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In Canada, the choice of corporate accounts is rather limited compared to personal accounts. What’s more, monthly fees are often very high, which can be onerous for small and medium-sized enterprises (SMEs). With this in mind, RBC offers an affordable bank account for businesses. It’s the RBC Digital Choice Package for Business, with unlimited electronic transactions and fees as low as $6/month. In this article, we introduce you to this RBC bank account for businesses, including product details, pros and cons and our product review.
The RBC Digital Choice Business Account is an ideal chequing account for your small business if your banking needs are relatively straightforward and you make most of your transactions online. The fees for this RBC business account are very affordable at only $6 per month. But that doesn’t mean that the functions offered are limited. On the contrary…
With this business bank account, you get :
Plus, you get Petro-Canada gas savings when you link your eligible RBC corporate cards to your Petro-Canada card.
However, you must pay for products and services that are not included in your package, such as cash deposits, paper account statements and incoming Interac e-Transfer transactions. Additional charges apply if you exceed the maximum number of transactions included in the package.
To open this RBC business account, you can start filling out your application online. Next, you’ll have an in-branch appointment to validate your documents and complete the account opening process. When your account is ready for use, you’ll be able to access it through RBC Online Banking.
Here are the pros and cons of the RBC Digital Choice Business Account:
While the downsides point to plenty of extra fees, we reiterate that this is an ideal chequing account for your SME if you predominantly use digital banking for your transactions. If so, you won’t have to pay these extra fees.
Do you have a credit card for your business? You could combine the benefits of the RBC Digital Choice Business Account with a Royal Bank of Canada (RBC) business credit card. For example, the RBC Avion Visa Infinite Business Card. This way, you can earn points RBC Avion Rewards on your business purchases and expenses, while enjoying generous welcome bonuses.
If your business needs become more complex, or if you carry out both paper and electronic transactions, you may want to consider another RBC banking account, such as the RBC Summum Package for Business.
For more information, please visit the “Business” section of our website.
In short, RBC offers an affordable bank account for businesses. The RBC Digital Choice Package for Business, priced at just $6/month, includes unlimited electronic transactions and unlimited Moneris deposits. It’s the ideal chequing account for your SME if you mainly use digital banking services for your transactions. You can also combine the benefits of this bank account with a corporate credit card, such as the RBC Avion Visa Infinite Card, to earn points RBC Avion Rewards on business expenses.
To discover other bank account offers, visit our best account offers page.
To open your RBC business account, such as the RBC Digital Choice Business Account, you must start by completing your online application. You will then have an in-branch appointment to validate your documents and complete the account opening process.
If you are a business owner, you must open a business account. At RBC, you have several choices of business accounts, including the RBC Digital Choice Business Account, which is an ideal solution for SMEs.
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