For businesses making only a handful of monthly transactions, the RBC Flex Choice Business Account Package offers a valuable way to keep expenses down. For a low monthly fee of $7.00, you'll pay a small fee for each transaction, but the accompanying perks can help you save money.
This is one of several business bank accounts from RBC, and while it does seem quite basic, that might be just what your small business needs.
RBC Flex Choice Business Account Package features
Here are the main features to consider with the RBC Business Banking Flex account:
Why You Want It
$100 GeniusCash + Pay-as-you-go approach to transaction fees + Low monthly fee.Special Features
- Unlimited Moneris deposits
- Fuel savings at Petro-Canada
- Access to RBC Beyond Banking's support, products, and services
- Enhanced features on the RBC mobile app specifically for business use
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
0
# Of Free Monthly Interac E-Transfers
0
Monthly Fee
$7.00
Excess Transaction Fee
$0.75
Excess Interac E-Transfer Fee
$1.50
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$0
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 Flex Choice Business Account Package product rating: 2.5 stars
The pay-as-you-go approach can work well for business owners who don't make many purchases each month. The low monthly fee is excellent, the Petro-Canada savings are valuable, and unlimited Moneris deposits are very helpful for businesses accepting debit or credit cards.
Sadly, unlike some of its competitors, this account does not include any free withdrawals, electronic deposits, paper transactions, or Interac e-Transfers. You’ll pay-per-use for each of those.
Rating methodology
To calculate our Genius Rating for this product, we meticulously analyze its key features, comparing them with competitors. Next, our algorithm assigns a score out of 5 based on data. This score aggregates all features, averaging their individual ratings to produce the final Genius Rating out of 5 stars.
Learn more about our rating methodology.
The pros of the RBC Flex Choice Business Account Package
Signing up for this business account means you’ll enjoy some valuable advantages:
Pros
Low $7.00 monthly fee
$7.00 per month is a pretty low monthly fee for a business account. Some other business accounts charge significantly higher rates, some as high as $100 or more per month.
Pay-as-you-go approach to fees
If you rarely make business-related purchases, then a pay-as-you-go system can be a valuable option. It means you only pay for the withdrawals and transfers you really need (between $0.75 and $2.25 each time). This can be especially advantageous for Internet-based businesses that primarily deal with digital goods or services.
Save money on gas at Petro-Canada
As with all RBC accounts, you have the option of linking your RBC debit or card with your Petro-Canada account to save up to 3 cents per litre. You'll also earn 20% more Petro-Points, which is a valuable rewards program.
Plenty of physical locations
As one of the Big 5 Banks, you'll have no trouble finding an RBC location, no matter where you are in Canada. It can be quite reassuring to know that you can speak with a real person in a real building if you need help – a perk that online banks just can’t offer.
The cons of the RBC Flex Choice Business Account Package
Along with the good, there are a few drawbacks – especially if your business requires regular transactions:
Cons
No free withdrawals or money transfers included in your monthly fee
The pay-as-you-go approach means that every withdrawal and every transfer (including electronic ones) will cost you money. This means that the RBC Flex Choice Business Account Package won't be a wise choice for businesses that do a lot of spending or frequently need fast access to cash.
No way to waive monthly fees
There is no minimum balance that allows you to waive your $7.00 monthly fee with the RBC Flex Choice Business Account Package. Yes, the fee is low, but it's fairly standard for personal accounts to provide the option of waiving the fee with a minimum balance, so it feels odd to not see this offered on a business account.
RBC Flex Choice Business Account Package alternatives
Besides this RBC account, here are some other accounts that could serve your small business needs:
 |  | |
|---|---|---|
| Account | Scotiabank Select Account For Business Plan A | RBC Digital Choice Business Account Package |
| Genius Rating | ||
| Why You Want It | A business account with plenty of free transactions and cash deposits | $100 GeniusCash + Unlimited business banking features for only $6/month |
| Minimum Balance To Waive Fee | $20,000 | N/A |
| # Of Free Monthly Transactions | 25 | Unlimited |
| # Of Free Monthly Interac E-Transfers | 20 | 10 |
| Monthly Fee | $20.00 | $6.00 |
| Excess Transaction Fee | $1.50 | N/A |
Show More | ||
| Open an account See more Scotiabank products Compare | I Want This Deal See more RBC products Compare |
FAQ
Do you need a business account to run a small business?
Sooner or later, you’ll most likely have to. If your business is set up as a corporation, it will be taxed as a separate legal entity from its owner(s) and legally required to have a separate business bank account.
Do you get any free transactions with the RBC Flex Choice Business Account Package?
Account holders can receive unlimited Moneris deposits for free, but, withdrawals, other deposits, paper transactions, and Interac e-Transfers carry fees. The RBC Digital Choice Business Account Package, however, offers unlimited electronic debits, credits, and cheque deposits for $6.00/month.
How do you open an RBC Flex Choice Business Account Package?
There are a few ways to open an RBC Flex Choice Business Account Package, including visiting the RBC website and following the prompts to sign up. Other options include visiting an RBC brank in person or calling 1-866-984-5144 to speak with a representative.
What is required to open a business account with RBC?
To open such an account, you'll need a form of government-issued ID (passport, driver's license, or permanent residency card) as well as some kind of business registration document, like a Certificate of Existence, Master Business License, or Article of Incorporation.
What is the limit for RBC business account Interac?
When using Interac e-Transfer For Business, you can send payments up to $25,000 at once. You can use this feature to pay wages, bills, vendors, suppliers, and more, and even automate these payments if you like.
Can I transfer money from personal to business account RBC?
Yes, you can transfer money to other RBC accounts via online banking whether you have a personal or business account. Remember to check the sending and receiving fees for both accounts before doing so.
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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