RBC Day to Day Banking Account review
Pay a very low monthly fee to get 12 free transactions per month with this basic chequing account from RBC.
12 debit transactions per month, $1.25 each thereafter
The RBC Day to Day Banking Account is the cheapest and most basic RBC chequing account available. It costs only $4 per month but comes free with applicable discounts. However, this account only offers 12 free transactions per month and not much else. This is why it will only be a good fit for customers with very limited banking needs.
- Think about this account if you have very basic banking needs and want to pay the lowest fee that RBC offers for a chequing account.
- Choose something else if you want tons of benefits or you’d prefer to earn interest on the balance you hold in your account.
- There are no minimum income requirements to qualify for this account.
What are the benefits of the RBC Day to Day Banking Account?
The RBC Day to Day Banking Account is a bare bones account that offers very limited benefits for a very low monthly fee. The perks included with this account are:
- Low monthly fee. You’ll only pay $4 per month to maintain this account, which is by far the lowest fee that RBC offers for a chequing account.
- 12 transactions per month. Use your account to make up to 12 transactions, including purchases and bill payments, per month.
- Free Interac e-Transfers. Send money to family and friends for no additional fee with unlimited Interac e-Transfers.
- Special discounts. Pay $0 for this account if you qualify for discounts for holding multiple RBC accounts or for being a senior.
- Fuel savings at Petro-Canada. Link your Petro-Canada card to your account to save up to 3 cents/L on fuel and earn 20% more Petro-Points when you fuel up.
What should I look out for?
While there are a few advantages to the RBC Day to Day Banking Account, there are also several drawbacks to be aware of:
- Capped transactions. You’ll only get 12 debit transactions per month, $1.25 each thereafter with this account and you’ll be charged $1.25for every transaction over this limit.
- No interest on savings. You won’t earn interest on the money you hold in your account.
- Very few benefits. You won’t get any extra benefits such as free bank drafts, personalized cheques or cross-border debits.
- No fee reduction for credit cards. It’s not possible to have your monthly fee waived for any of RBC’s credit cards when you open this account.
- Fee for overdraft protection. You’ll be charged a fee of $5 if you go into your overdraft, plus applicable interest rates.
RBC Day to Day Banking Account‘s ATM network and fees
It will cost you a low monthly fee of $4 to sign up for the RBC Day to Day Banking Account. This is only $48 over the course of the year. That said, it’s important to make sure that you don’t go over your transaction limit every month because this could add a significant amount of money to your bill.
One of the main benefits of this account is that you won’t have to worry about paying ATM fees whenever you take money out on RBC’s network of ATMs. Just keep in mind that you’ll have to pay a $2 withdrawal fee if you decide to take money out at non-RBC ATMs. This can also add money onto your bill if you’re not being mindful of where you’re withdrawing funds.
What other chequing options does RBC offer?
RBC offers a number of other chequing accounts that could fit your unique set of needs and budget if the RBC Day to Day Banking Account isn’t the right fit. These include the following:
- RBC VIP Banking Account. This account offers exclusive benefits such as unlimited transactions, free ATM withdrawals, premium credit card rebates (up to $120) and free overdraft protection. It comes with a monthly fee of $30.
- RBC Signature No Limit Banking Account. The RBC Signature No Limit Banking Account is a mid-level account that comes with unlimited free transactions, rebates on credit card fees and a wealth of free services. It costs $15.95 per month to maintain.
- RBC No Limit Banking Account. The RBC No Limit Banking Account comes with unlimited free transactions and free Interac e-Transfers. It’s a very simple account that costs $10.95 per month to keep active.
How do I open an RBC Day to Day Banking Account
To apply for an RBC Day to Day Banking Account, you need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
You can withdraw money quickly and easily using your debit card. It’s also possible to go into a branch to speak with an RBC teller to take out funds. Alternatively, you can organize an Interac e-Transfer or bank-to-bank transfer to send money to another bank account.
To deposit funds, you’ll need to cash a cheque or deposit a lump sum of money into your account. You can also set up a direct deposit from your payroll or send a transfer in from another bank account.
The RBC Day to Day Banking Account is the cheapest and most bare bones chequing account on offer from RBC. It gives you 12 free transactions per month but comes with overdraft charges and very few benefits This account may be a good fit for customers who don’t intend to use it very often to spend money. Its saving grace is that it comes with a very low monthly fee that can be waived entirely if you qualify for RBC discounts.