RBC Advantage Banking For Students Review 2022

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by Enoch Omololu, MSc (Econ)

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Advertiser Disclosure

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.

This RBC Advantage Banking for students review covers how it works, its benefits, downsides, and alternatives.

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, and 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 the:

  • 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 a plethora of 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
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RBC Advantage Banking For Students Review

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 $350 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.

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:

Best Banking Offers in August 2022

Get a free chequing account and a *$350 cash bonus*

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

$350 cash bonus when you deposit $100 for 3 months.

Earn a high-interest rate on your savings (3% interest rate offer).

No monthly or minimum balance is required.

Earn cash back on purchases & grow your savings ($20 bonus)

Free reloadable prepaid card and budgeting app.

Up to 2% cash back on all purchases and 5% at brand partners.

1.20% savings interest on your entire account balance.

Get 3-day early access to $100 of your paycheque for free.

$20 bonus after using the card for your first purchase (use CASHBACK referral code at signup).

Best no-fee cashback credit card with a $150 bonus

Earn 2% unlimited cash back in three spending categories.

Get a $150 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low balance transfer rate and insurance coverage benefits.

Earn high interest rates on your savings at 2.25%

Earn up to 225x the interest offered by other banks.

Pay no monthly or annual banking fees.

Combines savings and chequing account features.

Includes unlimited free debit transactions and Interac e-Transfers.

Get access to a no-fee credit card with up to 5% cashback.

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Author

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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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  • Best free chequing account offer in Canada!
  • Get a $350 cash bonus*
  • Unlimited free transactions and no monthly fees.
  • Unlimited free Interac e-Transfers® 
*Terms and conditions apply. Limited time offer.
Get a free chequing account and $350 cash bonus! Unlimited free transactions and no monthly fees!
*Terms and conditions apply. Limited time offer.
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