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The RBC Advantage Banking for Students is an impressive financial solution tailored to meet the needs of students. This premier student bank account presents a plethora of perks at minimal cost, designed to cater to your student lifestyle while offering you the financial independence you need.
RBC’s Advantage Banking for Students offers 25 free debits monthly and no maintenance fees. Alternatives include the RBC Signature No Limit, Day to Day, and No Limit Banking for Students accounts, each providing distinct features.
To open an (Royal Bank of Canada) RBC Advantage account, ensure eligibility, prepare necessary documents, apply online, provide proof of enrollment, and fund the account. Understanding the account’s terms before proceeding is crucial to ensure it suits your needs.
Let’s explore this unique student-centric account, including it’s many features, benefits, and more.
RBC Advantage Banking for Students features
This student chequing account boasts an array of features to make your banking experience as seamless as possible:
- No monthly fee for full-time students
- Unlimited debit transactions within Canada
- Free Interac e-Transfer transactions
- RBC doesn’t charge you when you use ATMs belonging to different banks across Canada
- You can enjoy a rebate of up to $48 on the yearly fee for qualifying credit cards
- Access to the RBC Mobile Student Edition app
- Utilize your smartphone to make payments via the tap-and-go method
- Virtual Visa Debit for secure online shopping
- Earn a minimum of 1 Avion point for every $10 you spend in-store and online when you enroll your account in the Value Program
- Free online, mobile, and telephone banking
- Free eStatements or monthly paper statements
- 1 NSF fee rebated every calendar year
- 1 book of 50 cheques free; fees apply afterward
The pros of the RBC Advantage Banking for Students
Access to a Dedicated Mobile App
The RBC Mobile Student Edition app simplifies your banking experience by allowing you to manage your finances right from your phone. This user-friendly app keeps all your financial information at your fingertips, making banking more convenient than ever.
Rewards and Savings Opportunities
Earning rewards with the RBC Advantage Banking for Students is simple. Enrolling in the RBC Value Program allows you to accumulate Avion points whenever you shop, turning your everyday purchases into potential flights, car rentals, gift cards, and more.
Plus, the account offers a rebate on the annual fee of an eligible credit card, further amplifying your savings.
Exceptional Convenience
With unlimited free debit transactions within Canada, free Interac e-Transfers, and no RBC fee when using another bank’s ATM within Canada, banking has never been easier. Additionally, the Virtual Visa Debit ensures a hassle-free online shopping experience.
The cons of the RBC Advantage Banking for Students
Fee for Additional Services
Certain services carry an extra fee. These include using a PLUS System ATM in Canada or the US, Cross-Border Debits, and Overdraft Protection. Therefore, being aware of these charges is essential to avoid unexpected costs.
Limited Availability
The RBC Advantage Banking for Students is strictly available for full-time students. This signifies that you need to provide evidence of your registration at an eligible educational establishment.
RBC Advantage Banking for Students account fees
Here’s a comprehensive breakdown of the fees associated with the RBC Advantage Banking for Students account:
- For Overdraft Protection, a monthly fee of $5 is applicable, in addition to any overdraft interest incurred (if utilized).
- Every transaction at a PLUS System ATM within the boundaries of Canada or the US costs $3.
- If a PLUS System ATM is used outside of Canada or the US, a fee of $5 per transaction is charged.
- Each Cross-Border Debit transaction costs $1.
- Bank Drafts come with a charge of $9.95 per draft.
- For Safe Deposit Box services, standard fees are applicable.
- The initial booklet of 50 personalized cheques is provided free of charge; subsequent ones will incur a fee.
RBC Advantage Banking for Students special offers
The RBC Advantage Banking for Students features a welcome offer of $100 for new account holders, subject to specific conditions. This is an enticing offer, enabling you to start your banking journey with an extra $100 in your pocket.
Other account options suitable for students
If you’re looking for alternatives to the RBC Advantage Banking for Students, consider the following RBC accounts:
- RBC Signature No Limit Banking Account: Offers unlimited free transactions, free bank drafts, personalized cheques, and rebates on credit card fees. However, there’s a monthly maintenance fee of $16.95. This account offers more benefits than any of RBC’s student chequing accounts, making it a great choice if you need more features and have a budget for the monthly fee.
- RBC Day to Day Banking Account: This is RBC’s cheapest non-student account. It provides 12 free debits per month and only requires a monthly fee of $4. This account could be a suitable fit if you’re nearing the end of your degree and don’t want to convert your student account to a regular account when you graduate.
- RBC No Limit Banking for Students Account: This account comes with a $10.95 monthly fee but provides unlimited debits. You also get your first year of fees waived when you sign up. It’s a practical choice if you anticipate needing more than the 25 debits per month offered by the RBC Advantage Banking for Students account.
How to open RBC Advantage Banking for Students
Opening this student account is a straightforward process. Follow these steps:
- Eligibility Check: To be eligible to apply, you need to be a Canadian citizen or hold permanent residency status, and you must be a minimum of 18 years old, or 19 in certain provinces. Furthermore, you need to be enrolled as a student at a qualifying higher education establishment within Canada.
- Prepare Your Documents: Gather necessary information, including your name, residential status, contact information, Social Insurance Number (optional), date of birth, email address, and phone number.
- Go to the RBC Website: Navigate to the RBC Advantage Banking for Students webpage.
- Apply Online: Navigate and select the option labeled “Open an Account”, then proceed as per the given directions. Be prepared to input the data you assembled during the second step
- Provide Proof of Enrollment: You’ll need to show that you are enrolled at a qualifying educational institution. Be ready with this document.
- Fund the Account: After receiving approval for your account, there are multiple ways to add funds. You could make a deposit at an RBC ATM, visit an RBC branch for a deposit, or initiate a money transfer from a different bank account.
- Download the App: Download the RBC Mobile app, designed specifically for student users, to take advantage of mobile banking.
The RBC Advantage Banking for Students account offers numerous benefits and features. Nonetheless, it’s of vital importance to thoroughly comprehend the terms and conditions prior to establishing any banking account. Do your due diligence to ensure it is the correct account for your personal and financial circumstances.
RBC Advantage Banking for Students conclusion
The RBC Advantage Banking for Students account is a practical option for students managing their finances, offering 25 free monthly debits and zero maintenance fees. Alternatives such as the RBC Signature No Limit, Day to Day, and No Limit Banking for Students cater to diverse needs with unique benefits.
Considering your banking needs, studying the account specifics, and making an informed decision are essential. Remember, digital banking can empower financial literacy, aiding in sound money management for a secure future.
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