools needed to invest with confidence.

  • Investor and treasury services. RBC offers specialist asset servicing, custody, payments, and treasury services to financial and other institutional investors worldwide.


Is the Royal Bank of Canada government owned?

Royal Bank of Canada is a profit-generating business, not affiliated with the government of Canada.

What are the top three banks in Canada?

The top three banks in Canada are Royal Bank of Canada (RBC), Toronto Dominion Bank, and Bank of Nova Scotia. With total assets amounting to almost 1.73 trillion CAD, Toronto-Dominion Bank is the largest bank in Canada, followed by the Royal Bank of Canada with total assets of around 1.71 trillion CAD.

Is RBC legitimate?

Established in 1869, Royal Bank of Canada is a diversified financial services company with a global presence. With operations in 29 countries, RBC serves 17 million clients, and the number of its employees exceeds 88,000.

Royal Bank of Canada is licensed by the City of Vancouver, Community Services Group — License Office. The license number is 22-120207.

Company documents

Legal Terms of Use
Privacy and Security

Helping Clients Thrive and Communities Prosper

© Royal Bank of Canada

Credit rating


Shows the level of financial reliability of a credit company

DBRS AA Superior credit quality

The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

What to pay attention to when applying for a loan from Royal Bank of Canada

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Royal Bank of Canada from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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