RBC Day to Day Banking Account review

The RBC Day to Day Banking Account is the cheapest and most basic RBC chequing account available. It costs only $4 per month, but it’s waivable for RDSP beneficiaries and seniors aged 65 and older.

You’ll get 12 free transactions per month and access to RBC rewards, like Avion travel points and accelerated Petro-Points. But other perks are limited, which is why this account is good for customers with basic banking needs.

What are the advantages of the RBC Day to Day Banking Account?

Besides having a low $4 monthly fee, the RBC Day to Day Banking Account also boasts the following perks:

• 12 free transactions. Included in the monthly free are 25 free debits, including purchases, bill payments and ATM withdrawals.
• Waivable monthly fee. If you hold more than one eligible RBC product, the monthly fee for this account can be partially or fully waived. Pay no monthly fees if you’re at least 65 years old or receive RDSP benefits.
• Free Interac e-Transfers. Get unlimited Interac e-Transfers at no extra charge. These don’t count towards your account’s free transaction limit.
• Mobile cheque deposit. Deposit cheques on your smartphone without visiting an RBC branch in person.
• Free paper statements. RBC eStatements are free. But unlike many other Canadian bank accounts, you don’t have to pay for paper statements unless you want to view cheque images.
• Online and mobile app. Conveniently manage your money anytime, anywhere using RBC Royal Bank Online Banking or the RBC mobile app.
• Avion travel rewards points. If you enrol in the RBC Value Program, you can earn 1 Avion point for every $10 you spend using your account. Your points can be redeemed to purchase flights, gift cards, merchandise and more.
• Gas savings and accelerated Petro-Points. Link your Petro-Canada card to your account to save up to 3 cents/L on fuel and earn 20% more Petro-Points when you fuel up.
• Right Account Guarantee. If you change your mind within the first four months of opening an RBC Day to Day Banking Account, RBC will refund up to three months’ worth of monthly fees.
• Canada-wide. Apply to open an RBC Day to Day Banking Account anywhere in Canada.
• CDIC insured. RBC is an established bank, but in the unlikely event it fails, your deposits are covered up to $100,000 across all your RBC accounts.

What should I watch out for?

Benefits aside, there are some potential drawbacks to having an RBC Day to Day Banking Account:

• Extra fees. Each transaction over your monthly limit costs $1.25. Pay $2 for using out-of-network ATMs in Canada. Optional overdraft protection costs $5 per month.
• No interest. Unlike some chequing accounts, this account doesn’t yield any interest on your balance.
• Limited benefits. This chequing account is designed for basic banking needs, so you won’t get premium perks like credit card fee rebates, free safety deposit boxes, free cheques or free money orders.

What other chequing accounts does RBC offer?

RBC offers a number of other chequing accounts that could fit your needs and budget if the RBC Day to Day Banking Account isn’t right for you.

• RBC VIP Banking Account. This premium account offers exclusive benefits such as unlimited transactions, free ATM withdrawals, premium credit card rebates and free overdraft protection. It comes with a monthly fee of $30.
• RBC Signature No Limit Banking Account. The RBC Signature No Limit Banking Account is a mid-level account that comes with unlimited free transactions, rebates on credit card fees and a wealth of free services. It costs $16.95 per month.
• RBC Advantage Banking. This account costs $11.95 per month and comes with unlimited free transactions, free Interac e-Transfers and free out-of-network ATM usage in Canada.

Related: Explore RBC chequing accounts

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How do I open an RBC Day to Day Banking Account?

Eligibility requirements

To apply for an RBC Day to Day Banking Account, you need to meet the following criteria:

• Be a Canadian resident
• Be at least the age of majority in your province or territory (18 or 19)

Required documents and information

• Basic personal information like your name, residential address and contact information
• Your Social Insurance Number (optional) and date of birth
• Proof of identity such as a driver’s licence or passport (multiple pieces of ID may be required if you don’t have photo ID)

How do I deposit or withdraw my money from RBC?

You can withdraw money quickly and easily using your debit card. It’s also possible to go into a branch to speak with an RBC teller about taking out funds. Alternatively, you can set up an Interac e-Transfer or bank-to-bank transfer to send money to another bank account.

To deposit funds, you’ll need to transfer money into your RBC Day to Day Banking Account from another bank account or deposit cheques. You can also set up a direct deposit for your income and deposit cash in person at a local RBC branch.

Related: Learn more about digital banking in Canada