RBC Signature No Limit Banking Review

RBC is among the top-rated banks in Canada, and its Signature No Limit Banking account is considered one of the best in its chequing accounts.

This banking account is packed with helpful features, including unlimited debit and Interac e-Transfer transactions, free personalized cheques, and several annual rebates.

Continue reading to learn more about what RBC’s Signature No Limit Banking can offer, its promotions, pros and cons, fees, and minimum balance requirements.

RBC Signature No Limit Banking Overview

RBC Signature No Limit Banking is an all-inclusive chequing account ideal for individuals who make frequent debit transactions.

In exchange for a monthly fee of $16.95, this account gives you several rebate opportunities and allows you to save up to $48 on your eligible credit card’s annual fee. It also includes overdraft protection, a service that you would otherwise have to pay for to access.

The RBC Signature No Limit Banking also opens up the doors for waived fees and discounts on other services offered by the bank.

RBC Signature No Limit Banking Top Features

RBC Signature No Limit offers a variety of features designed to offer a seamless banking experience for users.

Here are the top features that make this bank account stand out:

Unlimited Transactions

The RBC Signature No Limit account allows you to conduct as many transactions as you need without worrying about extra charges. This feature applies to debit card purchases, account transfers, bill payments, and Interac e-Transfers in Canada.

Free Personalized Cheques

Receive professional-looking personalized cheques from RBC for free. Personalized cheques are much easier to process, less prone to errors, and easier to keep track of. Note, though, that these cheques are only available in the RBC Standard style.

3 Free Non-RBC ATM Withdrawal Monthly

Up to three non-RBC ATM withdrawal fees are waived from your bank account monthly, giving you more flexibility for accessing your funds without extra charges.

Credit Card Rebates

Get up to a $48 rebate on the annual fees for eligible RBC credit cards. The annual fee for the RBC ION+ Visa and WestJet RBC Mastercard card is fully rebated, while other credit cards, including the RBC Avion Visa Infinite Privilege and WestJet World Elite MasterCard, get a $35 partial rebate.

Special Rebates And Discounts

RBC Signature No Limit Account holders are subject to various special rebates and discounts that may change over time. For example, current users of this account can receive up to 6 free drafts per calendar year and up to a $12 annual discount when using safe deposit boxes.

Additionally, you’ll get a free $50 travel certificate yearly through a partnership with the Royal Bank of Canada and Carlson Wagonlit Travel.

RBC Signature No Limit Banking Offer

Individuals who open their first RBC Signature No Limit Banking account by February 10, 2025, get a cash bonus if they meet the bank’s criteria.

Those who want this offer must complete 2 of the following actions using their RBC Signature No Limit Banking account before April 18, 2025.

• Set up more than one pre-authorized bill payment.
• Set up at least 2 bill payments to a Canadian service provider.
• Add their monthly payroll or pension as a direct deposit.

Note: RBC’s welcome offer changes several times a year. For the latest new account offer from the bank, visit their website.

RBC Signature No Limit Banking Fees

Like many all-inclusive chequing accounts, RBC Signature No Limit Banking charges several fees for its services. Below are the fees you can expect with this bank account.

Monthly Fee

The regular monthly fee of this chequing account is $16.95. However, if you’re eligible for RBC’s Multi Product Rebate, you’d only need to pay a monthly fee of $10.95. This fee can go as low as $5 monthly if you’re part of the value program rebate.

Other RBC Signature No Limit Banking Fees

Fee Type	Number of Free Transactions	Amount
Withdrawals at non-RBC Interac ATMs	3	$2 Each thereafter
Withdrawal at non-RBC PLUS System ATMs within Canada and US	0	$3 Each
Withdrawal at non-RBC PLUS System ATMs outside Canada and US	0	$5 Each
Cross-Border Debit	5	$1 Each Thereafter

RBC Signature No Limit Banking Minimum Balance

The RBC Signature No Limit Banking doesn’t require any minimum balance. However, this also means that you won’t be able to waive your monthly fees by maintaining a specific amount on your account as other chequing accounts do.

RBC Signature No Limit Banking Overdraft Protection

The RBC Signature No Limit Banking account comes with a free overdraft protection plan, allowing you to spend more money than you have for no extra fees.

This chequing account’s overdraft coverage ranges from $500 to $5,000, which is usually enough to cover most unexpected expenses.

Note, though, that while you won’t need to pay RBC’s usual overdraft protection service fee, you’ll still pay the bank’s 22% annual overdraft interest.

Pros And Cons Of The RBC Signature No Limit Banking Account

Below’s a brief overview of the advantages and disadvantages of this RBC banking account.

Pros

• $350 welcome bonus offer
• No minimum balance required
• Access to rebates and special discounts
• Unlimited debit and Interac e-Transfer transactions

Cons

• The monthly fee cannot be fully waived
• Slightly expensive monthly fee of $16.95
• The free overdraft protection doesn’t include the annual interest rates

Other RBC Bank Plans

If you’re interested in knowing what other RBC bank plans can offer, check out the banking accounts listed below.

RBC Advantage Banking

Consider RBC Advantage Banking if you prioritize lower monthly fees. This chequing account only costs $11.95 a month, but it allows you to have unlimited debit and Interac e-Transfer transactions just like Signature No Limit Banking does.

No minimum balance is required for this bank account, and full-time students can waive their entire monthly fee.

RBC VIP Banking

This chequing account is a slight upgrade from the RBC Signature No Limit Banking. For a monthly fee of $30, this bank account allows you to make unlimited debit transactions and Interac e-Transfers worldwide, not just in Canada.

You’ll also have access to 12 free drafts yearly and up to a $120 annual fee rebate on eligible debit cards. Overdraft protection and personalized cheques are also included.

RBC Day-to-Day Banking

For only $4 monthly, this bank account allows you to make 12 free debit transactions monthly. This fee is waived if you already use multiple RBC products and you gain access to rewards points, such as getting 3 cents per litre of gas at Petro-Canada.

RBC Signature No Limit Banking Alternatives

If you don’t think RBC’s bank plans suit your financial needs the most, you may also consider the banking alternatives below.

Simplii No-Fee Chequing Account

If you don’t want to pay monthly fees or maintain a minimum balance, the Simplii No-Fee Chequing Account is one of your best banking options.

Simplii is considered an online bank with no physical branches. However, it still offers most of your day-to-day banking services, such as:

• Paying through your debit card
• Withdrawing (free through CIBC’s ATMs)
• Wiring money through Interac e-Transfers

Take note, though, that, like other banking accounts, the Simplii No-Fee Chequing account also charges service fees when applicable. Some instances where you might need to pay a fee are having an overdraft or withdrawing through a non-CIBC ATM.

BMO Premium Chequing Account

The BMO Premium Chequing account has a lot of similarities with the RBC Signature No Limit Banking. On top of unlimited debit transactions and Interac e-Transfers, this banking option also provides overdraft protection, rebates, and free personalized cheques.

This bank account costs $30 monthly, but this fee is waived as long as you maintain a minimum daily balance of $6,000.

Scotiabank Preferred Package

Scotiabank Preferred Package, previously known as the Momentum Chequing, is another great chequing account offering unlimited transactions and annual rebates on eligible Scotiabank credit cards.

This chequing account, like the RBC Signature No Limit Banking, charges a monthly fee of $16.95. However, unlike the mentioned RBC’s banking account, you can waive Scotiabank Preferred Package’s fee by keeping a minimum closing balance of $4,000 daily.

FAQs

Related:

• Scotiabank Preferred Package review
• BMO Performance Chequing Review
• RBC VIP Banking Review