As the biggest of the Big Five, RBC offers a wide range of banking services for Canadian businesses. In this guide, we’ll take a detailed look at business chequing and savings accounts that RBC offers to help you find the best RBC business account for your needs.
This day-to-day business chequing account is designed for companies that do most of their banking online. It's easy to track your spending and pay employees or suppliers via RBC Mobile Banking. You can also send 10 Interac e-Transfers per month.
It has a monthly fee of $6 and supports unlimited electronic debit and credit transactions, electronic cheque deposits and Moneris deposits.
Unlimited electronic debits and credits
Unlimited Moneris and electronic cheque deposits
Manage your account with an easy-to-use mobile app
$6 monthly fee
Not suitable if you need to send lots of e-Transfers
This RBC small business account has no minimum or monthly transaction limits, so you only pay for the transactions you perform each month. There's a $0.75 fee per electronic deposit and a $1.25 fee for each paper transaction.
In return for the $7 monthly fee, you can make electronic and in-branch transactions as needed plus access other RBC business banking benefits like fuel savings at Petro-Canada.
Only pay for the transactions you perform
Flexible access to online and in-branch banking
40% discount on selected digital transactions
Not suitable for businesses that perform a lot of transactions
This RBC business account is designed for businesses that require a lot of transactions on a daily basis. It supports unlimited electronic debits and credits, 500 outgoing Interac e-Transfers per month and up to $25,000 cash deposits per month. Those features come at the cost of a $100 monthly fee, but the fee is waived if you keep your account balance above $75,000.
With bonus Avion points on selected business credit cards plus a set-up fee waiver when you sign up for RBC Express Core Services, there are plenty of good reasons to check out this RBC account.
Unlimited electronic transactions
Convenience of in-branch and digital transactions
Up to $25,000 cash deposits per month
Monthly fee can be waived
$100 monthly fee
Not suitable for small businesses with limited transaction needs
If you run a non-profit organization like a local charity or sports club, the RBC Royal Business Community Account is designed to help you manage your day-to-day banking needs. It supports up to 10 free debits and 5 free credits per month, after which, each transaction costs $0.60.
You can also deposit up to $1,000 in cash each month, and it's easy to manage your account via in-branch, online and mobile banking. There is a $3.75 account fee, but it's waived for the first three months.
Fee waived for first 3 months
Get 25 free cheques when you open your account
Convenient access to digital and in-branch banking
$3.75 monthly fee
Fees apply if you exceed monthly transaction limits
Not suitable if your organization performs a large volume of transactions
If you regularly send and receive payments in US dollars, this RBC business account can help you save on foreign exchange costs. It allows you to hold and spend funds in USD, so you can access your US currency as needed or convert it back into Canadian dollars whenever the best exchange rate is available.
Just be aware that there's a US$9 monthly fee—which is waived if your balance is US$2,500 or higher—and a US$1.25 fee for every debit or credit.
Avoid foreign exchange fees
Monthly fee waived if you meet the minimum balance requirement
If your business sends and receives payments in currencies other than CAD and USD, you might want to consider an RBC Online Foreign Currency Account.
You can hold funds in the currency of your choice and convert into CAD when needed or whenever the best rate becomes available. There's no minimum balance requirement to worry about either, but you will need to pay a monthly fee as well as transaction fees.
RBC Online Banking for Business offers convenient account access 24/7. Designed for small businesses, RBC’s online banking portal lets you:
Track spending. Use RBC Online Banking for Business to check your account balance and keep track of your transactions. You can check up to 7 years’ worth of transaction history.
Make payments. You can send Interac e-Transfers and set up recurring payments to employees and suppliers.
Send international money transfers. RBC supports international wire transfers in over 30 currencies.
File taxes. The Online Tax Filing feature lets you review and submit your business tax return.
Manage payments. The Pay & Sync feature lets you reconcile business payments and accounts receivable.
If your business requires unlimited online banking users, you can manage your business account through RBC Express Online Banking. This enterprise-grade online banking platform lets you delegate banking tasks, manage multiple accounts and access extensive monitoring and reporting tools.
RBC mobile business banking
If you need to manage your money on the go, you can also access your business account via the RBC Mobile app. Free to download for Android and iOS devices, the app lets you:
Check your account balance
Track your spending
Pay bills
Send e-Transfers
Deposit cheques
Request payments
Lock a lost card
Receive spending alerts and insights using the NOMI AI tool
You can also download the RBC Express Business Banking mobile app to access the RBC Express platform on the go.
Does RBC offer business savings accounts?
Yes, there are three RBC business savings account options available:
RBC Business Essentials Savings Account
This account has no monthly fees and pays tiered interest on your savings, with rates ranging from 2.50% to 3.10%, depending on your account balance. You also get 2 free debits or cheques per month.
RBC Business Premium Investment Account
This RBC business savings account is designed for commercial-sized businesses with $100,000 or more to invest. You get unlimited electronic credits to your account, no monthly fee and tiered interest of 2.40% to 4.90%, depending on your account balance.
RBC AgriInvest Account
Available for eligible agricultural businesses that participate in the AgriInvest program, this account lets you take advantage of matching contributions from the federal government. There’s no monthly fee or minimum balance requirement to worry about, the account supports unlimited transactions and you can earn 1.70% interest on your balance.
RBC business account fees vary quite a bit based — from $6/month up to $100/month — based on the account you choose.
Accounts that support a limited number of monthly transactions tend to come with low monthly fees, but you’ll need to pay extra for any transactions that exceed your monthly limit. Generally, the more transactions an account supports each month, the higher your monthly fee will be.
RBC will also waive the monthly fee on some accounts when you keep your daily balance above a minimum threshold.
It’s easy to open an RBC business account by completing the following steps:
Visit the RBC website (click the “Go to site” on this page) and navigate to the page of the account you want to open.
Select Sign me up.
If you’re an existing RBC personal banking customer, you can speed up the application process by logging into online banking. If not, you’ll need to complete the next steps.
Enter your name and email address.
Provide details of your business type and structure.
Provide your personal information.
Visit a branch to verify your identity and activate your account. You’ll need to provide government-issued ID as well as a business registration document (such as articles of incorporation, a certificate of existence or your master business licence).
Eligibility requirements
To open an RBC business account, you will need to:
Be over the age of majority
Be opening an account for your business
Be a Canadian resident with a company that is registered in Canada
Be running a sole proprietorship or a private corporation
How do RBC US and cross-border business accounts work?
RBC US and cross-border business accounts make it easy to send and receive payments in local currencies in countries where your business operates. For example, if you operate in the USA and have a US Dollar Business Account, you can receive payments from customers in US dollars and pay your staff and suppliers in US dollars.
These cross-border business accounts let you save on foreign exchange costs. Rather than converting a USD payment into CAD then potentially back to USD at a later date, you can hold funds in USD.
This allows you to avoid paying currency conversion fees and exchange rate markups, and you can also wait for an attractive exchange rate to become available before switching currencies.
It’s also worth noting that RBC offers two specialist US business accounts for Canadians:
US Business Checking. Avoid foreign transaction fees with this RBC business account that supports unlimited transfers, 100 monthly debits, US check deposits and no-fee access to over 50,000 US ATMs. A $150 monthly fee applies.
US Business Money Market Savings. This account pays interest on your surplus USD funds and entitles you to 6 withdrawals per month. The $5 monthly fee is waived if you meet the $1,000 minimum balance requirement.
How does the RBC partnership with Ownr work?
Ownr is an online platform that provides a wide range of tools and resources to help you start and manage a business. Services Ownr can help you with include:
Registering and incorporating your business
Accessing important legal documents
Creating business plans
Storing your business paperwork online
As part of this partnership, if you register or incorporate your business with Ownr, you can get cash back when opening an RBC business bank account. You’ll save $49 as a sole proprietorship and $300 for incorporation.
However, take note that Ownr services are only available in Ontario, Alberta, Quebec and British Columbia.
What other business products does RBC offer?
Not looking for a business chequing or savings account? RBC also offers:
GICs. GICs come with guaranteed returns and terms of up to 10 years. You can also access interest-linked and equity-linked GICs.
Business credit cards. There are five RBC small business credit cards to choose from as well as commercial credit cards.
Business loans and lines of credit. RBC offers term loans, Canada Small Business Financing Program loans, lines of credit, business overdrafts, asset-based lending, equipment leasing and more.
International trade solutions. RBC Trade Specialists can help you find international markets for your business, provide mentoring services and help you connect with partners around the world.
Business advice. RBC offers business advice and support services to help you start or grow your business.
Is RBC a good bank for businesses?
Yes, RBC is a good banking option for many Canadians businesses. It’s also a popular choice. According to a report from the Canadian Federation of Independent Business (CFIB), RBC had the greatest small business market share (19%) of all banks in 2022, ahead of Scotiabank (17%) and TD (16%).
A subsequent report from the same research series revealed that RBC is also the top-ranking Big Five bank for customer satisfaction among small businesses. But it’s worth mentioning that RBC ranked fourth overall, with the top spot going to credit unions generally.
Ultimately, there are plenty of similarities between the Big Five Banks in terms of the business bank accounts and products available. The best bank for your business might be one that offers an account that supports the right number of transactions for your business with the lowest monthly fee.
Alternatively, you might base your choice on user-friendly online and mobile banking apps, the provider’s full range of business banking products or whether customer service is prompt and helpful.
If you’re searching for a business chequing account for day-to-day banking or a business savings account to help boost your bottom line, RBC is certainly well worth a look. It offers a full range of business banking products and services, and you also get the security of dealing with a Big Five bank. But before you open an RBC business account, make sure you compare accounts from a wide range of banks to find the right one for your business.
Frequently asked questions about RBC business banking
If you need to print a void cheque for your business, you can do so via online banking or the mobile app. If you're on a computer, you can sign in to RBC Online Banking, select Account Services and then View and Print Void Cheque. Select the account you want before hitting View and Print.
If you're using the app, sign in and select the account you want. Select Details, tap Get a Void Cheque and then Download.
Not completely. While you can apply for many accounts online, you'll need to visit a branch in person to verify your identity and activate the account. You can confirm your ID by providing government-issued photo ID and a business registration document (such as articles of incorporation, a certificate of existence or your master business licence).
Yes. From time to time, RBC will run promotional offers and special deals to encourage new customers to open an account. These may include welcome cash bonuses, annual fee waivers on business credit cards and discounts on other business banking products. Check the RBC website for the latest offers.
Generally, no. However, some accounts will require you to maintain a minimum balance to waive the account's monthly fee. For example, the US$9 monthly fee on the RBC US Dollar Business Account is waived if you hold a balance of US$2,500 or more.
RBC business accounts generally come with a monthly fee—the more transactions the account supports per month, the higher the fee will generally be. However, the monthly fee is waived on some accounts if you meet a minimum balance requirement.
You'll also need to keep an eye out for transaction fees, which vary greatly from one account to the next. Depending on the account you choose, specific transactions may always attract a fee, or you may be entitled to a certain amount of free transactions each month before fees kick in. Check the fine print closely for details of any fees that apply.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Most big banks offers discounted plans to help your club, nonprofit or community organization run smoothly, plus there are fintech providers that offer international accounts at lower fees.
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