Personal Finance

How did you waive your monthly fee on RBC account?

  • Last Updated:
  • Mar 22nd, 2015 9:51 am
[OP]
Newbie
Dec 13, 2013
10 posts

How did you waive your monthly fee on RBC account?

I have been banking with RBC for a year now, and pay $14.95/mo as service fee. I have checking, savings and TFSA - Mutual Fund accounts with them. How did you manage to waive off the monthly service fee?
25 replies
Deal Fanatic
User avatar
Jan 31, 2006
5083 posts
748 upvotes
Toronto
rayati wrote:
Nov 18th, 2014 6:57 am
I have been banking with RBC for a year now, and pay $14.95/mo as service fee. I have checking, savings and TFSA - Mutual Fund accounts with them. How did you manage to waive off the monthly service fee?
Your account is rbc signature no limit banking better switch it to rbc day to day bankingyou will only need to add a credit card to have the fee waived.
Jr. Member
Sep 5, 2013
162 posts
29 upvotes
With Day to Day Banking checking account, take a free credit card (RBC Mastercard Cash Back by example) and open an investment account (RSP or TFSA). You are limited to 10 debits/month (+1 free per payroll automated deposit) but if you charge all your expenses to a credit card it is very easy to stay within this limit.
Deal Addict
Mar 22, 2010
2085 posts
357 upvotes
I just deposited $500 RRSP there with RBC and got my monthly fee waived...
Moderator
May 28, 2012
10137 posts
2297 upvotes
Saskatoon
CLOSER wrote:
Nov 18th, 2014 10:04 am
Hopefully your mortgage rate is at least a market rate!!
Paid that sucker off years ago! ;)
Deal Fanatic
Mar 24, 2008
5617 posts
1714 upvotes
Toronto
1) Switch to Day-to-Day bank account.
2) Apply for a RBC credit card. If you don't have credit history in this country, you should still be able to qualify for a secured VISA ($20 annual fee).
3) Put $1 in an RBC TFSA.

I would personally suggest that you look at free banking options over jumping through these hoops.
Deal Addict
Jan 30, 2012
1450 posts
711 upvotes
TORONTO
rayati wrote:
Nov 18th, 2014 6:57 am
I have been banking with RBC for a year now, and pay $14.95/mo as service fee. I have checking, savings and TFSA - Mutual Fund accounts with them.
Hmmm. 12 x $14.95 = $179.40 for services you can obtain from PCF or ING for free.

I love owning bank stocks :)
Deal Fanatic
Jul 10, 2003
7099 posts
1604 upvotes
I've never actually paid fees with RBC by having the Day to Day Account + Credit Card + TFSA. It's a lot more convenient than any free bank since I have access to a teller when needed, and there is an RBC branch in the basement of my building.
Jr. Member
Jul 28, 2014
123 posts
15 upvotes
Toronto, ON
LNahid2000 wrote:
Nov 18th, 2014 11:59 am
I've never actually paid fees with RBC by having the Day to Day Account + Credit Card + TFSA. It's a lot more convenient than any free bank since I have access to a teller when needed, and there is an RBC branch in the basement of my building.
Outside of bank drafts, I cannot think of anything a teller provides you that you cannot get for free with PC/ING.
Deal Fanatic
Jul 10, 2003
7099 posts
1604 upvotes
TKDKidd wrote:
Nov 18th, 2014 12:20 pm
Outside of bank drafts, I cannot think of anything a teller provides you that you cannot get for free with PC/ING.
Some things I do with RBC that I can't do with PC/ING:

-Currency exchange
-Getting rolls of coins
-Bank drafts
-Being able to go to the bank in my shorts in the winter
Jr. Member
Sep 5, 2013
162 posts
29 upvotes
LNahid2000 wrote:
Nov 18th, 2014 12:32 pm
Some things I do with RBC that I can't do with PC/ING:

-Currency exchange
-Getting rolls of coins
-Bank drafts
-Being able to go to the bank in my shorts in the winter
Other things you can't do with the "free" banks:
- Open a RESP with Tangerine
- Access to Stock market with Tangerine
- Receive wire transfer from a foreign country with Tangerine
- Purchase Funds with MER <1.07 % with Tangerine
- Have more than three different Funds with Tangerine
Deal Fanatic
Mar 24, 2008
5617 posts
1714 upvotes
Toronto
CyberDudeEh wrote:
Nov 18th, 2014 2:54 pm
Other things you can't do with the "free" banks:
- Open a RESP with Tangerine
- Access to Stock market with Tangerine
- Receive wire transfer from a foreign country with Tangerine
- Purchase Funds with MER <1.07 % with Tangerine
- Have more than three different Funds with Tangerine
That's what a discount brokerage account is for...
Newbie
User avatar
Apr 23, 2016
46 posts
5 upvotes
Montr
ksgill wrote:
Nov 18th, 2014 3:08 pm
That's what a discount brokerage account is for...
Why not both if they are free

Top