// FROSH FINANCE 101
Go to the top of the class in personal finance: Have the right financial tools in place, and you'll be prepared for any situation.
// Bank account
It's the must-have item for the successful student: it's your gateway for money in (by direct deposit or cheque) and money out (cash withdrawals or automatic monthly bill payments). Paired with your debit card, your bank account gives you easy access to your money from ATMs, retail stores and, of course, bank branches.
The ones to get: RBC Student Banking™ gives you 25 free transactions a month plus free online and telephone banking, with no monthly account fee. Plus, the annual fee is waived on the RBC Royal Bank Visa* Student Classic II card, for even more savings. Apply now.
RBC No Limit Banking for Students™ gives you unlimited free debits for a low monthly fee of just $10.95. Choose from an RBC Royal Bank Visa Student Classic II card with the $15 annual fee waived or a no-fee RBC Royal Bank Student Visa Classic card. Apply now.
// Credit card
A major credit card is accepted almost anywhere, making it convenient and a real lifesaver in an emergency. Used wisely, it can also help you develop good credit habits and a sound credit history.
The one to get: RBC Royal Bank Visa* Student Classic II card gives you rewards for every dollar spent, which can be redeemed for travel, gift cards, Esso Extra points and even RBC Financial Rewards that you can put towards an RRSP or Student Line of Credit. Apply now.
// Line of credit
A line of credit is like a loan that you can tap into whenever you need it. You can borrow up to a certain limit, but you pay interest only on the outstanding balance — at a much lower rate than you'll pay on a credit card. If there's no balance outstanding, then there's no interest charged.
The one to get: The RBC Royal Credit Line® for Students offers limits starting at $5,000 a year for undergraduate students, with low interest rates of just prime +1%. Apply now.
// High interest savings account (HISA)
This is a great budgeting and saving tool. Use it to stash extra funds that you don't need right now, or that you want to keep out of your monthly expenses pool. For example, consider parking scholarship or grant money here until you need it. A HISA also helps you build your savings by accumulating interest.
The one to get: RBC High Interest eSavings™ has no minimum deposit and gives you free online transfers into your daily RBC Bank Account, for easier money management. Open one now.