Bank Accounts for Small Businesses and Corporations
Find the business chequing, savings, foreign currency, cross-border and other accounts you need to reach your goals and run your business.
Results for: All Business Accounts (12 products)
Best for: Savings
Earn interest on available cash with the perfect complement to your day-to-day operating account.
1-800-769-2520
- Receive a higher interest rate on available funds as your balance grows
- Get two free cheques or debits per month
- Move money seamlessly between your operating and savings accounts
Best for: Savings
Get competitive interest rates on your available funds while enjoying immediate access to your money when you need it.
1-800-769-2520
- Receive a higher interest rate on available funds as your balance grows
- Earn interest on your balance until your business needs it
- Make unlimited electronic deposits and transfers at any time, for free
Best for: AgriInvest Savings
Eligible agricultural businessesLegal Disclaimer 8 receive protection against farming risks and support for investments to improve market income.
1-800-769-2520
- Receive matching government contributions
- Earn interest on every dollar you deposit
- Enjoy no fees or balance commitmentsLegal Disclaimer 9, while receiving CDIC coverage on deposits up to $100,000
Best for: Holding Client Funds
Manage risk and monitor funds when you are entrusted with holding money on behalf of your clients.
Custom Monthly fee10
1-800-769-2520
- Enjoy access to competitive market rates on the funds held for your clients
- Access tools and tips you need to help you manage your account successfully
- Make record keeping and reconciliation easier and faster with our streamlined reporting service
Best for: Cross Border U.S. Banking
Save money on your transfer and transaction fees, with banking services designed to help RBC clients do business in the U.S.
Speak to your RBC Royal Bank Business Account Manager for more information.
- Convert and instantly transfer money for free15 between your RBC Canadian and U.S.-based accounts through Online Banking
- No minimum balance required, includes 100 free Monthly Debits, remote deposits and unlimited transfers
- With our U.S. Business ACH Origination service, you can make payments securely and online, without the need for any special hardware or software (including U.S. employees and vendors)
- Enjoy personalized service from your dedicated RBC Bank U.S. Business Account Manager
Best for: Expanding Globally
Learn how your business can go global by exploring the product and service solutions that RBC has to offer in each region of the world.
1-800-769-2520
- Optimize your foreign exchange transactions
- Pay domestic and international vendors in over 30 countries
- Receive payments quickly and securely
Explore Special Offers and Partnerships You Get as an RBC Client
Accelerate your business growth with helpful products and services designed to meet a range of needs.
Manage Your Business Bank Account Online
Get Started with Online Banking
- File and submit federal and provincial taxes with ease.
- A fast, secure way to pay local and international vendors.
- Pay local and international vendors virtually in over 25 currencies.
Your Top Questions Answered
There are a few easy ways to open a business account with RBC:
- Online: For business chequing accounts, you can open your account online in less than 15 minutes.
- By Phone: Call 1-800-769-2520
- In Person: Find a branch
You can open select RBC business accounts online in less than 15 minutes—including the RBC Digital Choice Business Account, RBC Flex Choice Business Account and RBC Ultimate Business Account. Once you complete your application, you'll automatically receive your business bank account number. However, you'll need to visit a branch to verify your identity and activate your account.
Explore all business accountsWhether you choose to open a business account online, by phone or in person, you’ll need to bring the following information to an RBC branch to verify your identity:
- One of three Government-issued IDs, such as a Canadian Passport, Canadian Driver's Licence or Canadian Permanent Resident Card
- A business registration document, such as Articles of Incorporation , Certificate of Existence or Master Business License
Need to register or incorporate? RBC and Ownr* have teamed up to help you register and incorporate your business for less. Learn more about Ownr.
*Ownr is a business of RBC Ventures Inc., a subsidiary of Royal Bank of Canada
It depends on the type of business bank account you have. With a Royal Business Premium Investment Account or an RBC Business Essentials Savings Account, you can earn interest on the funds in your account and enjoy easy access to your cash. Our AgriInvest Account for eligible agricultural clients and Business Trust Account also earn interest.
Yes, RBC is a member of Canada Deposit Insurance Corporation (CDIC), so you can feel confident that your money is secure.
Yes—even a small business is considered a separate legal entity that requires a business bank account. At RBC, this also applies to a sole proprietor operating under their own name.
There's no minimum balance needed to open most small business accounts at RBC and your account could include a higher overdraft limit than your personal account.
Explore all business accountsThere's no minimum balance required to open or maintain most RBC business accounts. With a Royal Business Premium Investment Account, a minimum balance of $100,000 is required to earn interest.
Explore all business accountsUsing a personal account for your business is not recommended. If you plan to incorporate your business, the business will be considered a separate legal entity and you will need to have a business bank account. At RBC, we require even a sole proprietor operating under their own name to have a business bank account.
Here are a few ways a business bank account can help you:
- Show suppliers, vendors, investors and customers that your business is legitimate
- Track and control your business expenses and keep them separate from personal transactions for convenient bookkeeping
- Easily send and receive business-related payments—for example, pay bills, deposit funds and send transfers
- Simplify your tax filing at the end of the year with all your business transactions in one place—plus, you can deduct business account fees as a business expense
- Access exclusive services and offers available only to RBC business clients
- May help you qualify for a business credit card if and when you need one
There's no minimum balance needed to open most RBC business bank accounts and your account could include a higher overdraft limit than your personal account.
Explore all business accountsA business is considered a separate legal entity that requires a business bank account. At RBC, this also applies to a sole proprietor operating under their own name.
It's smart to have a business account for several reasons:
- Show suppliers, vendors, investors and customers that your business is legitimate
- Track and control your business expenses and keep them separate from personal transactions for convenient bookkeeping
- Easily send and receive business-related payments—for example, pay bills, deposit funds and send transfers
- Simplify your tax filing at the end of the year with all your business transactions in one place—plus, you can deduct business account fees as a business expense
- Access exclusive services and offers available only to RBC business clients
- May help you qualify for a business credit card if and when you need one
There's no minimum balance needed to open most RBC business accounts and your account could include a higher overdraft limit than your personal account.
Explore all business accountsAt RBC, we require a sole proprietor operating under their own name to have a business account. Other financial institutions may only require you to have a business bank account if you operate under a business name.
Keep in mind that a business account is useful if you are self-employed because it helps you to keep your business and personal transactions separate. Plus, you may benefit from unlimited deposits offered by many business accounts. There are other benefits as well, such as:
- Low monthly fees starting at $6/month for the RBC Digital Choice Business Account package
- Simplify your tax filing at the end of the year with all your business transactions in one place
- Deduct business account fees as a business expense
- Access exclusive services and offers available only to RBC business clients
- Show suppliers, vendors and customers that your business is legitimate
At RBC, we require a sole proprietor operating under their own name to have a business account. Other financial institutions may only require you to have a business bank account if you operate under a business name.
Keep in mind that there are several benefits to having a business account as a sole proprietorship:
- Show suppliers, vendors and customers that your business is legitimate
- Track and control your business expenses and keep them separate from personal transactions for convenient bookkeeping
- Easily send and receive business-related payments—for example, pay bills, deposit funds and send transfers
- Simplify your tax filing at the end of the year with all your business transactions in one place—plus, you can deduct business account fees as a business expense
- Access exclusive services and offers available only to RBC business clients
- May help you qualify for a business credit card if and when you need one
There's no minimum balance needed to open most RBC business accounts and your account could include a higher overdraft limit than your personal account.
Explore all business accountsCommercial banking refers to all the banking services tailored to help grow and optimize businesses by facilitating things like term loans, lines of credit, deposit accounts, payment processing, trade, foreign exchange and other business solutions. A commercial or business bank account can help you separate your business and personal finances; show suppliers, vendors and customers that your business is legitimate; and help your business build credit.
Explore all business accountsYes! RBC has several accounts that may be right for your small business, including:
- Chequing accounts for everyday business needs
- Saving accounts, where you could earn interest on available cash
- Business trust accounts, which are ideal if you are holding money for clients
- Foreign currency accounts to help you handle cash from other countries
It depends on your needs. At RBC, our most popular small business account is the Digital Choice Business Account, which is a chequing account that can help you save time and money if you do most of your business banking online. We also offer savings, business trust and foreign currency accounts.
Explore all business accountsYes! You can open select RBC small business accounts online in less than 15 minutes. You will need your business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License.
Once you complete your application online, you'll automatically receive your business bank account number. However, you'll need to visit a branch to verify your identity and activate your account.
Explore all business accountsOpening a small business account at RBC is easy:
- Online: For business chequing accounts, you can open your account online in less than 15 minutes.
- By Phone: Call 1-800-769-2520
- In Person: Find a branch
To open a business account, you will need your business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License.
Explore all business accountsYes! In fact, at RBC, we require a sole proprietor operating under their own name to have a business account. Other financial institutions may only require you to have a business bank account if you operate under a business name.
To open a business account for your sole proprietorship, you will need your business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License.
Explore all business accounts