The RBC VIP Banking account includes the most valuable features RBC offers for its chequing products.
This bank account offers unlimited transactions, waived overdraft protection, discounted premium credit cards and many other VIP perks for its users.
Read along to learn more about the benefits of RBC VIP Banking and how it compares to other bank accounts offered by RBC and other financial institutions.
Key Takeaways
- RBC VIP Banking is RBC’s all-inclusive chequing account that costs $30 monthly.
- The monthly fee of this bank account cannot be waived, but you can lower it through RBC’s rebate programs.
- The top benefits of RBC VIP Banking are getting unlimited transactions, waived overdraft protection, and up to $120 credit card rebates.
RBC VIP Banking Overview
The RBC VIP Banking account is an all-inclusive package designed to simplify the banking needs of its users.
For a monthly fee of $30, which RBC’s rebate programs can further reduce, this bank account allows you to enjoy unlimited debit transactions, annual credit card rebates, and free personalized cheques.
With an RBC VIP banking card, you can withdraw from any ATM worldwide without worrying about the usual fee of $3 or $5 per non-RBC ATM withdrawal. Plus, your overdraft protection, RBC Direct Investing maintenance, and some RBC service fees are all waived.
RBC VIP Banking Benefits
Free IPad Welcome Offer
Canadian residents who open an RBC VIP Banking account by August 13, 2024, can receive a free iPad if they meet the bank’s specific criteria. The bank usually changes its welcome offer a couple of times a year. So, for the latest RBC new account offer, click here.
Unlimited Transactions
The RBC VIP Banking account lets you make unlimited debit transactions and Interac e-Transfers without worrying about extra fees.
Waived Overdraft Protection
This bank account includes overdraft protection, a service that protects you from expensive NSF fees whenever you spend more than what your bank account has. The overdraft protection normally costs $5 monthly on other RBC bank accounts.
Up to $120 Credit Card Rebate
As an owner of an RBC VIP Banking account, you can fully or partially rebate the annual fee of your eligible RBC credit card. If you have the RBC Avion Visa Infinite Privilege card, you’ll receive a partial annual rebate of $120.
The annual fees of the credit cards below, though, will be fully rebated:
- RBC Avion Visa Infinite
- RBC Avion Visa Platinum
- RBC U.S. Dollar Visa Gold
- RBC Rewards Visa Preferred
- RBC British Airways Visa Infinite
- RBC Cathay Pacific Visa Platinum
- WestJet RBC World Elite Mastercard
- RBC Cash Back Preferred World Elite Mastercard
Right Account Guarantee
If you’re unsatisfied with the RBC VIP Banking account within 4 months of using it, RBC will refund up to 3 monthly fees you already paid.
This feature is similar to a free trial as it allows you to test the bank account without wasting your money if the service ends up not suited to your needs.
Other VIP Perks
On top of the main benefits above, the RBC VIP Banking account also lets you enjoy 1 NSF fee rebated annually, 12 free bank drafts, and up to a $60 yearly discount on the bank’s safe deposit box’ regular fees.
You also get the opportunity to earn Avion points with your debit purchases and open extra RBC bank accounts with no additional fees.
RBC VIP Banking Fees
As the bank account with the most included features in RBC, RBC VIP Banking doesn’t have many optional fees.
The banking services you would usually have to pay for, such as getting personalized cheques, overdraft protection, and stop payments, are already included in your bank account.
Hence, the only significant fee you must remember is the monthly service fee for this chequing account, which is further explained below.
RBC VIP Banking Monthly Fee
The regular monthly fee of RBC VIP banking is $30. However, there are several available rebate programs you may be eligible for to lower this amount. You’ll find them in the table below.
Rebates for Reducing The RBC VIP Banking Monthly Fee
| Rebate Program | Monthly Fee |
| MultiProduct Rebate | $19.95 |
| Value Program Rebate | $24 or $18.05 |
| Seniors Rebate | $22.50 |
How Can You Get The RBC VIP Banking Fee Waived?
Unfortunately, you cannot get the RBC VIP Banking monthly fee waived. As shown above, you can only receive rebates if you’re eligible for one of the bank’s rebate programs.
However, the RBC VIP Banking account does waive several fees that you would otherwise need to pay for in other RBC banking accounts, including:
- 1 NSF fee per year
- Overdraft Protection fee
- RBC Direct Investing maintenance fees
Pros And Cons Of The RBC VIP Banking Account
Pros
- Free iPad offer
- Up to $120 credit card rebate
- No minimum balance required
- Unlimited day-to-day banking transactions
- Extra RBC bank accounts are included in the plan
- Several waived RBC fees (including overdraft protection)
- No RBC fees when withdrawing from any non-RBC ATM worldwide
Cons
- Expensive monthly fee of $30
- The monthly fee is non-waivable
- Overdraft interest rates still apply
Other RBC Bank Plans
If you’re interested in other RBC bank plans, consider the options below, as they’re some of the best RBC chequing accounts in Canada.
RBC Signature No Limit Banking
This bank account is an excellent option if you want a more affordable monthly fee without losing the ability to have unlimited free debit transactions and Interac e-Transfers.
It only costs $16.95 per month, but just like the VIP Banking account, it already has overdraft protection included and allows you to earn Avion points through your debit purchases.
The RBC Signature No Limit Banking also offers free personalized cheques and up to a $48 rebate on the annual fee of your eligible RBC credit cards.
Remember, though, that this bank account only waives up to 3 non-RBC ATM fees monthly.
Moreover, it only has five free cross-border debits a month.
RBC Advantage Banking
For only $11.95 a month, the RBC Advantage Banking plan offers unlimited debit transactions and free Interac e-Transfers.
This bank account doesn’t come with free overdraft protection, but you’ll still receive Avion points for your debit purchases and have 1 NSF fee rebated annually. Moreover, if you qualify for the Value Program rebate, you may not even need to pay a monthly fee.
RBC Day-to-Day Banking
If you’re trying to save as much money as possible, this bank account might be perfect for you. RBC Day-to-Day Banking only costs $4 a month but has most of the banking essentials you need.
This bank account only offers 12 debits per month ($1.25 each after that), but you still enjoy free Interac e-Transfer transactions and special RBC perks, such as saving 3 cents/L of gas at Petro-Canada.
Users who qualify for the Value Program or senior rebate can open this bank account for zero monthly fees.
RBC VIP Banking Alternatives
Here are the top-of-the-list alternatives to RBC VIP Banking from other banks.
Simplii No-Fee Chequing Account
Simplii No-Fee Chequing account ($500 bonus) is one of the best bank accounts if you don’t want to add to your expenses.
For zero monthly fees, this bank account allows you to do most banking services, such as debit purchases, free ATM withdrawals (through CIBC’s ATMs) and Interac e-Transfer transactions.
However, as an exclusively online bank, Simplii doesn’t have physical branches you can visit. Furthermore, while its included services are useful, they are somewhat limited, which means that frequent banking transactions may result in additional charges.
Simplii No-Fee Chequing Account
$500 cash bonus offer
No monthly account fees
Unlimited transactions & Interac e-Transfers
Free personalized cheques
Scotiabank Ultimate Package
Here’s Scotiabank’s all-inclusive chequing account that allows you to have unlimited transactions, freely withdraw from any ATM worldwide, and receive free cheques, drafts and overdraft protection. With this bank account, you can also save up to $150 on eligible Scotiabank credit card annual fees.
The Scotiabank Ultimate Package costs $30.95 per month. However, the monthly fee is fully waived if you keep a minimum daily closing balance of $5,000.
BMO Premium Chequing Account
The BMO Premium chequing plan has a lot of similarities with the RBC VIP Banking account. For a monthly fee of $30, it offers unlimited transactions, free cheques, and no extra fees for overdraft protection.
This bank account also includes up to $150 rebates on the annual fees of eligible credit cards and unlimited free BMO and non-BMO ATM withdrawals worldwide.
The BMO Premium Chequing account doesn’t allow you to waive your monthly fee, but you’ll get protected by the bank’s OnGuard Identity Theft Protection, valued at over $150 per year.
Is RBC VIP Banking Worth It?
The RBC VIP Banking account offers the most banking features RBC has to offer. Hence, it’s a great option for individuals who frequently transact banking transactions online and offline.
However, note that this bank account is not always the best choice for everybody.
Its monthly fee of $30 is on the pricier scale of banking fees. So, if you don’t need most of the features this bank account can offer, it might be best to opt for cheaper banking alternatives to save more money.
Everyone has different financing and banking needs. If you’re still unsure which chequing account is best for you, you can visit the RBC website to compare and contrast the various offerings.
FAQs
If you want to open an RBC VIP Banking account, you can visit one of the bank’s local branches and ask a representative for assistance. Alternatively, you can easily open this bank account online using the above links.
RBC Private Banking is a service offered by RBC where you get a one-on-one consultation from a private banker and a team of financial experts to get a customized wealth management experience. High-net-worth Canadians usually use this service.
You must have a minimum of $1 million in investable assets to enjoy RBC’s private banking services. Alternatively, an overall net worth of $3 million will suffice.
The highest, most inclusive package at RBC is the RBC VIP Banking account. For a monthly fee of $30, it offers unlimited transactions, withdrawals, and tons of other VIP RBC perks.
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