Best RBC Chequing Accounts - Comparewise

Best RBC Chequing Accounts

If you're in the market for a chequing account, you'll want to know the best RBC chequing accounts. You have several options to choose from based on your needs. And each chequing account has unique features and perks that make banking convenient and hassle-free.

Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

Last Updated: Apr 08, 2024

Compare 4 Best RBC Chequing Accounts

4 Results

#1 Choice
Get Started

RBC Day-to-Day Banking

$4
Monthly Fee
12
Transactions
  • 12 debits/month
  • Unlimited free debits for public transit
  • FREE Interac e-Transfer transactions
Pros & Cons
Extra Details
Popular
Get Started

RBC Advantage Banking

$5.95
Monthly Fee
Unlimited
Transactions
  • Unlimited debits in Canada
  • $0 monthly fee for newcomers and students
  • FREE Interac e-Transfer transactions
Pros & Cons
Extra Details
Best Value
Get Started

RBC Signature No Limit Banking

$16.95
Monthly Fee
Unlimited
Transactions
  • Unlimited debits in Canada
  • Overdraft Protection fee waived
  • Free Interac e-Transfer transactions
Pros & Cons
Extra Details
Get Started

RBC VIP Banking

$30
Monthly Fee
Unlimited
Transactions
  • Unlimited debits worldwide
  • Overdraft Protection fee waived
  • Free Interac e-Transfer transactions
Pros & Cons
Extra Details

Best RBC Chequing Accounts

RBC is one of Canada’s largest banks, meeting the banking needs of millions nationwide. It offers four chequing accounts, including the no-frills RBC Day to Day and premium VIP Banking accounts.

All RBC chequing accounts have no minimum required balance and offer free unlimited Interac e-Transfers. Whether you favour premium or essential features, there’s an option for you.

This guide explores the best RBC chequing accounts. We’ll take a closer look at each account’s key features, benefits, and costs. That way, you can make an informed decision and find the best chequing account for your needs. Let’s get started.

What chequing accounts does RBC have?

RBC provides four chequing accounts, including the following:

  • RBC Day-to-Day Banking
  • RBC Advantage Banking
  • RBC Signature No Limit Banking
  • RBC VIP Banking

Although each account has distinct features, they all offer free unlimited Interac e-Transfers, fuel savings at Petro-Canada, and Avion Points. Also, no minimum balance is required. Let’s explore the best RBC chequing accounts in detail below.

RBC Day-to-Day Banking

The RBC Day-to-Day Banking account could be an excellent fit if you’re looking for a no-frills chequing account. For $4 per month, you get 12 free monthly transactions and unlimited monthly Interac e-Transfers.

With the RBC Right Account Guarantee, you can rest assured that you’ll be satisfied with your account. If you aren’t, you’ll receive a refund of up to three months of fees. Overall, this account is the best RBC chequing account for those looking to keep their basic banking needs in check.

Account Type

Personal

Best for

Basic banking needs without the high fees.

Key Features

  • 12 Free monthly transactions
  • Unlimited free debits for eligible public transit
  • Unlimited monthly Interac e-Transfers
  • No Minimum balance required
  • $0 monthly fee available with rebates
  • Personalized spending insights with NOMI

Benefits

Low Monthly Fee

For $4 per month, you can hold the RBC Day-to-Day Banking chequing account. This is a reasonable charge considering most chequing accounts have a fee of over $10. With the Value Program Rebate, you can eliminate the monthly payment altogether. Additionally, seniors and Registered Disability Savings Plan (RDSP) beneficiaries qualify for a $0 monthly fee.

Petro-Canada & Avion Rewards

While the RBC Day-to-Day Banking chequing account is basic, it still gets you additional perks at Petro-Canada. You’ll save 3 cents per litre and earn 20% more Petro-Points at Petro-Canada locations. Plus, for every $10 in debit spending, you’ll earn 1 Avion point. These are redeemable for travel and gift cards.

Unlimited Interac e-Transfers

Some basic bank accounts at big banks will charge you for Interac e-Transfers. However, with RBC, you won’t have to pay a fee to make as many Interac e-Transfers as you want.

RBC Right Account Guarantee

The RBC Right Account Guarantee is RBC’s commitment to ensuring its customers are satisfied with their new accounts. If you aren’t, they will refund up to 3 months of account fees.

Drawbacks

No Credit Card Discounts

Unlike other RBC chequing accounts, the Day to Day Banking account doesn’t waive the monthly fee for an RBC credit card.

Limited to 12 Free Monthly Transactions

Only the first 12 transactions per month are free. After that, you’ll be charged $1.25 per transaction until RBC resets your transactions in the next month.

Costly Charges for Non-RBC ATM Withdrawals

If you can’t find an RBC ATM and have no choice but to use a non-RBC ATM, you’ll be charged $2 in Canada. Withdrawing at a non-RBC ATM in the U.S. or PLUS System in Canada will cost you $3. While international withdrawals can go up to $5.

Costs & Fees

  • Monthly fee: $4
  • Debit transactions: First 12 free, then $1.25 afterward
  • Non-RBC Interac ATM in Canada: $2 each
  • Interac e-Transfers: Free
  • Cross-Border debits: $1 each
  • Overdraft Protection: $5/month
  • Online, Mobile and Telephone Banking: Free
  • Eligible credit card annual fee rebate: $0

RBC Advantage Banking

The RBC Advantage Banking chequing account is one of the best RBC chequing accounts available today. It offers numerous features and benefits for its customers.

This account boasts no minimum balance required and a monthly fee of only $11.95. And it’s perfect for those who want unlimited free debit transactions without worrying about extra costs.

You can also enjoy unlimited Interac e-Transfers and earn Avion points on your purchases. Linking the account to a Petro-Points account can result in fuel savings at Petro-Canada. Therefore, it’s an excellent choice for those who want to save more.

Account Type

Personal

Best for

Unlimited free debit transactions.

Key Features

  • Personalized spending insights with NOMI   
  • RBC Right Account Guarantee
  • No minimum balance required
  • $0 monthly fee for full-time students and for one year for newcomers

Benefits

$100 Welcome Bonus

You can earn a $100 RBC welcome bonus for a limited time when you open an RBC Advantage Banking chequing account.

Unlimited Tap, Swipe, and Debit Transactions in Canada

You can use your RBC Advantage Chequing account without the fear of accumulating extra fees.

Unlimited Interac e-Transfers

Unlimited Interac e-Transfers can be beneficial if you want to use RBC online banking. With this free service, you won’t need to worry about huge charges adding up over time.

Fuel Savings at Petro-Canada

Link your RBC Advantage account to your Petro-Points account, and you’ll save 3 cents per litre on fuel. Although it may appear like a minor discount, it can significantly impact your monthly savings. In addition, you’ll be eligible to earn 20% more Petro-Points at Petro-Canada locations.

Avion Point Rewards

You can earn Avion points when you use your chequing account to make debit purchases in-store or online. For every $10 you spend, you’ll receive 1 Avion point. These can be redeemed for travel and more.

Drawbacks

Features Don’t Justify the Monthly Fee

Although this account has some enticing features, they don’t justify the $11.95 monthly fee. Plenty of other accounts allow unlimited transactions and rewards points without paying a monthly fee.

best rbc chequing accounts - comparewise
Overdraft Protection Costs $5/month

Your monthly fee can be even higher if you want to add overdraft protection. If you need this coverage, consider looking for a chequing account that offers it as a basic feature.

Costs & Fees

  • Monthly fee: $11.95 ($5.95 or $0 with Value Program Rebate, $0 for full-time students and one year for newcomers, and $7.95 for seniors)
  • Non-RBC Interac ATM in Canada: $0
  • Interac e-Transfers: Free
  • Cross-Border debits: $1 each
  • Overdraft Protection: $5/month
  • Online, Mobile and Telephone Banking: Free
  • Eligible credit card annual fee rebate: Up to $48 for students

RBC Signature No Limit Banking

The RBC Signature No Limit Banking chequing account offers a variety of perks to make banking a breeze. With no minimum balance required and unlimited debit transactions, this account is ideal for those who frequently use a debit card.

You can earn 1 Avion point for every $10 in debit spending and save on fuel at Petro-Canada locations. Therefore, this is the best RBC chequing account for those who value rewards and are willing to pay for convenience.

Account Type

Personal

Best for

Earning Avion points.

Key Features

  • No minimum balance required
  • Personalized spending insights with NOMI
  • RBC Right Account Guarantee
  • 1 Avion point for every $10 in debit spending
  • Multi-product and seniors’ rebates are available
  • Free personalized cheques
  • Save 3 cents per litre on fuel at Petro-Canada locations

Benefits

$350 Welcome Bonus

As a new RBC Signature No Limit Banking account holder, you qualify for a $350 RBC welcome bonus. To be eligible for the bonus, you must meet at least two conditions:

  • Set up a direct deposit
  • Make two pre-authorized payments
  • Make two monthly bill payments

Bear in mind that this is a limited-time offer and is subject to change.

Unlimited Tap, Swipe, and Debit Transactions in Canada

Use your RBC Signature No Limit Banking account without worrying about paying fees for debit transactions in Canada.

Free Unlimited Interac e-Transfers

A chequing account that offers enough free Interac e-Transfers is worth betting on. In the case of the RBC Signature No Limit Banking account, you get unlimited Interac e-Transfers. Therefore, you won’t have to worry about racking up excessive charges.

Credit Card Rebate

With the RBC Signature No Limit Banking account, you’ll receive up to $48 in annual rebates for specific RBC credit cards. This includes the RBC Signature Rewards Visa, Visa Cash Back Card, and ION+ Visa.

No Monthly Overdraft Protection Fee

This perk will be a significant bonus if you’re often at risk of an overdraft with your debit account. You’ll save on the monthly fee for overdraft protection, as it comes free with the RBC Signature No Limit Banking account.

Drawbacks

Costly Monthly Fee

Although this chequing account has some great features, it has a monthly fee of $16.95. In a year, you’ll spend $203.40. This can be unjustifiable, especially since there are free chequing accounts with similar features.

Plus, there’s no way to entirely eliminate the monthly cost. You can only get a lower monthly fee with the Value Program Rebate or if you’re a senior.

High Charges for Using Non-RBC ATMs

When using non-RBC ATMs, you’ll be charged $2 for withdrawals in Canada. In the U.S., the fee goes up to $3 and globally, $5. Although these appear like small charges, they can add up, especially with the costs the ATM provider may charge.

Costs & Fees

  • Monthly fee: $16.95 ($10.95 or $5 with Value Program Rebate, and $12.95 for seniors)
  • Non-RBC Interac ATM in Canada: 3 waived/month ($2 each afterward)
  • Interac e-Transfers: Free
  • Cross-Border debits: 5 free/month ($1 each after)
  • Overdraft Protection: Fee waived
  • Online, Mobile and Telephone Banking: Free
  • Eligible credit card annual fee rebate: Up to $48

RBC VIP Banking

Thanks to its premium features, this account is among the best RBC chequing accounts. It boasts a $350 welcome bonus, up to $120 credit card annual fee discount, and free overdraft protection. And you get free personalized cheques and no fee for a U.S. personal banking account.

The monthly fee of $30 can be reduced with the Value Program Rebate. And Canadians over 60 years old can enjoy a discounted price of $22.50. The RBC VIP Banking account is ideal for those seeking a top-tier banking experience.

Account Type

Personal

Best for

Premium features and credit card rebates.

Key Features

  • No minimum balance required
  • Unlimited debit transactions and Interac e-Transfers
  • Personalized spending insights with NOMI
  • RBC Right Account Guarantee
  • 1 Avion point for every $10 in debit spending
  • No RBC Direct Investing maintenance fees
  • Save 3 cents/L on fuel at Petro-Canada and earn 20% more Petro-Points
  • Save $60 on safety deposit box rental fees

Benefits

$350 Welcome Bonus

When you open a new RBC VIP Banking account, you earn a $350 welcome bonus. The two conditions you must meet include setting up a direct deposit, two pre-authorized payments, and/or two monthly bill payments. Once you do, you’ll unlock the bonus. Note that this offer is available for a limited time and is subject to change.

Up to $120 Credit Card Annual Fee Discount

You’ll receive a $120 annual fee waiver on select RBC credit cards if you want a credit card.

Free Overdraft Protection and Personalized Cheques

With the RBC VIP Banking account, you’ll be protected from overdrafts without paying an additional fee. And although cheques are being used less these days, you’ll receive free personalized cheques.

No Fee for U.S. Personal Banking Account

If you often travel to the U.S., you can open an RBC U.S. personal bank account and pay no monthly fee. This is a significant bonus considering the RBC U.S. bank accounts cost between $40 and $100.

No Charges for Using Non-affiliated ATMs

You won’t be charged a fee when withdrawing from ATMs outside the RBC network. This can result in huge savings over time if you often withdraw cash. Or when you don’t have time to find an RBC ATM. Bear in mind that the ATM provider may still charge ATM convenience fees.

Drawbacks

High Monthly Fee

The most significant flaw of this account is its monthly fee of $30. In a year, you’ll spend $360, which can be costly when considering your other expenses. Additionally, there are no rebates to eliminate the monthly fee altogether, which would beat the available Value Program Rebate and senior discount.

Costs & Fees

  • Monthly fee: $30 ($24 or $18.04 with Value Program Rebate, and $22.50 for seniors)
  • Non-RBC Interac ATM in Canada: No fee
  • Interac e-Transfers: Free
  • Cross-Border debits: Free
  • Overdraft Protection: Fee waived
  • Online, Mobile and Telephone Banking: Free
  • Eligible credit card annual fee rebate: Up to $120

How to open an RBC chequing account

You can open an RBC chequing account by visiting your local branch, via the RBC mobile app, or online. Before you start the process, ensure you meet the eligibility criteria for the account you’re interested in opening. These include, but aren’t limited to, the following:

  • Be the age of majority in your province (18 or 19 years old)
  • Be a Canadian resident
  • Enrollment in an eligible school (for students)
  • Permanent residence or have landing papers (for newcomers)

Once you verify that you are eligible, you can open an account. Follow these steps:

  1. Visit the RBC chequing account page.
  2. Choose the best RBC chequing account for you, then click ‘open account.’
  3. Fill in your personal information.
  4. Verify your identity with a form of identification, such as your passport or government-issued ID.

Best RBC chequing accounts: the bottom line

When it comes to choosing the best RBC chequing account, it depends on your specific needs and financial goals. For those looking for premium features and credit card rebates, the RBC VIP Banking account is a great option.

The RBC Signature No Limit Banking account offers no monthly overdraft protection fee and a generous welcome bonus. And the RBC Advantage Banking and RBC Day-to-Day Banking accounts are ideal for those seeking basic banking features.

Consider your financial situation and banking needs to determine the best RBC chequing account for you.

You might also like…

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Buy and sell gold, silver & platinum online at the best price.
Min Investment
$1
Target Return
Varied
Get up to $150 cash bonus
Min Investment
$0
Target Return
Varied
Flexibility with a great return.
Min Investment
$100
Target Return
5.20%
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
Buying and securing gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
High return on a shorter term.
Min Investment
$500
Target Return
4.25%
Get a $100 welcome bonus, when you make your top-up*
Min Investment
$10
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Sign Up And Access 65+ Cryptocurrencies Instantly
Min Investment
$10
Target Return
Varied

comparewise

May 3, 2023
Fact Checked
Categories:

Grow your finances today.

By submitting, you agree to comparewise’s terms of use and privacy policy.

FAQs about the best RBC chequing accounts

Do all RBC chequing accounts have fees for non-RBC ATM withdrawals?

No, not all RBC chequing accounts have fees for Non-RBC ATM withdrawals. The RBC VIP Banking account has no fees for using non-affiliated ATMs worldwide. While the RBC Signature No Limit Banking Account offers 3 free non-RBC ATM withdrawals per month. Once you use up your free withdrawals, you'll be charged $2 per withdrawal.

How secure is RBC?

RBC employs high-end security measures and banking protocols. The bank is also a Canada Deposit Insurance Corporation (CDIC) member. This means up to $100,000 of deposits in your account will be protected if RBC becomes insolvent. Additionally, RBC is one of the big five banks in Canada, with over $1.70 trillion in assets under management.

How do I avoid RBC monthly fees?

You can avoid monthly fees with the RBC Day-to-Day Banking account if you're a senior or RDSP beneficiary. This basic account is the best RBC chequing account for avoiding monthly fees. In addition, you can lower the monthly payment on the other RBC chequing accounts by leveraging the Value Program rebate. Or if you're a senior, student, or newcomer, you can qualify for discounts.

What is the RBC chequing account minimum balance?

There is no RBC chequing account minimum balance for all accounts. That means anyone can open an account regardless of their financial situation.

Does RBC have a free chequing account?

RBC does not have a free chequing account. However, its most basic account, RBC Day-to-Day Banking, comes with fee waivers for seniors and RDSP beneficiaries. You can also eliminate the monthly fee altogether with the Value Program rebate.

Car loan?
Personal Loan?

Top deals await you just a short
application away!

You may also like

Coast Capital Chequing Accounts is a popular option for many Canadians, with ...
Choosing the best TD Chequing Accounts can be daunting as several options exi...
Finding the best HSBC chequing accounts can be challenging. However, several ...
Comparing the best Tangerine chequing accounts can help you decide which acco...
Best National Bank Chequing Accounts are essential for managing day-to-day ex...
You might look at the banks with the largest market capitalization for a cheq...
Check out the best chequing accounts in Canada. These chequing accounts make ...
**Limited time offer: Get up to a $600* cash bonus with BMO. Plus, a 5.5% pro...
The best Vancity chequing accounts ensure your money is always within reach f...
Are you looking for the best Simplii chequing accounts that fit your financia...
CIBC chequing accounts have many benefits that make everyday spending a breez...