A Guide to RBC Royal Bank Chequing Accounts
There are a number of financial institutions in Canada that offer a variety of chequing account options. RBC Royal Bank is one of those banks with a wide assortment of accounts to choose from.
Here’s an overview of RBC Royal Bank chequing accounts as well as the features and fees of each one:
Regular chequing accounts
Student chequing accounts
| RBC Student Banking | RBC No Limit Banking for Students | |
| Monthly fee | $0 | $10.95 |
| Monthly fee after multiple product rebate | N/A | $0 |
| Monthly fee after senior rebate (65 and older) | N/A | N/A |
| No. of free debits/month | 25 | Unlimited |
| No. of free Interac e-Transfers | Unlimited | Unlimited |
| Interac access fee for non-RBC ATMs | $1.50 each | $1.50 each |
| Overdraft protection | $4/month | $4/month |
| Credit card rebate | Up to $39 | Up to $39 |
If you have a chequing account and two or more eligible RBC products, you can receive a partial or full rebate on your monthly fee. For the RBC Day to Day Banking, RBC No Limit Banking for Students, and RBC No Limit Banking accounts, you must have at least an active credit card and an active investment account in order to get the fee waived or reduced. If you have an RBC No Limit Banking account, you’re a senior, and you have an active credit card and active investment account, your monthly fee will be waived entirely.
The credit card rebate varies by account. Unfortunately, there isn’t a rebate available for the RBC Day to Day Banking and the RBC No Limit Banking accounts. With the RBC Student Banking account, you can get the annual fee waived on three cards: The Signature RBC Rewards Visa ($39 fee), the WestJet RBC MasterCard ($39 fee), and the RBC Visa Cash Back ($19 fee).
If you have a Signature No Limit account, you can get the $39 annual fee fully rebated on the Signature RBC Rewards Visa and the WestJet RBC MasterCard. Or you can get a partial annual fee rebate of $35 on the RBC Avion Visa Infinite Privilege ($399 fee), the RBC Visa Infinite Avion ($120 fee), the RBC Visa Platinum Avion ($120 fee), the RBC Rewards Visa Preferred ($110 fee), the RBC U.S. Dollar Visa Gold (US$65 fee), the RBC British Airways Visa Infinite ($165 fee), the RBC Cathay Pacific Visa Platinum ($120 fee), and the WestJet RBC World Elite MasterCard ($99 fee).
If you have the RBC VIP Banking account, you can get a partial rebate of $120 for the primary cardholder and $50 for the co-applicant on the annual fee for the RBC Avion Visa Infinite Privilege ($399 fee and $99 for an additional card). Or you can get the annual fee fully rebated for the primary cardholder and additional cardholders on any of these cards: The RBC Visa Infinite Avion ($120 fee), the RBC Visa Platinum Avion ($120 fee), the RBC Rewards Visa Preferred ($110 fee), the RBC U.S. Dollar Visa Gold (US$65 fee), the RBC British Airways Visa Infinite ($165 fee), the RBC Cathay Pacific Visa Platinum ($120 fee), and the WestJet RBC World Elite MasterCard ($99 fee).
The more expensive chequing accounts come with some additional perks. The RBC Signature No Limit Banking account comes with six free bank drafts a year, five free cross-border transactions a month, free personalized cheques, and a $12 annual discount on a safe deposit box. And the RBC VIP Banking account comes with 12 free bank drafts a year, an unlimited number of cross-border debit transactions, free personalized cheques, and an annual discount of up to $45 a year on a safe deposit box.
The bottom line
RBC Royal Bank has a number of chequing accounts to choose from. What stands out is that the bank offers a multiple product rebate, unlimited Interac e-Transfers, and credit card rebates (for certain accounts). Some of the accounts come with a hefty price tag and they might not be worth it if you don’t use all the perks. Before choosing an account, use our chequing account comparison tool to find one that fits your needs.