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.
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:
If you have very basic banking needs, the RBC Day to Day Banking Account has you covered. With just a $4 fee per month, which can be waived, you're getting great value if you don't intend on using other features with this account. The main highlights of this plan include 12 free transactions per month ($1.25 each thereafter) as well as unlimited Interac e-Transfer transactions.
No monthly fee for seniors, Indigenous Peoples and Value Program members
12 free transactions per month ($1.25 each thereafter)
If you plan to complete more than 12 transactions per month but still want a low-cost option, the RBC Advantage Banking Account is a great choice. It comes with a $12.95 monthly fee, which you can reduce or waive entirely by being a full-time student, newcomer to Canada, senior or enrolling in the Value Program. With unlimited transactions and free Interac e-Transfers, this account is ideal for anyone who prefers more flexible banking.
Unlimited transactions
Free Interac e-Transfers
No RBC fee for using non-RBC ATMs in Canada
Monthly fee waiver
You have to link 3+ eligible RBC products for no monthly fee with the Value Program
Newcomer fee waiver is only available for the first year
The RBC Signature No Limit Banking Account is one of RBC's most popular chequing accounts. It comes with unlimited transactions and a host of other perks for a monthly fee of $16.95. Other notable benefits include 6 free bank drafts, 1 free book of personalized cheques, rebates on basic credit card fees (up to $48) and no monthly overdraft fees. You'll also get free Interac e-Transfers and reimbursements for 3 non-RBC ATM fees
The RBC VIP Banking Account is an all-inclusive chequing account that lets you make unlimited transactions and ATM withdrawals—and allows you to earn valuable Avion points with every debit card purchase. It also includes additional perks such as 12 free bank drafts, free personalized cheques, a fee waiver (up to $120) for an RBC premium credit card and a $60 discount on a safety deposit box.
Earn Avion points with debit card purchases
Save up to $120 per year when you sign up for a premium RBC credit card
Unlimited debit transactions
Free Interac e-Transfers
Overdraft protection
Not possible to waive the monthly fee completely
RBC only waives its own ATM fees, so you may still be charged by third-party operators
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.
Summary of RBC chequing account promotional offers
RBC Advantage Banking: No monthly fee for one year for newcomers
RBC Signature No Limit Banking Account:Get $400 when you open your first RBC Signature No Limit Banking Account and complete two of the qualifying criteria tasks. Apply by January 13, 2026.
RBC VIP Banking Account: Get $400 when you open your first RBC VIP Banking Account and complete two of the qualifying criteria tasks. Apply by January 13, 2026.
RBC Advantage Banking for Students:Get $100, Give $100 Open a no-monthly-fee RBC Advantage Banking Account for Students to receive $100, and RBC will donate another $100 to approved charities. Valid until February 2, 2026.
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:
Monthly paper statement with cheque images: $2.50 per month (unless you’re receiving the Seniors’ Rebate)
Withdrawals from non-RBC ATMs: $2 in Canada, $3 if using a PLUS network ATM in Canada or the US, $5 if using a PLUS network ATM outside Canada and the US.
Cross-border debits: $1 each
Online cheque viewing: $1.50 per item viewed
Overdraft protection: $5 per month (plus interest)
Bank drafts: $9.95 each
NSF fee: $45
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.
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.
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:
Visit RBC’s website and review your chequing account options to pick one that suits your needs.
Once you choose an account, select Apply Online Now.
Complete the application form by inputting personal information like your full name, birthday and address.
Upload the necessary documents, such as your Social Insurance Number (SIN), driver’s licence or passport and proof of address.
Review RBC’s terms and conditions, and sign your account agreement.
RBC will then mail your debit card or give you the option to pick it up at a nearby branch.
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.
The EQ Bank Personal Account is a hybrid savings and chequing account that offers unlimited transactions, free Interac e-Transfers and free withdrawals from any ATM in Canada. It's similar to the RBC Advantage Banking Account, but there are no conditions to enjoy $0 monthly account fees and it earns up to 2.75% interest.
$0 account fee
Get unlimited transactions
$0 Interac eTransfers
Earn up to 2.75% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No minimum balance requirement
No physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
Like RBC, BMO is another Big Five bank that offers full monthly fee waivers for certain accounts, including the BMO Performance Chequing Account. As long as you maintain a minimum monthly balance of $4,000, you can enjoy unlimited transactions and annual credit card rebates for free. And BMO is offering a welcome bonus of up to $700 that rivals RBC's own welcome bonus of a free iPad.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to $700*.
Earn $500 when you open a new BMO Performance Chequing Account, make a deposit of any amount by March 2, 2026 and complete two qualifying tasks by April 30, 2026.
Plus, get a Walmart Delivery Pass subscription for up to 12 months* when you open a new Savings Amplifier Account by March 2, 2026, and sign up for or update your existing Walmart Delivery Pass by April 30, 2026 by selecting Debit Mastercard as the payment option for the monthly transaction fee.
Earn $150* when you deposit a total of $10,000 or more in to your Savings Amplifier Account and maintain a daily closing balance of $10,000 or more at all times for the specified period.
Earn $50* when you create one goal and apply one strategy in My Financial Progress Plan by April 30, 2026.
*Terms apply.
Monthly fee of $17.95
You won't earn any interest on the money in your account.
The Coast Capital Elevate Chequing Account comes with unlimited transactions, free Interac e-Transfers and access to Coursera's global learning platform. The monthly fee is quite high at $16.95, but similar to RBC, Coast Capital offers a $5 discount if you set up an eligible direct deposit. Unlike some RBC chequing accounts, however, the fee can only be partially reduced, not fully waived.
No monthly fee
Unlimited free transactions
No minimum balance required
Deposit cheques on the app from your phone
Withdraw money free of charge from 4,000+ ATMs across Canada
Free access to Coursera's global learning platform
You'll have to pay $16.95 per month for this account
The Tangerine No-Fee Daily Chequing Account offers unlimited free transactions and Interac e-Transfers, making it a strong alternative to RBC's chequing accounts, which typically charge monthly fees unless you qualify for discounts or fee waivers. Unlike RBC, Tangerine also lets you earn 0.01%–0.1% of interest on your balance, giving you the opportunity to grow your money even while keeping it in a chequing account.
The Simplii Financial No-Fee Chequing Account provides unlimited transactions and free Interac e-Transfers, similar to what you get with most RBC chequing accounts. However, Simplii charges no monthly fees with no conditions or additional products needed. You also get free access to CIBC ATMs across Canada and free global money transfers in exchange for managing your finances completely online.
Earn a welcome bonus of up to $300
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
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
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.
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.
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
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.
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.
Scott Birke is the Director of SEO at Wise Publishing and formerly Finder Canada's publisher. He has previously worked as the director of content operations at Verticalscope Inc., editorial director at SBC Media Group, and the editor of SBC Business Magazine. He has also freelanced for dozens of national and international publications including the National Post, Mountain Life and Outside's Rock and Ice Magazine. Scott has a B.A. in Sociology from the University of Guelph. He loves snowboarding, scuba diving, travelling with his family and applying his knowledge of banking and credit cards.
See full bio
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
See full bio
Get a number of perks and executive banking services with this everyday account for a reasonable monthly fee.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
