Compare RBC chequing account options

RBC Royal Bank is one of the largest banks in Canada, serving millions of clients across the country. Looking to open an RBC chequing account for everyday banking? Here’s what you need to know about the range of RBC chequing accounts, including their fees, features and how to apply.

Compare RBC chequing accounts

Chequing account	Monthly fee	Fee waiver or discount	Free monthly transactions	Interac e-Transfers	ATM fees
RBC Day to Day Banking Account	$0 or $4	Free for seniors (65+), Indigenous Peoples and Value Program members	12/month ($1.25 thereafter)	Free	Using a PLUS System ATM in Canada or the US: $3 Using a PLUS System ATM outside Canada or the US: $5
RBC Advantage Banking Account	$0–$12.95	Free for students, youth under 24, newcomers (for one year) $0–$6.95 with the Value Program $8.95 for seniors	unlimited	Free	No RBC fee to use any ATM in Canada
RBC Signature No Limit Banking Account	$4–$16.95	$4–$10.95 with the Value Program $12.95 for seniors	unlimited	Free	3 non-RBC ATM fees waived per month $2 thereafter
RBC VIP Banking Account	$17.05–$30	$17.05–$24 with the Value Program $22.50 for seniors	unlimited	Free	No RBC fee to use any PLUS System ATM

What is the RBC Value Program?

The RBC Value Program is a benefits program that rewards you for using multiple RBC products. With this program, you can earn Avion points and save on monthly fees, but only if you link eligible RBC products to your chequing account from at least two of these categories:

• Personal credit cards
• Personal investments
• Residential mortgages
• Small business accounts

The more RBC products you link with your chequing account, the more points you can earn and the lower your monthly fee will be.

You also have to complete two out of these three transactions each month to lower your monthly account fee:

• Pre-authorized payment
• Direct deposit
• Eligible bill payment

What is the best RBC chequing account?

Our top pick is the RBC Advantage Banking Account, a flexible option designed for everyday banking. It offers unlimited debit transctions, free Interac e-Transfers and a monthly fee of $12.95 that can be reduced or waived for students, newcomers, seniors or Value Program members. With these features, this account is ideal for those who want convenience, cost savings and extra flexibility in managing their finances.

Related: RBC review: Personal banking

Summary of RBC chequing account promotional offers

• RBC Day to Day Banking Account: Open an RBC Day to Day Banking account online and you could get $150. Plus, enjoy no monthly fee for a year. Valid until December 8, 2026.
• RBC Advantage Banking: No monthly fee for one year for newcomers
• RBC Signature No Limit Banking Account: Open an RBC Signature No Limit Banking Account and get up to $600. T&Cs apply. Valid until March 1, 2027
• RBC VIP Banking Account: Open an RBC VIP Banking Account and get up to $600. T&Cs apply. Valid until March 1, 2027
• RBC Advantage Banking for Students: Open a no-monthly-fee RBC Advantage Banking Account for Students and get a $150 cash bonus. T&Cs apply. Valid until May 31, 2027

RBC chequing account fees

The total RBC chequing account fee you’ll pay each month depends on the features of your account and how you manage your money (transactions, transfers, ATM withdrawals etc.) Besides the fees listed above, here are some other RBC bank account fees you should be aware of:

Does RBC offer a no-fee chequing account?

RBC doesn’t offer a standard no-fee chequing account in Canada unless you’re a student, an Indigenous person, a senior or under the age of 24. For everyone else, RBC charges monthly fees ranging from $4–$30.

Thankfully, it’s also possible to get a discounted monthly fee or waive it completely, depending on the account, if you join the Value Program. To qualify, you must connect at least two eligible RBC products to your chequing account and complete two or more of these transactions each month: a direct deposit, pre-authorized payment or bill payment.

If you’re interested in a no-fee chequing account, you’ll have to sign up with a digital bank like Tangerine, EQ Bank or Simplii Financial. Check out more alternatives to RBC chequing accounts below.

Advantages of opening a RBC chequing account

Like most big banks, you can expect a high level of customer service with RBC and a number of benefits, including:

• RBC Internet and mobile banking. If you sign up for an RBC chequing account, you’ll have the opportunity to bank online using RBC’s Online Banking web portal. If you prefer banking on your mobile device, you can do just that using the RBC Mobile app.
• RBC digital security guarantee. In using RBC’s online banking services, it guarantees full protection against any fraudulent transactions, including ones you didn’t make or approve.
• Right Account Guarantee. If you open or upgrade to an eligible RBC chequing account and you’re not completely satisfied with it, RBC will refund your monthly fees for up to 3 months.
• Free e-Transfers. With the exception of the U.S. chequing accounts, all RBC chequing accounts offer unlimited free Interac e-Transfer transactions.
• Avion Rewards program. RBC has its own rewards program that gives you cash back at over 2,400 retailers and points on eligible purchases. You can exchange these points for travel, merchandise, gift cards, RBC financial rewards, cash or charity contributions.
• RBC Value Program. This program allows eligible chequing account holders to waive or reduce monthly fees and earn additional Avion points. You just need to complete specified transactions each month and have at least two RBC products in addition to your chequing account.
• Petro-Canada Savings. By linking your RBC debit card or credit card to your Petro-Points card, you can get up to 3 cents/L off at the pump, as well as 20% more Petro-Points and Avion points.
• No minimum balance. RBC doesn’t impose minimum balance requirements on any of its chequing accounts.

Related: RBC savings accounts

Disadvantages of opening a RBC chequing account

• Monthly fees. While there are rebates for some monthly account fees, it’s not possible to completely waive the fee for the RBC Signature No Limit Banking Account and the RBC VIP Banking Account.
• No interest. RBC chequing accounts don’t earn interest, so your balance won’t grow on its own.
• Additional fees. You may have to pay additional fees for things like overdrafts, nonsufficient funds or paper statements, though some RBC chequing accounts offer these features for free.

Requirements to open a RBC chequing account

Before you open an RBC chequing account, make sure you meet the eligibility requirements for the account you’re interested in. Exact requirements vary between RBC bank plans, but generally include the following:

• Age. In most cases, you need to be the age of majority (18 or 19) in your province or territory of residence.
• Residency. You need to verify that you live in Canada.
• Identity verification. You need to confirm that you’re opening this account for yourself and not on behalf of someone else.
• Student proof. If you’re trying to open an RBC Advantage Banking account for students, you may need to provide proof that you’re a full-time student.

How to open an RBC chequing account

You can apply for an RBC chequing account in branch, online, over the phone or using the RBC Mobile app. Here’s how you can open an RBC chequing account online:

1. Visit RBC’s website and review your chequing account options to pick one that suits your needs.
2. Once you choose an account, select Apply Online Now.
3. Complete the application form by inputting personal information like your full name, birthday and address.
4. Upload the necessary documents, such as your Social Insurance Number (SIN), driver’s licence or passport and proof of address.
5. Review RBC’s terms and conditions, and sign your account agreement.
6. RBC will then mail your debit card or give you the option to pick it up at a nearby branch.
7. If you have any other RBC products, link them to your chequing account to take advantage of the Value Program.

Alternatives to opening a chequing account with RBC

If you’re considering alternatives to an RBC chequing account, digital banks are worth exploring. Big Banks like RBC often charge monthly fees and additional transaction costs, whereas digital banks typically offer no monthly fees, unlimited transactions and sometimes interest. You just have to be comfortable completing all your banking online as most digital banks have no physical presence.

Related: Compare Canada's big 5 banks

Bottom line

RBC has a wide range of chequing accounts for different banking needs, from simple fee-conscious accounts to premium plan with perks and rewards. While monthly fees can be higher than some digital banks, the Value Program, free Interac e-Transfers and access to Avion Rewards make RBC a strong contender for those who want flexibility, convenience and security from a major Canadian bank.

Frequently asked questions about RBC chequing accounts

• How do I get the RBC monthly fee waived?

  Depending on the account, you can get your monthly fee waived if you're a senior, student, Indigenous person or under 24. Or, if you have two or more eligible RBC products, you can become a Value Program member and get your monthly fee waived or discounted as long as you complete two of the specified transactions each month.

• How do I check my RBC chequing account monthly statement?

  To check your RBC chequing account monthly statement, log in to RBC Online Banking or RBC Mobile or visit your local RBC branch and ask a bank teller to provide you with a printout.

• What can I do with the RBC Mobile app?

  The RBC Mobile app has plenty of features, including:

  • Account management
  • Interac e-Transfers
  • Register for Apple Pay, Google Pay or Samsung Pay
  • Track Avion Rewards points
  • Set account alerts
  • Chat with RBC customer support
  • Monitor transactions
  • Deposit cheques

• Does RBC offer overdraft protection?

  Yes, RBC offers overdraft protection between $500 and $5,000, subject to credit approval. If you have the RBC VIP Banking account, you get up to $10,000 of overdraft protection.

• Will I be charged a fee if I withdraw money from a non-RBC ATM?

  Yes, with most RBC accounts, you'll be charged a fee if you withdraw money from a non-RBC ATM, but there are exceptions. For example, the RBC Day to Day Banking Account offers no RBC fees for using non-RBC ATMs in Canada, while the RBC VIP Banking Account comes with no RBC fees for using non-RBC ATMs worldwide. The RBC Signature No Limit Banking Account offers 3 free non-RBC ATM withdrawals per month, after which you'll be charged $2 per withdrawal.