An RRSP, or Registered Retirement Savings Plan, is a Canadian retirement account designed to help people save for the future while potentially reducing taxable income. If you want a simple way to start (or continue) your retirement savings, the RBC Mobile App makes it pretty straightforward to open an RRSP from your phone.
This guide breaks down the exact workflow to set up your RRSP through RBC Mobile, including the choices you will see for how you want to manage your investments.
What You Can Set Up on the RBC Mobile App
When opening a Registered Retirement Savings Plan (RRSP) on RBC’s app, the process is built around selecting the account type and completing the required verification steps. The app then helps you finalize opening the account.
You will generally be able to choose between different ways of managing your investments, such as:
- Hands-off: RBC InvestEase (pros invest online for you)
- Middle approach: RBC (managed approach option)
- Hands-on: RBC Direct Investing (you manage your own investments)
The steps below walk through the “hands-on” option, but the navigation is the same until you choose how you want your investments handled.
Step-by-Step: Open an RRSP on the RBC Mobile App
1) Open the app and go to “More”
Start by opening the RBC Mobile App. From there:
- Look in the bottom-right corner.
- Tap the More icon.
- Scroll down to Products.
- Select Open an Account.
2) Choose “Investments”
On the Open an Account screen, go to the bottom and tap Investments. This is the entry point for retirement and investment account setup.
3) Select the RRSP investing approach
Once you land on the Investments page, you will typically see three ways to open your RRSP (or RRSP-related options) depending on your comfort level and preferred involvement.
Choose the option that matches your style:
- RBC InvestEase for a hands-off experience
- RBC Royal Bank for a middle approach
- RBC Direct Investing if you want to manage your own investments
For this walkthrough, the selection is I Want to Manage My Own Investments, which corresponds to RBC Direct Investing.
4) Pick “RRSP” and continue
On the next page, you will be prompted to choose your account. Find the section for:
- Registered Retirement Savings Plan (RRSP)
- or sometimes simply RSP (the app may use this shortened label)
Then:
- TAP the checkbox for the RRSP option.
- Tap Continue.
5) Verify your information and finalize
After you select RRSP and continue, the app moves to the next steps to verify your information. Complete the prompts, then finalize opening the account.
The goal is to get you through registration and verification quickly, so you can begin setting up contributions and managing your RRSP once your account is active.
Pros and Cons of Opening an RRSP on Mobile
Opening your account in the RBC Mobile App is built to be simple, but it is still helpful to weigh what mobile setup is best for.
Pros
- Fast navigation: The app uses clear menus like “More,” “Products,” and “Open an Account.”
- Multiple management styles: You can choose between hands-off and hands-on investing options.
- Guided setup: The process includes verification steps so it is not just form filling.
- Convenient: You can complete account setup from your phone instead of scheduling a visit.
Cons
- Choice overload: Seeing multiple investing options can be confusing if you are new to RRSPs.
- Verification steps require attention: You still need to provide accurate information to finalize the account.
Who This Is Best For
Opening an RRSP on the RBC Mobile App works especially well for:
- New investors who want a clear, guided process
- Hands-on investors who are interested in managing their own investments using RBC Direct Investing
- Busy professionals who prefer completing paperwork through mobile rather than in person
It may be less ideal for people who want highly personalized advice before choosing an RRSP investing option. In those cases, it can still be helpful to start the process, but consider getting guidance on which management approach fits your goals.
Quick Checklist Before You Start
To make the process smooth, have these ready before you begin:
- Your RBC login access (and phone ready for any prompts)
- Basic personal information for the verification step
- An idea of whether you want a hands-off, middle, or hands-on investing approach
Bottom Line
Opening an RRSP on the RBC Mobile App is designed to be simple: go to More, open Products, choose Open an Account, select Investments, pick your RRSP investing approach (like RBC Direct Investing for self-managed investing), check the RRSP option, and continue through information verification to finalize.
If retirement savings is a priority, this mobile workflow is a practical way to get started quickly and confidently.