Part II

Business Banking Part II of our seven part series we are going to take a look at the Royal Bank of Canada. RBC is another larger bank that offers many variations when it comes to small business banking. It is important to note that many loans, credit cards etc are on an individual basis. Speaking with the branch will give you the exact information you need for your specific business and needs.

Fees and accounts

• No monthly fee online account: This account is great for a business that uses online banking for the majority of their transactions. There is no fee and no minimum balance requirement and allows for unlimited electronic debits and credits.
• Low monthly fee operating account: If your business has a lower amount of transactions or is a more seasonal business, then this account may be worth looking into. For a cost of $6.00 per month you can get up to 8 transactions with it then turning into a pay as you go rate.
• Fixed Fee Operating Accounts: There are many variables when it comes to this kind of account. The rates are as low as $20.00 per month and go up to $75.00 per month depending on the amount of money moving through your business. What is great about this type of account is you can change between plans for when your business is busy compared to slower times.

Credit Cards and Loans

• RBC has a number of different types of business credit cards to choose from. Depending on what you are looking for and if your business earnings are under 3 million per year you could choose from the following.
  • Avion Visa Infinite Business: Annual fee of $175.00 with an interest rate of 19.99%. Each additional card has a cost of $75.00 up to 9 cards. It is also partnered with their rewards program to accumulate points.
  • Visa Business Platinum Avion: Annual fee of $120.00 with an interest rate of 19.99%. Each additional card has a cost of $50.00. This card is also a rewards card.
  • Business Cash Back Mastercard: There is no annual fee and an interest rate of 19.99%. You can only have one additional card attached and you earn 2% cash back within the first 3 months where there after you receive a 1% cash back.
  • Visa Business Card: Annual fee of $12.00 with an interest rate of 19.99%. Each additional card has a cost of $12.00. This card is ideal for keeping business and personal expenses separate.
  • Visa Creditline for Small Businesses: There is no annual fee and an interest rate anywhere from 2.9% to 11.9.

RBC has so many different options when it comes to small business loans. There are numerous types depending on your business. This gives you the ability to have a loan that is financially in line with what you need. It is important to remember each person and company is different meaning loan approvals are on an individual basis.

RBC also offers a large online platform. Everything can be done online, from your everyday expenses and transactions, to monitoring activity. Not only can you run the majority of your business banking online, they have an app that allows you to deposit cheques via your mobile phone. Overall RBC has so much to offer in regards to small businesses including advice from their online platform regarding small business and even a group benefits package to offer your employees.