RBC Advantage Banking review

Interested in the RBC Advantage Banking? Let Responsible Economy help you understand its features, fees, interest rates, and more. Find out how it compares to the best chequing accounts available in Canada. Let’s get started!

Features

In this section, you can see all the features offered by the RBC Advantage Banking:

Fees

RBC Advantage Banking review has a monthly maintenance fee of $11.95, which means you will pay $143.40 per year. This fee can be avoided or reduced by enrolling in the Value Program and meeting certain requirements. If you meet the requirements for pre-authorized payment, direct deposit, or eligible bill payment, you will not pay any fees. If you meet two of the three requirements, you will receive a monthly fee rebate of $6.

Seniors aged 65 and over have a monthly fee of $7.95.

Full-time students do not have monthly maintenance fees.

Here, you have a list with all fees:

Avion Points tooltipEnrol your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
Online, Mobile and Telephone BankingFREE
eStatementsFREE
Monthly Paper Statements$2.25 without cheque image, $2.50 with cheque image
Non-Sufficient Funds (NSF) Fee1 NSF fee rebated every calendar year
Personalized Cheques1 book of 50 cheques FREE, afterwards fees apply
Right Account GuaranteeIf you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months
Using a PLUS System ATM in Canada or the U.S$3 each
Using a PLUS System ATM Outside Canada or the U.S.$5 each
Cross-Border Debits$1 each
Overdraft Protection$5/month, plus overdraft interest (if used)
Bank Drafts$9.95 each
RBC Advantage Banking fees

Rates

The RBC Advantage Banking does not provide any interest on the balances maintained in the account.

Welcome bonus

The RBC Advantage Banking does not offer a welcome bonus.

Minimum deposit

The RBC Advantage Banking does not require a minimum initial deposit.

ATMs

There are no fees for withdrawing money from an RBC ATM. However, there is a $3 fee for withdrawing money from a non-RBC Interac ATM in Canada. And, there is a $5 fee for withdrawing money from a PLUS System ATM outside of Canada and the U.S.

Wire transfers

Outgoing transfers have a fee of $45, and incoming transfers do not have any fees. For the RBC Advantage Banking, the fees associated with incoming wire payments are as follows:

ServiceFee
Incoming wire payment from an RBC Royal Bank unit located in CanadaFree
Incoming wire payment from Another Financial Institution worldwide $50.00 CAD/U.S. and underFree
Incoming wire payment from Another Financial Institution worldwide over $50.00 CAD/U.S.$17.00 CAD or $17.00 U.S. depending on the currency of the incoming wire payment
Credit Advice for incoming wire payments$5.00by telephone/fax
$3.00 by mail
Incoming transfers

For the RBC Advantage Banking, the fees associated with outgoing wire payments are as follows:

ServiceFee
Outgoing payment within Canada or to other countries (most currencies)Starting at $45.00
(ask us for further details)
If an International Bank Account Number (IBAN) is not provided for a wire payment going to countries that use IBANsAdd $35.00
Inquiries and Tracing: If outgoing payment is not delivered as instructedFree
Inquiries and Tracing: If outgoing payment is delivered as instructedStarting at $25.00 plus GST
(ask us for further details)
Cancellation or amendment of outgoing wire paymentsStarting at $25.00 plus GST
(ask us for further details)
Debit advice / receipt of outgoing wire paymentsBy telephone/fax: $5.00
By mail: $3.00
Outgoing transfers

Overdraft service

You can hire Overdraft service from $5 per month.

Summary table

Here you have a summary table with all features:

FeatureDetails
Monthly fee$0-$11.95
Interest Rate0%
Wire Transfers0$-$45
Minimum Deposit$0
ATMs$0 RBC
Bonus$0
Overdraft ServiceYes
RBC Advantage Banking features

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the RBC Advantage Banking:

Logo BMO Canada
  • $0 monthly fee with $4,000 balance.
  • Welcome bonus up to $450.
  • Unlimmited transactions.
  • More than 2,200 ATMs in Canada
TD Bank logo Canada
  • $0 monthly fee with $5,000 balance.
  • Welcome bonus up to $450.
  • More than 2,600 ATMs in Canada.
  • Unlimmited transactions.
RBC logo
  • $5-16,95 monthly fee.
  • Welcome bonus up to $599.
  • More than 4,200 ATMs in Canada.
  • Unlimmited transactions.
National Bank of Canada Logo
  • $0 monthly fee with $6,000 balance.
  • More than 2,300 ATMs in Canada.
  • No Welcome bonus.
  • Unlimmited transactions.

Requirements

To be eligible for the RBC Advantage Banking, ensure you meet the following criteria:

  • Age: The RBC Advantage Banking account is designed for adults who are able to manage their own finances. Therefore, you must be at least 18 years old to be eligible for this account.
  • Residency: The RBC Advantage Banking account is designed to meet the needs of Canadian residents. Therefore, you must be a resident of Canada to be eligible for this account.

Pros and cons

Here is a table summarizing the advantages and disadvantages of the RBC Advantage Banking:

ProsCons
No monthly fee if you meet the Value Program requirementsMonthly fee of $11.95 if you do not meet the Value Program requirements
No fees for RBC ATM withdrawalsFees for non-RBC ATM withdrawals
No fees for incoming wire transfersFees for outgoing wire transfers
No interest on balancesNo welcome bonus
No minimum deposit
Free additional features
Advantages and disadvantages of the RBC Advantage Banking

Conclusion and opinions

After the analysis conducted, our opinion is that the RBC Advantage Banking is not a competitive current account because it has very high monthly fees if certain conditions are not met, it does not offer any remuneration, no welcome bonus, and outgoing transfers are very expensive.

Frequent questions

Here, we answer all the questions about RBC Advantage Banking:

Other RBC products

We’ve also provided a list of all the RBC products we have analyzed:

Interesting information about RBC

We have created a table with relevant information about RBC:

InformationDescription
Websitehttps://www.rbcroyalbank.com/
Instagramhttps://www.instagram.com/rbc/
Twitterhttps://twitter.com/RBC
Facebookhttps://www.facebook.com/rbc
YouTubehttps://www.youtube.com/user/RBC
Linkedinhttps://www.linkedin.com/company/rbc/
Interesting information about RBC

To conclude, you have more related content about chequing accounts:

Actualizado el día 7 September, 2023 por Alfredo Barandiarán

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