Creating a Business Bank Account with RBC
As an entrepreneur, there are a lot of competing priorities vying for your attention. While setting up a business bank account may not seem like the most urgent item on your list, there are many great reasons to set up an account early on when starting your business.
Having a business account separate from your personal account makes it simpler to keep track of your business finances. An account that keeps all of your business funds and transaction records in one place ensures functions such as bookkeeping and expense tracking don’t get mixed in with your personal transactions.
While you may not spend most of the year thinking about tax season, you’ll be grateful that your finances were organized making tax filing and any potential audits less of a headache. A business bank account may even help you to establish business credit so that you can access funding in the future.
With so many business bank accounts to choose from, it might be difficult to figure out which one is right for you. RBC offers a range of options, so you can be confident there’s an RBC bank account that’s suited to the unique needs of your business. When you register for any RBC business account with Ownr, you’ll also receive up to $300 back just by opening the account. We’ve broken down the benefits of each here to make choosing a bank account easy.
Highlight: RBC’s most popular business bank account
Who it’s for: Small business owners who prefer to bank on the go or from home, business owners who primarily receive funds digitally such as e-commerce businesses
Cost: As little as $5/month for unlimited debit and credit transactions
Do you do most of your banking online, through mobile, or over the phone? Many of us don’t do very much banking in person anymore, so if you’re comfortable with digital banking, the RBC Digital Choice Business Account Package might be a great fit for you. With unlimited debit and credit transactions, and mobile & ATM cheque deposits, this is a great choice for physical store owners who need to accept multiple forms of digital payments transmitted over the internet.The plan also includes unlimited Moneris deposits, so you can access the funds from credit and debit transactions from your Moneris terminal as early as the next business day without incurring extra fees. You’ll also get 10 free outgoing Interac e-transfers and only $1.50 per e-transfer after you reach that limit.
If you’re comfortable receiving and sending funds primarily online, you can avoid most fees and enjoy the benefits of an RBC business bank account at a low cost.
Highlight: Flexible options for online and in-person banking
Who it’s for: Small business owners who regularly accept cash, such as restaurants, physical store owners, and food truck owners
Cost: $6/month for unlimited debit and credit transactions
Certain types of businesses involve handling large amounts of cash in addition to digital payments. If you operate a food truck or vending machine business for example, you’ll likely want a business bank account that lets you deposit cash while incurring minimal fees. The RBC Flex Choice Business Account is a great choice: it includes unlimited Moneris deposits and item deposits (useful for cheques and drafts), with lower fees for other types of deposits.
Finding a branch or ATM to safely and securely make your deposits is easy with RBCs combined network of branches and ATMs, which is the largest in Canada. With over 800 branches and over 4,200 ATMs, you can be confident that your business’s cash can be quickly and securely deposited.
Highlight: Save money on exchange rates
Who it’s for: Ecommerce businesses that have some customers in the US, or those that have vendors or suppliers who they prefer to pay in USD
If your business requires you to make and accept payments in USD, this account will make it easy to do so while saving on the exchange rate. Your monthly fee will be waived with a minimum daily balance of $2500.
Highlight: Earn interest on unused funds
Who it’s for: Business owners saving funds for big purchases, and new businesses that want to grow and take advantage of RBCs money back offer without incurring monthly fees
Cost: No monthly fees
If you have funds sitting unused in a chequing account, why not earn interest on them? With a tiered interest structure, the more you save, the more you earn.
The number of transactions on this account are limited since it’s designed for saving, making it a great complement to an everyday small business chequing account.
Highlight: Unlimited features
Who it’s for: Any businesses with a medium-to-high amount of transactions
If you need an account where you don’t have to worry about how your transaction fees may be adding up, this is the choice for you. You can enjoy unlimited debit and credit transactions, Moneris deposits, electronic cheque deposits, cash deposits up to $25,000, and more. Plus, if you maintain a minimum daily balance of $75,000, your monthly fee will be waived.
Highlight: Low fee account for organizations with a small number of monthly transactions
Who it’s for: Charities, churches and other religious institutions, sports teams, clubs, and other non-profit organizations
If your organization only makes up to 15 transactions per month, this is a great, low-cost way to maintain a business bank account. Note that Ownr doesn’t currently offer a business formation product specifically for non-profit organizations.
Register and save with Ownr
When you register with Ownr, you can get up to $300 back* just by opening an RBC business bank account. You can earn $89 cash back when you register your business as a sole proprietorship or $300 if you register as a corporation. Depending on the RBC business bank account you choose, this refund can be the equivalent to up to 5 years of monthly account fees. If you needed a reason to finally register your business, incorporate, or open up that business bank account, now is a great time to do it!
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
* For sole proprietorship registration “$89 back” offer is inclusive of any applicable taxes, and for incorporation, “$300 back” offer is inclusive of any applicable taxes (“Offer”). Offer available when you register or incorporate with Ownr and apply and get approved for a new RBC business deposit account associated with the business registered or incorporated with Ownr (“BDA”) within 60 days (“Application Criteria”). Royal Bank of Canada (not Ownr or RBC Ventures Inc.) will in its discretion make approval decisions for all BDA applications. Once you complete the Application Criteria, you must log back into your Ownr account and click ‘Refund Me’. You will receive the Offer as a credit in your BDA within 7-10 business days of clicking ‘Refund Me’. To qualify for this Offer your BDA must remain open for a period of 1 year from the date it is opened but there is no minimum balance that must be maintained in your BDA. If you received this Offer then change or close your BDA within 1 year of the date it was opened, we reserve the right to debit from your BDA an amount equal to the value of this Offer (inclusive of applicable taxes), even if this places the BDA into overdraft. Offer may be revised or withdrawn at any time without notice.