RBC Advantage Banking review
- Bonus Offer
- N/A
- Monthly Account Fee
- $11.95
- Free Transactions
- unlimited
- e-Transfer Fee
- $0
Our verdict
Take advantage of unlimited debits in Canada and (potentially) no monthly fee.
RBC Advantage Banking is an everyday chequing account that's well worth a look for Canadians who perform lots of transactions but want an affordable monthly fee. It supports unlimited debits in Canada, free Interac e-Transfers, and allows you to use another bank's ATM in Canada with no RBC fee. The standard monthly fee is $11.95, but this can be reduced or waived if you meet certain terms and conditions.
Best for: People looking for an account that supports unlimited debits with a competitive (or potentially waived altogether) monthly fee.
Pros
-
Competitive (or waived) monthly fee
-
Unlimited debits in Canada
-
Free Interac e-Transfers
-
Earn reward points
Cons
-
You'll need to meet specific terms and conditions to have the monthly fee waived
-
Other account fees apply
-
Some perks require you to apply for other RBC products or accounts
-
Other accounts offer more perks
RBC Advantage Banking: The Basics
These are the standard features you can expect when you open an RBC Advantage Banking account:
- Unlimited debits. You can perform unlimited debit transactions in Canada without incurring any additional fees. This means you can make purchases in-store and online without worrying about exceeding your monthly transaction limit.
- Free Interac e-Transfers. You can use your account to make up to 999 free Interac e-Transfer transactions per month.
- Monthly fee rebates. The standard monthly fee is $11.95, but this can be reduced to $5.95 or $0 per month if you sign up for the RBC
- Value Program rebate (more info on this later in our review). There’s also a reduced monthly fee of $7.95 for seniors, no monthly fee for full-time students, and no monthly fee for newcomers to Canada.
- No ATM fees. RBC won’t charge you any fees if you use another bank’s ATM in Canada. However, it’s worth noting that other ATM operators may charge you a fee for using their machine.
- One free NSF fee. This account entitles you to one rebated NSF fee per calendar year.
- Free banking. The RBC Advantage Banking account offers free online, mobile and phone banking. eStatements are also provided free of charge.
- Personalized cheques. You also get a book of 50 cheques free when you open an account.
What are the benefits of RBC Advantage Banking?
You can also access a range of additional benefits on top of this accounts standard features, such as:
- $100 cash offer. At the time of writing,
- Earn Avion 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.
- Save on gas. If you link your RBC debit card to your Petro-Canada Petro-Points card, you can save 3 cents per litre on gas every time you fill up. You'll also earn 20% more Petro-Points when you fill up at a Petro-Canada station.
- Right Account Guarantee. Within the first four months of opening an account, if you decide RBC Advantage Banking isn’t right for you, RBC will refund up to three months’ worth of monthly fees.
How does the RBC Value Program work?
RBC Vantage is a suite of benefits you can access when you have an eligible RBC account. One of the benefits of RBC Vantage is known as the Value Program.
The Value Program is free and allows you to earn Avion points when you shop online and in-store using your Advantage Banking account. You can also pay as little as $0 per month in fees, but you’ll need to open other RBC products to qualify.
To qualify for the program you will need to:
- Hold eligible RBC accounts in the following product categories: personal credit cards, personal investments, residential mortgages, and linked small business relationships; and
- Perform two or more of the following activities in the previous calendar month to or from your Advantage Banking account: a monthly direct deposit, a monthly pre-authorized payment, or an eligible bill payment made at minimum once per month.
Check out the table below for details of the rewards you can access.
| RBC Advantage Banking + 0-1 product categories | RBC Advantage Banking + 2 product categories | RBC Advantage Banking + 3 or more product categories | |
|---|---|---|---|
| Avion points | 1 point per $10 spent on debit (up to 150 points per month) | 1 point per $5 spent on debit (up to 300 points per month) | 1 point per $3 spent on debit (up to 500 points per month) |
| Monthly fee rebate | – | Up to $6 per month | Up to $11.95 per month |
What are the drawbacks of RBC Advantage Banking?
There are a few risks and drawbacks to be aware of before applying for RBC Advantage Banking:
- Monthly fee may apply. Unless you satisfy specific terms and conditions, you’ll have to pay a monthly account fee of up to $11.95.
- Other fees. Check the fine print for details of other fees that may apply to this account, such as fees for wire transfers and using PLUS system ATMs. It’s also worth noting that cross-border debits attract a $1 fee as well as a 2.5% exchange rate markup over the mid-market rate.
- Must have other RBC products to access rewards. To take full advantage of rewards under the RBC Value Program, you’ll need to sign up for multiple additional RBC products. There’s also a cap on how many points you can earn per month.
- Not as many perks as other accounts. If you’re looking for a chequing account that offers features such as unlimited overseas transactions and waived fees on credit cards and other products, you’ll need to consider other options.
What should I know before I apply?
To qualify for an RBC Advantage Banking account you will need to be:
- The age of majority in your province.
- Opening a sole account in your name.
- A resident of Canada.
You can fill out an online application form in around 10-15 minutes. To complete the application online, you’ll need to provide photo ID such as your driver’s licence or passport.
How do I open an RBC Advantage Banking account?
If you’ve compared your options and decided RBC Advantage Banking is right for you, here’s how to open an account:
- Click the green ‘Go to site’ button above to be securely redirected to RBC’s website.
- If you’re an existing RBC online banking customer, you can log into online banking to speed up the application process. If not, you can continue with the steps below.
- Choose whether you’d like to open an RBC High Interest eSavings Account at the same time.
- Enter your name and email address.
- Verify your ID by providing a picture of your photo ID (such as your driver’s licence or passport) and a selfie of you holding the ID. Alternatively, you can verify your ID by providing your personal details.
- Enter your address, phone number, date of birth and SIN.
- Enrol in online banking and choose a password.
- Open your account and deposit funds.
Compare other chequing accounts
Bottom line
If you’re searching for an everyday chequing account that supports unlimited debits and has a competitive monthly fee, there are lots of good reasons why you should check out RBC Advantage Banking. If the majority of your banking is limited to Canada, and especially if you can qualify for a reduced or waived annual fee, it could be the right account for you.
However, compare RBC Advantage Banking with a range of other chequing accounts before deciding where to open an account.
Frequently asked questions about RBC Advantage Banking
Frequently asked questions
Your reviews
