TD Vs RBC Bank Comparison 2021: Which Big Bank is Best?

Choosing a bank takes a lot of time and research and comes with lots of questions. Which features are best for me? Why should I choose this bank instead of that one? While all banks have pros and cons, the best one for you depends on your needs. 

TD vs RBC are two of the biggest banks in Canada. Finding the differences between these two financial giants can be time-consuming if you don’t know what you’re looking for. That’s why I decided to put them up against each other and see which one is better.

I’m familiar with both banks and their variety of products and services – so are most Canadians. For this comparison, I took a look at the following three categories for both banks:

  • Accounts Offered 
  • Perks and Additional Features
  • Online Platform and Mobile Apps

This comparison should help you see the differences between the two and which would better suit your lifestyle.


About TD

TD Logo

TD Bank is one of Canada’s largest banks by assets – valued at around $1.7 trillion. They have over 20 million customers around the globe and offer a range of products to suit all your financial needs. 

TD Bank was formed because of a merger with the Bank of Toronto and Dominion Bank back in 1955, and since then, the company has grown into a powerhouse that improves the lives of its customers and its communities. 


  • Extensive line of products.
  • Convenient branch locations with longer hours.
  • Top-notch customer service


  • TD doesn’t always have the most competitive interest rates.
  • Monthly fees for many of the chequing and savings accounts.

About RBC (The Royal Bank of Canada) – Is RBC Bigger Than TD?

rbc bank logo

RBC is deemed the largest bank in Canada by net revenue – $11.4 billion in 2020. They offer a range of services from chequing and savings accounts to credit cards and investment options. 

While popular in Canada, RBC expanded their operations into the U.S. and countries around the world.


  • Many products to choose from.
  • Solid mobile app that’s easy to use.
  • Unique perks like saving on fuel.


  • Some accounts have monthly fees that don’t get waived with a minimum balance.

TD Vs RBC – Features and Benefits

TD Vs RBC - Products Offered

Comparing these two powerhouses won’t be easy. They each are popular choices for Canadians and offer similar services. In order to compare them, I had to set some boundaries.

For the purpose of this article, I’m only looking at the banking side – meaning I’m not factoring in each entity’s investment features. Instead, I’ll look at chequing and savings accounts and credit card options.

TD Vs RBC – Products Offered

TD Vs RBC - Features and Benefits

Both banks offer a wide range of products but to find out who comes out on top, it’s time to dig into the nitty-gritty. That means comparing both banks’ top products and learning about the ins and outs of each of them.

TD Accounts

1. TD Chequing Accounts

TD offers the following chequing accounts:

  • TD All-Inclusive Banking Plan
  • TD Every Day Chequing
  • TD Unlimited Chequing
  • TD Minimum Chequing
  • TD Student Chequing
  • TD Youth

TD’s line of accounts caters to everyone – from those with a significant amount of monthly transactions to students and even young kids. 

Their All-Inclusive Banking Plan is the bank’s top-tier account and includes the following features.

inclusive banking plan

The All-Inclusive account offers free unlimited transactions and eTransfers for a monthly fee of $29.95. The fee can be waived if a monthly balance of $5,000 is attained. In addition, there are no ATM fees, even if using a non-affiliated ATM.

2. TD Savings Accounts

TD offers the following savings accounts – each with a $0 monthly fee.

  • TD ePremium Savings
  • TD Every Day Savings
  • TD High-Interest Savings
TD Savings Accounts

The interest on the accounts fluctuates based on the daily balances. The ePremium savings account allows free unlimited transactions. However, the other two accounts have transaction limits unless a minimum account balance is maintained.

3. TD Credit Cards

TD offers some of the best credit cards used throughout Canada. All their cards are Visa, meaning they’re accepted pretty much everywhere. 

The cards offer cashback options, Aeroplan points that can be used for flights, and other travel rewards. There are also no-fee annual cards and a U.S. Dollar Visa Card that eliminates foreign currency conversion when paying bills or making purchases in U.S. dollars.

RBC Accounts

1. RBC Chequing Accounts

RBC offers four main chequing accounts along with a student account and a U.S. Personal account for frequent travellers.

The main accounts include:

  • VIP Banking
  • Signature No Limit Banking
  • No Limit Banking
  • Day to Day Banking

The premium VIP chequing account comes with a $30 monthly fee for unlimited transactions and eTransfers. The downside of this account is that you’ll always have to pay a monthly fee.

There isn’t an option to waive it by maintaining a minimum balance, but there is a chance to reduce it if you meet certain criteria like owning other RBC products.

2. RBC Savings Accounts

There are four savings accounts to choose from at RBC including:

  • High-Interest eSavings
  • Enhanced Savings
  • Day to Day Savings
  • U.S. Savings

RBC Savings Accounts are similar to TD’s as they have no monthly fees. Here’s a comparison of what each offers via RBC’s website.

RBC Saving Accounts

3. RBC Credit Cards

RBC offers an extensive line of credit cards with all kinds of perks. Their credit cards fall into these categories:

  • Cashback rewards
  • Low interest
  • Travel rewards
  • Reward cards for every purchase you make
  • Student cards
  • No-fee cards

The Verdict – TD Vs RBC – Accounts Offered

Both TD and RBC offer similar chequing, savings, and credit card options. One of the only differences is that RBC doesn’t waive its monthly fee, even for its premiere VIP chequing account, if a minimum balance is attained. For that reason alone, the edge goes to TD.

TD Vs RBC – Perks

TD Vs RBC - Perks

TD Perks

For TD, opening a chequing account means getting help with your TD credit card fee. Opening a TD All-Inclusive Banking Plan means you’ll get your credit card fee waived, up to $139.

The only other perk associated with TD accounts is on its Borderless Plan. This account is an attractive option for frequent U.S. travellers.

If you want to open this account and already have the All-Inclusive Banking Plan, you’ll get a $3 rebate on the $4.95 monthly fee. You could get the fee completely waived if you maintain a $3,000 balance. 

The overall savings are small, and most other banks offer more in additional perks.

RBC Perks

RBC gives its customers the chance to save on its multitude of products. For customers that open a VIP Chequing Bank Account, RBC will waive the monthly fee on their U.S. Personal Account. This could save anywhere from $2 to $24 per year.

For customers that have a Signature No Limit Banking or VIP Banking account, their RBC credit card fees could be eligible for a rebate – up to $39 and $120, respectively. All you need to do is keep the card in good standing and keep your chequing accounts open. 

The premium RBC account also includes a special added feature – fuel savings. You can save money on gas when you visit Petro-Canada locations and use your VIP Banking account to pay. You’ll trim three cents per litre off your bill and earn 20% more in Petro-Points.    

The Verdict – TD Vs RBC – Perks

While it was challenging to select a winner in the products offered category, that’s not the case in this group.

TD offers limited perks, and the savings it does offer are minimal. On the other hand, RBC offers its customers additional ways to save when signing up for its products and even features a unique benefit other banks don’t have – fuel savings. RBC for the win on this one.

TD Vs RBC – Online Features and Mobile Apps

TD Vs RBC - Online Features and Mobile Apps

TD Online and Mobile App Features

TD has a highly rated and easy-to-use mobile app. It includes the usual features customers are looking for – mobile check deposit, online bill pay, view account balances, and transfer money.

The app can also use your phone’s digital wallet, so if you forget your debit card, you can still make a payment through your mobile device. 

TD’s website is clear and easy to navigate. Each product or service is simple to find, and signing up for a new account is just a click away. TD also provides a Learning section, making it easy for customers to master the ins and outs of TD’s personal banking and credit features.

RBC Online and Mobile App Features

RBC’s mobile app features all the usual services – cheque deposits, bill pay, money transfers, as well as cross-border transfers. In addition to checking your balance, you can link up your Petro-Points card to cash in on fuel savings.

RBC’s website is easy to use and features separate drop-down menus for accounts and credit cards. You can explore the accounts and gather more information and even sign up online. 

The Verdict – TD Vs RBC – Online and Mobile App Features

While they provide the same basic functions, the slight edge goes to TD. The Learning section on the TD website is full of information to make your financial life easier. It’s visually appealing and is more user-friendly than RBC.

The Verdict – Which Bank Is Best? TD or RBC?

The Verdict - Which Bank Is Best? TD or RBC?

Both banks offer products and services that are very similar to each other. There are slight differences between the two, and that’s how I reached my decision. TD narrowly edged out RBC. Here’s how to determine which bank is for you.

Use TD if:

  • You plan to use the mobile app and online banking frequently.
  • You’re looking for a credit card that’s accepted everywhere and provides you with rewards like cashback, travel, etc.
  • You’re looking to make the most of your banking experience by learning tips and tricks provided on the website’s resource page.
  • You can maintain a high enough monthly balance to waive the fee on TD’s premiere chequing account.

For more info, visit the TD website.

Use RBC if:

  • You’re a frequent traveller. The discount at Petro-Canada locations can help you save on fuel.
  • You like your chequing account and credit cards all in one place. RBC provides discounts and rebates to credit cardholders that have a chequing account.
  • You frequent the U.S. RBC waives fees on its U.S. Personal Account if you already have a VIP Chequing Account.

For more information, visit RBC’s website.

While both banks offer relatively the same services and products, TD just edges out RBC due to its user-friendly website and mobile app. With TD, customers can also have their monthly fee waived on its top-tier chequing account as long as they keep the minimum balance. 

While RBC has plenty of perks and competitive interest rates on savings accounts, its inability to waive monthly fees, especially on its premium chequing account, makes it the lessor option for me.

Ultimately, the choice really depends on what you’re looking for and which features would benefit you more.

Photo of author
Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Read about how he quit his 6-figure salary career to travel the world here.

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