Your chequing account has benefits you may not know about
This post is sponsored by RBC.
The basics of a personal chequing account are simple: you deposit money, pay bills, make purchases, and withdraw cash. But modern chequing accounts can also help you budget smarter, monitor spending in real time, and save on fees through tools and connected products you might not even know about.
Understanding these features can help you choose the best chequing account for your life stage - whether you’re a student, newcomer to Canada, or just someone who wants more control over your cash - without extra cost.
Features that help you budget and monitor spending
Beyond allowing debit payments and ATM withdrawals, many chequing accounts come with built-in budgeting and tracking tools. These tools categorize your spending automatically, so you can see where your money goes each month. A clear view of your spending habits makes it easier to set limits, find opportunities to save, and plan ahead.
For example, RBC clients enjoy spending summaries and alerts that notify when balances are low or bills are due. Tools like NOMI Find & Save analyze spending patterns and move small amounts into savings for you without manual effort.
How the right chequing account can save you money
The first thing many people look at when comparing chequing accounts is the monthly fee, but there’s so much more to consider. Banks like RBC also offer:
- Monthly fees waived for the first year with the RBC Day to Day Banking account.
- Partner discounts on fuel at Petro-Canada when you link your accounts together.
- Credit card tie-ins that let you earn rewards that wouldn’t otherwise be available.
For example, certain RBC chequing accounts allow you to collect Avion Points, which can be redeemed for all sorts of goodies, including free travel. Plus, you can bundle your chequing account with an eligible RBC credit card to maximize the amount of points you collect each month. Linking your chequing account with other products - like savings accounts or investment services - can also unlock fee rebates and bundled perks through programs like the RBC Value Program.
Best chequing account security features
Most chequing accounts include basic fraud monitoring, but some banks go further by backing it up with clear protections. Look for accounts that offer digital banking security alerts for unusual activity, strong authentication options, and guarantees that you’ll be reimbursed for unauthorized transactions - as long as you’ve met your security obligations.
Overdraft protection is another feature worth understanding. It allows certain payments to go through even if you don’t have enough money in your account, helping you avoid declined transactions or missed bills. It’s meant to prevent surprises, not encourage overspending. However, overdraft fees can be high, and can quickly snowball if overused. Accounts that waive overdraft fees under certain conditions can save you money over time.
Students: Managing a tighter budget
Students often want simplicity, low cost, and help managing money on a tighter budget. Look for account options with no minimum balance, no monthly fee for eligible full-time students, and unlimited everyday transactions.
Beyond low cost, additional account features such as budgeting tools and mobile alerts make it easier to keep tabs on your spending. For someone juggling classes, part-time income, and daily spending, having a student bank account in Canada with these features helps keep money
Newcomers to Canada: Establishing your banking history
If you’re new to Canada, your first chequing account matters a lot. You’re setting up pay deposits, paying rent and bills, and building financial history all at once.
Look for an account that supports you in this transition, with no monthly fees, or fees waived for the first year, as well as access to essential tools like free e-Transfers, spending tracking, and fraud alerts.
Premium chequing accounts for bigger needs
For people who want additional perks, a premium chequing account can offer greater value with additional product tie-ins, such as credit cards. For example, some accounts offer benefits such as rebates on annual credit card fees, free overdraft protection, deeper ATM fee coverage, and enhanced travel perks.
Some chequing accounts also connect with credit cards and rewards programs, which can make them appealing if you plan to use multiple banking products together. The value comes from bundling - premium chequing, credit cards with rewards, savings, and investment products can all work together to unlock more benefits.
Ratehub’s pick for everyday flexibility
The RBC Advantage Banking account is one of RBC’s most popular options because it blends everyday use with more flexibility. For a low monthly fee, this account offers unlimited debit transactions in Canada, free Interac e-Transfers, and savings of $0.03 per litre on fuel at Petro-Canada. Plus, when linked with RBC credit cards or savings products, you can unlock reduced fees and bonus offers.
The bottom line
A chequing account does more than hold your money. The right one can quietly help you budget, keep tabs on your spending, and avoid unnecessary fees - often through features you may not realize are already built in. From spending trackers and security tools to partner discounts and bundled rewards, these extras can add real value over time.