Are business chequing accounts different from personal chequing accounts?

Yes, business chequing account packages often come with features business owners might find useful, like the ability to integrate with payment processors like Moneris and special deals with third-party accounting, payroll and marketing tools. Additionally, accounts geared towards businesses that accept cash or cheque payments are typically priced to accommodate in-branch visits and physical item deposits. On the other hand, accounts for businesses that primarily accept electronic payments are priced to accommodate a greater need for electronic debit and credit transactions.

Can I open a business account for my startup or side hustle?

Absolutely. Business bank accounts aren't just for large, established enterprises. Having an account dedicated to tracking and managing your cash flow is important from day one of running a business, because it heightens financial transparency and makes it easier to stay on top of your bills and payments. Look for an account designed for small businesses, like the RBC Digital Choice Business Account Package or the RBC Flex Choice Business Account Package . When you're ready to open an account, 5,9 be prepared to provide proof that you run a business.

What is the most important feature to look for when opening a business account?

The most important business account feature depends on your needs and goals. But in the early days of starting a business, entrepreneurs may be looking to keep costs down and access flexible tools for sending and receiving payments. As you compare accounts, be sure to look at fees, minimum balance requirements, supported payment methods and client support options to make sure you find the right fit for your business.

Ready, set, grow: 4 key features to look for when choosing a business account in 2026

Stacie Hurst

Posted: 27 March 2026 3:20 pm

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Starting or growing your business? Stay on top of your business’s growing financial needs with a business account that works as hard as you do.

Sponsored by RBC Royal Bank. Whether your business is just beginning to take off or is ready to expand, RBC’s business banking solutions can help you manage your cash flow as you grow. Find the right account for your business today.

Turning your entrepreneurial dream into a reality can be rewarding. As your side-hustle or startup begins to generate revenue, it’s a good idea to get a business bank account to manage cash flow, payments and keep track of where all your hard-earned money is going.

As you search for the right account, consider minimum balance requirements, online versus in-branch support options, customer payment methods and fees.

When you partner with a trusted, established Canadian bank that understands your business’s financial needs from the moment you hit the ground running, success is more achievable than you think.

1. No minimum balance requirement

In the early stages of starting a business, reinvesting your earnings is crucial for growth.

A good business banking provider won’t burden you with unnecessary financial restrictions, but will instead help your venture grow.

But some banks require you to hold a minimum balance in your account, and you’ll be hit with a penalty if your balance drops below this.

An account with no minimum deposit or balance requirements eliminates this fee and frees up your cash flow, giving you more flexibility to direct funds towards inventory, payroll, equipment or wherever it’s most needed.

Earnings that aren’t locked in a chequing account can be poured back into growing your business, capitalizing on unexpected opportunities or securing discounts from suppliers for making early payments.

Keep your money free to use as you see fit by choosing a bank like RBC that offers a range of business chequing accounts, none of which have minimum balance requirements.

📝Business tip! Monthly business account fees are tax-deductible—that’s $6/month¹ for the RBC Digital Choice Business Account Package or $7/month⁶ for the RBC Flex Choice Business Account Package. Plus, save 3¢/L on fuel and earn 20% more points at Petro-Canada by linking your RBC and Petro-Points cards.

2. Online or in-person banking services

Your business style and your banking style go hand in hand. Do you operate online, in-store or through a combined “brick-and-click” model?

Whether you receive cash or electronic payments impacts the type of business banking package you need, as does your preference for in-person versus digital support.

If keeping your fixed monthly fee low is a priority, accounts like the RBC Flex Choice Business Account Package let you only pay for the services you use. This is helpful if you handle cash and electronic payments and need to make both online and in-branch transactions.

On the other hand, the RBC Digital Choice Business Account Package is designed for businesses that primarily make and receive electronic payments. If you don’t frequently need in-person banking services, an account like this lets you focus your financial activity on digital channels.

📝Business tip! With any RBC business account, including the RBC Flex Choice Business Account Package, you can schedule recurring transfers, so you never miss a payment. The RBC Digital Choice Business Account Package also lets you send 10 free Interac e-Transfers per month.⁴

3. Multiple customer payment methods

Whether you’re operating an e-commerce business, selling in a shop or travelling between markets and trade shows, you’ll need to collect payments from customers.

That’s where payment processors like Moneris‡ come in.

Moneris provides technology—including debit/credit terminals, point-of-sale (POS) systems, mobile payment solutions, ecommerce payment gateways and more—for processing transactions online and in-store.

These days, customers’ payment preferences are more varied than ever. Flexibility is key if you want to reach as many potential buyers as possible.

Payment processors like Moneris help you accommodate a broad range of customers by accepting traditional and newer payment methods, such as debit, credit, prepaid cards, mobile wallets and buy-now-pay-later plans.

📝Business tip! You can accept unlimited Moneris deposits‡ with the RBC Flex Choice Business Account Package and the RBC Digital Choice Business Account Package. The latter also comes with unlimited mobile & ATM cheque deposits.³

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4. Low monthly banking fees

To grow a successful startup, you need to put your money where it will have the greatest impact on the bottom line. That means looking for ways to reduce overhead costs and raise profits.

Bank fees can add up over time, especially as your business expands and you transact more frequently. Trim your expenses by getting a chequing account that offers what you need at a cost you can afford.

Business chequing accounts with unlimited transactions and other premium perks often come with high monthly fees—but not the RBC Digital Choice Business Account Package.

For just $6 per month,¹ you get unlimited electronic debits and credits,² 10 free outgoing Interac e-Transfers⁴ (a $15 value) and unlimited Moneris deposits.

It’ll cost you $5 for every $1,000 in cash you deposit into your account, unless you have the RBC Flex Choice Business Account Package, which costs $7 per month⁶.

With the RBC Flex Choice Business Account, you only pay $2.50 per $1,000 in cash deposits, making it a suitable option if you handle cash and make frequent in-person deposits at a local bank branch.

📝Business tip! With the RBC Flex Choice Business Account Package, you don’t just save on in-branch cash deposits. You’ll also save 40% on transactions made through RBC Online Banking, RBC Mobile and RBC ATMs.

Learn more about business accounts with RBC Royal Bank today

Multiple payment methods for customers. A business account with flexible deposit methods helps your business accommodate customers’ payment preferences.
In-person and digital banking services. Get help when you need it, where you need it, with a business banking platform that offers both online and face-to-face support.
No minimum balance required. Steer clear of minimum deposit and balance requirements, so you can direct more earnings back into your business.
Low fees. Avoid wasting money by choosing a business chequing account with a low monthly fee and features that suit your business’s needs.

Frequently asked questions

Yes, business chequing account packages often come with features business owners might find useful, like the ability to integrate with payment processors like Moneris and special deals with third-party accounting, payroll and marketing tools.
Additionally, accounts geared towards businesses that accept cash or cheque payments are typically priced to accommodate in-branch visits and physical item deposits.
On the other hand, accounts for businesses that primarily accept electronic payments are priced to accommodate a greater need for electronic debit and credit transactions.
Absolutely. Business bank accounts aren't just for large, established enterprises. Having an account dedicated to tracking and managing your cash flow is important from day one of running a business, because it heightens financial transparency and makes it easier to stay on top of your bills and payments.
Look for an account designed for small businesses, like the RBC Digital Choice Business Account Package or the RBC Flex Choice Business Account Package. When you're ready to open an account,^5,9 be prepared to provide proof that you run a business.
The most important business account feature depends on your needs and goals. But in the early days of starting a business, entrepreneurs may be looking to keep costs down and access flexible tools for sending and receiving payments.
As you compare accounts, be sure to look at fees, minimum balance requirements, supported payment methods and client support options to make sure you find the right fit for your business.

RBC Digital Choice Business Account Package:
¹ Standard fees and charges apply for services and transactions exceeding the number included in the account package.
² Includes electronic (digital) debit and credit transactions to the account, such as online bill payments, pre-authorized payments (PAPs) and point of sale (POS) transactions. Standard fees apply for other services, including cheques and cash deposited at RBC ATMs, Pay Employees & Vendors (PEV), Interac e-Transfer transactions and wire transfers not expressly included in the package when completed online. For full list of fees not included with the account review the RBC Digital Choice Business Account Package page.
³ Includes cheques deposited through the RBC Mobile App, RBC ATM and ChequePro.
⁴ Only includes outgoing Interac e-Transfer transactions sent on the RBC Online Banking for business or RBC Edge platforms. Excludes all other Interac e-Transfer services such as Autodeposit, Request Money, Request Money Fulfillment and Bulk Interac e-Transfer service.
⁵ In order to get a business bank account and account number online, the business must be a sole proprietorship or a single-owner corporation, in each case, with only one authorized signatory. The business must be registered in Canada or a business operated in Canada by a natural person who is a permanent resident of Canada. Additionally, the authorized signatory completing the online application on behalf of the business must successfully complete the personal identification portion of the application, including, without limitation, a credit bureau report to the satisfaction of Royal Bank of Canada. Multi-owner businesses or businesses that have more than one authorized signatory will be directed to the branch to get a business bank account and account number. Issuance of an account number does not guarantee that the account is operational. RBC may restrain the use of the account and require the business client to visit a branch to satisfy any outstanding requirements prior to operating the account. RBC reserves the right, in its sole discretion, to require that the business client visit a branch to complete the application. A business client that successfully completes the online application will still need to visit a branch to obtain a business client card and sign additional documentation, even if a bank account number has been issued. Actual completion time may vary from person to person and may be affected by a variety of external factors, including internet navigation speed and other interruptions. RBC does not accept any responsibility for any damage or loss that any parties might suffer resulting from any deviations from time indicated.
RBC Flex Choice Business Account Package:
⁶ Standard fees and charges apply for services and transactions exceeding the number included in the account package.
⁷ Savings accrue from lower standard processing fees charged on electronic (digital) debit and credit transactions (vs. paper) such as online bill payments, pre-authorized payments (PAPs) and point of sale (POS) transactions. Standard account fee per electronic credit and debit transaction is $0.75 versus $1.25 per paper transaction. Fees and charges may vary based on location. Standard fees apply for other services, including cheques and cash deposited at RBC ATMs, Pay Employees & Vendors (PEV), Interac e-Transfer transactions and wire transfers not expressly included in the package when completed online.
⁸ Savings range from 10% to 55%, depending on your account package. The Night and Day Deposit service may not be available in all areas. Fees and charges may vary based on location. Other fees and charges may apply.
⁹ In order to get a business bank account and account number online, the business must be a sole proprietorship or a single-owner corporation, in each case, with only one authorized signatory. The business must be registered in Canada or a business operated in Canada by a natural person who is a permanent resident of Canada. Additionally, the authorized signatory completing the online application on behalf of the business must successfully complete the personal identification portion of the application, including, without limitation, a credit bureau report to the satisfaction of Royal Bank of Canada. Multi-owner businesses or businesses that have more than one authorized signatory will be directed to the branch to get a business bank account and account number. Issuance of an account number does not guarantee that the account is operational. RBC may restrain the use of the account and require the business client to visit a branch to satisfy any outstanding requirements prior to operating the account. RBC reserves the right, in its sole discretion, to require that the business client visit a branch to complete the application. A business client that successfully completes the online application will still need to visit a branch to obtain a business client card and sign additional documentation, even if a bank account number has been issued. Actual completion time may vary from person to person and may be affected by a variety of external factors, including internet navigation speed and other interruptions. RBC does not accept any responsibility for any damage or loss that any parties might suffer resulting from any deviations from time indicated.