{"id":6628,"date":"2023-10-03T03:51:57","date_gmt":"2023-10-03T03:51:57","guid":{"rendered":"https:\/\/ownrblog-preprod.go-vip.net\/?p=6628"},"modified":"2026-07-28T16:32:41","modified_gmt":"2026-07-28T20:32:41","slug":"rbc-business-bank-account","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/rbc-business-bank-account\/","title":{"rendered":"Creating a Business Bank Account with RBC"},"content":{"rendered":"<p>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 <a href="\&quot;https:\/\/www.ownr.co\/blog\/5-reasons-to-open-a-business-bank-account\/\&quot;"><span style=\"text-decoration: underline;\">great reasons to set up an account<\/span><\/a> early on when starting your business.<\/p>\n<p>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 <a href="\&quot;https:\/\/www.ownr.co\/blog\/accounting-bookkeeping-whats-the-difference-and-why-do-i-need-them\/\&quot;"><span style=\"text-decoration: underline;\">bookkeeping<\/span><\/a> and expense tracking don\u2019t get mixed in with your personal transactions.<\/p>\n<p>While you may not spend most of the year thinking about tax season, you\u2019ll be grateful that your finances were organized making <a href="\&quot;https:\/\/www.ownr.co\/blog\/a-guide-filing-your-first-gst-hst-return\/\&quot;"><span style=\"text-decoration: underline;\">tax filing<\/span><\/a> 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.<\/p>\n<p>With so many business bank accounts to choose from, it might be difficult to figure out which one is right for you.\u00a0 RBC offers a range of options, so you can be confident there\u2019s an RBC bank account that\u2019s suited to the unique needs of your business. When you register for any RBC business account with <a href="\&quot;https:\/\/www.ownr.co\/\&quot;"><span style=\"text-decoration: underline;\">Ownr<\/span><\/a>, you\u2019ll also receive <a href="\&quot;https:\/\/www.ownr.co\/resources\/offer-details\&quot;"><span style=\"text-decoration: underline;\">up to $300 back<\/span><\/a>\u00a0by opening the account. We\u2019ve broken down the benefits of each here to make <a href="\&quot;https:\/\/www.ownr.co\/blog\/choose-the-right-bank-account\/\&quot;"><span style=\"text-decoration: underline;\">choosing a bank account<\/span><\/a> easy.<\/p>\n<h2><a href="\&quot;https:\/\/www.rbcroyalbank.com\/business\/accounts\/digital-choice-business-account.html\&quot;"><span style=\"text-decoration: underline;\">RBC Digital Choice Business Account Package<\/span><\/a><\/h2>\n<p><strong>Highlight:<\/strong> RBC\u2019s most popular business bank account<\/p>\n<p><strong>Who it\u2019s for:<\/strong> 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<\/p>\n<p><strong>Cost:<\/strong> As little as $6\/month for unlimited debit and credit transactions<\/p>\n<p>Do you do most of your banking online, through mobile, or over the phone? Many of us don\u2019t do very much banking in person anymore, so if you\u2019re comfortable with digital banking, the RBC Digital Choice Business Account Package might be a great fit for you. With unlimited electronic debit and credit transactions, and mobile\u00a0 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 accept payments however your customers want. You\u2019ll also get 10 free outgoing Interac e-transfers and only $1.50 per e-transfer after you reach that limit.<\/p>\n<p>If you\u2019re 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.<\/p>\n<h2><a href="\&quot;https:\/\/www.rbcroyalbank.com\/business\/accounts\/flex-choice-business-account.html\&quot;"><span style=\"text-decoration: underline;\">RBC Flex Choice Business Account Package<\/span><\/a><\/h2>\n<p><strong>Highlight:<\/strong> Flexible options for online and in-person banking<\/p>\n<p><strong>Who it\u2019s for: <\/strong>Small business owners who regularly accept cash, such as restaurants, physical store owners, and food truck owners<\/p>\n<p><strong>Cost:<\/strong> $7\/month<\/p>\n<p>Certain types of businesses involve handling large amounts of cash in addition to digital payments. If you operate a <a href="\&quot;https:\/\/www.ownr.co\/blog\/food-truck\/\&quot;"><span style=\"text-decoration: underline;\">food truck<\/span><\/a> or vending machine business for example, you\u2019ll 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, with lower fees for other types of deposits.<\/p>\n<p>Finding a branch or ATM to safely and securely make your deposits is easy with RBCs combined network of branches and ATMs. With over 1,100 branches and over 4,000 ATMs, you can be confident that your business\u2019s cash can be quickly and securely deposited.<\/p>\n<h2><a href="\&quot;https:\/\/www.rbcroyalbank.com\/business\/accounts\/usd-business-account.html\&quot;"><span style=\"text-decoration: underline;\">RBC US Dollar Business Account\u00a0<\/span><\/a><\/h2>\n<p><strong>Highlight:<\/strong> Save money on exchange rates<\/p>\n<p><strong>Who it\u2019s for:<\/strong> Ecommerce businesses that have some customers in the US, or those that have vendors or suppliers who they prefer to pay in USD<\/p>\n<p><strong>Cost<\/strong>: $9\/ USD month<\/p>\n<p>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 USD.<\/p>\n<h2><a href="\&quot;https:\/\/www.rbcroyalbank.com\/business\/accounts\/savings-accounts.html\&quot;"><span style=\"text-decoration: underline;\">RBC Basic Business Savings Account<\/span><\/a><\/h2>\n<p><strong>Highlight:<\/strong> Earn interest on unused funds<\/p>\n<p><strong>Who it\u2019s for:<\/strong> 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<\/p>\n<p><strong>Cost:<\/strong> No minimum monthly fees<\/p>\n<p>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.<\/p>\n<p>The number of transactions on this account are limited since it\u2019s designed for saving, making it a great complement to an everyday\u00a0 small business chequing account.<\/p>\n<h2><a href="\&quot;https:\/\/www.rbcroyalbank.com\/business\/accounts\/ultimate-business-account.html\&quot;"><span style=\"text-decoration: underline;\">RBC Ultimate Business Account Package<\/span><\/a><\/h2>\n<p><strong>Highlight:<\/strong> Many unlimited features<\/p>\n<p><strong>Who it\u2019s for:<\/strong> Any businesses with a medium-to-high amount of transactions<\/p>\n<p><strong>Cost:<\/strong> $100\/month<\/p>\n<p>If you need an account where you don\u2019t have to worry about how your transaction fees may be adding up, this is the choice for you. You can enjoy unlimited electronic 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.<\/p>\n<h2><a href="\&quot;https:\/\/www.rbcroyalbank.com\/business\/accounts\/community-account.html\&quot;"><span style=\"text-decoration: underline;\">Royal Business Community Account<\/span><\/a><\/h2>\n<p><strong>Highlight:<\/strong> Low fee account for organizations with a small number of monthly transactions<\/p>\n<p><strong>Who it\u2019s for:<\/strong> Charities, churches and other religious institutions, sports teams, clubs, and other non-profit organizations<\/p>\n<p><strong>Cost:<\/strong> $3.75\/month<\/p>\n<p>If your organization only makes up to 15 transactions per month, this is a great, low-cost way to maintain a business bank account. <span style=\"font-weight: 400;\">Enjoy 15 free transactions each month and the low account fee can be waived for the first 3 months to help you make the most of the funds you raise.<\/span><\/p>\n<p>Please note that Ownr doesn\u2019t currently offer a business formation product specifically for non-profit organizations.<\/p>\n<h2>Register and save with Ownr<\/h2>\n<p>When you register with <a href="\&quot;https:\/\/www.ownr.co\/\&quot;"><span style=\"text-decoration: underline;\">Ownr<\/span><\/a>, you can <a href="\&quot;https:\/\/www.ownr.co\/resources\/offer-details\&quot;"><span style=\"text-decoration: underline;\">get up to $300 back<\/span><\/a>* by opening a new RBC business bank account. You can earn $49 cash back* when you <a href="\&quot;https:\/\/www.ownr.co\/blog\/registering-your-small-business-easy-peasy\/\&quot;"><span style=\"text-decoration: underline;\">register your business as a sole proprietorship<\/span><\/a> or $300 if you <a href="\&quot;https:\/\/www.ownr.co\/blog\/incorporate-in-ontario\/\&quot;"><span style=\"text-decoration: underline;\">register as a corporation<\/span><\/a>. Depending on the <a href="\&quot;https:\/\/www.ownr.co\/blog\/why-choose-rbc-business-bank-account\/\&quot;">RBC business bank account you choose<\/a>, this refund can be the equivalent to up to 4 years of monthly account fees. If you needed a reason to finally register your business, <a href="\&quot;https:\/\/www.ownr.co\/blog\/taking-the-leap-common-reasons-why-sole-proprietors-decide-to-incorporate-their-business\/\&quot;"><span style=\"text-decoration: underline;\">incorporate<\/span><\/a>, or open up that business bank account, now is a great time to do it!<\/p>\n<p class=\"has-small-font-size\"><em><span style=\"font-weight: 400;\">* For sole proprietorship registration, &#8220;Save $49&#8221; offer is inclusive of any applicable taxes, and for incorporation, &#8220;Save $300&#8221; offer is inclusive of any applicable taxes (&#8220;Offer&#8221;). 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 (&#8220;BDA&#8221;) within 60 days of purchase (&#8220;Application Criteria&#8221;). 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 &#8216;Confirm Account Open&#8217; or \u201cRefund Me\u201d. If you received an automatic discount but do not apply and get approved for a BDA and click \u201cConfirm Account Open\u201d within 60 days of payment the discount will be reversed and the amount of the discount will be automatically charged to the credit card you used to pay for your registration. If you have not received an automatic discount, you will receive the Offer as a credit in your BDA within 7-10 business days of clicking \u201cRefund Me\u201d. 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 charge the credit card that you used to pay for your registration. Offer may be revised or withdrawn at any time without notice.<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking for the perfect business bank account to meet your needs? RBC has options for every enterprise, so read on to find the right fit for your business. <\/p>\n","protected":false},"author":5,"featured_media":6633,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[978],"tags":[136,137],"class_list":["post-6628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-and-tax","tag-business-bank-account","tag-business-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Creating a Business Bank Account with RBC | Ownr Blog<\/title>\n<meta name=\"description\" content=\"Looking for the perfect business bank account to meet your needs? 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