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5 Reasons You Should Choose RBC to Open Your Business Bank Account

Opening a business bank account is an important step in starting your business—and choosing which institution to do your banking with is a big part of that. To help you make your decision, let’s take a closer look at the benefits of having a separate business bank account and which features you should consider when choosing a bank.

Benefits of setting up a separate business bank account

Here are some of the many benefits to opening a business bank account.

A business bank account is a legal requirement for corporations

A corporation is a distinct legal entity, so it needs a bank account in its own name to maintain limited liability for the business owner(s). Without a business bank account, a corporation won’t be able to receive or send money.

Separates your business and personal finances 

When you use one bank account for everything, there’s no separation between the money that is yours and the money that belongs to the business. That means you’ll need to review every single transaction you make if you want to track your business expenses and income which is tedious and time-consuming. Separating your finances will make bookkeeping a lot easier. 

Unlocks additional features

Business bank accounts may provide features to help you grow your business that aren’t included in personal bank accounts. You can even deduct your business bank account fees as a business expense.

Improves your credibility 

If you’re paying bills and salaries from your personal account, potential clients, investors, suppliers, and employees might not take you seriously as a business owner. 

Reduces time and stress in case you get audited

No one wants to be audited, but if it does happen, you can save a ton of time and effort if your business finances are already located in a single business bank account. Plus, your personal finances won’t have to be examined since they’re kept completely separate. 

Starts establishing your business credit 

Having a business bank account in good standing can be helpful if you ever want to apply for credit approval or receive business loans. 

Why you should set up your business bank account with RBC

Access a wide range of services to support entrepreneurs

Not only does RBC have multiple budget-friendly, high-value business banking options, they also provide a wide selection of amazing resources for business owners. From detailed guides on starting and growing your business, to online tools like their startup cost calculator and business plan builder, RBC has everything you need to start a successful business. 

Get great value for your money

RBC combines low-cost account fees with high-value services, so you can get unlimited electronic debit and credit transactions for as little as $6/month***. You can even save up to $300** on your business registration with Ownr if you set up a business bank account with RBC.

Have banking services within your reach

RBC’s branch and ATM network is one of the biggest in Canada, so users will have an accessible branch or ATM near them whenever they require in-person assistance. RBC advisors are also ready to help you in multiple areas of your business, even if your personal banking is done at a different institution. Plus, you’ll be able to easily manage your accounts online through RBC Online Banking for Business or through the RBC Mobile* app.

Choose from multiple banking options

No matter what banking needs your business has, RBC has a business bank account for you. There are chequing options for digital banking accounts, flexible accounts with in-person banking features, and accounts designed for high volume businesses. RBC also offers specialty accounts including savings, trusts, foreign currency, international banking, Not-for-Profit, and Guaranteed Investment Certificates (GICs). 

Find support beyond business bank accounts

If you’re looking for even more value with your business bank account, here are a few more ways that RBC helps support entrepreneurs.

  • Business credit cards allow you to make purchases for your business while racking up perks and rewards so you can make the most of your business spending.
  • Business loans help grow your business and keep your cash flow consistent.
  • Business advice for selling your business, including help with assessing the market value of the business, tools to maximize the value of the business, developing plans for retirement, and easing the transition of a business to a new owner.
  • Access to consumer data insights with RBC Insight Edge so you can effectively track customer-shopping behaviour and demographic data for your retail or consumer business
  • Access to partnerships through RBC Go Digital, where you can receive support, resources, and advice in areas including marketing, funding, payments, payroll, and more.

Now that you know all of the extensive features that come with an RBC business bank account, you’re ready to open your new bank account. No matter what type of business you have, RBC has a business bank account that will meet (and exceed) your needs and expectations.

Terms and Conditions

* RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc.

** For sole proprietorship registration “$49” offer is inclusive of any applicable taxes, and for incorporation, “$300” 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. If the offer was not applied as a discount on the final receipt at checkout when paying for your business registration, after opening a BDA(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.

*** This is available with the RBC Digital Choice Business Account Package and includes electronic (digital) debit and credit transactions to the account, such as online bill payments, pre-authorized payments (PAPs) and point of sale (POS) transactions. Standard fees apply for other services, including cheques and cash deposited at RBC ATMs, Pay Employees & Vendors (PEV), Interac e-Transfer transactions and wire transfers not expressly included in the package when completed online. For a full list of fees not included with the account review the RBC Digital Choice Business Account Package page.