The RBC Digital Choice Business Account Package is an excellent account choice for a business bank account and is best suited for companies who primarily like to use online and mobile banking for most of their business banking. RBC also has an impressive list of recommended services for businesses.
RBC Digital Choice Business Account Package features
Everything the RBC Digital Choice Business Account Package has to offer you and your business is neatly laid out in this table:
Why You Want It
$100 GeniusCash + Unlimited business banking features for only $6/monthSpecial Features
- Unlimited electronic debit and credit transactions
- Unlimited Moneris deposits
- 10 FREE Interac e-Transfer transactions
Eligibility
- Canadian citizen
- Age of majority
- Have a business registered in Canada
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
10
Monthly Fee
$6.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
$1.50
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
RBC Digital Choice Business Account Package product rating: 3.1 stars
The RBC Digital Choice Business Account Package provides impressive value for businesses that complete most of their banking transactions via online or mobile apps. And RBC's list of extra services for businesses is both extensive and impressive.
This account does indeed offer plenty of digital conveniences, and unlimited business banking features for just $6.00. This account is designed for those who prefer to bank digitally. Other accounts may be preferable if you deal with cash or need to head into branches frequently.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC Digital Choice Business Account Package
These are a few of the details we like most about the RBC Digital Choice Business Account Package:
Pros
Unlimited debit and credit electronic transactions
"Electronic" includes all your debit and credit transactions, online bill payments, pre-authorized payments, and more – and you can make as many of them as you like, which makes your business banking much simpler. Interac e-Transfers aren't unlimited, but you do get 10 free per month.
Unlimited Moneris deposits
Your RBC Digital Choice Business Account Package is set up to accept all payments made through the Moneris processing system, whether they're via debit card or credit card. And there are no limits on how many of these payments you can accept.
Unlimited electronic cheque deposits
There also aren't any limits on the number of cheques you can deposit into the RBC Digital Choice Business Account Package via mobile cheque deposit. People don't use them as often as they used to, but at least you know that when they do pay your business with a cheque, you don't have to schlep all the way to the bank to make a deposit.
Access to other business services
RBC provides information on many other business services that could help you out, including mentorship programs, marketing services, payment systems, and more. You can even receive savings and offers when signing up with some of these recommended services.
Petro-Canada fuel savings
Link your debit card or credit card to your Petro-Canada card and you'll receive a discount of 3 cents per litre of fuel at Petro gas stations across Canada. This should make any business-related road trips a bit more financially comfortable.
The cons of RBC Digital Choice Business Account Package
Unfortunately, the RBC Digital Choice Business Account Package still has a few drawbacks. Take a look:
Cons
Limited Interac e-Transfers
The $6.00 does come with 10 free Interac e-Transfers, but that seems like a low number for an account that emphasizes its digital conveniences. It also doesn't include any Request Money e-Transfers, which is a feature that certain types of small businesses could make good use of.
Fees for cash and paper deposits
Again, this is a digital account, which means electronic transactions are free but in-person, paper-based ones are not. There's a $2.50 fee for making paper deposits (and $5 for making cash deposits) at a branch, plus ATM fees which we'll discuss next.
ATM fees
This account isn't feasible or convenient for a business that deals with cash. Your ATM cheque deposits are unlimited, but cash deposits will cost $2.25 each.
Comparison to other RBC business products
The table below compares it side-by-side with the RBC Flex Choice Business Account Package:
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Flex Choice Business Account Package | Scotiabank Select Account For Business Unlimited Plan | BMO Premium Chequing Account | CIBC Everyday Chequing Account |
| Genius Rating | ||||
| Why You Want It | $100 GeniusCash + Pay-as-you-go approach to transaction fees + Low monthly fee. | A business account with unlimited transactions and tons of cash deposits. | $75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply. | Access 3,000+ ATMs across Canada + Pay a low monthly fee of $4.00. |
| Minimum Balance To Waive Fee | N/A | $75,000 | $6,000 | N/A |
| # Of Free Monthly Transactions | 0 | Unlimited | Unlimited | 12 |
| # Of Free Monthly Interac E-Transfers | 0 | Unlimited | Unlimited | 12 |
| Monthly Fee | $7.00 | $120.00 | $30.95 | $4.00 |
| Excess Transaction Fee | $0.75 | $0.00 | N/A | $1.25 |
Show More | ||||
| I Want This Deal See more RBC products Compare | Open an account See more Scotiabank products Compare | I Want This Deal See more BMO products Compare | Learn More See more CIBC products Compare |
FAQ
Is the RBC Digital Choice Business Account Package a good business account?
The RBC Digital Choice Business Account Package is an excellent choice for a business that does most of its spending and banking online. It offers unlimited electronci debit and credit digital transactions, Moneris deposits, and electronic cheque deposits, for a minimal $6.00 monthly fee.
What are the benefits of a RBC Digital Choice Business Account Package?
The RBC Digital Choice Business Account Package provides unlimited electronic debit and credit transactions, 10 free Interac e-Transfers, free mobile cheque deposits, and more. RBC also offers impressive support for businesses, including access to many business services and discounts for partnering services.
Can I open an RBC Digital Choice Business Account Package online?
Yes, you can easily open this account online or over the phone. However, you will likely have to head to an RBC branch to verify some of your personal and business details, as well as to activate the account.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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