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.
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Last Updated: May 23, 2023
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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.
RBC provides four chequing accounts, including the following:
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.
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.
Personal
Basic banking needs without the high fees.
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.
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.
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.
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.
Unlike other RBC chequing accounts, the Day to Day Banking account doesn’t waive the monthly fee for an RBC credit card.
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.
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.
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.
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Unlimited free debit transactions.
You can earn a $100 RBC welcome bonus for a limited time when you open an RBC Advantage Banking chequing account.
You can use your RBC Advantage Chequing account without the fear of accumulating extra fees.
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.
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.
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.
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.
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.
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.
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Earning Avion points.
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:
Bear in mind that this is a limited-time offer and is subject to change.
Use your RBC Signature No Limit Banking account without worrying about paying fees for debit transactions in Canada.
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.
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.
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.
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.
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.
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.
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Premium features and credit card rebates.
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.
You’ll receive a $120 annual fee waiver on select RBC credit cards if you want a credit card.
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.
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.
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.
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.
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:
Once you verify that you are eligible, you can open an account. Follow these steps:
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.
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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.
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.
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.
There is no RBC chequing account minimum balance for all accounts. That means anyone can open an account regardless of their financial situation.
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.
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