RBC broker Accounts

rbc Account Types & Opening Guide 2025: Complete Comparison and Registration Steps

Part 1: rbc Account Types Explained

RBC offers a variety of account types tailored to meet the needs of different customers, including personal, business, and specialized accounts. Below is an overview of the available account types:

1. Personal Chequing Accounts

• RBC Advantage Banking

• Minimum Deposit: $0

• Spread/Commission Structure: No monthly fees for students; $4 monthly fee otherwise.

• Leverage Options: Not applicable.

• Key Features: Unlimited transactions, free Interac e-Transfers.

• Target User Profile: Everyday banking for individuals.

• Trading Instruments Available: Not applicable.

• Signature No Limit Banking

• Minimum Deposit: $0

• Spread/Commission Structure: Monthly fee of $30 waived with minimum balance.

• Leverage Options: Not applicable.

• Key Features: Unlimited transactions, no fees for RBC ATMs.

• Target User Profile: High-volume users.

• Trading Instruments Available: Not applicable.

• Day to Day Banking

• Minimum Deposit: $0

• Spread/Commission Structure: $4 monthly fee.

• Leverage Options: Not applicable.

• Key Features: Basic banking features for everyday use.

• Target User Profile: Individuals with minimal banking needs.

• Trading Instruments Available: Not applicable.

2. Savings Accounts

• High Interest eSavings
• Minimum Deposit: $0
• Spread/Commission Structure: No fees.
• Leverage Options: Not applicable.
• Key Features: Higher interest rates for online savings.
• Target User Profile: Individuals looking to save.
• Trading Instruments Available: Not applicable.

3. Business Accounts

• RBC Digital Choice Business Account

• Minimum Deposit: $0

• Spread/Commission Structure: $6 monthly fee.

• Leverage Options: Not applicable.

• Key Features: Unlimited electronic transactions, 10 free Interac e-Transfers.

• Target User Profile: Small business owners.

• Trading Instruments Available: Not applicable.

• RBC Flex Choice Business Account

• Minimum Deposit: $0

• Spread/Commission Structure: Varies based on usage.

• Leverage Options: Not applicable.

• Key Features: Flexible transaction limits.

• Target User Profile: Growing businesses.

• Trading Instruments Available: Not applicable.

4. Specialized Accounts

• RBC Student Banking
• Minimum Deposit: $0
• Spread/Commission Structure: No monthly fees.
• Leverage Options: Not applicable.
• Key Features: Offers for students, including cash bonuses.
• Target User Profile: Full-time students.
• Trading Instruments Available: Not applicable.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginner: RBC Advantage Banking
• Intermediate: Signature No Limit Banking
• Advanced: RBC Digital Choice Business Account

Part 2: rbc Account Features Comparison

Detailed rbc Account Features

Advantages of Each Account Type

• RBC Advantage Banking:

• No monthly fees for students.

• Unlimited transactions.

• Free Interac e-Transfers.

• Signature No Limit Banking:

• Unlimited transactions.

• No fees at RBC ATMs.

• Ideal for high-volume users.

• Day to Day Banking:

• Basic features for minimal banking needs.

• Low monthly fee.

• High Interest eSavings:

• Competitive interest rates.

• No fees.

• RBC Digital Choice Business Account:

• Unlimited electronic transactions.

• Flexible banking options for small businesses.

Disadvantages of Each Account Type

• RBC Advantage Banking:

• Monthly fees for non-students.

• Signature No Limit Banking:

• High monthly fee if balance requirements are not met.

• Day to Day Banking:

• Limited features compared to other accounts.

• High Interest eSavings:

• No transactional capabilities.

• RBC Digital Choice Business Account:

• Monthly fees apply.

Part 3: rbc Account Registration Requirements

rbc Account Registration Requirements

• Eligibility Criteria:

• Age Requirements: Must be at least the age of majority in your province (18 or 19).

• Geographic Restrictions: Must reside in Canada.

• Prohibited Countries: Not specified.

• Identity Verification Documents Needed:

• Government-issued photo ID (e.g., drivers license, passport).

• Social Insurance Number (SIN) for tax purposes.

• Proof of Residence Requirements:

• Recent utility bill or bank statement with your name and address.

• Additional Documentation for Professional Accounts:

• Business registration documents for business accounts.

• KYC/AML Compliance Procedures:

• Verification of identity and address.

• Verification Time Frames:

• Typically completed within 1-3 business days.

Part 4: rbc Account Opening Process

Step-by-Step rbc Account Opening Guide

1. Visit Website: Go to the RBC account opening page.
2. Click Registration: Select the type of account you wish to open.
3. Personal Information Entry: Fill in your personal details.
4. Choose Account Type: Select from available account options.
5. Set Trading Preferences: Specify your banking preferences.
6. Document Upload: Upload required identification and proof of residence.
7. Account Verification: Wait for the verification process to complete.
8. Fund Your Account: Deposit funds into your new account.
9. Start Banking: Access your account online or via mobile.

Desktop vs Mobile Registration Differences

• Desktop registration may provide more detailed instructions and options, while mobile registration is streamlined for convenience.

Common Registration Issues and Solutions

• Issue: Document upload errors.

• Solution: Ensure documents are clear and in the correct format.

• Issue: Verification delays.

• Solution: Contact customer service for assistance.

Average Account Approval Time

• Typically, account approval takes 1-3 business days.

How to Upgrade/Downgrade Account Types

• Contact RBC customer service or visit a branch to request changes to your account type.

Part 5: rbc Demo Account Information

rbc Demo Account Guide

• Demo Account Features and Benefits:

• Practice trading without financial risk.

• Access to virtual funds for trading.

• How to Open a Demo Account:

• Visit the RBC website and select the demo account option.

• Demo Account Limitations:

• Limited to virtual trading only; cannot be used for real transactions.

• Virtual Balance Amount:

• Typically set at a standard amount (e.g., $10,000).

• Demo vs Live Account Differences:

• Demo accounts do not involve real money; live accounts require actual funds.

• Duration/Expiry of Demo Accounts:

• Demo accounts usually expire after a set period (e.g., 30 days).

Part 6: rbc Islamic Account (if available)

rbc Islamic Account Details

• Swap-free/Islamic Account Availability: Not available.
• Eligibility Requirements: Not applicable.
• Differences from Standard Accounts: Not applicable.
• How to Apply for Islamic Account: Not applicable.
• Restrictions or Special Conditions: Not applicable.

FAQs – rbc Account Types & Opening

1. What account types does rbc offer？

• RBC offers personal chequing accounts, savings accounts, business accounts, and specialized accounts like student banking.

1. What is the minimum deposit for each account type？

• Most accounts have a minimum deposit of $0.

1. How long does rbc account verification take？

• Verification typically takes 1-3 business days.

1. Does rbc offer demo accounts？

• Yes, RBC offers demo accounts for practice trading.

1. Can I have multiple account types with rbc？

• Yes, customers can hold multiple account types.

1. Does rbc offer Islamic/swap-free accounts？

• No, RBC does not offer Islamic or swap-free accounts.

1. What documents do I need to open a rbc account？

• A government-issued photo ID and proof of residence are required.

1. Can I change my account type after registration？

• Yes, you can request to change your account type through customer service.