RBC Signature No Limit Banking

Do you want to know all the information about RBC Signature No Limit Banking? From Responsible Economy, we can 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 Signature No Limit Banking:

Fees

RBC Signature No Limit Banking has a monthly maintenance fee of $16.95, which means you’ll pay $203.40 per year. You can get a discount on the monthly fee if you sign up for the Value Program and set up direct deposit, bill payments, or pre-authorized payments. You can also get an annual discount of $48 if you sign up for an RBC credit card.

Seniors aged 65 and over have a monthly fee of $12.95.

Here, you have a list with all fees:

InformaciónFee
Online, Mobile and Telephone BankingFree
eStatementsFree
Monthly Paper Statements$2.25 without cheque image, $2.50 with cheque image
Safe Deposit BoxUp to $12/year discount on
Non-Sufficient Funds (NSF) Fee1 NSF fee rebated every calendar year
Personalized Cheques1 Book of Cheques FREE, afterwards fees apply
Bank Drafts6 FREE/year, $9.95 each thereafter
Right Account GuaranteeIf you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.
RBC Signature No Limit Banking fees

Rates

The RBC Signature No Limit Banking account does not earn interest on account balances.

Welcome bonus

The RBC Signature No Limit Banking account does not offer a welcome bonus.

Minimum deposit

The RBC Signature No Limit Banking account has no minimum balance requirement.

ATMs

You can withdraw cash for free at any RBC ATM. You also get up to 3 free withdrawals per month at non-RBC ATMs. After that, there’s a $2 fee for each withdrawal. You also get up to 5 free transactions with your card abroad, and then $1 for each additional transaction.

Wire transfers

Outgoing transfers have a fee of $45, and incoming transfers do not have any fees. For the RBC Signature No Limit 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 Signature No Limit 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

Overdraft fees can be waived.

Summary table

Here you have a summary table with all features:

FeatureDetails
Monthly fee$16.95
Interest Rate0%
Wire Transfers0$-$45
Minimum Deposit$0
ATMs$0 RBC and 3 free withdrawals monthly
Bonus$0
Overdraft ServiceYes
RBC Signature No Limit Banking features

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the RBC Signature No Limit 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 Signature No Limit Banking account, you must:

  • Be at least 18 years old.
  • Be a resident of Canada.
  • Have a valid Canadian social insurance number (SIN).
  • Meet the minimum balance requirements.
  • Not have any outstanding debts to RBC.

Pros and cons

Here is a table summarizing the advantages and disadvantages of the RBC Signature No Limit Banking account:

ProsCons
No monthly fee if you maintain a balance of $6,000Monthly fee of $16.95 if you don’t meet the balance requirement
Unlimited transactionsNo interest on account balances
Free online, mobile, and telephone bankingFees for paper statements, safe deposit boxes, and non-sufficient funds (NSF)
Free personalized chequesFees for bank drafts
6 free bank drafts per yearOutgoing wire transfer fee of $45
Overdraft fees can be waived
Advantages and disadvantages of the RBC Signature No Limit Banking account

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

Pros

  • No monthly fee if you maintain a balance of $6,000. This is a great benefit for customers who keep a high balance in their account.
  • Unlimited transactions. This means you can make as many transactions as you want without being charged a fee.
  • Free online, mobile, and telephone banking. This is a convenient way to manage your account from anywhere.
  • Free personalized cheques. This is a nice touch that makes your account feel more personal.
  • 6 free bank drafts per year. This is a useful benefit for customers who need to make frequent bank drafts.
  • Overdraft fees can be waived. This is a helpful feature for customers who occasionally overdraw their account.

Cons

  • Monthly fee of $16.95 if you don’t meet the balance requirement. This is a high fee, so it’s important to make sure you can maintain the balance requirement.
  • No interest on account balances. This means you won’t earn any money on the money in your account.
  • Fees for paper statements, safe deposit boxes, and non-sufficient funds (NSF). These are additional fees that can add up over time.
  • Fees for bank drafts. This is a common fee, but it can be avoided if you use the free bank drafts that are included with the account.
  • Outgoing wire transfer fee of $45. This is a high fee, so it’s important to only use wire transfers when necessary.

Conclusion and opinions

Based on our analysis, we believe that the RBC Signature No Limit Banking account is not a competitive chequing account because the maintenance fees are high and it is difficult to avoid them, it does not offer any interest on account balances, and it does not have a welcome bonus. On the other hand, RBC is one of the largest banks in Canada and you can withdraw cash from ATMs of other banks without fees.

Frequent questions

Here, we answer all the questions about RBC Signature No Limit 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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