RBC Student Banking Account Review
Get a handful of student perks and pay zero fees for this no-frills chequing account with RBC.
25 free debit transactions per month
The RBC Student Banking Account Account is a basic student account that comes with 25 free debits every month for no monthly fee. It also offers unlimited free Interac e-Transfers, a welcome bonus and credit card rebates for eligible RBC cards.
- Think about this account if you’re registered in a post-secondary institution and you’d prefer not to pay a monthly fee.
- Choose something else if you’d like to get unlimited transactions or you want to earn interest on any balance you hold in your account.
- There are no minimum income requirements to qualify for this account.
What are the benefits of the RBC Student Banking Account?
The RBC Student Banking Account comes with a number of notable perks:
- Free Interac e-Transfers. Easily send money to family and friends using unlimited free Interac e-Transfers.
- Credit card fee waivers. Get a rebate of up to Get a rebate of up to $39 per year when you sign up for an eligible RBC credit card. per year when you sign up for an eligible RBC credit card.
- Welcome bonus. Qualify for a generous welcome bonus when you enroll for an account (though you may need to fulfill certain criteria to take advantage of this offer).
- 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.
- Mobile app. Manage your transactions and personal information on the go when you sign up for the RBC Mobile app.
What should I look out for?
While the RBC Student Banking Account offers several benefits, it pays to keep your eye out for the following drawbacks:
- Limits on withdrawals. You’ll only be able to make 25 withdrawals/debits per month, after which you’ll have to pay $1.25 per transaction.
- 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.
- Only available to students. You won’t be able to qualify for this account unless you can prove that you’re a student registered at an eligible institution.
- ATM charges at non-RBC ATMs. You’ll be required to pay a fee of $2 every time you take money out at a non-RBC ATM.
RBC Student Banking Account‘s ATM network and fees
There are no monthly fees associated with the RBC Student Banking Account. That said, you could end up spending more than anticipated if you carry out too many debits each month. You’ll be capped out at 25 withdrawals in total, and you should be sure to stay within that limit since every additional debit costs $1.25.
As for ATM withdrawals, you won’t need to pay for them if you withdraw funds on the RBC ATM network. However, you’ll have to pay a fee of $2 for every withdrawal you make on a non-RBC ATM. You can use RBC’s branch and ATM locator to find out where you can withdraw money for free.
What other chequing options does RBC offer?
RBC offers a number of suitable chequing accounts for students if the RBC Student Banking Account doesn’t seem to be the right fit:
- RBC Signature No Limit Banking Account. This bank account offers more benefits than any of RBC’s student chequing accounts. It comes with unlimited free transactions, free bank drafts, personalized cheques and rebates on credit card fees. The only downfall is that you’ll have to pay a fee of $15.95 per month to maintain this account.
- RBC Day to Day Banking Account. This account is the cheapest non-student account that RBC offers. It offers you 12 free debits per month and you’ll only have to pay $4 per month to sign up. This account could be a good fit if you’re at the end of your degree and don’t want to roll your student account over to a regular account when you graduate.
- RBC No Limit Banking for Students Account. This account comes with a $10.95 monthly fee and has similar benefits to the RBC Student Banking Account. The only difference is that it offers unlimited debits and you’ll get your first year of fees waived when you sign up.
How do I open an RBC Student Banking Account
To apply for an RBC Student 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)
- 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 withdraw or deposit funds by going into a branch or using an RBC ATM. You can also send money in and out of your bank account using an Interac e-Transfer or a bank-to-bank transfer. It’s also possible to spend money by using your debit card in-store or online, and you can pay bills by signing into your online account.
The RBC Student Banking Account is a fee-free student account that offers up to 25 free debits per month. You’ll get a welcome bonus when you sign up, along with a handful of student perks. Find out more about whether this account might be a good fit for you, and learn about what alternatives are available if you’re looking for something else.