Best RBC chequing accounts, compared
Updated: October 29, 2024
As Canadians look for ways to save money, it’s important to look at the different accounts where they can store their funds for their daily banking needs. Chances are that there’s an RBC branch near you and you may have considered checking out the options they have.
Here we will review the type of accounts they offer to hold money for your daily banking needs. With the rise of online banking and no-fee chequing accounts coming to Canada from Wealthsimple and Tangerine, it’s important that we examine the chequing accounts offered by major banks to see if they still make sense for Canadian consumers.
$450 chequing account offer
Open an RBC Signature No Limit Banking or an RBC VIP Banking chequing account and get $450.
- Heres how:
- Open one of these accounts by February 10, 2025
- Set up and complete two of the following tasks by April 18, 2025
- ➡️ Your payroll or pension as a direct deposit
- ➡️ Two pre-authorized monthly payments (PAPs) (e.g., utility bill, gym membership)
- ➡️ Two bill payments to a service provider (e.g., utility bill, cable, etc.)
RBC offers the following chequing accounts:
- RBC Signature No Limit Banking
- RBC Day to Day Banking
- RBC Advantage Banking
- RBC VIP Banking
- U.S. Personal Banking
We will review each of these RBC chequing accounts to see how they compare to other options and whether the fees are worth it when there are so many free options available within a few clicks.
My top pick
After examining all of RBC's chequing accounts, my top pick is the RBC Advantage Banking account. You don’t need a minimum balance to open this account, and the monthly fee can be waived if you qualify. You also get free Interac e-Transfers. With the Right Account Guarantee and the ability to save money on gas, this is the best offering from RBC if you want a chequing account for your monthly expenses since some of the other options have hefty fees of up to $30, which is astronomical compared to the simple free options available.
However, it’s important to note that no free options exist for those who maintain a specified minimum balance. This means you’ll have to pay for your chequing account, which can be difficult to accept since many no-fee accounts are available in Canada. If you want to bank with RBC because you’re interested in other products as well, then you can’t go wrong with this account.
Best RBC chequing accounts
If you’re looking for a chequing account, RBC offers multiple options for every budget level.
RBC Signature No Limit Banking
- Monthly fee: $16.95 (or $12.95 for seniors/lower if you qualify for other products)
- Minimum to avoid fee: N/A
- Number of transactions: Unlimited debit transactions in Canada
The RBC Signature No Limit Banking account comes with unlimited debit transactions across Canada and up to $48 in credit card fee rebates. It’s also worth pointing out that you can bring the monthly price down to $5 if you qualify for a few other products from RBC.
The additional RBC products that could bring your price down are the personal credit card, personal investment account, residential mortgage and small business account.
One notable feature of this account is that the Right Account Guarantee applies, so if you’re not completely satisfied within your first four months, you can get up to three months worth of fees refunded.
Here are some of the other perks of this account:
You can get $450 in cash back.
If enrolled in the Value Program, you can earn a minimum of 1 point per $10 spent in Avion points.
You get one free book of cheques.
You can get a rebate of up to $48 on certain RBC credit cards.
You can save 3¢/L on gas at Petro-Canada.
Pros
-
You get unlimited transactions and Interac eTransfers
-
There’s no fee for overdraft protection
-
You get one NSF fee rebated annually
-
There are additional perks like the ability to earn Avion points and to save on gas at Petro-Canada
Cons
-
The biggest negative is that you can’t completely waive the fee even if you maintain a high balance
-
The monthly fee is fairly high, considering there are free options out there
-
The withdrawal charges can be steep as non-affiliated ATM fees are $2 in Canada, $3 in the US per transaction, and $5 globally
iPad promotion fail
One Reddit user ended up opening this account for a free iPad promotion, only to find out that they would be charged if they didn’t keep it active for a year. This is why it’s important to review the financial perks of an incentive to determine if it even makes sense. While this account offers many perks, you can’t ignore the high fees from the monthly payment to the withdrawal charges.
RBC Day to Day Banking
- Monthly fee: $4 (free for seniors)
- Minimum to avoid fee: N/A
- Number of transactions: 12 debits ($1.25 for every transaction after this)
The RBC Day to Day Banking plan is an ideal option for those with simple banking needs or for seniors who want a free account.
The additional perks include:
If enrolled in the Value Program, you can earn a minimum of 1 point per $10 spent in Avion points.
Free international money transfers.
If you qualify for the Value Program, you can get this account for free and make unlimited debits on eligible public transit purchases. However, the non-affiliated ATM fees in Canada are $3 per transaction and $5 per transaction internationally. Since you only get 12 free debits per month, you may not want to choose this account if you make frequent transactions.
Pros
-
This is a low price price option for someone looking for a basic account for a direct deposit
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Unlimited free debits for qualifying public transit tractions
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You get free international money transfers
Cons
-
The account only comes with 12 free debit transactions per month and then you have to pay $1.25 each time, which can add up quickly
-
If you withdraw money from a non-RBC ATM, the fees could be up to $3 in Canada, which is far too much to access your own money
-
You have to pay an additional $5 per month for overdraft protection
RBC Advantage Banking
- Monthly fee: $11.95 (or $0 with the Value Program)
- Minimum to avoid fee: N/A
- Number of transactions: Unlimited
RBC Advantage Banking is an ideal account for those who are looking to use RBC Bank for a few products as you can have the monthly fee waived if you qualify for the Value Program by enrolling in multiple services.
One of the main criticisms of this account when browsing user forums is that it isn’t free and you have to meet certain requirements to get fees waived.
Some of the other perks of this account include:
If enrolled in the Value Program, you can earn a minimum of 1 Avion point per $10 spent.
No fees for international money transfers.
One NSF fee gets rebated annually.
Pros
-
One of the few accounts where you can have the monthly fee waived if you’re eligible for the Value Program and sign up for three other products
-
You get unlimited Interac e-Transfers, so you don’t have to worry about getting dinged with fees
Cons
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If you don’t qualify for the Value Program, you’ll have to pay a monthly fee of $11.95, which is fairly steep considering that free options exist
-
This account doesn’t have the same perks as others, since you don’t get any credit card fees waived
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The other fees with this account can add up
“I would seriously consider a no-fee bank like Tangerine or Simplii if fees are something you care about. If you need physical branch, consider a different bank that would waive fees by keeping a certain amount of money in the account.”
Reddit user @doom2060
RBC VIP Banking
- Monthly fee: $30 (or $18.05 with the Value Program)
- Minimum to avoid fee: N/A
- Number of transactions: Unlimited
The RBC VIP Banking account comes with a hefty monthly fee of $30 since it’s the all-inclusive option. However, this is the perfect account for someone who uses multiple financial products with RBC (like the credit cards).
Here are some of the perks that you get with this account:
A rebate of up to $120 on annual credit card fees that you’re eligible for.
ATM withdrawal fees are waived.
No fees on international money transfers.
You can get up to $450 in cash back for opening this account.
You can save 3¢/L on gas at Petro-Canada.
If enrolled in the Value Program, you can earn a minimum of 1 Avion point per $10 spent.
This is the ideal account for someone with complex banking needs. Since you can have up to $120 in credit card fees waived, you may want to consider this account if you use a travel credit card or a specific credit card often. However, if the perks don’t make sense for your financial situation, the monthly fee is simply too high to justify.
Pros
-
You get up to $120 waived in credit card fees, which can be a significant savings if you have a specific credit card you prefer using
-
You don’t have to worry about any additional banking fees with this account
-
There are significant perks available, like $450 in cash back and free international transfer
Cons
-
The biggest issue with this account is that the fee is fairly steep and you can only bring it down to $18 per month
-
The perks may not be worth the trade-off, so it’s important that you review them
U.S. Personal Banking
- Monthly fee: $3USD
- Minimum to avoid fee: N/A
- Number of transactions: 6 debits/month ($1.25 per transaction after)
The RBC U.S. Personal Banking is ideal for Canadians looking for access to USD with a simple account that allows for a few free transactions (only six per month). This account is for those who frequently travel to the US, and it is not recommended to anyone else.
Pros
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Low monthly fee for someone looking for an account to save on currency exchange as a frequent traveler to the US
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You get $5,000 in authorized overdraft protection for USD$5 per month
Cons
-
You only get six free debits per month and then have to pay $1.25 for every transaction after that
-
You have to pay an additional $9.95 for every bank draft
“I have the RBC US bank linked to my RBC Canadian account. There is absolutely no features and it is honestly useless. I don't understand but you can't directly send ACH or get connected to another the services like Zelle or Plaid. The only way I've been about to send USD digitally was with PayPal.”
Reddit user @Cope180-Enjoyer
RBC bundle package
While RBC doesn’t offer a bundle offer, they recommend that you enroll for the most popular chequing and savings account combination. The best offer now is that you can get $450 in cash back if you open an eligible account. If you open an RBC VIP Banking account or an RBC Signature No Limit Banking account, you can get $450 back. This offer ends on February 10, 2025.
To qualify for this offer, you must open an eligible RBC account by February 10, 2025, and then complete two of the following actions by April 18, 2025:
- Set up your payroll or pension as a direct deposit
- Set up two pre-authorized monthly payments
- Set up two bill payments to a service provider
This is currently the best offer at RBC, and it’s worth considering if you want to open an account here since there aren’t any bundle promotional offers.
Summary of best RBC chequing accounts
| Product name | Monthly fee (cost to avoid monthly fee) | How many transactions you get (cost if you go over your limit) |
|---|---|---|
| RBC Signature No Limit Banking | $16.95 (you can get the price down to $5) | Unlimited |
| RBC Day to Day Banking | $12 | 12 debits ($1.25 for every transaction after this |
| RBC Advantage Banking | $11.95 | Unlimited |
| RBC VIP Banking | $30 (you can get the price down to $18.05 with the Value Program) | Unlimited |
| U.S. Personal Banking | USD$3 | 6 debits ($1.25 for every transaction after this) |
RBC chequing accounts reviews
If you search for reviews of RBC Bank chequing accounts through the web, the general discussion revolves around the fees, which is a natural concern for Canadian consumers with inflation making everyday expenses more costly. As Canadians try to manage higher costs, they don’t want to worry about banking fees and complex structures to get a discount on their chequing accounts.
Reddit user @donjulioanejo said the following:
“RBC is the only bank that doesn't offer a monthly fee rebate for keeping X amount of money in your account.
Between that, sucky credit cards, and lame branch hours (at least compared to TD), I literally don't know why anyone would bank with them except out of habit.”
Another Reddit user shared harsh thoughts on the Value Program:
“The best slap in the face is the dumb RBC Value Program. No RBC, if I have $5000 in your VIP Account you waive the monthly fees like everyone else does, not some $11.95 discount bullshit.”
One user in the RedFlagDeals forum noted how they were paying $12, a savings of $5 monthly for their account even after setting up direct depositing and opening a TFSA account. The person shared that the original $17 and $12 fees were too high and others agreed.
Another user on the RedFlagDeals shared this criticms:
“To save that 5 dollars a month you need to open a investment + a credit card + 1 PAD + 1 monthly bill payment. Not worth the effort.”
These are some of the reviews from customers of RBC Bank if you search through the web:
- The RBC Bank app, “RBC Mobile” has a 3.7-star rating in the Google Play Store
- The RBC Bank app, “RBC Mobile” has a 4.8-star rating in the Apple App Store
- The Royal Bank of Canada has a 1.25/5 star rating with the Better Business Bureau
- RBC Bank has a 1.2/5 rating on Trust Pilot
As always, it’s recommended that you read through other customer reviews to help you make an informed decision about where to keep your money.
How to open an RBC chequing account
Here’s how you can open any RBC chequing account online or in person at your local branch:
- Ensure you meet the eligibility criteria, which is the age of majority in your province or territory
- Provide a valid passport or one piece of valid Canadian government-issued photo ID (permanent resident card or your driver’s license)
- Provide your Social Insurance Number for tax purposes
The good news is that there’s no minimum opening deposit for a chequing account with RBC Bank, so you don’t have to worry about having a specific amount.
RBC chequing account compared
RBC vs. Wealthsimple
You may not think of Wealtshimple when it comes to chequing accounts, but the Cash account is unique in the features that are offered. The Wealthsimple Cash account has no monthly fees, you can auto-invest your pay, and you can earn 3.25% on the funds in this account on top of getting access to commission-free stock trades.
RBC is the better option for a chequing account because they have branches across the products and other financial products that you may want to apply for. However, if you want to earn interest on the funds in your chequing account and are looking into investing your money, you'll want to think about switching over.
Invest on auto-pilot with WealthsimpleRBC vs. Tangerine
Tangerine, is an online bank owned by Scotabank, known for being an industry leader when it comes to offering no-fee chequing accounts. Tangerine, formerly known as ING Direct, offers a much simpler banking experience when it comes to chequing accounts as they have just one main account that comes with no fees for daily transactions, free Interact eTransfers and you get $250 as a special promotional offer if you change over your payroll.
I would choose a Tangerine chequing account over RBC since there are no fees to worry about and this is a huge savings. For example, with the highest tier RBC chequing account costing $30 per month, you could save $360 annually by choosing Tangerine. You can't deny these savings and every dollar matters when you’re trying to invest. You also don’t have to negotiate or worry about jumping through hoops to get the free account.
RBC vs. TD
TD Bank is another one of the big banks in Canada and serves over 14 million customers. TD offers a comprehensive variety of financial products from auto insurance to credit cards. Both TD and RBC offer multiple options for chequing accounts, so you can find one that fits your situation best.
When it comes to the big banks, you’ll want to choose one based on convenience or your personal situation. For example, if you want to bundle an insurance policy with your mortgage and chequing account, you’ll want to choose TD Bank. One Reddit user pointed out how you can have your TD chequing account fully rebated by holding a specific balance, which is an option that isn’t available with RBC.
FAQ
Martin Dasko has been helping millennials make sense of their finances without missing out on life since 2008. Martin started his financial writing career as a business major in Ryerson when he realized that there was so much school didn't teach us about managing money. Martin covers topics ranging from investing in real estate to trying to build your credit score without letting life pass you by.
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