The RBC Day To Day Banking Account account is the most basic chequing account offered by RBC with a monthly fee of just $4.00 compared with some premium accounts that have fees in excess of $30.
Even though the price suggests a bare-bones account, you'll still get some benefits to the tune of unlimited (and free) Interac e-Transfers, plus savings on gas and at pharmacies at Petro-Canada and Rexall. It's well worth the low fee and could be just the right fit if you're looking for a simple, no-frills account.
RBC Day To Day Banking features
Here's an overview of RBC's most basic chequing account.
Why You Want It
$0 fee with Value Program Rebate + Save on fuel at Petro-Canada.
Special Features
- Free with a multi product rebate
- Save on fuel at Petro-Canada and earn bonus points
- Earn 50 extra Be Well points per $1 spent at Rexall
- Earn Avion points on debit purchases
- Free transactions for public transit use
Eligibility
- At least the age of majority in your province
- Opening a sole account in your own name
- Living in Canada
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$4.00
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
$0.00
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 Day To Day Banking product rating: 3.3 stars
Even though the RBC Day To Day Banking Account account gets credit because of its low fees (it's the least costly account on offer from them) and some extra perks, (it's the least costly account RBC offers) and some extra perks, it loses a bit of star power due to a few significant drawbacks.
With limited debit transactions, no higher-end perks, and ATM fees that can add up quickly, the RBC Day To Day Banking Account ends up only scoring a 3.3 out of a possible 5.
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 Day To Day Banking
All in all, this basic RBC chequing account is pretty impressive.
Pros
Low $4.00 monthly fee (that can be waived if you have more RBC products)
Though it's a lot cheaper to have this account than a higher-tiered account with a fee of up to $30, paying $4.00 per month adds up to $48 per year. Fortunately, you can waive this monthly fee entirely by enrolling your eligible RBC bank accounts in the Value Program. Choose 2 of the extra RBC products offered and your account fee will be waived.
If you have 2 of these in total, you're good to have the fee waived.
Unlimited Interac e-Transfers
Unlike most other basic bank accounts at big banks, you can send as many Interac e-Transfers as you want with this account – a major boost in convenience.
Extra perks at Petro-Canada
All RBC chequing accounts get extra perks at Petro-Canada, and this basic account is no exception. First, you'll need to connect your debit card to your Petro Points account. Then when you pay with your connected debit card, you'll save 3 cents per litre and earn 20% more Petro-Points.
Get personalized financial insights with NOMI
NOMI is RBC's in-app financial intelligence program. It can send alerts about your banking activity, help you budget, and tailor some insights and tips that will help grow your investments. What's nice about this account is that it comes with it bundled in for free.
The cons of RBC Day To Day Banking
But there are a few things you'll want to keep in mind with this basic RBC chequing account.
Cons
Only 12 free debit transactions per month
You'll only get your first 12 debit transactions free per month. After that, you'll have to pay $1.25 per transaction until the month resets.
Non-affiliated ATM withdrawals are $3 each in Canada
If you're in a pickle and need to withdraw from a non-RBC ATM, you'll be charged $3 in Canada or the United States. This goes up to $5 outside of these countries.
Overdraft protection not included
Overdraft protection, which is sometimes included with a bank account for free, will cost you $5 per month.
RBC Day To Day Banking alternatives
Here's how the RBC Day To Day Banking account compares to other basic chequing accounts from big banks. We've also compared it next to an online bank that offers no fee banking.
 |  |  | |
|---|---|---|---|
| Account | BMO Performance Chequing Account | Scotiabank Basic Bank Account | Laurentian Bank Unlimited Account |
| Genius Rating | |||
| Why You Want It |  $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Free for seniors + Low $3.95 monthly fee. | Unlimited transactions + Discounts for students and seniors. |
| Minimum Balance To Waive Fee | $4,000 | N/A | $3,000 |
| # Of Free Monthly Transactions | Unlimited | 12 | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $3.95 | $14.75 |
| Excess Transaction Fee | N/A | $1.25 | N/A |
Show More | |||
| I Want This Deal See more BMO products Compare | Open an account See more Scotiabank products Compare | Learn More See more Laurentian Bank products Compare |
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FAQ
What's the RBC Day To Day Banking account's monthly fee?
The RBC Day To Day Banking account has a $4 monthly fee. This can be waived completely if you qualify for the The RBC Value Program rebate, which requires you to have an active RBC credit card and personal investment.
What's the RBC Day To Day Banking account's transaction limit?
You have 12 free debit transactions per month with the RBC Day To Day Banking account. If you go over this limit, you'll be charged $1.25 per transaction until the month resets. But the good news is you have unlimited Interac e-Transfers to use as you please.
What are some perks and benefits to having the RBC Day To Day Banking Account account?
A few perks and benefits that come with the RBC Day To Day Banking Account account include the unlimited Interac eTransfers, NOMI financial insights, and low monthly fees.
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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