RBC No Limit Banking Review
Pay a low monthly fee to get unlimited transactions with this everyday RBC chequing account.
unlimited debit transactions in Canada
The RBC No Limit Banking is a basic chequing account that’s designed for customers with simple banking needs. It offers unlimited free transactions and lets you withdraw money for free from any RBC ATM in Canada. It also comes with a low fee of $10.95 per month, which can be further reduced if you qualify for discounts.
- Think about this account if you have simple banking needs and don’t want to pay a high monthly fee for services you won’t use.
- 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 No Limit Banking?
The RBC No Limit Banking is designed for hassle-free everyday banking at an affordable price and includes the following benefits:
- Low monthly fee. The monthly fee for this account is only $10.95 per month, which is lower than what you’ll pay with several other RBC chequing accounts.
- Unlimited transactions. Make unlimited internal transfers, bank-to-bank transfers, bill payments, purchases and other transactions at no extra cost.
- Free Interac e-Transfers. Send money to family and friends for no fee with unlimited Interac e-Transfers.
- Special discounts. Save money on your monthly fee if you hold multiple RBC accounts or you qualify for a senior’s discount.
- Fuel savings at Petro-Canada. Save up to 3 cents per litre on fuel and earn 20% more Petro-Points when you link your card to your Petro-Canada account.
What should I look out for?
While the RBC No Limit Banking is well-known for offering a host of benefits, it also comes with a few drawbacks:
- May not be worth the monthly fee. You can often get the same account benefits with an online digital bank for no monthly account fee.
- No interest on savings. You won’t earn interest on the money you hold in your account.
- Limited free services. You won’t get a break on fees for RBC products such as bank drafts, cross-border debits or personalized cheques.
- No credit card fee waiver. There’s no credit card fee waiver included with this account.
- Fee for overdraft protection. You’ll have to pay a fee of $5 for going into your overdraft plus applicable interest rates.
RBC No Limit Banking‘s ATM network and fees
The RBC No Limit Banking comes with a monthly fee of $10.95. This adds up to $131.40 per year, which is expensive considering how few benefits come with this account. That said, it’s one of RBC’s cheapest chequing accounts and does offer unlimited transactions (including Interac e-Transfers).
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. However, you’ll have to pay a $2 withdrawal fee if you decide to take money out at non-RBC ATMs. This can add up quickly if you’re not paying attention to where you’re withdrawing funds.
What other chequing options does RBC offer?
RBC offers a number of other chequing accounts depending on your preferences. These include the following:
- RBC VIP Banking Account. This account will give you 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 comes with unlimited free transactions, free bank drafts, personalized cheques and rebates on credit card fees. It costs $15.95 per month to maintain.
- RBC Day to Day Banking Account. This account is RBC’s cheapest and most basic account. It gives you 12 free debits per month and comes with a monthly fee of $4. It’s a good fit if you rarely use your bank account to send or withdraw money.
How do I open an RBC No Limit Banking?
To apply for an RBC No Limit Banking, 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’ll be able to withdraw money using your debit card or by going into an RBC branch to speak to an agent. It’s also possible to transfer money out of your bank account using a bank-to-bank transfer or an Interac e-Transfer.
If you’re looking to deposit funds, you can do so by cashing a cheque or investing a lump sum of cash. You can also transfer money in from external accounts using a bank-to-bank transfer or by sending money via an Interac e-Transfer.
The RBC No Limit Banking is a basic chequing account that’s designed for simple banking purposes. It offers free unlimited transactions and free withdrawals from RBC ATMs. That said, it offers few other benefits, which means you won’t get as much for your money as you might with a more expensive RBC account.