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The (Royal Bank of Canada) RBC Day to Day Banking is a simple yet efficient banking solution designed to cater to the everyday banking needs of individuals, particularly those with limited transaction requirements.
If you want a cost-effective, low monthly fee account for basic banking needs, the RBC Day to Day Banking account is ideal. This account offers a monthly quota of 12 transactions at no cost, with special discounts available for the senior population.
RBC offers VIP, Signature No Limit, and No Limit banking options for more features. Opening the Day to Day account is simple, involving an online form, approval, and account funding.
Tailored to match the essentials of modern banking while being light on the pocket, the account emerges as an attractive choice for many Canadians. Let’s delve deeper in the benefits of this popular chequing account.
RBC Day to Day Banking Account features
The RBC Day to Day Banking offers a range of features:
- No minimum balance requirement at any point
- Access to 12 debits monthly, along with unlimited free debits for eligible public transit
- Seamless sending and receiving of money
- Free Interac e-Transfer transactions
- Opportunity to lower your monthly fee to $0 with Value Program Rebate or if you’re a senior or an RDSP beneficiary
- Earn at least 1 Avion point for every $10 you spend either in physical stores or online
- Banking services are free of charge when accessed online, via mobile, or over the telephone
- Choose between electronic statements or monthly hard copy statements
- If you’re not entirely content within the initial four months, the Right Account Guarantee promises a reimbursement of the monthly fees for up to three months
The pros of the RBC Day to Day Banking Account
Low Monthly Fee
RBC Day to Day Banking is known for its affordability, featuring a low monthly fee of just $4. As such, it’s an ideal option for those looking for a basic yet effective banking solution.
No Minimum Balance Requirement
The absence of a minimum balance requirement adds to the account’s flexibility. This feature allows customers to manage their finances without the stress of maintaining a specific balance, making it more accessible to a broader range of users.
Potential for Fee Rebates
Another perk is the potential to reduce the monthly fee to zero through the Value Program Rebate, which is particularly beneficial for seniors and RDSP beneficiaries. The chance to pay no monthly fee without any minimum balance constraint is a major plus for many users.
The cons of the RBC Day to Day Banking Account
Limited Number of Free Transactions
While the RBC Day to Day Banking account offers a budget-friendly banking solution, it does limit free transactions to 12 per month, with each subsequent transaction costing $1.25. This may be a drawback for users with higher transaction requirements.
No Interest Earnings
One notable downside is that this account doesn’t allow you to earn interest on the money you hold. If earning interest is a priority, an alternative account may be more suitable.
Additional Fees for Certain Services
Using a non-RBC ATM, getting bank drafts, or using overdraft protection attracts additional fees, which could add to your overall banking costs if you frequently use these services.
RBC Day to Day Banking Account fees
While the RBC Day to Day Banking account keeps its monthly fee minimal at $4, it does impose a $1.25 charge for transactions beyond the free monthly limit of 12. A monthly charge of $2.50 applies for monthly paper statements that include images of cheques, with the exception being accounts that are eligible for the Seniors Rebate.
Using a non-RBC Interac ATM in Canada attracts a $2 fee, which increases to $3 and $5 for using a PLUS System ATM in Canada, the U.S., and outside these countries, respectively. Overdraft protection comes at $5 per month, along with overdraft interest if used. Services like bank drafts and personalized cheques also involve fees.
RBC Day to Day Banking Account special offers
RBC Vantage opens a world of benefits, enabling you to earn rewards, reduce fees, and even save on fuel costs at Petro-Canada with your associated RBC card.
Furthermore, you can gain access to personalized financial insights through NOMI. Another significant advantage is the ability to accrue Avion points with your account, enhancing the rewards you get from your everyday banking activities.
Other RBC account options
If the RBC Day to Day Banking does not match your financial requirements or spending patterns, RBC offers a variety of other chequing accounts each boasting unique features and benefits:
- RBC VIP Banking Account: As a premium offering, this account grants unlimited transactions, complimentary ATM withdrawals, a rebate on premium credit cards (up to $120), and free overdraft protection. It carries a monthly fee of $30.
- RBC Signature No Limit Banking Account: This is a middle-tier account which gives you access to unlimited transactions, rebates on credit card fees, and a selection of complimentary services. A monthly maintenance fee of $16.95 is applicable.
- RBC No Limit Banking Account: This basic account includes unlimited free transactions and free Interac e-Transfers. The monthly fee associated with this account is $10.95.
How to open the RBC Day to Day Banking Account
Opening this chequing account is a straightforward process. Here’s a step-by-step guide:
- Check Eligibility: Confirm that you are a Canadian citizen or hold a permanent residency status and are at least 18 years of age, or 19 in certain provinces.
- Visit RBC Website: Go to the RBC website and navigate to the “Day to Day Banking” account page.
- Click “Open an Account”: Click the “Open an account” button. You’ll be directed to the application form.
- Fill in the Application: Input the necessary details such as your name, residential status, and contact data. Your Social Insurance Number isn’t mandatory but offering it could potentially expedite the application procedure.
- Examine and Forward: Ensure the information given is accurate by reviewing it thoroughly, then proceed to send your application.
- Wait for Approval: After submission, wait for RBC’s approval. If additional information is required, an RBC representative will contact you.
- Fund the Account: Once approved, you can fund your account by transferring funds from another account, depositing cash or a cheque at an RBC branch, or setting up a direct deposit.
RBC Day to Day Banking Account conclusion
The RBC Day to Day Banking account is a cost-effective option for those with basic banking needs. Its minimal monthly fee and discounts for multiple RBC accounts or seniors make it an affordable choice.
However, with limited transaction allowances and fees for additional services, it may not be the ideal fit for everyone. When choosing a bank account, it’s essential to consider your financial habits and requirements to find the best fit.
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