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.
One of the key features of any RBC chequing account is that you will never need a minimum balance in your account. However, with the RBC Signature No Limit Banking Account, you’ll have to pay an account fee of $16.95 per month for the RBC Signature No Limit Banking Account. Through RBC's Multi Rebate program, pair this account with other eligible RBC accounts and save up to $11.95 per month. Only pay $10.95/month for this account with 2 other eligible RBC products.. Some of the benefits of this plan include unlimited debit transactions in Canada, and rebate on the annual fee of select RBC credit cards up to $48.
The RBC Signature No Limit Banking Account also comes with the following welcome offer: Get the new Apple Watch Series 9 when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until June 3, 2024.
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. Notable benefits include free bank drafts, personalized cheques, rebates on basic credit card fees (up to $39) and no monthly overdraft fees. You'll also get free Interac e-Transfers and reimbursements for non-RBC ATM fees, up to a monthly limit.
Unlimited debit transactions
Non-RBC ATM rebates
Free Interac e-Transfers
Credit card fee waivers
Earn RBC Avion points
Overdraft protection
Monthly fee
Caps on certain perks
Min. Age
N/A
Account Fee
$16.95
ATM Out-of-Network Fee
$2
RBC VIP Banking Account
The RBC VIP Banking Account costs $30 per month but comes with special benefits like a rebate on the annual fee of select BMO credit cards up to $120, waived RBC Direct Investing fees, free overdraft protection, free cross-border debit transactions, free RBC VIP Style personalized cheques and up to 2 additional Canadian dollar accounts and 1 U.S. dollar account. Also enjoy unlimited free debit transactions, $0 free Interac e-Transfers, up to $60 a year off the regular fee for safety deposit boxes and 12 free bank drafts per year included with this account.
The RBC VIP Banking Account also comes with the following welcome offer: Get the new Apple Watch Series 9 when you switch to RBC & open an RBC VIP Banking Account. Valid until June 3, 2024.
The RBC VIP Banking Account is an all-inclusive chequing account that lets you make unlimited transactions worldwide and ATM withdrawals—and allows you to earn valuable Avion points with every debit card purchase. It also includes additional perks such as free bank drafts, complimentary personal and certified cheques, a fee waiver for an RBC premium credit card and use of 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
If you have very basic banking needs, you'll get what you need from the RBC Day to Day Banking Account. With just a $4 fee per month, you're getting great value if you don't intend on using other features with this account. If you have 2 other eligible products with RBC (such as a credit card and personal investment account) or you're a senior, you can get the account fee waived. The main highlights of this plan include 12 debit transactions per month ($1.25 each thereafter) as well as unlimited Interac e-Transfer transactions.
Min. Age
N/A
Account Fee
$4
Alternative: BMO Practical Chequing Account
Get 12/month free transactions and unlimited free Interac e-Transfers for $4 a month (waived for seniors and RDSP beneficiaries). Plus, get the monthly fee waived for a BMO Premium Rate Savings Account.
The RBC Advantage Banking costs per month and comes with unlimited free debit transactions and $0 Interac e-Transfers. The monthly account fee is reduced if you have 2+ eligible RBC products (such as a credit card and personal investment account). It's waived for full-time students and newcomers to Canada. Seniors will pay just $7.95 per month. The fee for using non-RBC ATMs in Canada is $0 (ATM networks may still charge a fee).
Min. Age
N/A
Account Fee
$11.95
ATM Out-of-Network Fee
$0
Alternative: BMO Performance Chequing Account
For $16.95 a month, get unlimited free transactions and Interac e-Transfers, 1 free non-BMO ATM withdrawal each month and a bonus 0.1% interest rate on 1-5 year GICs. Monthly fee waived for students and Canadian Armed Forces members. Newcomers to Canada get a 1-year monthly fee waiver. Learn more here.
Full-time students aged 13 and up can open a RBC Advantage Banking for Students for $0 per month. Get unlimited free debit transactions, unlimited free Interac e-Transfers and a rebate of up to $48 on the annual fee of an eligible BMO credit card. Plus, pay $0 to use non-RBC ATMs in Canada (ATM networks may still charge a fee). Easily manage funds anytime, anywhere with the RBC Mobile Student Edition app.
Min. Age
13
Account Fee
$0
ATM Out-of-Network Fee
$0
Alternative: TD Student Chequing Account
For $0 a month, students get unlimited transactions and Interac e-Transfers, $0 overdraft protection (interest applies), 50% more Stars at participating Starbucks stores and free paper or online statements. Plus, earn 0.01% interest on your balance.
For frequent travelers down to the U.S., rather than constantly exchanging your money back and forth, consider opening up a RBC U.S. Personal Account. Like the other RBC chequing accounts, there is a $0 minimum balance required with this account. There is a monthly fee of $3 but you'll be able to make up to 6 free debit transactions per month.
Min. Age
N/A
Account Fee
$3
Alternative: TD U.S. Daily Interest Chequing Account
Earn interest on every US dollar you hold for $0 a month. Get competitive rates when you exchange US dollars and many other currencies. But you'll have to pay US$1.25 for every transfer you make from this account unless you hold a minimum balance of US$1,500.
If you're a Canadian who may earn your income in the U.S., RBC has the option for you to open up an American chequing account. There are two account options under this plan, the Direct Checking and Premium Checking options, both with differing benefits. The benefit of opening RBC U.S. Bank Accounts for Canadians is that you'll have no wire transfer fees and the instant transfer of funds between your Canadian and U.S. RBC accounts.
Min. Age
N/A
Account Fee
N/A
Alternative: Meridian U.S. Dollar Chequing Account
Make and receive payments in US dollars with a Meridian U.S. Dollar Chequing Account. Earn interest on every dollar, and make unlimited free deposits — all for $0 a month.
If you manage most of your business banking via your smartphone, the RBC Digital Choice Business Account is perfect for you. For a $6 monthly fee, you can quickly and easily pay employees and suppliers, request payments, track your spending and business performance, deposit cheques, send transfers and much more.
The RBC Ultimate Business Account is the business bank account for you. This all-inclusive package includes unlimited electronic debit, credit and e-Transfer transactions, not to mention the convenience of 100 paper transactions per month. Unlimited electronic cheque and Moneris deposits are included too, plus up to $25,000 free cash deposits per month. There is a monthly fee of $100, but this is waived if your balance is $75,000 or higher.
The RBC Flex Choice Business Account is great for start-ups. It offers no minimum or maximum transaction limits, this account is well worth considering if you don't yet know exactly what your banking needs are. With a monthly fee of $7, this account is designed for businesses that have 5 to 75 paper transactions per month.
If you spend and transfer your funds a lot, consider the Scotiabank Ultimate Package or Scotiabank Preferred Package. These accounts come with perks like unlimited free transactions, annual fee rebates on select credit cards, free equity trades with Scotia iTRADE, waived monthly fees for additional accounts and more.
Online and non-traditional banks tend to charge low fees. Just like Big Banks, these financial institutions are federally regulated and are often backed by the CDIC (Canada Deposit Insurance Corporation).
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 CAD
NSF fee: $45
The benefits of banking with RBC
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 will 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.
RBC Wallet app. Use this app to conveniently make purchases, send and request money, give a gift and keep track of your spending.
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-Transfer. With the exception of the U.S. chequing accounts, many accounts have unlimited and free Interac e-Transfer transactions.
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 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 are opening this account for yourself and not on behalf of someone else.
Student proof. If you’re trying to open an RBC Student Banking or a No Limit Banking for Students Account, you’ll need to provide proof that you are a student but you’ll need to do so in person at an RBC branch.
Information you will need for your application
After verifying that you’re eligible for the Royal Bank chequing account you want, you will need to gather the following information in order to proceed with the application process:
Personal information. You’ll need to provide your personal information such as your address and your contact information. You’ll also need to verify your identity by providing an accepted form of identification, such as your driver’s licence number or passport.
Frequently asked questions about RBC chequing accounts
With the RBC MultiProduct Rebate, the monthly fee for most RBC chequing accounts goes down if you have 2+ other eligible RBC products such as credit cards, personal investment accounts, residential mortgages and small business accounts. The monthly fee may be waived completely if you have 3 or more of these eligible products besides an RBC chequing account.
The monthly fee for RBC Day to Day Banking Accounts is waived if you're a senior or RDSP (Registered Disability Savings Plan) beneficiary. Additionally, you may be able to lower or waive your monthly account fee if you have other RBC products under the RBC MultiProduct Rebate program.
The only free cheqing account RBC offers is the RBC Advantage Banking for Students for full-time students aged 13 and up.
To check your RBC chequing account monthly statement, login to RBC Online Banking or visit your local RBC branch and ask a bank teller to provide you with a printout.
The RBC Wallet mobile app lets you store your credit card information, securely make purchases and transfer money. The app has a tap and pay function enabling you to pay without using your physical credit or debit cards.
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 VIP Banking Account comes with no 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 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.
Get a number of perks and executive banking services with this everyday account for a reasonable monthly fee.
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