The RBC Advantage Chequing Account is a basic yet solid chequing account with unlimited Interac e-Transfers and debit transactions within Canada, plus the opportunity to earn rewards. The $12.95 monthly fee is very reasonable, with rebates available for students, seniors, and more.
RBC is a well-established and respected Canadian institution and its chequing accounts are packed with valuable perks. There are certainly a couple of frustrating details, like the complicated method for waiving the monthly fee, but the benefits of this reputable bank may just cancel them out.
RBC Advantage Chequing Account features
Here's an overview of the features this chequing account brings to the table:
Why You Want It
Unlimited debit transactions + Rebates help to lower fees.
Special Features
- Earn RBC Avion points on your debit purchases
- Save on fuel at Petro-Canada locations
- Earn extra Be Well points at Rexall
- 1 free NSF each year
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$12.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
RBC Advantage Chequing Account product rating: 3.7 stars
RBC Advantage Chequing Account gets an excellent 3.7 Genius Rating, but it could be better if more high-value perks were offered – but that would change the account completely and turn it into more of a premium account.It's quite unique among other chequing accounts in the "basic" category. You can earn RBC Avion points, plus save 3 cents per litre at Petro-Canada (and earn 20% more Petro-Points). If you have other RBC products, the Value Program can offer you a significant monthly discount. It really is an appealing account option.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC Advantage Chequing Account
Check this out – the RBC Advantage Chequing Account has a few impressive features:
Pros
Unlimited debit transactions in Canada
The RBC Advantage Chequing Account includes unlimited free debit transactions inside Canada. Most Canadians use their debit cards frequently, making this quite a valuable feature, especially when you consider the value of earning RBC Avion reward points too (as discussed below).
Unlimited Interac e-Transfers
Canadians also love using Interac e-Transfers to make purchases, pay bills, and send money to family and friends. With this account, you’ll pay nothing for unlimited Interac e-Transfers. This is standard for many Canadian chequing accounts, but not among "basic" accounts like this.
Instant savings on fuel at Petro-Canada
Link an RBC debit or credit card to your Petro-Points rewards account and you'll save 3¢ per litre on fuel and earn 20% more Petro-Points at Petro-Canada locations when you use the linked card. Just note that you'd have to buy 365 litres of gas every month to make up for this account's monthly fee.
Earn RBC Avion points on your debit transactions
Every time you make a debit purchase with your RBC Advantage debit card, you'll earn 1 Avion point per $10 spent. With the Value Program, these points can get as high as 1 point per $3 – and this program can also take your monthly fee down to $0.
Earn more Rexall Be Well rewards
Link an RBC debit or credit card to your Rexall Be Well account and you'll earn 50 Be Well points for every $1 you spend with that RBC card. Since 25,000 Rexall Be Well points are worth $10 at Rexall, that’s a 2% rate of return.
Right Account Guarantee
RBC promises to refund 3 out of 4 months’ worth of monthly fees if you decide this account isn’t right for you after 4 months. That’s a pretty risk-free way to try a bank account and something that most other banks don't offer at all.
The cons of RBC Advantage Chequing Account
Of course, this bank account has a few downsides, so be sure to consider these:
Cons
Harder to waive your monthly balance
You’ll need 3 other RBC products to waive your monthly fee, like a credit card, investing account, mortgage, or business account. These aren't possible for everyone, and it’s a lot more complicated than fee-waiving options offered by other banks (like keeping a minimum balance).
$5 overdraft protection fee
You’ll pay $5 per month for overdraft protection, bumping up your overall monthly fee for this account. If you frequently flirt with overdraft, you may want to look for an account that offers protection for free or cheaper.
RBC Advantage Chequing Account alternatives
Here's how RBC Advantage Chequing Account measures up to some close competitors:
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Preferred Package | BMO Performance Chequing Account | CIBC Smart Account |
| Genius Rating | |||
| Why You Want It |  $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Get up $500 when you open an account + Lower monthly fee for seniors. |
| Minimum Balance To Waive Fee | $4,000 | $4,000 | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $16.95 | $17.95 | $16.95 |
| Excess Transaction Fee | N/A | N/A | $1.25 |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | I Want This Deal See more BMO products Compare | Learn More See more CIBC products Compare |
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FAQ
What is RBC Advantage Chequing Account?
RBC Advantage Chequing Account is a simple chequing account from one of Canada's biggest banks. It provides you unlimited debit transactions (within Canada), unlimited Interac e-Transfers, and opportunities to earn RBC Avion points, all for a $12.95 monthly fee.
How do I avoid monthly fees at RBC?
If you want to avoid monthly fees on an RBC chequing account, you'll have to take full advantage of the RBC Value Program, which means you need to have a certain amount of other RBC accounts.
Is RBC a good bank?
RBC is one of Canada's largest and most well-trusted banks with a coast-to-coast presence. It offers a wide variety of banking products, from credit cards and mortgages to saving and chequing accounts. Plus, eligible deposits are protected by the CDIC.
What is the minimum balance for an RBC account?
There is no minimum balance requirement for the RBC Advantage Chequing Account, but the Value Program can help you get the monthly fee waived. Other RBC accounts do have a minimum balance requirement that's necessary for waiving the monthly fee.
Does RBC offer free banking for seniors?
Yes, many of RBC’s accounts are free or offer a monthly account fee rebate to eligible seniors in Canada. The Day to Day Banking account is free from the start. At RBC, senior means 65+.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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