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Compare the Best RBC Chequing Accounts in Canada 2024


Fact Checked

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 premium chequing accounts 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 the Value Program, senior discounts or newcomer offers.

For a limited time, you can get a free Apple Watch* when you open an RBC Signature No Limit Banking or VIP Banking chequing account.

*Refer to the RBC website for up-to-date offer terms and conditions.

1. RBC Signature No Limit Banking

The RBC Signature No Limit Banking account has a $16.95 monthly fee and is one of its most popular accounts if you want to save on fees while getting unlimited transactions.

Its top features are:

  • Monthly fee rebates are available if you hold multiple RBC products (pay as low as $5) or are a senior (pay $12.95)
  • Unlimited debits and Interac e-Transfer transactions
  • 3 non-RBC ATM fees are waived each month
  • 5 free cross-border debits each month
  • Free personalized cheques
  • 6 free bank drafts/year and a $12 annual fee discount for a safe deposit box
  • Up to $48 annual fee rebate on eligible RBC credit cards
  • Earn Avion points on debit purchases when you enroll in the Value Program
  • 1 NSF fee rebated every calendar year

2. RBC VIP Banking

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

  • Monthly fee rebates are available if you hold multiple RBC products or are a senior
  • Unlimited debit transactions and Interac e-Transfers
  • Free access to ATMs worldwide with no RBC fee
  • Up to $120 annual fee rebate on select RBC premium 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)
  • Earn Avion points on debit purchases
  • Maintenance fees are waived on your RBC Direct Investing account
  • 1 NSF fee is rebated every calendar year

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.

3. RBC Advantage Banking

The RBC Advantage Banking account has an $11.95 monthly fee. After fee waivers, the account is available to students and new immigrants for $0 for some time. If you hold multiple RBC products, you can pay $0 monthly.

Its top features are:

  • Unlimited debit transactions and free Interac e-Transfers
  • No RBC fee to use other bank’s ATMs in Canada
  • 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 monthly transactions.

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. However, you can pay $0 monthly with multiple RBC accounts or if you are a Senior.

RBC Chequing Account Comparison

Chequing AccountRBC VIP BankingRBC Signature No Limit BankingRBC Advantage BankingRBC Day to Day Banking
Monthly fee$30$16.95$11.95$4
Balance to waive feesN/AN/AN/AN/A
Fee with senior rebate$22.50$12.95$7.95$0
Number of transactionsUnlimitedUnlimitedUnlimited12 Debits
Cost per extra transaction$1.25
RBC fee for non-RBC ATM fees (Canada)*Free3 free /monthFree$2 each
PLUS System ATM* in Canada or the 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, Overdraft Protection fee waived, up to $120 credit card fee rebateFree cheques, Overdraft Protection fee waived, up to $48 credit card fee rebate1 chequebook free, $0 for one year for newcomersN/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 $48 fee rebate on the RBC ION+ 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 $3 monthly fee and includes six monthly debits. Additional debits cost $1.25 each.

RBC Newcomer Bank Accounts

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

They can also open any 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 $9.95 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, in the RBC Mobile App 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), a 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 nationwide.

Are RBC Bank Accounts Safe?

Yes, RBC bank accounts are safe.

This Big Five bank has been around since 1864 and has over $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 of RBC Chequing Accounts

The benefits of banking with RBC include:

  • 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

Cons of RBC Chequing Accounts

Some downsides to note for RBC chequing and savings accounts:

  • No interest rate is paid on your chequing balance
  • All accounts have a monthly maintenance fee

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


$400 cash bonus offer

No monthly account fees

Unlimited transactions & Interac e-Transfers

Free personalized cheques

  • EQ Bank

EQ Bank Personal Account

EQ Bank tfsa.

Up to 4.00%* interest rate

Unlimited debits and bill payments

Unlimited Interac e-Transfers

No monthly account fees

  • Neo Financial

Neo Money Account

neo logo

Unlimited 5% average cash back

No monthly fees + $20 bonus

2.25% non-promo interest rate paid on balance

Unlimited free transactions

Get a Mastercard for payments online and ATMs

Access to a no-annual-fee credit card

  • Tangerine Bank

Tangerine Chequing Account

Tangerine logo transparent-img

No monthly account fees

Unlimited free transactions

Up to 0.10% interest on balance

Access to a no-annual-fee credit card

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$16.95$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 eachFree ATM withdrawals in Canada
Credit card fee waiverUp to $48/year$0 annual feeN/A
Other perksFree cheques; 6 free drafts/yearEarn interest on balance; $400 welcome bonus; free cheques, global money transfersEarn a high interest rate; access to cheap international money transfers, no FX fees
ReviewsVisitLearn 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 two 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.

Related: RBC Secured Credit Cards.

Top Banking Offers for April

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!

Earn 3.00% to 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn a non-promotional 4.00% high interest rate on every dollar.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays an average cashback of 5% on purchases.

No monthly or annual account fees; free budgeting app.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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2 thoughts on “Compare the Best RBC Chequing Accounts in Canada 2024”

  1. Gravatar for Frank

    Thanks for all good work and reviews .
    Seriously the most retard banking system exist in Canada, why? unknown to me.
    With my Barclays mobile app literally I can do every kind of transaction I want, all for free and no
    minimum account balance needed. In Canada they lock minimum of 4k and they put limit on daily transaction
    and no way you can do e-transfer to another Canadian bank, so you have to walk to bank.
    How crap is this. They use Fax !! out dated on the rest of this planet. They use cheque LOL still using cheque
    In Europe since 17 years I didn’t write any cheque here in Canada they still use cheque.

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