Open a Bank Account in Royal Bank of Canada. On 11.08.2026 you have access to bank accounts. Simplify your finances by choosing the best account for your needs today.
Update date 16.08.2024
RBC offers a suite of financial solutions designed to meet the diverse needs of individuals and businesses. With a range of chequing and savings accounts, RBC caters to customers seeking everyday banking convenience as well as those looking to maximize their savings potential. Whether it's unlimited debit transactions within Canada, competitive interest rates on savings, or the flexibility of no minimum balance requirements, RBC aims to provide accessible and adaptable banking options.
Customers can benefit from features like unlimited Interac e-Transfer transactions, competitive interest rates, and the security of CDIC insurance, ensuring their money is protected against unauthorized transactions. Moreover, RBC's Right Account Guarantee underscores their commitment to customer satisfaction by offering a refund on monthly fees if clients are not completely satisfied within the initial months of opening their account. With the convenience of online, mobile, and in-branch account opening options, coupled with the assurance of RBC's Security Guarantee, opening and managing an RBC Bank Account is designed to be straightforward and secure.
Types of Accounts RBC Offers
Checking Accounts
RBC Day to Day Banking. The monthly fee is $4 (After Value Program Rebate: $0; After Seniors Rebate: $0). This account includes 12 debits per month, with unlimited free debits for eligible public transit. Additionally, customers enjoy free Interac e-Transfer transactions.
RBC Advantage Banking. The monthly fee is $11.95 (After Value Program Rebate: $5.95 or $0; After Student Waiver: $0; After Newcomer to Canada Waiver: $0). Advantage Banking offers unlimited debits in Canada, along with free Interac e-Transfer transactions. Customers also benefit from no RBC fees for using another bank's ATM in Canada.
RBC Signature No Limit Banking. The monthly fee is $16.95 (After Value Program Rebate: $10.95 or $5; After Seniors Rebate: $12.95). This account provides unlimited debits in Canada, with additional perks such as waived overdraft protection fees and free Interac e-Transfer transactions. Customers also receive rebates on the annual fee of an eligible credit card.
RBC VIP Banking. The monthly fee is $30 (After Value Program Rebate: $24 or $18.05; After Seniors Rebate: $22.50). VIP Banking offers unlimited debits worldwide, along with waived overdraft protection fees and free Interac e-Transfer transactions. Customers also enjoy no RBC fees for using ATMs worldwide and rebates on the annual fee of an eligible premium credit card.
Savings Accounts
RBC High Interest eSavings. No monthly fee. Customers can earn a high interest rate of 5.5% on their savings for the first three months. Subsequently, the regular interest rate is 1.700%. This account allows one withdrawal per month from an RBC Royal Bank ATM.
NOMI Find & Save. No monthly fee. This account offers an interest rate of 0.70% and allows free transfers to and from the source chequing account.
RBC Day to Day Savings. No monthly fee. With tiered interest rates, this account allows one debit per monthly cycle.
RBC Leo's Young Savers Account. No monthly fee. Designed for kids aged 0-12 years, this account offers free unlimited debit transactions in Canada, as well as free Interac e-Transfer transactions. Parents can also set up regular transfers for their child, such as an allowance.
Key Features
Unlimited Debit Transactions. RBC offers unlimited debit transactions within Canada, allowing customers the freedom to make purchases, pay bills, and transfer funds without worrying about transaction limits. This feature is especially convenient for individuals who frequently conduct financial transactions in their daily lives.
Competitive Interest Rates. With RBC Bank Accounts, customers can earn competitive interest rates on their savings, helping them grow their money over time. Whether it's a chequing account or a savings account, RBC ensures that customers can maximize the returns on their deposited funds.
Unlimited Interac e-Transfer Transactions. RBC Bank Accounts include unlimited Interac e-Transfer transactions, enabling seamless and secure money transfers to friends, family, or businesses. This feature is ideal for individuals who frequently need to send or receive money electronically.
Pros and cons
Pros
No Minimum Balance Requirement. RBC Bank Accounts do not impose a minimum balance requirement, offering flexibility and accessibility to customers of varying financial situations. This feature allows individuals to maintain their accounts without the pressure of maintaining a specific balance.
Security Guarantee. RBC provides a Security Guarantee to ensure customers' peace of mind. Accounts are CDIC-insured for up to $100,000, protecting deposited funds in the event of a bank failure. Additionally, RBC safeguards accounts against unauthorized transactions, offering added layers of security.
Right Account Guarantee. RBC stands behind the quality of its banking services with the Right Account Guarantee. If customers are not completely satisfied within the first few months of opening their account, RBC will refund up to a certain portion of the monthly fees, demonstrating their commitment to customer satisfaction.
Cons
Monthly Fees. Some RBC Bank Accounts may have monthly fees associated with them, which could be a consideration for customers looking to minimize banking costs.
Account Requirements. Certain benefits or features, such as fee waivers or interest rates, may be contingent upon meeting specific account requirements or enrollment in additional programs.
Limited Physical Branch Presence. While RBC offers online and mobile banking options, customers who prefer in-person banking may find the limited physical branch presence to be a drawback depending on their location.
How to apply for an RBC Bank Account?
Online or via the RBC Mobile App. Start by choosing the account that suits your needs and apply online through the RBC website or the RBC Mobile app. The process is simple and typically takes around 5-10 minutes to complete for new and existing RBC clients.
Visit a Branch. Alternatively, you can visit a nearby RBC branch to speak with an advisor and open your account in person. RBC branches offer personalized assistance and guidance throughout the account opening process.
Call RBC. You can also call RBC, as their lines are open 24/7. A representative will guide you through the application process over the phone and answer any questions you may have.
Requirements and Conditions
Requirements
Proof of ID. Clients must provide valid identification, such as a Canadian driver’s licence or passport (Canadian or foreign), to verify their identity during the account opening process.
Personal Information. Clients are required to furnish personal details including their name, address, email, date of birth, employment (or student status), and residency information for tax purposes.
Age Requirement. Clients must meet a minimum age of 13 years (14 in Quebec) to open an RBC Bank Account.
Residence in Canada: Clients applying for RBC Bank Accounts must be living in Canada to be eligible for account opening.
Documentation Verification. Depending on the application method (online, in-branch, or over the phone), clients may need to undergo verification procedures to confirm their identity and information provided.
Conditions
Monthly Fees. The monthly fee for a standard chequing account is $16.95. However, customers enrolled in the Value Program can enjoy a reduced fee of $5 per month. RBC offers a high-interest eSavings account with no monthly fee.
Fee Rebate. Customers may receive a rebate of up to $48 on the annual fee of an eligible RBC credit card.
Interest Rates. With the RBC High Interest eSavings account, customers can earn competitive interest rates on every dollar deposited. New customers may qualify for a promotional interest rate of 5.5% for the first three months.
Right Account Guarantee. If a customer is not 100% satisfied within the first four months of opening their account, RBC will refund up to three months of monthly fees.
Minimum Balance Requirement. RBC Bank Accounts do not require a minimum balance, providing flexibility and accessibility to account holders.
Additional Benefits. Customers can enjoy additional benefits through RBC Vantage, including earning Avion points, saving on monthly fees, and accessing discounts and rewards with partnered brands.
Things to pay attention to
Account Fees. Take note of the monthly fees associated with each account option, as well as any conditions for fee waivers or rebates. Understanding the fee structure can help you choose an account that aligns with your budget and financial needs.
Transaction Limits. Be aware of any limits on the number of transactions allowed per month, as well as any fees associated with exceeding these limits. Consider your typical banking habits and ensure the account you choose offers enough flexibility for your needs.
Interest Rates. Pay attention to the interest rates offered on savings accounts, especially if you're looking to grow your savings over time. Compare the rates across different account options to maximize your earnings.
Additional Features and Benefits. Consider the additional features and benefits offered with each account, such as free Interac e-Transfer transactions, overdraft protection, and ATM fee waivers. These perks can add value to your banking experience and help you save money on fees.
Editorial opinion
RBC Bank Accounts offer a diverse range of options tailored to meet the varied needs of customers, providing convenience, flexibility, and security in managing their finances. With features such as unlimited debit transactions, competitive interest rates, and free Interac e-Transfer transactions, RBC aims to deliver accessible banking solutions to individuals and businesses alike. While the account fees and eligibility requirements may vary across different options, customers can benefit from additional perks such as fee waivers, promotional offers, and the assurance of CDIC insurance. Overall, RBC Bank Accounts provide a solid foundation for customers seeking reliable banking services, backed by a trusted financial institution.
RBC Vantage offers a host of benefits designed to enhance the banking experience for customers with eligible RBC bank accounts. Some of the key benefits include the opportunity to earn rewards points, such as Avion points, by enrolling your account in the Value Program and making debit purchases in-store or online. Additionally, customers can save on monthly fees when they enroll their account in the Value Program, have two or more additional eligible RBC product categories, and complete at least two out of three regular account activities each month. Moreover, customers can enjoy perks like saving on gas at Petro-Canada by loading available offers to their eligible RBC debit card and earning rewards from popular brands.
Can I have more than one bank account with RBC?
Yes, customers can have more than one bank account with RBC to accommodate their diverse financial needs. For instance, individuals may choose to open multiple accounts to separate their everyday spending from their savings, or to take advantage of specific account features and benefits. Whether it's a chequing account for daily transactions, a savings account for long-term goals, or specialty accounts tailored to needs, RBC offers a variety of account options to suit different financial situations.
What types of accounts does RBC offer?
RBC provides a range of account types to cater to various financial goals and preferences. These include chequing accounts, savings accounts, and specialty accounts such as youth accounts and accounts for newcomers to Canada. Chequing accounts offer features like unlimited transactions, while savings accounts provide competitive interest rates to help grow your savings over time. Additionally, specialty accounts like RBC Leo's Young Savers Account cater to specific demographics, offering tailored benefits for children and teens. With this diverse selection, customers can find the right account to meet their specific banking needs.
