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RBC Signature No Limit Banking Account Review

Get unlimited free transactions and credit card rebates when you sign up for this everyday chequing account. 

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$16.95

Account Fee

unlimited

Monthly Transactions

Details

OfferGet an iPad at No Cost with an eligible account. Valid until September 30, 2022
Monthly Account Fee$16.95
Fee Waive ConditionsThrough RBC's Multi Product Rebate program, pair this account with 2 other eligible RBC accounts in the same geographic region and get cashback for some or all of your monthly fees (only pay $9.95/month for this account)
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Please note: All information about RBC Signature No Limit Banking Account has been collected independently by Finder and this product is not available through this site.

The RBC Signature No Limit Banking Account is RBC’s most popular chequing account. It comes with unlimited transactions and a host of other perks for a $16.95 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.

30-second take

  • Think about this account if you want to get a full suite of RBC banking services and transactions for a reasonable monthly fee.
  • Choose something else if you don’t think you’ll use the included benefits or you’d prefer to earn interest on the balance you hold in your account.
  • There are no minimum income requirements for this account.

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 transactions. Make as many transfers, purchases and bill payments as you want with no associated fees.
  • Welcome offer. Get an iPad at No Cost with an eligible account. Valid until September 30, 2022
  • RBC Rewards 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 ATM fees reimbursed when you take money out of non-RBC ATMs (up to three withdrawals reimbursed per month).
  • Special rebates. Pay less for your account each month if you hold multiple RBC accounts or 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 $39 per year on credit card fees when you sign up for an eligible card.
  • Use of a safety deposit box. Enjoy a rebate of $12 per year on the cost of renting a safety deposit box.
  • Free cheques. Order as many personalized cheques as you need at no extra charge.
  • 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.
  • Caps on certain perks. Certain benefits aren’t unlimited and will be capped when you reach a specified amount.
  • No interest on savings. You won’t earn interest on the money you hold in your account.
  • 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.

One of the main benefits of this account is that it offers free ATM withdrawals at all ATMs on RBC’s network across the country. You’ll need to pay fees to RBC for taking money out at non-RBC ATMs. However, you’ll get reimbursed for non-RBC ATM withdrawals up to three times per month as a feature of this account.

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 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 maintain.
  • 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

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BMO Practical Chequing Account
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Simplii No Fee Chequing Account
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Earn $350 when you become a new client and set up direct deposit of at least $100 for 3 months. Offer ends October 31, 2022.
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Scotiabank Basic Bank Account
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12 free per month
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With a low monthly account fee, you can earn points toward the Scene+ rewards program.
BMO AIR MILES Chequing Account
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BMO Performance Chequing Account
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$16.95 per month ($0 if requirements met)
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Earn $350 with a Performance Chequing Account. Plus an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.
BMO Premium Plan Chequing Account
0%
$30 per month ($0 if requirements met)
unlimited
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Earn $350 with a Premium Chequing Account. Plus earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.
BMO Plus Chequing Account
0%
$11.95 per month ($0 if requirements met)
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Earn $100 with a Plus Chequing Account when you open an account and setup recurring deposits and bill payments. Valid until October 31, 2022.
Scotiabank Ultimate Package
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$30.95 per month ($0 if requirements met)
unlimited
unlimited
Receive a welcome bonus of $300. Conditions apply. Valid until September 30, 2022. Plus, earn up to 2.4% interest on your MomentumPLUS Savings Account.
Scotiabank Student Banking Advantage Plan
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$0
unlimited
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Earn $75 and up to 7,500 Scene+ points with the Scene+ Student Banking Bundle. Conditions apply. Apply by October 31, 2022.
Scotiabank Basic Plus Bank Account
0%
$11.95 per month ($0 if requirements met)
25 free per month
Free
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
BMO Performance Student Chequing Account
0%
$0
Unlimited
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Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until October 31, 2022.
BMO New to Canada Performance Chequing Account
0%
$0
Unlimited
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Earn $350 when you open an account. Plus an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until October 31, 2022.
BMO Canadian Defence Community Banking Performance Plan Chequing Account
0%
$0
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Unlimited
Save on banking fees with a no fee monthly account and unlimited Interac e-Transfers.
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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)

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 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.

Frequently asked questions about the RBC Signature No Limit Banking Account

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