RBC's best, most feature-rich account is the RBC VIP Banking. However, RBC has a long list of accounts with excellent benefits and perks, making it a top option for banking in Canada.
Of course, RBC accounts do have some downsides. The biggest is that its Value Rebate Program makes it tricky to have monthly fees waived – though this is a fairly minor point when compared to the downsides of competing accounts.
Here's our analysis of RBC's chequing and savings account options in Canada, plus a look at how they stack up against a few competitors.
Key Takeaways
- RBC is Canada's biggest bank.
- Most RBC chequing accounts (aside from the student account) have monthly fees that cannot be waived with a minimum balance but provide nice benefits and welcome bonuses.
- RBC's savings accounts fare decently against competitors, but several online banks have better interest rates.
RBC chequing accounts
Here's an at-a-glance look at RBC's chequing accounts:
 | | | | |
|---|---|---|---|---|
| Account | RBC VIP Banking | RBC Signature No Limit Banking Account | RBC Advantage Chequing Account | RBC Day To Day Banking Account |
| Genius Rating | ||||
| Why You Want It | Get an Apple Watch Series 10 + Save 3 cents per litre at Petro-Can. | Free Apple Watch Series 10 + Save 3 cents per litre at Petro-Can. | Unlimited debit transactions + Rebates help to lower fees. | $0 fee with Value Program Rebate + Save on fuel at Petro-Canada. |
| Minimum Balance To Waive Fee | N/A | N/A | N/A | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited | 12 |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $30.00 | $16.95 | $12.95 | $4.00 |
| Excess Transaction Fee | $0.00 | N/A | N/A | $1.25 |
Show More | ||||
| Open an account See more RBC products Compare | Learn More See more RBC products Compare | Learn More See more RBC products Compare | Learn More See more RBC products Compare |
From left to right, you'll go from the most premium account to the most accessible one.
You'll get more features and benefits with premium accounts, but you'll end up having to pay a lot more in fees. Note too that these are paid monthly, so if you go for the RBC VIP Banking, you'll be paying $360 per year.
Some other comparable accounts at other banks have fee waivers if you maintain a monthly balance, but RBC only lower or waives monthly fees for those with a certain number of RBC products. This is part of the RBC Value Program.
Now that you're aware of the potential fees, pay special attention to the "special features" row. That (plus the credit card fee waiver for the first two) is the bulk of where your money is going – these are the perks and benefits you'll be given.
If you feel that some of these are unnecessary, you may want to choose a lower-end account and save a lot of money.
RBC savings accounts
Here's a comparison of the RBC savings accounts we track:
| | | |
|---|---|---|---|
| Account | RBC High Interest eSavings account | RBC NOMI Find & Save | RBC Day To Day Savings account |
| Genius Rating | |||
| Why You Want It | Earn 0.65% on every dollar + Transfer money between RBC accounts for free. | Predictive technology funds your savings automatically + Protects against upcoming purchases. | $0 monthly fee + Free and instant e-Transfers to RBC accounts. |
| Interest Rates |
|
|
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| # Of Free Transactions | 1 | 0 | 1 |
| # Of Free Interac E-Transfers | 0 | 0 | 0 |
| Max Promotion Rate | 4.7% | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | October 29, 2025 | N/A | N/A |
| Open an account See more RBC products Compare | Learn More See more RBC products Compare | Learn More See more RBC products Compare |
We can see that the best interest rate belongs to the RBC High Interest eSavings account, topping out at 0.65% on a normal day and hitting its ceiling during the welcome bonus period at 4.7%.
It also allows you to transfer money between this and your other RBC accounts for free.
This completely blows the RBC Day To Day Savings account out of the water as it exceeds it in every way. With an extremely low 0.01% interest rate and no promo offer or newcomer incentive whatsoever, it's no contest.
The RBC NOMI Find & Save is a set-and-forget savings account that can move up to $75 per day into a special account at an interest rate of up to 0.2%. If you set a goal for yourself, you'll slowly accumulate and grow the money you've earned. This account isn't for anyone who prefers more control over how much they put in and when.
RBC student and youth accounts
RBC features a couple of accounts curated to meet the needs of kids and those pursuing further education.
| | |
|---|---|---|
| Account | RBC Advantage Banking for students | RBC Leo's Young Savers Account |
| Genius Rating | ||
| Why You Want It | A full featured bank account for students with no monthly fees. | $0 monthly fee + Unlimited debit transactions and e-Transfers. |
| ||
| Minimum Balance To Waive Fee | $0 | |
| # Of Free Monthly Transactions | Unlimited | |
| # Of Free Monthly Interac E-Transfers | Unlimited | |
| Monthly Fee | $0.00 | $0 |
| Excess Transaction Fee | $0.00 | |
Show More | ||
| Open an account See more RBC products Compare | Learn More See more RBC products Compare |
The RBC Advantage Banking for students is RBC's special student account, with features and perks designed especially for Canadians pursuing further education. This means no monthly fees, access to a virtual Visa debit card, and free ATM use – including unaffiliated ATMs.
This account is available for anyone ages 18 and up, but you must be a full-time student.
Similarly, the RBC Advantage Banking for students is designed for kids ages 0-12. For no monthly fee, parents have the ability to set transaction limits for their child's spending. This offers an excellent opportunity to teach responsible spending habits.
Plus, kids and parents have access to the award-winning Mydoh account and app.
Pros and cons of RBC bank accounts
Here's a to-the-point breakdown of whether or not RBC bank accounts could be right for you:
| Pros | Cons |
|---|---|
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How to open an RBC bank account
To open an RBC bank account, you need to:
- Be at least 18 years old
- Live in Canada or the U.S
- Have a social insurance number
- Have a valid form of government ID
After answering a few basic questions, details are sent to you via email. You may be asked to visit a branch to complete registration.
RBC bank account fees
Here are the common fees you'll be paying with an RBC account:
- Using a PLUS System ATM in Canada/the US: $3
- Unaffiliated ATM withdrawals: $3 to $5
- NSF fees: $45
- Overdraft fees: $5 each, plus debit fee and interest
- Inactivity fees: $20 (in years 2 - 8, doubled after the 9th year)
- Transferring RRSPs, TFSAs, or RRIFs to other institutions: $150
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.RBC bank account alternatives
If you don't want to bank with RBC, there are plenty of other options, both in other Big 5 Banks and smaller institutions. Here are our top competitors for two of RBC's products, Scotiabank and EQ Bank.
Chequing account comparison: RBC VIP Banking vs. Scotiabank Ultimate Package
The first challenger that we'll compare RBC with is Scotiabank.
Take a look at how RBC's most valuable chequing account stacks up against its Scotia biggest competitor
| Bank account | RBC VIP Banking | Scotiabank Ultimate Package |
|---|---|---|
| Monthly fee | $30.00 | $30.95 |
| Minimum balance to waive fee | N/A | $6,000 |
| Welcome bonus | N/A | $700 |
| # of free debit transactions and e-Transfers | Unlimited | Unlimited |
| Credit card fee waiver | $120 | $150 |
| Special features | * Earn Avion points on purchases * Save 3 cents per litre at Petro-Canada * No unaffiliated ATM fees * Free cheques and safety deposit box | * Earn Scene+ points on purchases * Free global ATM withdrawals * 10 free trades on Scotia iTrade * Free cheques * $100 GeniusCash |
The RBC VIP Banking is a decent account, but the Scotiabank Ultimate Package comes out just that little bit higher as it has better perks for a similar annual fee that can be more easily waived.
It's also good to know that in addition to its welcome bonus, you'll also get an additional $100 in GeniusCash on approval from us.
Savings account comparison: RBC High Interest eSavings account vs. EQ Bank Personal Account
Now let's have a look at some high interest savings accounts – here's how RBC's HISA compares with EQ Bank's:
| Bank account | RBC High Interest eSavings account | EQ Bank Personal Account |
|---|---|---|
| Maximum normal interest rate | 0.65% | 3% |
| Promo interest rate | 4.7% | N/A |
| Special features | * Automatic money transfers * Save Matic auto savings tool * Access to MyAdvisor | * Cash back on purchases * No FX fees * Unlimited transactions |
If you plan on using your account for the long run, the EQ Bank Personal Account has a better maximum interest rate at 3%. Since this is what most people look for in a high interest savings account, we'd rank this higher than the RBC option.
You will get a promo interest rate of 4.7% with RBC, but the boosted interest rate only lasts for 3 months.
FAQ
Does RBC have any new bank account promotions?
Yes, a number of their accounts include welcome bonuses including Apple Watches.
How can I find my RBC bank account number?
In your online banking portal, you can find the information under the "Bank account" section. Because it's an RBC account, it will start with 003, which is RBC's bank institution number.
How do I close my RBC bank account?
You can close your bank account in person, over the phone, by RBC's secure email platform, or on their website. Your account should be closed within 5 business days.
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