The RBC VIP Banking is an excellent choice for a premium bank account as it offers enough perks and benefits. These benefits – like free overdraft protection, a discounted safety deposit box, unlimited ATM withdrawals, etc. – pay for themselves if you use them often and correctly.
With a monthly fee of $30.00, though, this account isn't going to work for everyone. Especially considering all the free chequing and hybrid accounts available in Canada right now, not everyone will get true value from an expensive yet feature-rich account like this.
RBC VIP Banking features
Here's a rundown of the main features of this premium account:
Why You Want It
Get an Apple Watch Series 10 + Save 3 cents per litre at Petro-Can.
Special Features
- Earn at least 1 Avion point per $10 spent with your debit card
- No monthly overdraft protection fee
- Free personalized cheques
- RBC Direct Investing maintenance fees waived
- Save 3 cents/L on fuel at Petro-Canada and earn 20% more Petro-Points
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
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$30.00
Excess Transaction Fee
$0.00
Excess Interac E-Transfer Fee
$0.00
Maximum Credit Card Annual Fee Waiver
$120
Maximum Welcome Bonus
N/A
Promo End Date
June 02, 2025
Physical Locations
Automatic Budgeting System
See Issuer for Details
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 VIP Banking product rating: 4.4 stars
The list of benefits and perks offered by the RBC VIP Banking is staggering, especially if you already hold another RBC product or two. Most banks charge a fee for making ATM withdrawals, using a safety deposit box, subscribing to overdraft protection, etc. It's quite a deal to have all of these extra fees bundled into one monthly payment.
Still, this isn't an account that all Canadians can afford. Not many people need or use a safety deposit box, and many people don't carry cash anymore, so would these related benefits aren't really benefits at all.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of RBC VIP Banking
Here are the best details that RBC VIP Banking has to offer:
Pros
New Apple Watch as a welcome bonus
RBC clients receive a brand new Apple Watch Series 10 simply for opening a new RBC VIP Banking. There are a couple of follow-up steps required before you receive this cash bonus, but they're easy to complete and definitely worth the effort. The offer is valid until June 2, 2205.
Unlimited free transactions and e-Transfers
There are no transaction limits to adhere to with this banking plan, including Interac e-Transfers. So you can tap that debit card at the store any time you want, or pay for goods and services via e-Transfer whenever the opportunity presents itself. You have no restrictions to stop you from taking advantage of these conveniences.
Earn RBC Avion points
The debit debit card associated with your RBC VIP Banking earns RBC Avion points: 1 Avion point per $10 spent. Adding more eligible RBC products increases your earn rates too – you can earn up to 1 point per $3 spent when you have 3 or more eligible products.
Additional account fee waiver
RBC VIP Banking clients have the option to also open up to two other RBC CAD accounts at no extra charge – choose from the RBC Day To Day Banking Account, the RBC Enhanced Savings account, or the RBC Day To Day Savings account. The U.S. Personal Account is also available at no extra monthly charge. This can be a valuable perk if you prefer to keep all your banking products in-house.
Credit card annual fee waiver
If you also hold an RBC credit card, you can take advantage of the $120 annual fee waiver. This applies to eight different RBC cards, including the popular RBC Avion Visa Infinite. Plus, it's a renewable waiver, which means you can enjoy this discount not just once, but every year.
Save on fuel and earn Petro-Points
As with most RBC accounts, you'll save 3 cents per litre on fuel at Petro-Canada simply by linking your Petro-Points card with your RBC VIP Banking banking account. You'll earn an extra 20% in Petro-Points at the pumps too.
Plenty of discounts and freebies
Account holders get 12 free bank drafts each year as well as free overdraft protection and unlimited free personalized cheques. There's also the $60 discount on a safety deposit box, free ATM withdrawals, and no fees for U.S. and/or global transfers through the RBC International Money Transfer service.
Value Program fee discounts
The RBC Value Program provides discounts and extra Avoin points for those with multiple RBC products and who complete certain transactions. Holding three eligible banking products can earn you up to $11.95 off of your monthly banking account fee, which cuts a considerable chunk out of the $30.00 price tag for RBC VIP Banking.
The cons of RBC VIP Banking
Even with its multiple benefits, there are a few drawbacks to this account:
Cons
Very high monthly fee
At $30.00 per month, RBC VIP Banking is a very expensive bank account. If you take advantage of its many perks, you'll likely break even. Otherwise, though, you'd likely be better off with a free chequing account from an online bank, or at least a more basic account with a lower fee.
Can't completely waive the monthly fee
This account doesn't offer the option to have your monthly fee waived by maintaining a minimum balance, which is quite unusual. Even if you qualify for the RBC Value Program, you'll only have a discounted monthly fee.
Overdraft interest still applies
Yes, the benefit of free overdraft protection does apply to RBC VIP Banking, but this doesn't include any interest accrued if you fall into overdraft. At 22% per year, it's a pretty high interest rate too. This isn't unusual for any bank account, but still an unfortunate reality to be aware of.
RBC VIP Banking alternatives
Below is a side-by-side comparison of the RBC VIP Banking and a few of its biggest competitors:
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Preferred Package | Coast Capital Elevate Chequing Account | BMO Performance Chequing Account |
| Genius Rating | |||
| Why You Want It |  $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | $125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
| $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. |
| Minimum Balance To Waive Fee | $4,000 | N/A | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $16.95 | $16.95 | $17.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | I Want This Deal See more Coast Capital Savings products Compare | I Want This Deal See more BMO products Compare |
FAQ
What is RBC VIP Banking?
RBC VIP Banking is RBC's most premium chequing account. It has many perks, including a unique welcome bonus, unlimited transactions, a credit card fee waiver, free personalized cheques, and much more. The $30.00 monthly fee is quite steep, though.
How do I avoid RBC monthly fees?
The only way to avoid monthly fees for RBC accounts is through the RBC Value Program. Even with the multi-product discounts available with this program, it doesn't completely waive the $30.00 monthly fee for RBC VIP Banking.
What is the monthly fee for RBC VIP Banking?
Clients pay $30.00 per month for the RBC VIP Banking. Considering the long list of features, including unlimited transactions, a $120 credit card fee waiver, free personal cheques, and much more – this account offers considerable value.
Does RBC have a free chequing account?
RBC does not have a free chequing account, but there are a few free savings accounts. The RBC Day To Day Banking Account is its cheapest account, coming in at just $4.00/ month, or $0 for seniors.
Is RBC VIP Banking worth it?
Yes, RBC VIP Banking can certainly be worth it. If you use your debit card frequently, make regular ATM withdrawals, or have an RBC credit card, this account's perks and benefits will be extremely valuable for you.
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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