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RBC Signature No Limit Banking Review 2024

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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.

Key Takeaways

  • The main features of RBC Signature No Banking Limit are unlimited debit and Interac e-Transfer transactions in Canada, free personalized cheques, annual credit card rebates, and free overdraft protection.
  • RBC Signature No Banking costs $16.95 a month, but you’d only need to pay $10.95 or as low as $5 if you’re eligible for RBC’s rebate programs.
  • RBC Signature No Limit Banking has no minimum balance requirement.

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 Free iPad Offer

Individuals who open their first RBC Signature No Limit Banking account by October 31, 2023, get a free iPad 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 January 9, 2024.

  • 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 TypeNumber of Free TransactionsAmount
Withdrawals at non-RBC Interac ATMs3$2 Each thereafter
Withdrawal at non-RBC PLUS System ATMs within Canada and US0$3 Each
Withdrawal at non-RBC PLUS System ATMs outside Canada and US0$5 Each
Cross-Border Debit5$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.

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.

BMO New Account Offer

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Up to $350 cash bonus offer

Waive monthly fees by keeping minimum balance

A premium account with unlimited transactions

Includes credit card fee rebate & free identity theft protection

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.

Simplii No-Fee Chequing Account

simpliifinancialnewlogo3-img

$400 cash bonus offer

No monthly account fees

Unlimited transactions & Interac e-Transfers

Free personalized cheques

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

What is the monthly fee for the RBC signature no limit bank account?

The regular monthly fee for the RBC Signature No Limit bank account is $16.95. However, there are several rebate programs you may be eligible for to reduce this amount.

What is the annual fee for RBC signature no limit banking?

The annual fee for the RBC Signature No Limit Banking is $203.4, assuming you pay $16.95 monthly throughout the 12 months of the year. If you’re part of an RBC rebate program, this fee would be cheaper.

Does RBC have a transaction limit?

Yes, RBC places a daily transaction limit on its users’ credit cards. This is one of the bank’s strategies to keep your account safe. You may change the transaction limits on your card by using RBC’s online banking, calling the bank’s customer support or visiting an RBC branch.

What is the max limit for an e-Transfer with RBC?

RBC’s maximum e-Transfer limit for its accounts is 999 transactions per month. For every Interac e-Transfer that exceeds this limit, you’ll pay a $1 fee.

Related:

Top Banking Offers for March

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.

Author

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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