RBC No Fee Chequing Accounts and Alternatives in 2024

RBC offers several chequing accounts with varying monthly fees depending on the number of debit transactions and perks included in each package.

While most RBC accounts charge monthly fees, you can get a no-fee RBC chequing account through rebates for students, seniors, and the Value Program.

RBC’s newcomer program also offers no-monthly-fee banking for one year to eligible newcomers to Canada.

This guide covers how to avoid paying fees on an RBC chequing account and alternative free chequing accounts.

Best RBC No Fee Chequing Accounts in Canada

After applying rebates, you can get the following RBC chequing accounts and pay $0 in monthly fees:

• RBC Student Chequing Account
• RBC Day to Day Banking
• RBC Advantage Banking

The RBC student rebate waives the $11.95 monthly fee on the RBC Advantage Account.

RBC senior rebate offers a $4 discount on RBC Day to Day Banking, RBC Advantage Banking, and RBC Signature No Limit Banking. For the RBC VIP Banking package, seniors get a $7.50 discount.

The Value Program offers up to an $11.95 monthly discount depending on how many RBC products you have.

RBC Student Chequing Account

Also called RBC Advantage Banking for Students, this account has no monthly fees and includes unlimited debit transactions and Interac e-Transfers (999/month).

Accountholders get up to a $48 rebate on the annual fee for an RBC credit card, and they earn at least 1 Avion point per $10 spent when enrolled in the Value Program.

This account also includes 1 free chequebook, and 1 NSF fee is rebated annually.

Service fees apply to some transactions, including $45 for NSF transactions (after the first free one), $5/month for overdraft protection plus interest if used, $9.95 per bank draft, and up to $5 per transaction when using PLUS System ATMs.

Here are other student chequing accounts that have no monthly fees.

RBC Day to Day Banking

This account has a $4 monthly fee and includes 12 debit transactions each month. Additional transactions cost $1.25 each.

Other standard service fees apply to ATM transactions, cross-border debits, overdraft protection, safe deposit boxes, cheques, and bank drafts.

Seniors get a $4 fee rebate and do not pay the monthly fee. Registered Disability Savings Plan (RDSP) recipients also get this rebate.

Here are some other senior bank accounts that offer rebates.

If you have two other RBC products, such as a credit card and investment account, the $4 monthly fee is rebated through the Value Program.

RBC Advantage Banking

RBC Advantage Banking costs $11.95 monthly and includes unlimited debit and Interac e-Transfer (up to 999 e-Transfer) monthly.

Newcomers pay $0 monthly for one year if they arrived in Canada within the last 5 years.

Seniors get a $4 discount and pay a $7.95 monthly fee.

Accountholders with two other RBC products (e.g. credit card, investments, or mortgage) qualify for a $6 rebate and pay $5.95 monthly.

Those with three or more other products qualify for a full $11.95 fee rebate and pay $0 monthly.

How To Avoid RBC Monthly Chequing Account Fees

Unlike Scotiabank, BMO, CIBC and TD, RBC does not waive chequing account fees based on your minimum balance.

To waive monthly fees, you can apply a senior, student, or newcomer rebate, or lower your fees using the Value Program.

RBC Value Program

The Value Program is part of RBC Vantage, RBC’s rewards program that includes earning Avion points on everyday purchases and saving on gas at Petro-Canada.

Through the program, you save on bank fees by having multiple accounts and products with the bank. It was previously called the MultiProduct Rebate.

Eligible products include:

• Personal credit cards
• Personal investments, such as Guaranteed Investment Certificates (GICs) or RBC mutual funds, or an RBC Direct Investing account
• Residential mortgage
• Small business account

The fee waivers are as follows:

	Monthly Fee Rebate	Avion Points
RBC bank account + 0-1 products	N/A	1 point per $10 spent on debit (150 points maximum/month)
RBC bank account +2 products	Up to $6	1 point per $5 spent on debit (300 points maximum/month)
RBC bank account + 3+ products	Up to $11.95	1 point per $3 spent on debit (500 points maximum/month)

Pros of RBC No Fee Chequing Accounts

With a no-fee RBC chequing account, you save on monthly fees while performing debit and Interac e-Transfer transactions.

RBC accounts don’t require a minimum balance, so you don’t need to hold funds in your account at all times.

If signed up for the Value Program, you earn Avion points on debit purchases and can redeem them for flights, merchandise, gift cards, or as statement credits.

Cons of RBC No Fee Chequing Accounts

Unless you are a newcomer or a student, a free RBC chequing account has limited transactions.

It also does not offer annual fee rebates on credit cards.

At $1.25 per debit transaction exceeding the 12 free ones you get each month, you could end up paying a lot in fees if you conduct many transactions monthly.

No Fee Chequing Accounts in Canada

You can get a free chequing account in Canada that includes unlimited transactions and no minimum balance.

Many are offered by online banks, such as Simplii Financial, Tangerine, Motive Financial, and Alterna.

There are also hybrid bank accounts that include unlimited transactions but no cheques or ATM access. Examples include EQ Bank, Neo Financial, and KOHO.

FAQs

Related: Tangerine Savings Account Review.