Goodbye RBC: How I Ditched Big Bank Fees and Started Earning Interest on My Chequing Account

My RBC Breakup Letter (Yes, I Just Left My Bank After Decades)

According to… well, me—someone who’s been with RBC for so long it’s practically a membership in the "big bank fan club." But truth? I’ve never loved the big banks. And lately, I’ve been wondering: why have I stayed so loyal when they barely help my money grow?

I know I’m not alone. Many people think big banks are just the safest choice. But let me tell you something: they’re expensive, they don't pay interest, and they expect you to hold thousands of dollars just to avoid getting nickel-and-dimed. I’m looking at you, $5,000 minimum balance… and $15-a-month fees (sometimes more!). Your money deserves better than that.

You can’t grow your money if it’s just sitting stagnant in a zero-interest account.

The Toxic Big-Bank Combo: Fees + No Growth

There are two harsh truths here:

1. You're paying fees unless you park ridiculous amounts of cash. That $5,000 "protection buffer" is actually a hostage price.

2. Inflation is outpacing what banks pay you—because they pay nothing. So your money is shrinking while you’re busy avoiding a $15 fee. Spoiler alert: the real winner? Your bank.

And don’t get me started on the “You need to keep an account because you hold a mortgage or a credit card there” myth. That’s just big bank lock-in tactics. A mortgage with RBC? Fine. But payments? They can come from any bank. I left RBC, and getting the mortgage set up to be paid from my new account was just: a void cheque + a signature. That’s it.

Enter Wealthsimple: My New-Fave Bank (That Actually Pays You)

I fell in love—not with a person, but with a better bank. Wealthsimple is basically banking for people who want their money to work for them. Here's why I’m obsessed:

• Interest on your chequing account. Yes, you read that right. It actually earns.

• Cashback on debit purchases. Because why not get rewarded for spending the way you already do?

• ATM fee reimbursements. Use any ATM. Wealthsimple will cover the fee.

• Wires & bank drafts, from your phone. No stressful branch visits for big moves like real estate or investment transfers.

• Zero monthly fees. Zero minimum balances. Just pure, frictionless money.

Why This Isn’t Just a "Nice to Have"

When you realize that money sitting in a bank is losing value daily—it’s not just a savings issue, it’s a comfort zone issue. But comfort zones don’t grow wealth.

The big banks win when you stay. Wealthsimple wins when you start.

I’m done playing by outdated rules that cost me money. I’d rather my money sit in an account that earns, than watch a big bank profit off it.

Want to Try Wealthsimple Too?

If this resonates with you, you might consider taking the same leap. Right now, new Wealthsimple users who fund an account within 30 days get $25. Nice little welcome bonus for breaking up with something that wasn’t serving you.

(This offer only applies to new clients — if you already have an account with them, it won’t work.)