RBC Bank Rates & Review

RBC Bank Review

RBC Bank, headquartered in Raleigh, N.C., is a U.S. subsidiary of Royal Bank of Canada. It offers U.S. banking for Canadian residents as well as traditional personal and business banking for U.S. residents.

RBC Bank (USA) was founded in 1990 as a community bank. It has grown into a region-wide bank with more than 400 banking centers across six different states. It was originally named Centura Bank but adopted its new name in 2008. It is a subsidiary of Royal Bank of Canada.

Personal checking account options

This bank provides multiple checking account options along with an online comparison tool. Choices include a free checking account, a senior checking account and an interest-bearing checking account. One unique checking account option available through this bank is U.S. banking for Canadian customers.

Personal savings account options

There are several savings options at RBC Bank. The standard savings account opens with $100 and requires a $300 minimum monthly balance (although that fee is waived for minors and seniors). There are three money market account options at this bank. Interest rates and required balances vary.

There are multiple CD account options including fixed-rate, rising rate and flex CDs. Additional savings account options at RBC Bank include retirement savings and education savings accounts.

Personal banking services

Additional personal banking services include platinum rewards credit cards, personal loans, student loans and lines of credit, private banking services and private asset management. This bank also offers health, travel and life insurance through RBC Insurance.

Business, corporate and institutional banking

RBC Bank offers a diverse range of products and services for business customers. There are multiple checking accounts including business analysis checking and an interest-bearing checking account. Savings accounts include regular business savings, money market savings and business CDs.

Other services include loans, business credit cards, payroll services, online money management for businesses, real estate services, cash management and international banking assistance.

Deposit insurance

RBC Bank (USA) has been insured by the Federal Deposit Insurance Corporation since 1990.

In July 2010, FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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