RBC No Limit Banking for Students Account review
Enjoy special perks and get your monthly account fees waived for a year with this student chequing account.You may be eligible for a welcome bonus when you open a new RBC No Limit Banking for Students account.
- Think about this account if you’re a post-secondary student and you don’t want to pay an account fee in your first year.
- 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 for Students Account?
The RBC No Limit Banking for Students Account offers an affordable alternative to unlimited banking for eligible post-secondary students. It includes the following perks:
- First-year fees are waived. Avoid paying fees in your first year, and pay only $10.95 per month once that time is up.
- 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 free with unlimited Interac e-Transfers.
- Credit card fee waivers. Save up to $39 per year on credit card fees when you sign up for an eligible card.
- Welcome bonus. You may be eligible for a welcome bonus when you open a new RBC No Limit Banking for Students account.
- Special discounts. Save money on your monthly fee if you hold multiple RBC accounts.
- Virtual Visa Debit. Make purchases online without needing a credit card with the Virtual Visa Debit you’ll receive with this account.
- 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.
- Mobile app. Manage your transactions and personalize your budget using the RBC Mobile app.
What should I look out for?
While the RBC No Limit Banking for Students Account offers several benefits, it pays to keep your eye out for the following drawbacks:
- Monthly fee. The monthly fee for this account is only waived for the first year, while many other banks and digital providers offer unlimited fee-free accounts to students.
- No interest on savings. You won’t earn interest on the money you hold in your account.
- Limited free services. You’ll have to pay additional fees for RBC products such as bank drafts, cross-border debits or personalized cheques.
- ATM charges. It will cost you $2 every time you want to withdraw money from a non-RBC ATM.
RBC No Limit Banking for Students Account’s ATM network and fees
The RBC No Limit Banking for Students Account comes with a monthly fee of $10.95. However, this fee is waived in your first year of account ownership. You may also qualify for a welcome bonus when you sign up, which could give you a rebate to subsidize the cost of your fees in the future.
For the most part, you won’t have to pay any additional fees for transactions, transfers or withdrawals. The only time you’ll pay extra is if you take money out from a non-RBC ATM. This type of withdrawal will come with a $2 fee. That said, you’ll be able to take money out for free from any ATM on the RBC network.
What other chequing options does RBC offer?
RBC offers a number of other suitable chequing accounts for students if the RBC No Limit Banking for Students Account doesn’t seem to be the right fit:
- 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. Ringing in at $15.95 per month, it offers the best array of benefits for a mid-level price tag.
- RBC Day to Day Banking Account Account. This account is the cheapest non-student account that RBC offers. It gives you 12 debit transactions per month, $1.25 each thereafter and comes with a monthly fee of $4. It’s a good fit if you rarely use your bank account or you want a simple chequing account without all the extra bells and whistles.
- RBC Student Banking Account Account. This account comes with no monthly fees at all and it’s fairly similar to the RBC No Limit Banking for Students Account. The main difference is that it caps your transactions at 25 per month instead of giving you unlimited free transactions.
How do I open an RBC No Limit Banking for Students Account?
To apply for an RBC No Limit Banking for Students 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)
- Be a student at an eligible post-secondary institution in Canada
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 easily withdraw money using your debit card. You’ll also be able to transfer funds out of your account using an Interac e-Transfer or bank-to-bank transfer. If you’re not comfortable with online banking, you can go into a branch to take money out with a teller or from an ATM on the RBC network (if you don’t want to pay extra fees).
For deposits, you can do just about everything listed above but in reverse. It’s easy to deposit cheques or cash into your bank account at an ATM or a physical branch. You’ll also be able to use your online account to pay bills or make internal and external transfers.
The RBC No Limit Banking for Students Account is a student account that offers unlimited transactions and low monthly fees for post-secondary students. You’ll get a welcome bonus and your first 12 months of fees waived when you sign up. Find out more about how you can benefit from this low-fee account and learn more about what alternatives are available.