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  • $30 Monthly Fee
  • $0 Welcome Bonus
  • 100+ Transactions
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The most valuable features we offer—in a single account - Claim this offer

RBC VIP Banking Overview

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For those searching for a premium banking package, the (Royal Bank of Canada) RBC VIP Banking account delivers impressive features and benefits.

The RBC VIP Banking account provides unlimited transactions, free e-transfers, and access to high-reward-rate RBC credit cards. Despite a higher monthly fee, frequent users often find its benefits worthwhile.

Exceptional customer service and robust security measures enhance the offering. As of July 2023, a new iPad is included as a welcome gift for new account holders.

This review thoroughly explores this account, providing everything you need to know to make an informed decision.

RBC VIP Banking Account features

When customers open this chequing account, they gain access to the following useful features:

  • No minimum balance
  • Unlimited debit transactions worldwide
  • No RBC fee on ATM use worldwide
  • Up to $120 rebate on the annual fee of an eligible credit card
  • Overdraft Protection fee waived
  • Avion Points are earned for every $10 spent using the enrolled account
  • Up to 2 additional CAD accounts and 1 USD account with no monthly fee and unlimited debit transactions
  • Free personalized cheques and up to 12 free bank drafts per year
  • Discounts on regular fees for a Safe Deposit Box
  • 1 NSF fee rebated every calendar year

The pros of RBC VIP Banking

Extensive Feature List

RBC VIP Banking stands out with its feature-rich offerings. The account provides unlimited debit transactions worldwide, significantly benefiting those who travel or make many international transactions.

You also enjoy an array of benefits, including overdraft protection, Avion Points earned on every $10 spent, and even free personalized cheques and bank drafts.

Special Rebates and Fee Waivers

The VIP account offers many rebates and fee waivers, including no RBC fee on ATM use worldwide and up to $120 rebate on the annual fee of an eligible credit card. This reduces the overall cost of maintaining the account and makes the banking experience more convenient and hassle-free.

Rewarding Loyalty Program

This chequing account shines with its loyalty program. You get rewarded with Avion Points for using your account. And if you have other RBC products, you can lower your monthly fee by as much as $11.95. This feature further enhances the value of the VIP account.

RBC VIP Banking - comparewise

The cons of RBC VIP Banking

High Monthly Fee

The RBC VIP Banking account charges a $30 monthly fee, which is considerably higher than other bank accounts. However, if you can fully utilize all its perks and benefits, the account pays for itself over time.

Limited Interest Earnings

The RBC VIP account does not offer interest earnings on the balance held in the account. This may be a significant downside for those who keep a substantial balance in their account and wish to earn interest.

Beneficial Only with Full Utilization

While the account has numerous benefits, you only truly save money if you take full advantage of all its perks. Not everyone may find all these features useful, limiting the value for money.

RBC VIP Banking fees

RBC VIP Banking comes with a monthly fee of $30. However, there are ways to lower this fee with the RBC Value Program Rebate. The monthly fee could be as low as $18.05 if you qualify. And for seniors, the monthly fee is $22.50.

RBC VIP Banking special offers

As of July 2023, RBC VIP Banking offers a new iPad as a welcome gift when you open a VIP Banking account.

Other RBC chequing account options

RBC also offers other chequing accounts with different features and lower fees to cater to various banking needs. These include the following:

  • RBC Day to Day Banking: This is a cost-effective account option with a minimal monthly fee of $4. It’s ideal for those who perform fewer transactions, allowing 12 monthly debits and unlimited debits for eligible public transit. With no minimum balance requirement, it offers free Interac e-Transfer transactions. It also includes rebates for the Value Program, seniors, and RDSP beneficiaries.
  • RBC Advantage Banking: Priced at a monthly fee of $11.95, the Advantage Banking account offers unlimited debit transactions within Canada and no fees when using other banks’ ATMs domestically. Like the Day to Day Banking, it has no minimum balance requirement and offers free Interac e-Transfer transactions. Fee rebates are available for full-time students, newcomers, seniors, and those enrolled in the Value Program.
  • RBC Signature No Limit Banking: For a monthly fee of $16.95, this account offers premium features such as unlimited debits in Canada, up to $48 rebate on an eligible credit card’s annual fee, and waivers on 3 non-RBC ATM fees per month. It also includes five free cross-border debits per month, overdraft protection fee waivers, and an attractive offer for a new iPad. This option provides value rebates for seniors and those enrolled in the Value Program.

How to open the RBC VIP Banking Account

Here is a step-by-step guide on how to open this chequing account:

  1. Visit the RBC website and navigate to the RBC VIP Banking page.
  2. Click on ‘Open Account.’
  3. Complete the online application form, providing details such as your name, address, contact information, social security number (or equivalent identifier), employment information and other necessary details. You will also be asked about your income and financial commitments.
  4. Review your application carefully and make sure all the information is accurate.
  5. Submit your application and wait for an RBC representative to get back to you. This process can take up to a few business days.
  6. Upon approval, you will be required to deposit the minimum opening balance into your new account.

RBC VIP Banking conclusion

The RBC VIP Banking account offers many valuable benefits, such as unlimited transactions, free e-transfers, and access to RBC credit cards with high reward rates. While the account comes with a higher monthly fee, the benefits often outweigh the costs for individuals who are heavy banking users.

The added bonus of a new iPad for new account holders makes it an even more attractive choice. As with any financial decision, assess your needs and financial situation before choosing this or any banking product.

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FAQs about RBC VIP Banking

Is there a way to waive the monthly fee for the RBC VIP Banking account?

While RBC occasionally offers promotions, as of July 2023, waiving the VIP account's monthly fee isn't a standard option.

Can I open an RBC VIP Banking account if I live outside of Canada?

Yes. RBC allows international customers to open an account, but some restrictions may apply depending on your location.

Are there any age restrictions for opening an RBC VIP Banking account?

No. No specific age restrictions exist, but minors may need parental or guardian approval to open an account.

RBC VIP Banking Details

Monthly Fee
Monthly Self Serve Transactions
Monthly Cheque Transactions
Monthly E-Transfers
Number of Monthly Transactions
Other Features

RBC VIP Banking Contact

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