RBC Day to Day Banking

Interested in the RBC Day to Day Banking? Let Responsible Economy guide you through its features, fees, interest rates, and more. Discover 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 Day to Day Banking:

Fees

RBC Day to Day Banking has a monthly maintenance fee of 4$, which means you will pay 48$ per year. You can only avoid this fee if you are over 65 years old or if you enroll in the Value Program and meet two of these three requirements: (pre-authorized payment, direct deposit or eligible bill payment).

Here, you have a list with all fees:

Using a Non-RBC Interac ATM in Canada$2 each
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)
Personalized ChequesFees apply
Bank Drafts$9.95 each
RBC Day to Day Banking fees

Rates

The RBC Day to Day Banking Account doesn’t provide any interest on the balances maintained in the account.

Welcome bonus

The RBC Day to Day Banking does not come with a sign-up bonus.

Minimum deposit

The RBC Day to Day Banking does not require a minimum initial deposit.

ATMs

If you withdraw money from an RBC ATM, the transaction is free of charge. However, using a Non-RBC Interac ATM in Canada incurs a $2 fee for each transaction. For PLUS System ATMs located in Canada or the U.S., the charge is $3 per use. When accessing a PLUS System ATM outside of both Canada and the U.S., the fee rises to $5 per transaction.

Wire transfers

For the RBC Day to Day 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 Day to Day 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’s a summary table of the features highlighted in the previous section:

FeatureDetails
Monthly fee$4
Interest Rate0%
Wire Transfers0$-$45
Minimum Deposit$0
ATMs$0 RBC
Bonus$0
Overdraft ServiceYes
RBC Day to Day Banking features

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the RBC Day to Day 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 Day to Day Banking, ensure you meet the following criteria:

  • Age: You must be at least 18 years old to be eligible for this account. This is because the account is designed for adults who are able to manage their own finances.
  • Residency: You must be a resident of Canada to be eligible for this account. This is because the account is designed to meet the needs of Canadian residents.

Pros and cons

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

ProsCons
No monthly maintenance fee for seniors or those who meet the Value Program requirementsMonthly maintenance fee of $4 for others
No fees for using RBC ATMsFees for using non-RBC ATMs in Canada, the U.S., and internationally
No fees for incoming wire payments under $50 CAD/USDFees for incoming wire payments over $50 CAD/USD
No fees for outgoing wire payments under $45 CADFees for outgoing wire payments over $45 CAD
No fees for overdraft protectionOverdraft protection fee of $5 per month
RBC Day to Day Banking advantages and disvantages

Overall, the RBC Day to Day Banking account has a few pros, such as no monthly maintenance fee for seniors or those who meet the Value Program requirements, and no fees for incoming wire payments under $50 CAD/USD. However, it also has some cons, such as a monthly maintenance fee of $4 for others, and fees for using non-RBC ATMs in Canada, the U.S., and internationally.

Here is a more detailed explanation of the pros and cons:

Pros:

  • No monthly maintenance fee for seniors or those who meet the Value Program requirements: This is a great benefit for those who are on a budget.
  • No fees for using RBC ATMs: This means that you can withdraw money from any RBC ATM without having to pay a fee.
  • No fees for incoming wire payments under $50 CAD/USD: This is a good option if you receive international wire payments frequently.

Cons:

  • Monthly maintenance fee of $4 for others: This fee can be avoided by meeting the Value Program requirements, but it is still something to keep in mind.
  • Fees for using non-RBC ATMs in Canada, the U.S., and internationally: This can add up if you use non-RBC ATMs frequently.
  • Fees for outgoing wire payments over $45 CAD: This can be a significant fee if you need to send a large wire payment.
  • Overdraft protection fee of $5 per month: This fee can be avoided by maintaining a positive balance in your account, but it is still something to keep in mind.

Conclusion and opinions

After analyzing the account, we believe that the RBC Day to Day Banking is not a competitive current account. This is because the account requires you to meet certain requirements to avoid paying an annual fee of $48. Additionally, the account does not offer any type of interest, it does not have any welcome bonus, and the bank transfers are very expensive.

Frequent questions

Here, we answer all the questions about RBC Day to Day 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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