RBC vs TD Mortgage Rates: Which Bank Offers Better Value?

Rate Comparison for Fixed and Variable Terms

When comparing mortgage rates between RBC and TD, the headline numbers are the special offer rates for 5-year fixed and variable terms. As of August 2026, RBC's 5-year fixed special offer was 4.69%, while TD's was 4.84%. For 5-year variable specials, RBC offered 3.95% and TD 4.24%.

These rates apply to purchase and switch transactions and may not be available for all borrowers or property types. Always confirm the latest rates with the lender, as they change frequently.

• RBC 5-year fixed special: 4.69%
• TD 5-year fixed special: 4.84%
• RBC 5-year variable special: 3.95%
• TD 5-year variable special: 4.24%

Sources: Canadian Mortgage Trends

Posted vs Discounted Rates

Posted rates are the official rates banks advertise, while discounted rates are lower rates offered through specials. For 5-year fixed, RBC's posted rate was 6.12% and TD's 6.09%, according to NerdWallet and Canadian Mortgage Trends. These posted rates are notably higher than the special offers, but the gap shows the discount a borrower can receive.

Both banks' prime rate stood at 4.45% as of August 2026. However, TD also quotes a 'mortgage prime rate' of 4.60%, which can be used for certain variable products. Always check whether a posted or discounted rate applies to your specific mortgage type.

• RBC posted 5-year fixed: 6.12% (NerdWallet)
• TD posted 5-year fixed: 6.09% (CMT)
• Prime rate (both banks): 4.45%
• TD mortgage prime rate: 4.60%

Sources: Canadian Mortgage Trends, NerdWallet Canada, Bank of Canada

Prepayment Privileges and Flexibility

Prepayment privileges let you pay down your mortgage faster without penalty. RBC allows a 10% annual lump-sum prepayment, while TD allows 15%. TD also lets you increase payments by up to 100%, and offers a payment vacation option that allows up to four months of skipped payments. RBC does not advertise similar flexibility in the evidence.

If you plan to make extra payments, TD's higher prepayment limits could be a deciding factor. However, always read the fine print—some privileges may be conditional on the mortgage product and term.

• RBC annual lump-sum prepayment: 10% of original principal
• TD annual lump-sum prepayment: 15%
• TD payment increase option: up to 100%
• TD payment vacation option: up to 4 months

Sources: Canadian Mortgage Trends

Rate Holds and Pre-Approval Process

Both RBC and TD offer a 120-day rate hold guarantee on fixed-rate mortgages. This means you can lock in a rate for up to 120 days while you shop for a home—a valuable option in a rising rate environment.

The pre-approval process is similar at both banks: you'll provide income and asset documentation, and the lender will confirm the rate and maximum mortgage amount. The 120-day hold gives you time to finalize your purchase without worrying about rate fluctuations.

• RBC rate hold: 120 days on fixed rates
• TD rate hold: 120 days on fixed rates

Sources: Canadian Mortgage Trends

Refinance and Portability Options

Refinancing lets you access your home equity, while portability lets you transfer your mortgage to a new property without penalty. Both RBC and TD offer refinancing, but the evidence does not detail specific terms or fees.

For portability, most major banks allow you to move your mortgage when you sell and buy another home, but conditions apply. It's important to compare the costs of breaking your current mortgage versus porting it, as penalties can be significant.

• Both banks offer refinancing and portability, but specific terms are not publicly detailed.
• Compare penalties before choosing a refinance or port.

Sources: Canadian Mortgage Trends

Side-by-Side Feature Comparison

To make an informed decision, it helps to see the key features of each lender side by side. The table below summarizes the evidence-backed attributes for RBC and TD.

However, both banks operate extensive branch and digital networks across Canada, so proximity and personal preference often guide the choice. For the most current branch information, check the banks' official websites.

Sources: Canadian Mortgage Trends

Customer Service and Branch Access

Both RBC and TD have extensive branch networks and digital banking platforms across Canada. While neither bank is dramatically different in this regard, your preference may depend on branch proximity and the quality of online tools.

For mortgage advice, both offer dedicated mortgage specialists and phone support. The evidence does not compare customer satisfaction metrics, so we recommend visiting a branch or checking reviews to gauge your personal comfort level.

Sources: Canadian Mortgage Trends

Specialized Products and Eligibility

These specialized products can be valuable for certain borrowers, such as newcomers or those purchasing a second property. However, eligibility criteria vary, so check with the bank to see if you qualify. Product details are from a secondary source and may not reflect official RBC or TD terms; always verify with the bank directly.

• TD (per CMT): Home Equity FlexLine, New to Canada mortgage, cross-border U.S. mortgage

Sources: Canadian Mortgage Trends

Decision Criteria: How to Choose Between RBC and TD

The evidence suggests that neither RBC nor TD is consistently cheaper across every mortgage scenario. The best option depends on your personal situation, including your prepayment habits, whether you plan to adjust payments, and the type of mortgage product you need.

To decide, compare the effective rate after discounts, review prepayment penalties, and consider portability terms. If you're a first-time buyer or someone who values flexibility, TD's higher prepayment privileges and payment vacation option may be attractive. If you prioritize the lowest headline rate, RBC's 5-year fixed special was lower in August 2026.

• Compare total costs, not just the advertised rate.
• Review prepayment privileges and penalties.
• Consider whether you need specialized products like RBC's CashBack or TD's New to Canada mortgage.
• Check the latest rates and terms directly with both banks before applying.

Sources: Ratehub.ca