{"id":98483,"date":"2026-07-23T10:44:26","date_gmt":"2026-07-23T14:44:26","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=98483"},"modified":"2026-07-23T10:44:28","modified_gmt":"2026-07-23T14:44:28","slug":"the-complete-guide-to-bank-accounts-in-canada","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/the-complete-guide-to-bank-accounts-in-canada\/","title":{"rendered":"The Complete Guide to Bank Accounts in Canada: Types, Fees and How to Choose the Right One"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Bank accounts are a convenient and useful place to keep your money, whether for everyday use or saving for the future.<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Different account types offer different advantages \u2013 which one is best for you depends on your needs and goals.<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">It\u2019s important to understand your account\u2019s features and terms, such as applicable fees, interest rates and transaction limits.<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Bank accounts are easy to open and often come with extra benefits such as online and mobile banking, budgeting tools and rewards programs.<\/p><\/li>\n<\/ul>\n<\/div><\/div><br>\n\n\n\n<p class=\"wp-block-paragraph\">Adult life comes with a certain amount of administration. We all need to move money around regularly to do things like pay rent and tuition or buy groceries and gas. A convenient and practical way to do this is with one of the most essential financial products: a bank account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what are the benefits, what types of&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/index.html\" target=\"_blank\" data-dig-id=\"LP-98483-cc885728\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"bank accounts\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">bank accounts<\/a>&nbsp;are available in Canada, and how do you open one? Here, we break down the details you need.<\/p>\n\n\n\n<h2 id=\"h-what-is-a-bank-account\" class=\"wp-block-heading\">What is a bank account?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At its simplest, a bank account is a type of account you open with a bank to keep your money safe, allowing you to deposit, save up, withdraw funds and more. On top of that, you might use your bank account to pay bills, earn interest or make daily purchases (by using your debit card \u2013 a payment card linked directly to your account).<\/p>\n\n\n\n<h3 id=\"h-types-of-bank-accounts\" class=\"wp-block-heading\">Types of bank accounts<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">There are two main types of bank accounts in Canada:&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts.html\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-98483-dfe661d6\" data-dig-label=\"chequing accounts\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">chequing accounts<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts.html\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-98483-3de094ab\" data-dig-label=\"savings\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">savings<\/a> accounts. Here\u2019s how they differ and the best uses for each:<\/p>\n\n\n\n<h4 id=\"h-chequing-accounts\" class=\"wp-block-heading\">Chequing accounts<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Also known as transaction accounts, chequing accounts are intended for day-to-day banking needs, such as paying rent, buying groceries or receiving direct deposits from your employer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Advantages of a chequing account:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Easy access to funds<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Use of a debit card to make purchases<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Convenient online bill payments<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Higher number of included transactions compared to other types of accounts<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Coverage from the Canada Deposit Insurance Corporation (CDIC). More on that below<\/p><\/li>\n<\/ul><br>\n\n\n\n<p class=\"wp-block-paragraph\">Disadvantages of a chequing account:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Typically, lower interest rates than savings accounts (often no interest).<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Potential monthly and\/or transaction fees.<\/p><\/li>\n<\/ul>\n\n\n\n<h4 id=\"h-savings-accounts\" class=\"wp-block-heading\">Savings accounts<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">These accounts help you to put money aside for future financial needs such as a vacation, a wedding or education costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Advantages of savings accounts:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Generally, higher interest rates than chequing accounts<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">May offer low or no monthly fee to help your money grow<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Offers the freedom to access your cash at any time without withdrawal penalties<\/p><\/li>\n<\/ul><br>\n\n\n\n<p class=\"wp-block-paragraph\">Disadvantages of a savings account:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Limited transactions, making them unsuitable for day-to-day banking<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Potential fees for exceeding transaction limits<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Does not offer the same returns as longer term savings in other investment product types (though the tradeoff is the ease of access)<\/p><\/li>\n<\/ul>\n\n\n\n<h3 id=\"h-interest-rates-on-savings-accounts\" class=\"wp-block-heading\">Interest rates on savings accounts<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In the context of a bank account, the interest rate is the percentage the financial institution agrees to pay you for keeping your money in that account. Depending on your account\u2019s applicable interest rate and how much you\u2019ve saved, you might receive&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/savings-interest-calculator.html\" target=\"_blank\" data-dig-id=\"LP-98483-9d0faccd\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"interest deposits from the bank every month\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">interest deposits from the bank every month<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The higher the interest rate and the more money in your account, the more interest you\u2019ll earn. So it can be worth seeking out a&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/high-interest-savings-account.html\" target=\"_blank\" data-dig-id=\"LP-98483-432acb56\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"high-interest savings account\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">high-interest savings account<\/a>&nbsp;that might help boost your savings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interest rates on chequing and savings accounts vary depending on the bank and account type. They may also change over time in response to economic factors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Generally, savings accounts offer higher interest rates than chequing accounts. That\u2019s because they\u2019re designed to help you grow your money. The higher the interest rate, the more interest you\u2019ll earn on your deposits.<\/p>\n\n\n\n<h2 id=\"h-why-do-we-need-a-bank-account-in-canada\" class=\"wp-block-heading\">Why do we need a bank account in Canada?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Your primary bank account \u2013 generally a chequing account \u2013&nbsp;is often your financial hub, the place where money comes in and goes out. Having a second bank account \u2013&nbsp;usually a savings account \u2013 is a convenient way to set aside funds for the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to financial management, you can use your bank account to:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Receive and store money, be it your paycheque, a scholarship, student loan funds or cash gifts from family<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Pay bills for things like internet service, your cell phone, utilities or credit cards \u2014 either manually or automatically<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Have regular expenses such as rent automatically deducted<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Withdraw cash from an ATM when you need it<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Make cashless transactions in stores using your debit card<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Transfer money to individuals or businesses<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Transfer money into other accounts, such as investments<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Save money for future needs and goals<\/p><\/li>\n<\/ul><br>\n\n\n\n<p class=\"wp-block-paragraph\">Your bank account offers a number of security benefits, too. One of these is&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/what-is-cdic-and-how-does-it-protect-your-money\/\" target=\"_blank\" data-dig-id=\"LP-98483-b7352a28\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"deposit insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">deposit insurance<\/a>. Most Canadian banks, including RBC, are members of the Canada Deposit Insurance Corporation (CDIC), a federal institution that protects people\u2019s eligible deposits in the unlikely event that your bank goes out of business. This coverage applies separately for each insured category at each member institution, meaning your eligible deposits are protected up to $100,000 per category, such as those held in your name alone or in a TFSA.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-types-of-bank-accounts-in-canada\" class=\"wp-block-heading\">Types of bank accounts in Canada<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Depending on your needs and what you plan to use the account for, you might want to consider opening a specific type of account. Some of these options include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Joint accounts<\/strong>, useful for couples or families who share finances<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Business accounts<\/strong>, with certain features and benefits specific to entrepreneurs<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Newcomer accounts<\/strong>, with tailored options for&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/new-to-canada\/newcomers\/\" target=\"_blank\" data-dig-id=\"LP-98483-126e1398\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"new residents in Canada\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">new residents in Canada<\/a><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Student accounts<\/strong>, which feature&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking.html\" target=\"_blank\" data-dig-id=\"LP-98483-f0c42667\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"benefits for students\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">benefits for students<\/a>&nbsp;such as lower fees and special offers<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Kids\u2019 accounts<\/strong>, designed to&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/leo-young-savers-account.html?utm_dc=ga_SEG_78304016_146014122187_716596218432_kwd-743136243484_c_g_&amp;gad_source=1&amp;gad_campaignid=78304016&amp;gbraid=0AAAAAD6XomupYDqmY9GvcqeDuNpkO5tDc&amp;gclid=Cj0KCQiAyP3KBhD9ARIsAAJLnnbHnhkDbGskm8_oQnxBmj74IrvRnTtsQpAEodri5D8sTCt2bVlZRXcaAvc2EALw_wcB\" target=\"_blank\" data-dig-id=\"LP-98483-4dff60b0\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"help children 12 and under\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">help children 12 and under<\/a>&nbsp;learn about the basics of financial management. A parent or legal guardian is required to present their ID to open the account<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 id=\"h-how-to-choose-the-right-bank-account-for-your-needs\" class=\"wp-block-heading\">How to choose the right bank account for your needs<\/h2>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"1024\" width=\"964\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_1.jpg?quality=80&amp;w=964\" alt=\"Infographic titled &quot;How to choose the right bank account for your needs.&quot; A comparison table contrasts chequing and savings accounts across four categories. Available transactions: chequing generally offers more per month; savings generally offers fewer. Fees: chequing often has a monthly fee with included transactions; savings often has no monthly fee but charges per transaction. Interest rate: chequing offers a lower or zero rate; savings offers a higher rate, especially in designated high-interest accounts. Overall: chequing is best for day-to-day banking with frequent transactions; savings is best for fewer transactions and putting money aside for the future. An RBC ATM is illustrated on the left.\" class=\"wp-image-98489\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_1.jpg 1667w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_1.jpg?resize=282,300 282w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_1.jpg?resize=768,816 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_1.jpg?resize=964,1024 964w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_1.jpg?resize=1446,1536 1446w\" sizes=\"auto, (max-width: 964px) 100vw, 964px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-hidden-desktop wp-block-hidden-mobile wp-block-hidden-tablet wp-block-paragraph\">Should you go with chequing or savings? That depends on your needs and your goals. To help you choose, here\u2019s a comparison of the two types of accounts.<\/p>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-nowrap is-layout-flex wp-container-core-group-is-layout-8f761849 wp-block-group-is-layout-flex wp-block-hidden-desktop wp-block-hidden-mobile wp-block-hidden-tablet\">\n<table class=\"table-swipe wp-block-rbc-responsive-table-block\">\n<thead><tr><th scope=\"col\" style=\"width: 33.33%\"><\/th><th scope=\"col\" style=\"width: 33.33%\">Chequing<\/th><th scope=\"col\" style=\"width: 33.33%\">Savings<\/th><\/tr><\/thead>\n<tbody>\n<tr>\n<td><p class=\"wp-block-paragraph\">Available transactions<\/p><\/td>\n<td><p class=\"wp-block-paragraph\">Generally, more per month<\/p><\/td>\n<td><p class=\"wp-block-paragraph\">Generally, fewer per month<\/p><\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Fees<\/p><\/td>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Often a monthly fee, with a larger number of included transactions<\/p><\/td>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Often no monthly fee, but with per-transaction costs<\/p><\/td>\n<\/tr>\n<tr>\n<td><p class=\"wp-block-paragraph\">Interest rate<\/p><\/td>\n<td><p class=\"wp-block-paragraph\">Lower or zero<\/p><\/td>\n<td><p class=\"wp-block-paragraph\">Higher, especially in designated high-interest accounts<\/p><\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Overall<\/p><\/td>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Best for day-to-day banking with more frequent transactions<\/p><\/td>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Best for fewer transactions and putting money aside for the future<\/p><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you don\u2019t yet have a bank account, start with a chequing account for day-to-day money management. But you don\u2019t have to stop there. Many people have both a chequing and a savings account, one designated for everyday banking and one for savings goals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some Canadians even hold multiple savings accounts so they can organize money in virtual buckets. For instance, you might have one savings account for short-term goals such as vacations, and another for your emergency fund. Provided there are no fees involved (more on this below), this can be a convenient way to help keep your money in order.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RBC offers multiple accounts designed for a wide range of banking needs. If you\u2019re not satisfied with the one you choose, the bank will&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/banking-services\/right-account-guarantee.html\" target=\"_blank\" data-dig-id=\"LP-98483-c9c8d67e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"refund up to three months of account fees\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">refund up to three months of account fees<\/a><a href=\"https:\/\/www.rbcroyalbank.com\/banking-services\/right-account-guarantee.html\">.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For personalized guidance on product suitability and your specific financial needs, we recommend connecting with an advisor or using our online account comparison tool to find the right fit.<\/p>\n\n\n\n<h2 id=\"h-fees-limits-and-interest-what-you-need-to-know\" class=\"wp-block-heading\">Fees, limits and interest: What you need to know<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Before opening a bank account, it\u2019s important to understand the terms and conditions to ensure it\u2019s the right choice for your needs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not all bank accounts have the same terms and conditions. Your bank will be able to explain which fees, limits and interest rates apply to any bank account you\u2019re considering opening or already have.<\/p>\n\n\n\n<h3 id=\"h-fees-on-bank-accounts-in-canada\" class=\"wp-block-heading\">Fees on bank accounts in Canada<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">While not every bank account routinely charges fees, every bank account has the potential for fees, depending on how you use it. There are a number of different types:<\/p>\n\n\n\n<h4 id=\"h-monthly-fees\" class=\"wp-block-heading\">Monthly fees:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">A specific amount you pay every month to hold and use your account<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">The fee amount depends on the type of account, and some (especially savings accounts) don\u2019t have a monthly fee at all<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Your bank might reduce or waive the monthly fee if you meet certain conditions, such as maintaining a minimum balance or having a certain number of different products with the bank<\/p><\/li>\n<\/ul>\n\n\n\n<h4 id=\"h-atm-fees\" class=\"wp-block-heading\">ATM fees:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">A per-transaction charge for using certain ATMs to withdraw cash<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Often, banks offer free withdrawals from their own ATMs but charge a fee for withdrawals from out-of-network ATMs, such as those run by other banks or private companies<\/p><\/li>\n<\/ul>\n\n\n\n<h4 id=\"h-transaction-fees\" class=\"wp-block-heading\">Transaction fees:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">A per-transaction fee for things like paying a bill or transferring money<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Many accounts come with a certain number of included transactions per month. After that, you\u2019ll pay a fee for each transaction<\/p><\/li>\n<\/ul>\n\n\n\n<h4 id=\"h-service-fees\" class=\"wp-block-heading\">Service fees:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">A fee for specific administrative tasks or less common transactions that are not covered by your standard monthly account fee, such as printing statements or requesting&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/banking-services\/wire-transfer.html\" target=\"_blank\" data-dig-id=\"LP-98483-90dbafcf\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"bank\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">bank<\/a>&nbsp;drafts.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">There might also be additional fees for things like foreign transactions or&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/banking-services\/overdraft-protection.html\" target=\"_blank\" data-dig-id=\"LP-98483-d8df3a12\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"overdraft protection\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">overdraft protection<\/a><\/p>\n\n\n\n<h3 id=\"h-understanding-bank-account-limits\" class=\"wp-block-heading\">Understanding bank account limits<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Some accounts come with certain limits to protect security. Understanding them can help you avoid unexpected declines or fees.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Transaction limits<\/strong>: Some accounts may limit the number of free withdrawals or transfers you can make each month. Exceeding these may result in a fee per transaction. Closely monitor your account statement to see if you often exceed your transaction limit. If so, consider upgrading your account to accommodate your transaction needs.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Daily withdrawal or purchase limits<\/strong>: Your debit card may have a daily limit on how much you can take out at an ATM or spend at a store. This limit can usually be increased if needed. Don\u2019t hesitate to contact your bank if you think you can benefit from a higher withdrawal limit.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Transfer limits<\/strong>: E-transfer services like Interac e-Transfer usually have daily, weekly or monthly limits on how much you can send or receive. If you find the limit too restrictive, you can easily increase it by contacting your bank.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Hold periods<\/strong>: When you deposit a cheque, the bank may temporarily hold a portion of the money for a few business days to make sure the cheque clears. Hold periods are also applicable for certain point of sale transactions.<\/p><\/li>\n<\/ul>\n\n\n\n<h2 id=\"h-who-can-open-a-bank-account-in-canada\" class=\"wp-block-heading\">Who can open a bank account in Canada?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">All permanent and temporary residents of Canada who are 13 years or older (or 14 in Quebec) can open a bank account. This is true regardless of whether you have a job or money to deposit right away. You may also be able to open an account if you don\u2019t live in Canada, provided you meet certain conditions.<\/p>\n\n\n\n<h2 id=\"h-how-to-open-and-manage-your-bank-account\" class=\"wp-block-heading\">How to open and manage your bank account<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Opening a bank account is fairly straightforward and can often be done either in person or online. There are many convenient tools available to help you manage your account and your money. Here are some things to know:<\/p>\n\n\n\n<h3 id=\"h-step-by-step-guide-to-opening-an-account\" class=\"wp-block-heading\">Step-by-step guide to opening an account<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The specific steps involved in&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/how-to-open-a-bank-account-in-5-simple-steps\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-98483-b717e337\" data-dig-label=\"opening a bank account\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">opening a bank account<\/a>&nbsp;might differ from institution to institution, but they\u2019re generally similar. These are the steps to open an account with RBC:<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"1024\" width=\"759\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_2.jpg?quality=80&amp;w=759\" alt=\"Infographic titled &quot;Step-by-step guide to opening a bank account: Here&apos;s how to open a bank account with RBC.&quot; Six numbered steps are listed: 1. Ensure that you&apos;re eligible \u2014 you must be opening an account for yourself or your child, be 13 or older (14 or older in Quebec), and be a Canadian resident. 2. Have all required documents \u2014 one or two pieces of ID confirming your name, address, age, and nationality, such as a Canadian driver&apos;s licence, passport, or provincial health card. 3. Choose an account \u2014 compare features online or ask for help at a local branch. 4. Apply online, over the phone, or in person \u2014 find instructions and forms online or visit your local branch. 5. Sign all relevant documents \u2014 digitally or in person. 6. Set up your debit card PIN and online banking password to shop, withdraw cash from an ATM, and bank online or via the mobile app. An illustrated RBC advisor and a hand holding a smartphone are shown.\" class=\"wp-image-98492\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_2.jpg 1667w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_2.jpg?resize=222,300 222w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_2.jpg?resize=768,1037 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_2.jpg?resize=759,1024 759w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_2.jpg?resize=1138,1536 1138w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_2.jpg?resize=1517,2048 1517w\" sizes=\"auto, (max-width: 759px) 100vw, 759px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ol class=\"wp-block-rbc-list is-style-blue-disc\" style=\"display: none\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Ensure that you\u2019re eligible<\/strong>. Generally, that means you\u2019re opening an account for yourself or your child, you\u2019re 13 years or older (14 or older in Quebec) and you\u2019re a resident of Canada.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Have all required documents<\/strong>. Depending on the account type, you\u2019ll need one or two pieces of ID confirming your name, address, age and nationality \u2014 examples include a Canadian driver\u2019s licence or passport, or a provincial health card.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Choose an account<\/strong>. Compare account features online or contact an advisor for assistance.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Apply online, by phone or in person<\/strong>. Find simple instructions and forms online, or drop into your local branch (call ahead to see if you need an appointment).<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Sign all relevant documents<\/strong>. This might happen digitally or in person.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Set up your debit card PIN and online banking password<\/strong>. These will allow you to shop with your debit card, withdraw cash from an ATM and do banking tasks online or via your bank\u2019s mobile app.<\/p><\/li>\n<\/ol>\n\n\n\n<h3 id=\"h-online-and-mobile-banking\" class=\"wp-block-heading\">Online and mobile banking<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">One convenient feature of typical bank accounts in Canada (including those from RBC) is the ability to do banking from virtually anywhere, via your cell phone, tablet or computer. For instance, you can:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Use your bank\u2019s app to send an e-transfer (a digital transfer of funds from one account to another) to a friend or family member.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Use online banking to set up automatic transfers from your chequing account into your savings account.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Pay bills using your cell phone, from the comfort of your couch.<\/p><\/li>\n<\/ul>\n\n\n\n<h3 id=\"h-direct-deposit\" class=\"wp-block-heading\">Direct deposit<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s common for employers to deposit your pay directly into your bank account, whether it\u2019s for your full-time job or your side hustle. This also applies to payments you might collect from your small business, such as via an online shopping platform.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not only is this convenient \u2013 working automatically every payday \u2013 but it also ensures your money appears in your account faster. Your employer, client or payment processor should have instructions on how to get started with direct deposit.<\/p>\n\n\n\n<h3 id=\"h-security-best-practices\" class=\"wp-block-heading\">Security best practices<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">One advantage of using a bank account is that it\u2019s a safe place to keep your money. That\u2019s the bank\u2019s responsibility, but it also depends on you following some security best practices. For example:<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"1024\" width=\"864\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_3.jpg?quality=80&amp;w=864\" alt=\"Infographic titled &quot;Security best practices.&quot; The subtitle reads: &quot;Keeping the money in your account safe is the bank&apos;s responsibility, but it also depends on you following some security guidelines.&quot; Six tips are listed with icons: 1. Protect your information and never share your PIN, online banking password, account numbers, or one-time access codes. 2. Review your accounts regularly and report any unknown purchases or transactions. 3. Use strong, complex passwords and have a unique password for every online account. 4. Set up two-factor or multi-factor authentication for account logins. 5. Set up auto-deposit for Interac e-Transfers, or use security questions that are difficult to guess. 6. Avoid using public Wi-Fi for online banking and other important accounts \u2014 choose a secure internet connection instead.\" class=\"wp-image-98496\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_3.jpg 1667w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_3.jpg?resize=253,300 253w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_3.jpg?resize=768,910 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_3.jpg?resize=864,1024 864w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/07\/C1648_RBC_Infographics_BankAccounts_Final_3.jpg?resize=1296,1536 1296w\" sizes=\"auto, (max-width: 864px) 100vw, 864px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\" style=\"display:none\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Protect your information<\/strong>: It\u2019s not only a best practice, but a requirement under the Client Card Agreement to never share your PIN, online banking password or one-time access codes.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Review your accounts regularly<\/strong> and report any unknown purchases or transactions.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Use strong, complex passwords<\/strong> and have a unique password for every online account.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Set up two-factor or multi-factor authentication<\/strong> for account logins.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Set up auto-deposit for Interac e-Transfers<\/strong>, or if you choose not to, be sure to use security questions that are difficult to guess.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>Avoid using public Wi-Fi for online banking and other important accounts<\/strong> \u2014 choose a secure internet connection instead.<\/p><\/li>\n<\/ul>\n\n\n\n<h2 id=\"h-making-the-most-of-your-bank-account\" class=\"wp-block-heading\">Making the most of your bank account<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Your bank account is more than just a place to keep money and pay your bills. Here are some additional features to look for:<\/p>\n\n\n\n<h3 id=\"h-budgeting-and-spending-tracking\" class=\"wp-block-heading\">Budgeting and spending tracking<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Your bank account might offer tools and techniques for financial management, such as:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Alerts for unusual transactions<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Tools to help you analyze your monthly cash flow and categorize your spending<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Smart budgeting recommendations based on your habits<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Rolling forecasts of payments and deposits to help you track your cash<\/p><\/li>\n<\/ul>\n\n\n\n<h3 id=\"h-savings-and-rewards\" class=\"wp-block-heading\">Savings and rewards<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Some bank accounts come with associated benefits, such as:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Earning points on relevant transactions.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Discounts and offers from certain retailers.<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Reduced or waived monthly fees.<\/p><\/li>\n<\/ul>\n\n\n\n<h3 id=\"h-maximizing-interest-and-minimizing-fees\" class=\"wp-block-heading\">Maximizing interest and minimizing fees<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Some tips to make your account work for you financially include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Choose\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/accounts\/e-savings.html\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-98483-e09e0097\" data-dig-label=\"higher interest accounts\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">higher interest accounts<\/a>\u00a0for savings.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">For day-to-day banking, choose an account that includes the right number of transactions for your needs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Avoid extra fees by sticking to ATMs within your bank\u2019s network, staying within your transaction limit and not withdrawing more money than you have.<br><\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you frequently incur extra transaction or service fees, consider switching to a bank account that better meets your needs.<\/p>\n\n\n\n<h3 id=\"h-utilizing-perks-and-promotions\" class=\"wp-block-heading\">Utilizing perks and promotions<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When shopping for a new bank account, you might be&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/new-bank-accounts-offers-canada.html\" target=\"_blank\" data-dig-id=\"LP-98483-23bb9efc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"eligible for promotions\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">eligible for promotions<\/a>&nbsp;\u2014 such as receiving cash or a gift \u2014 if you meet certain conditions. While gifts offer instant value, cash-based incentives allow you to reinvest the reward and begin earning interest immediately.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Current account holders may also be eligible for bank offers and upgrades. Check your RBC Mobile app or Online Banking for promotions you might find useful and be sure to read the fine print before committing.<\/p>\n\n\n\n<h2 id=\"h-common-questions-about-bank-accounts-in-canada\" class=\"wp-block-heading\">Common questions about bank accounts in Canada<\/h2>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title975a0c35\" class=\"collapse-toggle collapsed\" data-target=\"#accordion975a0c35\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-98483-975a0c35\" aria-controls=\"accordion975a0c35\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Is there a free bank account?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Is there a free bank account?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion975a0c35\" role=\"region\" aria-labelledby=\"accordion-title975a0c35\"><div class=\"collapse-inner\">\n<p class=\"wp-block-paragraph\">Some bank accounts have no monthly fee, making them free so long as you don\u2019t incur any additional charges, such as transaction fees. Other bank accounts may have reduced or waived monthly fees for customers who meet certain criteria.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title38754772\" class=\"collapse-toggle collapsed\" data-target=\"#accordion38754772\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-98483-38754772\" aria-controls=\"accordion38754772\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can I open multiple bank accounts?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can I open multiple bank accounts?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion38754772\" role=\"region\" aria-labelledby=\"accordion-title38754772\"><div class=\"collapse-inner\">\n<p class=\"wp-block-paragraph\">Yes, you can open multiple bank accounts at multiple institutions. Some people use multiple bank accounts as a tool to help them save and budget. Just be careful to avoid too many fees.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlefba2a8fe\" class=\"collapse-toggle collapsed\" data-target=\"#accordionfba2a8fe\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-98483-fba2a8fe\" aria-controls=\"accordionfba2a8fe\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How long does it take to open an RBC bank account?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How long does it take to open an RBC bank account?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionfba2a8fe\" role=\"region\" aria-labelledby=\"accordion-titlefba2a8fe\"><div class=\"collapse-inner\">\n<p class=\"wp-block-paragraph\">At RBC, new clients opening accounts online can typically complete their application in 10 minutes or less, while applications in person or over the phone might take 30 minutes. Existing clients can usually open a new account even faster.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title6ab3790a\" class=\"collapse-toggle collapsed\" data-target=\"#accordion6ab3790a\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-98483-6ab3790a\" aria-controls=\"accordion6ab3790a\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Do I need to maintain a minimum balance?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Do I need to maintain a minimum balance?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion6ab3790a\" role=\"region\" aria-labelledby=\"accordion-title6ab3790a\"><div class=\"collapse-inner\">\n<p class=\"wp-block-paragraph\">In most cases, you don\u2019t need to maintain a minimum balance. But the details depend on your account. Some high-interest savings accounts, for example, might require a minimum balance for you to earn certain interest rates. And some premium accounts may require a minimum balance to waive fees.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlefef0df83\" class=\"collapse-toggle collapsed\" data-target=\"#accordionfef0df83\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-98483-fef0df83\" aria-controls=\"accordionfef0df83\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What\u2019s the benefit of having both a chequing and a savings account?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What\u2019s the benefit of having both a chequing and a savings account?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionfef0df83\" role=\"region\" aria-labelledby=\"accordion-titlefef0df83\"><div class=\"collapse-inner\">\n<p class=\"wp-block-paragraph\">Chequing and savings accounts are both useful, but each type offers different advantages. For example, you might have a chequing account for your day-to-day banking and a savings account for putting money aside for future needs and goals.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"wp-block-paragraph\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>What are the benefits, what types of bank accounts are available in Canada, and how do you open one? 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