The best banking package for start-up and small business: the RBC Small Business eAccount

Following my laid off this past March, I search several ways for me to keep going. Living in a small town in New Brunswick wasn’t playing in my favor. After my laid off, I knew things were not going to be easy. I applied for a couple of jobs here and there, without too much success. I actually may have found a temporary opportunity in Montreal, but it’s about all. 2 weeks passed after my laid off and following what, I decided to start a small business. 

I had been a small business owner for almost a month now. I found it a great idea. It’s of course certainly not easy but the process itself of opening a small business is extremely easy. I will certainly write more posts about this experience. Opening a small business is giving me the opportunity to keep myself busy in my field. I am currently mixing my small business activities with my job search. I won’t hesitate moving back to Montreal, even for just a few months of full-time work. Being self-employed is very hard. I had started with one freelance assignment. I need to launch my Web site. I wrote a couple of pages. I need to write the content of about 2 posts, get everything proofread and following what, the site will be launch. I am a bit lazy, I find it difficult to work from home. It’s difficult to remain focus and remain on a performing mode.

And who says small business says small business banking account. I check with the Caisse populaire, BMO, TD, CIBC, National Bank, Scotia Bank and RBC. And oh surprise, its RBC who’s offering the best banking package deal for small business. But of course, its all depend of what are your needs. In my case, it’s basically just to change cheque made at the name of my business name so later on I can declared the taxes. I will made a few deposits, a few withdraws, nothing more.

For such basic needs, the RBC Small Business eAccount is the best deal, but only in term of electronic and ATMs transactions. With the RBC Small Business eAccount, no minimal balance is needed. Let say I deposited a cheque in the ATM machine, than, the fee is only of $0.20 per cheque deposits. However, if I want to depose cash, it’s $2.15 per $1,000. No big deal because that won’t happen. Other business will pay me with PayPal or, most likely, with cheques.

With the RBC Small Business eAccount, there’s no monthly fee and no minimum balance required. The RBC Small Business eAccount is perfect for you if you can perform your transactions with ATM and electronically. Also, if you have a personal banking account with RBC, it can be link to your new RBC Small Business eAccount. That way, you can perform transform transactions from an account to another. All electronic transactions made with the RBC Small Business eAccount are free. However, be careful, because normal fees in your personal banking account will apply.

I personally never deposit a cheque using ATM. I have direct deposit for all my pay cheques, it’s partly why. But even there, I don’t like the ATM machine very much. I use ATM to withdraw money every months, but in term of deposit, I don’t really trust. Reason why is that you insert money in the envelop and then the ATM, the ATM give a receipt, but just a receipt. The money is not right away in the banking account. However, with the RBC Small Business eAccount, I will be giving it a try. If I do the deposit in-branch, it’s $3.50 + $0.20.... Quite a lot of money.

Do a search and you’ll see, banking account for small business can be very expensive. From now on, I will become friend with the ATM machine...

I previously had open with the Caisse populaire acadienne, but I misunderstood... I need a balance of 2k, if not, it’s $7 per month + transaction fees. AIE! That’s hurt!

The RBC Small Business eAccount is a good deal if, like me, you are just looking to do a minimum of transactions for your small business. You may want to contact RBC Royal Bank for more information :0)