{"id":14037,"date":"2023-12-28T09:00:12","date_gmt":"2023-12-28T09:00:12","guid":{"rendered":"https:\/\/www.ownr.co\/blog\/?p=14037"},"modified":"2023-12-21T18:47:08","modified_gmt":"2023-12-21T18:47:08","slug":"why-choose-rbc-business-bank-account","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/why-choose-rbc-business-bank-account\/","title":{"rendered":"5 Reasons You Should Choose RBC to Open Your Business Bank Account"},"content":{"rendered":"

Opening a <\/span>business bank account<\/span><\/a> is an important step in starting your business\u2014and choosing which institution to do your banking with is a big part of that. To help you make your decision, let\u2019s take a closer look at the benefits of having a separate business bank account and which features you should consider when choosing a bank.<\/span><\/p>\n

Benefits of setting up a separate business bank account<\/span><\/h2>\n

Here are some of the many <\/span>benefits to opening a business bank account<\/span><\/a>.<\/span><\/p>\n

A business bank account is a legal requirement for corporations<\/span><\/h3>\n

A corporation is a distinct legal entity, so it needs a <\/span>bank account in its own name<\/span><\/a> to maintain limited liability for the business owner(s). Without a business bank account, a corporation won\u2019t be able to receive or send money.<\/span><\/p>\n

Separates your business and personal finances\u00a0<\/span><\/h3>\n

When you use one bank account for everything, there\u2019s no separation between the money that is yours and the money that belongs to the business. That means you\u2019ll 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.\u00a0<\/span><\/p>\n

Unlocks additional features<\/span><\/h3>\n

Business bank accounts may provide features to help you grow your business that aren\u2019t included in personal bank accounts. You can even deduct your business bank account fees as a business expense.<\/span><\/p>\n

Improves your credibility\u00a0<\/span><\/h3>\n

If you\u2019re paying bills and salaries from your personal account, potential clients, investors, suppliers, and employees might not take you seriously as a business owner.\u00a0<\/span><\/p>\n

Reduces time and stress in case you get audited<\/span><\/h3>\n

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\u2019t have to be examined since they\u2019re kept completely separate.\u00a0<\/span><\/p>\n

Starts establishing your business credit\u00a0<\/span><\/h3>\n

Having a business bank account in good standing can be helpful if you ever want to apply for credit approval or receive business loans.\u00a0<\/span><\/p>\n

Why you should set up your business bank account with RBC<\/span><\/h2>\n

Access a wide range of services to support entrepreneurs<\/span><\/h3>\n

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 <\/span>startup cost calculator<\/span><\/a> and <\/span>business plan builder<\/span><\/a>, RBC has everything you need to start a successful business.\u00a0<\/span><\/p>\n

Get great value for your money<\/span><\/h3>\n

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.<\/span><\/p>\n

Have banking services within your reach<\/span><\/h3>\n

RBC\u2019s 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\u2019ll be able to easily manage your accounts online through RBC Online Banking for Business or through the RBC Mobile* app.<\/span><\/p>\n

Choose from multiple banking options<\/span><\/h3>\n

No matter what banking needs your business has, RBC has a <\/span>business bank account<\/span><\/a> 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).\u00a0<\/span><\/p>\n

Find support beyond business bank accounts<\/span><\/h3>\n

If you\u2019re looking for even more value with your business bank account, here are a few more ways that RBC helps support entrepreneurs.<\/span><\/p>\n