Compare the Best RBC Chequing Accounts in Canada 2022

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by Enoch Omololu, MSc (Econ)

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The Royal Bank of Canada (RBC) is one of the largest banks in Canada based on market capitalization.

Founded in 1864, this financial institution offers a variety of products and services, including chequing, savings, credit cards, investments, loans, mortgages, and more.

RBC Chequing accounts range from entry-level student accounts to a premium chequing account with a hefty monthly fee.

This RBC bank review covers its chequing account features, fees, benefits, downsides, how to apply, and free bank account alternatives.

Review of RBC Chequing Accounts

RBC offers four main chequing accounts:

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

These accounts work for everyday transactions such as paying bills, sending and receiving money, writing cheques, using an ATM, and earning rewards via the RBC Vantage program.

All RBC Chequing accounts have a monthly fee, i.e. there is no free RBC chequing account.

That said, you may be able to waive a portion or all of the monthly account fees if you have multiple RBC products by taking advantage of senior discounts or newcomer offers.

1. RBC VIP Banking

RBC VIP Banking is its most premium chequing account package with the most features. This account has a $30 monthly price tag and includes:

  • Unlimited debit transactions and Interac e-Transfers
  • Free access to ATMs worldwide with no RBC fee
  • Annual fee rebate on select RBC credit cards
  • Free personalized cheques and discounts on safe deposit boxes
  • 12 free bank drafts per year, and the monthly fee is waived for overdraft protection (interest may apply)

The credit cards with fee rebates (up to $120) include the WestJet RBC World Elite Mastercard, RBC Avion Visa Infinite, RBC Rewards Visa Preferred, RBC Cash Back Preferred World Elite Mastercard, and a few others.

2. RBC Signature No Limit Banking

This RBC chequing account has a $15.95 monthly fee and is one of its most popular if you are looking to save on fees while getting unlimited transactions.

Its top features are:

  • Unlimited debits and Interac e-Transfer transactions
  • 3 non-RBC ATM fees waived each month
  • 5 fee cross-border debits each month
  • Free personalized cheques
  • 6 free bank drafts/year and a $12 annual fee discount for a safe deposit box

Accountholders also get up to a $39 rebate on the annual fee for an eligible RBC credit card.

3. RBC Advantage Banking

The RBC Advantage Banking chequing account has an $11.95 monthly fee.  After fee waivers, the account is available to students and new immigrants for $0 for some time.

Its top features are:

  • Unlimited debit transactions and free Interac e-Transfers
  • 1 NSF fee is rebated each year

4. RBC Day to Day Banking

This is RBC’s lowest-cost chequing account for those with limited transactions each month.

For a $4 monthly fee, you get 12 free debits.

RBC does not waive the monthly account fees for any of its chequing accounts based on your balance, so there is no minimum balance requirement.

RBC Chequing Account Comparison

Chequing AccountRBC VIP BankingRBC Signature No Limit BankingRBC Advantage BankingRBC Day to Day Banking
Monthly fee$30$15.95$11.95$4
Balance to waive feesN/AN/AN/AN/A
Fee with senior rebate$22.50$11.95$7.95$0
Number of transactionsUnlimitedUnlimitedUnlimited12 Debits
Cost per extra transaction$1.25
Non-RBC ATM fees (Canada)*Free3 free /month$2 each$2 each
PLUS System ATM* in Canada or U.S.Free$3 each$3 each$3 each
PLUS System* ATM abroadFree$5 each$5 each$5 each
Cross-border debitsFree5 free/month$1 each$1 each
Other perksFree cheques, bank drafts, credit card fee rebateFree cheques; $39 credit card fee rebate1 cheque book freeN/A

*ATM convenience fee and other fees may apply.

RBC Student Chequing Account

The best student bank accounts have no monthly maintenance fees.

Full-time students can open an RBC Advantage Bank Account and pay no monthly fees while they remain enrolled in school.

They also get up to a $39 fee rebate on the Signature RBC Rewards Visa or WestJet RBC Mastercard credit cards.

RBC U.S. Chequing Account

You can open an RBC U.S. Personal Account to hold your U.S. cash.

This U.S. account has a $2 monthly fee and includes 6 debits each month. Additional debits cost $1.25 each.

RBC Newcomer Bank Accounts

Newcomers can open an RBC Advantage Banking account and have the fees waived for 1 year.

They can also open any of the other RBC chequing accounts, but these do not come with fee waivers.

Under the RBC Newcomer Advantage program, you can also get a credit card without a Canadian credit history.

RBC Chequing Account Fees

In addition to the monthly maintenance fee, you could be charged service fees for various transactions (based on your account type).

Debit transactions: Extra debits cost $1.25 each.

Overdraft protection: The monthly fee is $5 and 22% interest per year when used.

Bank draft: Best $8.50 each if not involved in your chequing package.

ATMs: $2 each for Interac Access; $3 each for PLUS Access in Canada or the U.S.; and $5 each for PLUS Access outside of Canada and the U.S.

Paper statements with cheque images cost $2.50, and NSFs cost $45 each.

Check your deposit account agreement for a full listing of service fees.

How To Open an RBC Bank Account

You can open an RBC bank account online or by visiting your local bank branch.

To book a virtual appointment, call 1-800-769-2561.

You will need to provide your social insurance number (SIN), copy of a government-issued photo ID, name, date of birth, address, and other basic personal details.

If you are opening a student account, you may need to show proof of enrollment at an eligible school.

If you are a newcomer, you will need to provide supporting documentation such as a permanent resident card or landing papers.

RBC has more than 1,200 branches in Canada and thousands of ATMs across the country.

Are RBC Bank Accounts Safe?

Yes, RBC bank accounts are safe.

This Big Five bank has been around since 1864, and it has $1.71 trillion in assets as of 2022.

It is a member of the Canada Deposit Insurance Corporation (CDIC), which means each of your eligible deposits is protected by up to $100,000.

This bank also protects you against unauthorized digital transactions when you have taken appropriate steps to protect your account.

Pros and Cons of RBC Chequing Accounts


  • Access to convenient bank locations and ATM
  • Reputable financial institution
  • Access to rewards and discounts via RBC Vantage
  • Premium perks with higher-tier chequing accounts


  • No interest rate paid on chequing balance
  • All accounts have a monthly maintenance fee
  • Savings accounts have a low interest rate

RBC Chequing Account Alternatives

If you don’t need access to a branch for in-person service, an online bank with no-fee chequing accounts and unlimited transactions may be for you.

These accounts do not require you to maintain a minimum balance to waive fees, and in some cases, they even pay interest on your balance each month.

No-fee chequing accounts offered by digital banks include the ones by:

  • Simplii Financial

Simplii No-Fee Chequing Account

simplii logo2

No monthly account fees

Unlimited transactions & Interac e-Transfers

Free personalized cheques

$350 cash bonus offer

  • EQ Bank

EQ Bank Savings Plus Account

EQ Bank tfsa.

1.65%* non-promotional interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

  • Neo Financial

Neo Money Account

neo logo

2.25% non-promo interest rate

No monthly fees

Unlimited free transactions

Access to a no-annual-fee credit card

  • Tangerine Bank

The EQ Bank Savings Plus Account and Neo Money Account are hybrid accounts and not traditional chequing accounts.

RBCSimplii FinancialEQ Bank
Chequing accountRBC Signature No Limit BankingSimplii Financial No-Fee ChequingEQ Bank Savings Plus Account (hybrid)
Monthly fee$15.95$0$0
Minimum balance to waive feeN/AN/AN/A
Free debit transactionsUnlimitedUnlimitedUnlimited
Free Interac e-TransfersUnlimitedUnlimitedUnlimited
Non-bank ATMs in Canada3 free/month; $2 after$1.50 eachN/A
Credit card fee waiverUp to $39/year$0 annual feeN/A
Other perksFree cheques; 6 free drafts/yearEarn interest on balance; $350 welcome bonus; free cheques, global money transfersEarn a high interest rate; access to cheap international money transfers
ReviewsLearn moreLearn more

RBC Chequing Account FAQs

What is the minimum balance for RBC chequing accounts?

RBC does not have a minimum balance requirement for waiving monthly fees.

Does RBC have a free account?

No, RBC does not have a free chequing account. However, you could waive the monthly account maintenance fees if you are a student or newcomer. Seniors also get a discount.

How do I avoid RBC monthly fees?

You can save on RBC monthly fees by having 2 or more eligible RBC accounts and completing various transactions each month, such as direct deposits, bill payments, and pre-authorized payments.

Which Canadian bank does not charge monthly fees?

EQ Bank, Tangerine Bank, and Simplii Financial offer no-monthly fee bank accounts.

How do I close an RBC account?

Learn about how to close an RBC account using this guide.

Does RBC pay interest on chequing accounts?

No, RBC‘s chequing accounts do not earn interest.

What is RBC’s chequing account promotion?

When you open a new RBC chequing account, you may be eligible to receive a cash bonus or get a new iPad or Airpod. These are the current RBC account promotions.

Best Banking Offers in August 2022

Get a free chequing account and a *$350 cash bonus*

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

$350 cash bonus when you deposit $100 for 3 months.

Earn a high-interest rate on your savings (3% interest rate offer).

No monthly or minimum balance is required.

Earn cash back on purchases & grow your savings ($20 bonus)

Free reloadable prepaid card and budgeting app.

Up to 2% cash back on all purchases and 5% at brand partners.

1.20% savings interest on your entire account balance.

Get 3-day early access to $100 of your paycheque for free.

$20 bonus after using the card for your first purchase (use CASHBACK referral code at signup).

Best no-fee cashback credit card with a $150 bonus

Earn 2% unlimited cash back in three spending categories.

Get a $150 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low balance transfer rate and insurance coverage benefits.

Earn high interest rates on your savings at 2.25%

Earn up to 225x the interest offered by other banks.

Pay no monthly or annual banking fees.

Combines savings and chequing account features.

Includes unlimited free debit transactions and Interac e-Transfers.

Get access to a no-fee credit card with up to 5% cashback.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • Earn 3.00% interest rate* on every dollar.
  • One of the best savings rates in Canada.
  • Access to a free chequing account with $350 bonus.
*Terms and conditions apply. Limited time offer.
Earn one of the highest savings rates in Canada! Get a 3.00% interest rate + $350 bonus with a free chequing account.*
*Terms and conditions apply. Limited time offer.