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Updated on October 2026.
You can’t run a legitimate business (no matter how small) in present-day Canada without owning a business account. When it comes to price, there are only a few cost efficient business bank accounts out there, such as the RBC Flex Choice Business Account.
The RBC Flex Choice Business Account is a business account that has a small $7 monthly fee. It works on a pay-as-you-go basis with no minimum or maximum transaction limits.
Owning this account offers business owners the flexibility of banking digitally or in-branch. You also get instant fuel savings of 3¢/L when you link your RBC card to your Petro-Points account and pay at Petro-Canada locations using your linked RBC card.
In this article, you’ll learn more about this account, its pros and cons, and how to open one.
What is the RBC Flex Choice Business Account?
The RBC Flex Choice Business Account is a Canadian bank account that’s prepared for business owners who want flexibility.
Such individuals want the flexibility of being able to choose in-branch banking or digital banking whenever they wish. Simply put, this is the bank account for those who want to bank on their terms.
RBC Flex Choice Business Account features
Below are the features of this business account.
Preferred Pricing
Canadians receive preferred pricing on cash deposits made through the Night and Day Deposit service or the RBC ATM.
Lower Transaction Fees
Customers save 40% on transaction fees when they transact through RBC online banking, RBC ATMs, or the RBC mobile app.
No Minimum or Maximum Transaction Limits
This way, Canadians only pay for the services they use and the required monthly fee.
Unlimited Moneris Deposits
If you’ve got a Moneris card, you won’t be charged for using it to deposit money into this business account.
No Minimum Balance Required
Unlike other business accounts, this RBC account doesn’t require business owners to keep a specific amount of money in their accounts. So, regardless of how much you’ve got left in your account at the end of the month, you still enjoy the full benefits.
RBC Flex Choice Business Account pros and cons
There are quite a few benefits and drawbacks associated with owning this business account, and they include:
Pros of the RBC Flex Choice Business Account
- Petro-Canada Fuel Savings: Owners of this account can link their cards to save three cents per liter on fuel purchased at Petro-Canada. They can also earn 20% more Petro-Points when they pay for fuel at these locations using their RBC card.
- Physical Locations: Canadian business owners are more confident in opening this business account as RBC branches are everywhere in Canada.
- Low Monthly Fees: Compared to other business accounts, the monthly fee for this RBC account is on the lower side.
Cons of the RBC Flex Choice Business Account
- No Free Withdrawals: The pay-as-you-go approach adopted by this business account means that you pay for all transactions, withdrawals included.
- No Monthly Fee Waivers: The $7 monthly fee doesn’t go away regardless of how much you keep in your business account.
RBC Flex Choice Business Account fees
Before opening this RBC business account, you need to be aware of some of the fees associated with it.
- $7 monthly fee.
- $0.75 per electronic deposit.
- $1.25 per paper transaction.
- $1.50 for each Interac e-Transfer.
- Cash Deposits: $2.50 per $1,000 at a branch and $2.25 per $1,000 at an ATM. $2.25 per $1,000 with Night and Day deposit service.
- $0 for an electronic account statement.
- $4.00 for a paper statement without images.
- $5.00 for a paper statement with images.
The fee information for this account is accurate as of July 2024. Click here for a list of the latest RBC business account fees.
Opening an RBC Flex Choice Business Account
Click here to go through the online portal, you’ll go through a six-step online application process.
The first step requires you to confirm a few things, like whether you’re above the age of majority, and provide personal information. This is the bank’s way of getting to know you. Of course, if you already have another RBC account, you can skip most of this part.
For the second step, you’ll need to provide information regarding your business type. After that, you’ll be asked about your business structure. When you’re done with that, more personal information will also be required.
After this, you’ll need to sign a few documents online. When that is done, you’ll receive your business bank account number, signifying a successful account opening.
However, this is not the end of the account opening process. You’ll need to visit an RBC branch to verify your identity and activate your new account.
To verify your identity, you need to provide government-issued IDs, like:
- Canadian Driver’s License
- Canadian Passport
- Canadian Permanent Resident Card
Otherwise, you can also provide a business registration document, like:
- Master Business License
- Certificate of Existence
- Articles of Incorporation
Once the RBC branch receives these documents, they can confirm your business’s existence and financial situation. After that, they’ll activate your account.
Conclusion
The RBC Flex Choice Business Account is perfect for anyone who’s starting a small business or opening their first business account. It’s also suitable for people who are willing to pay a small monthly fee to have flexibility for the services they use. Lastly, it offers the flexibility of banking both in-branch and digitally.
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