Starting a business is an exciting venture, but it comes with a wide range of challenges. From managing finances to making crucial decisions, entrepreneurs often find themselves juggling multiple tasks. I’ve been in the entrepreneur world since I was 25, so I get the struggle firsthand. Managing finances effectively is a big deal for anyone in the business world, especially when it comes to keeping personal and business banking separate.
In today’s post, I’ll talk about RBC Business Banking, especially their Digital Choice Business Account package. This banking choice works really well for entrepreneurs like me who prefers to do business banking online or on the phone. For just $6 a month, it covers my essential banking needs, saving me $13 monthly compared to my old plan!
Let’s find out how RBC’s banking services can be really helpful for businesses like ours. After all, who doesn’t like to save money, right?
Your Reliable Partner for Growing Your Business
RBC Business Banking goes beyond just being a regular business banking service; it’s a reliable partner focused on helping businesses in every situation. They understand the different needs and challenges that business owners face. RBC is dedicated to giving top-notch advice and the latest digital solutions. Whether you’re starting a new business or managing a successful company, RBC has customized solutions all in one place.
At the center of what RBC offers is the Digital Choice Business Account Package. This package is specially designed for businesses that prefer doing their banking online. It’s packed with special digital features and services that cover essential banking needs. And all this comes at a reasonable cost of only $6 per month.
Key Features and Benefits:
Get more with a low monthly fee1
(1) Unlimited electronic debit and credit transactions2
(2) Unlimited electronic cheque deposits3
(3) Unlimited Moneris deposits
(4) Additionally, it offers 10 FREE Interac e-Transfer transactions4, among other advantages, making it an attractive choice for businesses looking for digital banking convenience and affordability.
Why It’s Smart to Keep Business and Personal Money Separate
If you’re starting a business, it’s super important to keep your personal money separate from your business funds right from the get-go. Why? Well, it’s not just about saving time, but it also makes running your business a whole lot easier. Having a dedicated bank account for your business, like the ones RBC offers, comes with a bunch of perks:
1. Clear Expense Management: When your business and personal expenses are separate, it’s easier to track what money is going in and out for your business. This makes budgeting simpler and ensures that your personal finances stay untouched.
2. Easy Transactions: Handling business payments becomes a breeze with a dedicated business account. Paying bills, receiving payments, or making transfers related to your business becomes more convenient and organized.
3. Hassle-Free Tax Filing: Instead of sifting through a mix of personal and business transactions at tax time, having all your business finances in one account simplifies the process. It saves time and reduces stress during tax season.
4. Building Business Credit: By maintaining a separate business account, you start building a distinct credit history for your business. This can be a game-changer when seeking loans or financing in the future.
5. Exclusive Business Benefits: Having an RBC business account can unlock access to specialized services and offers tailored for business owners. These perks might not be available with a personal account.
Keeping your business money separate might seem like an extra step, but trust me, it’s a smart move that can make running your business a whole lot smoother in the long run.
Who Can Benefit from the RBC Digital Choice Business Account Package?
RBC’s focus is on supporting various groups such as new startups, small, medium, and large businesses, freelancers, and even those running side projects. Whether you’re just starting out in the business world or already running a successful enterprise, RBC Business Banking is designed to meet your financial requirements.
Qualifications for Opening an RBC Digital Choice Business Bank Account Online
To open an RBC Digital Choice Business Account online, you need to fulfill specific requirements, such as:
- Being of legal age, depending on the rules in your province or territory
- Not having an existing business account with RBC
- Opening the account for your own business, not on behalf of someone else
- Being a Canadian resident with a registered business in Canada
- Running either a sole proprietorship or a private corporation
Is This Account a Good Fit for Your Business?
Before you decide, it’s important to figure out if the RBC Digital Choice Business Account matches what your business needs. Here’s what you need to know about the fees and transactions:
Fee Details
Monthly Fee 6$
Account Transactions
Electronic debit/credit: Unlimited
Items deposited: Unlimited
Mobile & ATM cheque deposits: Unlimited
Send Interac e-Transfer: 10 included; $1.50/transfer thereafter
Moneris deposits: Unlimited
Withdrawals and Transfers
Paper deposits/credit transactions: $2.50 each
Cash deposits: $5.00 per $1,000 (branch) . $2.25 per $1,000 (ATM/Night and Day)
Account Statement Fees
Electronic: No charge
Paper statement without images: $4.00
Paper statement with images: $5.00
Looking for More Flexible Banking Options?
If you prefer the flexibility to bank both digitally and in-branch, check out this other option, the RBC Flex Choice Business Account Package. With this account, you can easily shift between branch and digital channels, all while enjoying built-in savings tailored to your banking preferences. You can bank on your terms for just $7 a month.
Here’s what you get with Flex Choice Business Account:
- Lower Transaction Fees: Save 40% on fees for transactions made through RBC Online Banking, the RBC Mobile app, and RBC ATMs compared to traditional paper transactions.
- Preferred Pricing: Enjoy savings on cash deposits made at RBC ATMs and through their Night and Day Deposit Service.
- Pay for What You Use: No minimum or maximum transaction limits – you only pay for the services you actually use.
So I get it – nobody likes consenting to a credit check. When a hard check happens, it lowers your credit score a bit and could stick on your credit report for up to 36 months! Especially as a business owner, you probably don’t want your credit score to drop while looking for the best banking option.
But guess what? RBC doesn’t do a hard credit check for their business bank account. Instead, they do a soft check, which doesn’t impact your credit score or stick around on your credit history!
With RBC you can get access to exclusive offers and essential business services and solutions to help you set your business up for success. RBC business clients enjoy access to:
- Moneris payment processing solution that provides clients with “Faster Access to Funds” so they can get their Moneris business payments the next day, every day, at no extra cost.
- Moneris GO Offer: Eligible merchants get 4 months free rental on Moneris POS terminals. Plus, cashback of up to $500. Only with Moneris and RBC.
- RBC Services Beyond Banking offering curated business services and solutions helping business owners start and grow their business.
- Xero Offer: new clients can get a 1-month free trial plus 50% off for the next 6 months on Xero accounting software.
If you’re in ON, AB, BC, or QC and are thinking of starting a business, get started with Ownr with a quick and easy business registration for as little as $49. Plus you can get up to $300 back when you open a new RBC business bank account.
Conclusion
Becoming an online entrepreneur has been such an exciting journey for me! From the start, I made a smart decision I don’t regret: I set up a separate business account that’s different from my personal one. Having a separate business account is like having a tidy, well-organized space just for my business stuff. It keeps all the money things clear and professional.
This separation is a big deal because it helps me understand exactly how well my business is doing financially. It also ensures that my personal money doesn’t get mixed up with what I earn and spend for my business.
If you’re thinking of starting your own business online, I highly recommend doing the same. It might seem simple, but it’s seriously effective in managing your business money.
If you encounter errors during the sign-up process, despite entering accurate information, try these steps:
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Clear Cache: Sometimes, clearing your browser’s cache can resolve issues with the sign-up process.
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Change Browser: Switching to another web browser might help overcome any technical glitches.
- Consult an Advisor: On the final step, scheduling an appointment with an advisor at your nearest RBC branch is necessary to finalize the opening of your new business account.
(Please note: This blog is not intended to provide financial advice. Readers are encouraged to consult with financial professionals before making any business or financial decisions.)
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