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  • $11.95 Monthly Fee
  • $0 Welcome Bonus
  • 100+ Transactions
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RBC Advantage Banking Overview

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Are you keen to discover the many benefits of (Royal Bank of Canada) RBC Advantage Banking? This versatile chequing account offers a budget-friendly solution tailored to meet your everyday banking needs.

The RBC Advantage Banking account is a practical, budget-friendly option offering various services. For $11.95 monthly, it includes unlimited debit transactions and free Interac e-Transfers. Seniors, students, and newcomers may receive a discounted rate. Additional perks include access to the RBC Rewards program and NOMI insights.

This review seeks to provide an exhaustive look into the banking account’s essential features, benefits, drawbacks, fees, and how to open an account.

RBC Advantage Banking Account features

With RBC Advantage Banking, you can expect the following:

  • No minimum balance requirement
  • Unlimited debit transactions in Canada
  • Free Interac e-Transfer transactions
  • Access to any ATM in Canada without RBC fees
  • Participation in the Value Program to earn Avion points
  • Availability of a Value Program Rebate to reduce or eliminate your monthly fee
  • Discounts for students, seniors, and newcomers
  • Online, Mobile, and Telephone Banking options
  • One NSF fee is rebated every calendar year
  • Access to personalized cheques, with the first book of 50 cheques free
  • Optional services like PLUS System ATM usage, Overdraft Protection, Cross-Border Debits, and Safe Deposit Box.

The pros of the RBC Advantage Banking

Unlimited Debit Transactions in Canada

As consumers are more inclined to tap, swipe, or click for purchases, unlimited free debit transactions within Canada become crucial. This ability, offered with this chequing account, saves you from those additional charges accumulating over time.

Rewards and Discounts

RBC Advantage Banking is a great way to get rewarded for everyday spending. You can earn Avion points for your debit purchases, leading to significant savings when redeemed for flights, gift cards, and more. You also get to save 3 cents per liter on gas at Petro-Canada stations, further stretching your dollar.

Student, Seniors, and Newcomers Discounts

RBC Advantage Banking acknowledges the different life stages of its customers. Full-time students and newcomers get a year’s worth of service without monthly fees. Meanwhile, seniors enjoy a reduced fee of $7.95 monthly or even less with the Value Program Rebate.

The cons of the RBC Advantage Banking

Difficulty in Waiving the Monthly Fee

Unlike some banking accounts where maintaining a minimum balance waives the monthly fee, the RBC Advantage Banking account requires enrollment in multiple RBC products. This can prove challenging for those unable to open a credit card, investment, mortgage, or business account with RBC.

Overdraft Protection Fee

For those inclined to use the overdraft feature, be prepared for an additional $5 monthly for this service. If you’re frequently close to overdrawing, consider other account options with more affordable or included overdraft protection.

RBC Advantage Banking fees

RBC Advantage Banking comes with a monthly fee of $11.95, which can be reduced or waived under certain conditions. An NSF fee is rebated once every calendar year, and each book of personalized cheques beyond the first free one incurs additional fees. Monthly paper statements cost $2.25 without cheque images or $2.50 with them.

Optional services come with their own fees: Using a PLUS System ATM in Canada or the US costs $3, while usage outside these countries costs $5. Cross-Border Debits are $1 each, and Overdraft Protection is an extra $5 per month plus interest if used.

Rbc Advantage Banking - Comparewise

RBC Advantage Banking special offers

RBC Advantage Banking recently introduced RBC Vantage, which allows you to unlock rewards, savings, and insights with eligible bank accounts. It lets you save on monthly fees without a minimum balance and offers personalized financial insights through NOMI. Moreover, you can save cash on gas by using your linked RBC card at Petro-Canada.

Other RBC chequing account options

RBC offers several other chequing accounts tailored to individual needs:

  • RBC Signature No Limit Banking: For $16.95 per month, this account offers unlimited transactions, free Interac e-Transfers, two free non-RBC ATM withdrawals monthly in Canada, credit card rebates, and RBC Rewards points on debit purchases.
  • RBC VIP Banking: At $30.00 per month, you get unlimited transactions, free non-RBC ATM withdrawals, free personalized cheques, free bank drafts, an annual credit card fee rebate, and RBC Rewards points on debit purchases.
  • RBC Day to Day Banking: Ideal for cost-conscious customers, this $4.00 per month account offers 12 free debits monthly, free Interac e-Transfers, and possible discounts for seniors, students, and newcomers.
  • RBC Advantage Banking for Students: Free for full-time post-secondary students, providing unlimited debits and free Interac e-Transfers.

How to open the RBC Advantage Banking Account

Opening an RBC Advantage Banking account is a straightforward process that can be done online, over the phone, or in person at an RBC branch. Here are the steps to get you started:

Online:

  1. Visit the RBC website and navigate to the chequing accounts section.
  2. Select the RBC Advantage Banking account and click on ‘Open an account’.
  3. You’ll need to provide some personal information, including your name, date of birth, contact details, and Social Insurance Number (SIN).
  4. Follow the prompts to complete your application. Once done, you will receive a confirmation email.
  5. Once your account opens, you can set up a direct deposit and transfer funds into your new account.

Over the Phone or In Person:

  1. You can also open an RBC Advantage Banking account by calling RBC’s customer service or by visiting an RBC branch.
  2. Like the online process, you’ll need to provide personal information.
  3. The representative will guide you through the account opening process.

Remember to have your identification and other necessary details handy before starting the process.

RBC Advantage Banking conclusion

With its customer-oriented features, affordable monthly fee, and robust online banking platform, the RBC Advantage Banking Account offers a significant value proposition to a wide range of customers. The different perks and rebates that come with the account can help offset the monthly fee and make your banking experience more rewarding.

Whether you’re looking for a reliable everyday banking solution, trying to save on bank fees, or seeking a way to earn rewards for your spending, the RBC Advantage Banking account offers a compelling option. However, always consider your unique financial circumstances and needs before choosing a banking product to ensure it aligns with your financial goals.

RBC has positioned itself as a comprehensive financial institution, and the Advantage Banking account is a strong testament to that commitment. If this account seems right for you, opening it is just a few clicks away.

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FAQs about RBC Advantage Banking

Can I open an RBC Advantage Banking account if I am not a Canadian resident?

Yes. Non-residents can open an account with RBC, but certain conditions apply. Please consult with an RBC representative for details.

Can I switch from another RBC account to the Advantage Banking account?

Yes, RBC allows account switching. Contact RBC or visit your nearest branch to make the switch.

Are there any fee waivers for seniors or students with the RBC Advantage Banking account?

Yes, RBC offers discounted rates for seniors and students. Specific conditions apply, so contacting RBC for accurate information is best.

RBC Advantage Banking Details

Monthly Fee
$11.95
Transaction Fee
No Fee
E-Transfer Fee
No Fee
Monthly Self Serve Transactions
Unlimited
Monthly Cheque Transactions
Unlimited
Monthly E-Transfers
Unlimited
Number of Monthly Transactions
Unlimited
Other Features

RBC Advantage Banking Contact

Phone Number
Hours
9:30 AM - 5:00 PM
Address
200 Bay Street Toronto Ontario M5J 2W7 Canada
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RBC Advantage Banking Details
  • Account Type : Chequing
  • Monthly Fee : $11.95
  • Monthly Transactions : Unlimited
  • Other Features :
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