RBC Royal Bank

RBC Royal Bank is the Canadian retail and business arm of Royal Bank of Canada. It offers the Digital Choice, Flex Choice and Ultimate Business Account packages for different styles of everyday banking.

Packages and fees

The published monthly fees are CAD 6 for Digital Choice, CAD 7 for Flex Choice and CAD 100 for Ultimate, with the Ultimate fee waived at a minimum daily balance of CAD 75,000. The Royal Business Community Account for community organisations costs CAD 3.75. The digital packages include electronic transactions and mobile cheque deposits.

US dollar account

A separate US Dollar Business Account is available, suitable for firms that trade in dollars or receive payments from American customers without converting each one.

Deposit insurance

The bank states that it is a CDIC member. Eligible deposits are covered within the limits and category rules of the scheme.

Who it suits

Canadian small businesses and community organisations that choose a package by their volume of transactions and the balance they keep. Companies should compare the number of included transactions in each package and check how the Ultimate waiver is calculated before they choose it.