RBC Signature No Limit Banking Account Review
- Bonus Offer
- Get Apple Watch Series 9
- Monthly Account Fee
- $16.95
- Free Transactions
- unlimited
- e-Transfer Fee
- $0
Our verdict
Earn Avion points on unlimited free debit transactions in Canada and save on credit card rebates when you sign up for the everyday RBC Signature No Limit Banking chequing account.Â
The RBC Signature No Limit Banking Account comes with unlimited transactions, the ability to earn Avion points on debit transactions, plus a host of other perks for a $16.95 monthly fee.
Best for:
Those looking for a wide array of products and services included in their monthly account fee.
Pros
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Free bank drafts and one free cheque book
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Rebates on basic credit card fees (Up to $48 rebate on an annual fee of an eligible credit card)
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Overdraft protection fee waived
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Free Interac e-Transfers
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Earn Avion points on debit transactions
Cons
-
Monthly fee of $16.95 (Less with the RBC Value Program rebate)
-
Caps on certain perks
What are the benefits of the RBC Signature No Limit Banking Account?
The RBC Signature No Limit Banking Account is a good fit for customers who want a wide array of products and services included in their monthly account fee. These include the following:
- Unlimited debit transactions. Make as many transfers, purchases and bill payments as you want in Canada with no associated fees.
- 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.
- RBC Avion points. Enrol your account in the Value Program to get a minimum of 1 RBC Rewards point for every $10 you spend in-store and online using your enrolled account.
- Free Interac e-Transfers. Send money to family and friends for no additional fee with unlimited Interac e-Transfers.
- Non-RBC ATM rebates. Get your RBC ATM fees waived when you take money out of non-RBC ATMs (up to three withdrawals waived per month).
- Special rebates. Save up to $10.95 each month if you hold multiple RBC accounts or $12.95 if you qualify for a senior’s discount.
- Free bank drafts. Get up to six free bank drafts per year included with this account.
- Free cross-border debits. Take advantage of five cross-border debits per month (and pay one dollar per debit once you exceed this amount).
- Credit card fee waivers. Save up to $48 per year on the annual fee when you sign up for an eligible credit card.
- Free cheque book. Receive one free cheque book at no cost. Fees apply for any additional cheque books you may require.
- Overdraft protection. Protect yourself from non-sufficient funds (NSF) charges on your account if your balance dips below zero with complimentary overdraft protection.
- Fuel savings at Petro-Canada. Link your card to Petro-Canada and instantly save 3¢ per litre on fuel and earn 20% more Petro-Points.
What should I look out for?
While the RBC Signature No Limit Banking Account is well-known for offering a host of benefits, it also comes with a few drawbacks:
- Monthly fee. The monthly fee for this account is $16.95, which works out to $191.40 per year if you don’t factor in any discounts like the RBC Value Program Rebate.
- Caps on certain perks. Certain benefits aren’t unlimited and will be capped when you reach a specified amount.
- Only beneficial if you use all the perks. This account will likely only be worth the money if you plan to take advantage of all of its perks and benefits.
RBC Signature No Limit Banking Account‘s ATM network and fees
You can expect to pay a monthly fee of $16.95 per month with the RBC Signature No Limit Banking Account. This adds up to $191.40 per year, which may not be worth the return you get in benefits. That’s why it’s important to weigh the costs of the free services you’ll receive against how much you need to pay to keep your account active.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. (An ATM operator surcharge, also called convenience fee, may be charged by other ATM operators. The convenience fee is not a Royal Bank fee. It is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of RBC account they hold.)
One of the main benefits of this account is that it offers 3 non-RBC ATM fees waived per month across the country.
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 offers 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 Day to Day Banking Account. This is RBC’s bare-bones account. It includes 12 free monthly debits and costs only $4 per month to activate. That said, it doesn’t provide many benefits and may not be the best fit if you have complex banking needs.
Compare with other chequing accounts
How do I open an RBC Signature No Limit Banking Account?
Eligibility requirements
To apply for an RBC Signature No Limit 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). Or you can be a non-resident living in Canada or planning to move to 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
- Proof of ID: for example, a driver’s licence or passport
How do I deposit or withdraw my money?
You can easily take money out of your account using your debit card or by visiting a branch in person to speak to a teller. You’ll also be able to make free transfers between accounts or send money back and forth using unlimited free Interac e-Transfers.
To put money into your account, you’ll need to deposit a cheque or a lump sum of cash. You may also want to transfer money in from an external account to load up your RBC Signature No Limit Banking Account with funds.
Expert review
The RBC Signature No Limit Banking Account is a mid-level chequing account that offers a nice array of benefits. It’s best-suited for customers who do a fair amount of banking and want free unlimited withdrawals, credit card rebates and other exclusive perks. Just be aware that this account comes with a monthly fee of $16.95, which can put a dent in your pocketbook unnecessarily if you don’t plan to use all of its benefits.
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