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RBC Advantage Banking For Students Review 2023

This review of RBC student bank accounts covers the Advantage Banking Plan and its features, benefits, fees, downsides, and alternatives.

RBC’s student chequing account is referred to as the ‘RBC Advantage Banking for students.’

This student account offers free and unlimited transactions, and it can be useful for saving on bank fees while you are enrolled as a full-time student at a post-secondary institution.

Read on to learn how RBC Advantage Banking for students accounts work.

RBC Advantage Banking for Students Features

Unlimited free transactions: This account includes unlimited debit transactions and Interac e-Transfers. While there is a cap of 999 free Interac e-Transfers for the student account, you will likely not need that many transactions as a student.

Dedicated mobile app: Students can use the RBC Mobile Student Edition app to simplify their banking. This app is available to clients under the age of 22.

Access to RBC rewards: Enrol your account in the RBC Value Program and earn RBC Rewards points when you shop online and in-store. You can redeem points for flights, car rentals, gift cards, merchandise, or to pay down your credit cards or loans.

Free credit score check: Access your TransUnion credit score from your RBC dashboard for free.

Access to a student credit card: You can easily apply for an RBC Student credit card.

Get personalized financial insights: Use NOMI Insights to budget, save money automatically, set alerts, and more.

RBC Student Bank Account Benefits

RBC is one of Canada’s largest banks, and as a client, you get free access to thousands of RBC ATMs across the country.

In addition to saving on monthly bank fees, an RBC Advantage Banking Plan does not charge an RBC fee when you use another bank’s ATM in Canada.

Note that a convenience fee may be charged by the ATM operator.

Accountholders get a rebate worth up to $39 on the annual fee of an eligible RBC credit card. The two credit cards that qualify for this rebate are:

  • Signature RBC Rewards Visa, and
  • Westjet RBC Mastercard

You can easily use your RBC Visa Debit Card to make purchases in person and online.

If you are a newcomer, you can benefit from RBC’s international student account offers.

Lastly, RBC offers many financial products and services, making it easy to keep all your accounts in one place.

RBC Student Account Requirements

To qualify for RBC Advantage Banking for students, you must be a full-time student at a primary, secondary, or post-secondary school.

Proof of enrollment at a qualifying educational institution is required.

RBC Advantage Banking for Students Fees

While you won’t pay a monthly account fee, service charges apply to some transactions

ServiceFee
Overdraft protection$5/month + applicable overdraft interest
Safe deposit box$60 to $500 per year, depending on the size
Cross-border debits$1 each
Bank drafts$8.50 each
PLUS System ATM in Canada/U.S.$3 each
PLUS System ATM abroad$5 each
Personalized cheques1st book of 50 cheques free; fees apply after
NSF fee$45 (1 NSF fee rebated fee each year)

Related: RBC Void Cheque Sample.

RBC vs. Scotiabank vs. TD vs. CIBC Student Accounts

FeaturesRBC Advantage BankingScotiabank Student Banking Advantage PlanCIBC Smart for StudentsTD Student Chequing
Monthly fee$0$0$0$0
Debit transactionsUnlimitedUnlimitedUnlimitedUnlimited
e-Transfer transactionsUnlimited (999 cap/month)UnlimitedUnlimitedUnlimited
Non-bank ATM fee in CanadaFree (ATM operator may charge convenience fee)$2 each$2 (1 free each month)$2
Foreign ATM fee in U.S.$3 each$3 each$3 each$3 each
Foreign ATM fee (other countries)$5 each$5 each$5 each$5 each
Other featuresUp to $39 rebate on credit card annual feeEarn Scene+ rewards points; $75 welcome bonusAccess to a free SPC+ membershipNo monthly fee on overdraft protection; earn extra Stars at some Starbucks locations
ReviewLearn moreLearn moreLearn more

RBC Advantage Banking for Students Alternatives

You can save on fees, get access to unlimited transactions, and earn rewards with these accounts.

Simplii Financial

The No Fee Simplii Chequing account offers several benefits you would normally get with a premium chequing account, including:

  • Unlimited debit purchases, bill payments, and Interac e-Transfer transactions.
  • Free access to thousands of CIBC ATMs across Canada.
  • No monthly account fees.
  • Access to free international money transfers.
  • Savings interest on your balance.
  • Available to both students and non-students.

For a limited time, you could also get a $400 cash bonus when you open an account.

Simplii Financial has millions of customers, and it is owned by CIBC. Learn more about its products and services.

HSBC Student Chequing Account

HSBC Bank Canada is one of Canada’s largest banks. It offers a student bank account that has no monthly fees* and offers unlimited chequing account transactions.

You also get:

  • Free Interac e-Transfers®
  • Free mobile cheque deposits
  • Free withdrawals from your account at HSBC Bank Canada or THE EXCHANGE® Network ATMs
  • Access to mobile and online banking
  • Access to an HSBC credit card

There is also no minimum balance requirement to qualify for no monthly fees.

When you open a new HSBC student chequing account, you get up to a $150 cash bonus, comprising a $50 welcome reward and $100 when you open your account online.

You should deposit at least $1,000 in your account within 30 days of opening it to take advantage of these offers.

Scotiabank Student Banking Advantage Plan

This Scotiabank student account offers unlimited free transactions and no monthly fees if you are a student.

Accountholders also earn loyalty points (Scene+) when they make purchases using their Scotiabank debit card.

When you open a new Scotiabank account, you get a welcome bonus after meeting the eligibility requirements.

Related:

Top Banking Offers in September

Get a top-rated chequing account and up to a $400 bonus

Get up to a $400 cash bonus when you meet minimum requirements.

Unlimited transactions, including debits and Interac e-Transfer transactions.

Monthly account fee is waived if eligible (and 5 ATM fees rebated monthly).

Access to a high-interest savings account.

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

Easy $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 a $100 bonus with the top no-fee cashback credit card

Get a $100 welcome bonus with $1,000 spending in first 2 months.

Earn 2% unlimited cash back in 3 spending categories - no annual fees!

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and free insurance coverage.

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Author

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

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 is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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