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How to Open an Account at the Royal Bank of Canada

How to Open an Account at the Royal Bank of CanadaFor any student, employee, or entrepreneur, a bank account is an invaluable resource. A bank account provides a sense of financial security, access to financial advisors, and a place to store and keep track of one’s assets.

For those living in Canada and abroad, the Royal Bank of Canada provides a wide array of financial services, including:

  • savings accounts
  • mortgages
  • loans
  • credit cards
  • and more.

The RBC is one of the largest banks in Canada and the largest company in the country, with over 16 million clients worldwide.

How to Open an Account at the Royal Bank of Canada

RBC checking accounts

The RBC bank offers a variety of checking accounts, each with a selection of different features. New clients have the option to start with a basic account with features like:

  • a small monthly fee
  • 12 debits per month
  • no limits on e-transfers
  • and short fees on services like overdraft protection and ATM withdrawal.

Clients looking for more features can choose from other packages, with come with higher monthly fees – the highest being $30 – but more advanced features, like:

  • unlimited debits
  • a free credit card
  • reduced ATM fees
  • and more.

Rebates for the monthly fee are available in certain cases. Each account comes with a 3 months trial, in which the client can receive a refund if they’re not satisfied with RBC bank’s services.

RBC savings accounts

The RBC bank also offers a selection of savings accounts. Each account offers one free debit and interest on the client’s savings. Some accounts provide tiered interest, while others give a percentage. There are no monthly fees for opening a savings account. Most of the accounts are intended for Canadian clients, but the RBC bank also offers an option for those working with U.S. currency.

In addition to these accounts, the RBC bank also provides packages to simplify the application process. Each package comes with a checking and savings account and a variety of different features, like:

  • a credit card
  • no limits on ATM transactions
  • high-interest savings
  • and more.

A free student package is available for eligible college students. Clients also have the option of customizing their own package by choosing a checking and savings account from the options available.

Opening an Account

Individuals can open an account quickly and easily through the online application on the RBC bank’s site. Clients who live near RBC branch can also apply┬áin person. For clients who aren’t sure what kind of account they’re looking for, the site provides a short quiz to help assess their needs. Both residents and non-residents can apply for an account, but residents may be eligible for more benefits. Most accounts use Canadian dollars.

The RBC bank also offers accounts for small and mid-size businesses. Clients cannot apply for business accounts online, as they must visit a RBC bank branch and speak with an advisor.

In addition to providing a bank account, RBC bank offers additional services for businesses, including:

  • advice and resources for getting started
  • loans and credit
  • investments
  • and more.

Businesses are also eligible for assistance with mergers, foreign trade, payroll services, and other options.