Business account checklist: 5 factors to consider in 2026

Posted: 30 June 2026 6:25 pm

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How the right low-cost business bank account can set your small business up for growth in 2026.

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

Want to take your business to the next level this year? Connecting with the right business banking partner can unlock access to the tools you need to grow. Keep an eye on the following features to narrow down your options and find the right banking package for your company.

Online vs in-person banking

Canadians love mobile banking. In fact, Statista reports that 61% of Canadians prefer mobile apps over every other banking method, while 48% prefer managing their money via PC or laptop.

In-person branch visits are still preferred by 42% of the population, many of whom may be business owners making cash deposits, getting certified cheques or conducting complex financial transactions.

Whether you rely more on digital or in-person financial service depends on the type of business you run, how you receive payments or your preferred way of banking. Local bank trips may be unavoidable if you receive cash payments, while fully online businesses can more easily stick to electronic transfers.

Fully electronic banking is often cheaper than in-person banking. Some accounts like the RBC Digital Choice Business Account Package offer unlimited electronic debit and credit transactions.²

But if your business requires a mix of online and face-to-face support, look for a plan like the RBC Flex Choice Business Account Package, which offers preferred pricing on cash deposits and pay-per-use electronic transaction fees.^7,8

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Scalable account features & pricing

Your business’s financial needs may change as you expand to reach new heights.

That’s why you need a banking partner that makes it easy to switch between account packages.

Choose a plan that fits like a well-tailored jacket, with features and limits that accommodate your company’s size, revenue and transaction volume.

High-cost premium bank plans are typically designed for large-scale enterprises, while low-fee accounts, like the RBC Digital Choice Business Account and RBC Flex Choice Business Account, focus on balancing cost and convenience for small- and medium-sized businesses.

For just $6 per month,¹ the RBC Digital Choice Business Account Package comes with unlimited electronic debit and credit transactions², making it a solid option for online and mobile companies.

On the other hand, the RBC Flex Choice Business Account Package charges per electronic transaction (on top of a $7 monthly fee⁶), so you only pay for what you need.

Ultimately, you should keep your eye on the bottom line. The right business banking package will help your business grow without depleting your earnings.

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

Multi-user access & control

Between managers, employees, contractors and other stakeholders, many hands often go into making a business successful.

You may need to entrust multiple people with access to your business bank account to make payments, complete accounting records, manage payroll and handle other financial tasks.

However, monitoring transactions and protecting your hard-earned income gets trickier when you’re not the only one accessing your account.

RBC business clients can request multiple cards for anyone who has signing authority on their account, and each user’s transactions can be tracked using a unique identifier embedded in their card. Lost or stolen cards can easily be locked in the RBC Mobile App to prevent unauthorized use.

Large enterprises with complex financial needs and many account users may require even greater control. The RBC Express Online Banking app is designed with such businesses in mind, providing the ability to customize account access, approve money movements and delegate specific banking tasks to employees or third parties.

📝Business tip! Business bank account fees are tax-deductible—that’s $6 per month¹ for the RBC Digital Choice Business Account Package or $7 per month⁶ for the RBC Flex Choice Business Account Package.

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Access to other financial services

When you open a business account at a major, established bank, you aren’t just creating a home for your company’s income. You’re gaining access to an entire ecosystem of tools and resources to help your business succeed.

Unlike many newer online-only banks and targeted financial apps, Big Banks like RBC offer a full range of personal and business financial products under one roof, so you don’t have to juggle multiple types of accounts with multiple providers.

Through RBC, business owners can access:

Chequing accounts (including community & not-for-profit accounts)
Savings accounts (including AgriInvest accounts)
Trust accounts
Foreign currency accounts
GICs
Loans and lines of credit (including access to the Canada Small Business Financing program)
Credit cards
Payment solutions
Equipment leasing and purchase solutions
Commercial mortgages
Non-personal RBC Direct Investing accounts or the Royal Business Premium Investment Account

As your business grows, your banking needs will change. Find a bank that provides a range of account types and resources for both small and large businesses, so you can stay with the same trusted provider as your company evolves and expands.

Account perks

Major banks have a long history of supporting Canadian enterprises, forming a deep network of commercial relationships, which can translate into savings for startups and small business owners.

For instance, RBC Beyond Banking offers the following for all business clients:

Deals & discounts on subscriptions with many leading business service providers, including ADP, Xero, Moneris, Indeed and TELUS. Get help with accounting, payroll, hiring, payment processing, legal documentation, marketing and more.
Insights & opportunities through RBC’s suite of in-house resources. Get real-time consumer data through RBC Insight Edge for Small Business. Offer buy now, pay later financing through PayPlan by RBC. Plan for international expansion with RBC Global Connect.
Rewards & offers on business spending at Apple, Geek Squad, TELUS Business, Hertz and more. Simply log in to online banking to load your personalized offers, then use your RBC business debit or credit card to receive cash savings or bonus points.

Other perks for RBC business clients include financing for new entrepreneurs aged 18–39 (through the Futurpreneur Canada program), access to over 1,100 branches across Canada and flexible money management tools available 24/7 via online or mobile banking.

📝Business tip! Does your business operate physical locations? RBC Insight Edge for Small Business ($10/month) can help you understand how customers spend their money by providing real-time consumer spending data for your local market.

Learn more about business accounts with RBC today

Online vs in-person banking. Choose a business banking package geared towards the type of support that’s most suitable for your business.
Scalable account features & pricing. Look for features, limits and pricing that reflect your company’s size, revenue and transaction volume.
Multi-user access & control. Manage account access among your employees with features like transaction tracking, the ability to lock or freeze cards via mobile app and support for multiple debit cards.
Access to other financial services. Opening a business account with a Big Bank gives you access to a wide range of financial products that can be easily managed through a single platform.
Account perks. Major banks often offer a suite of deals, special offers, business tools and rewards to benefit startups and small businesses.

Sources

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.