RBC creating greater access to banking services for Indigenous Peoples with no monthly fee bank account now available for First Nations, Inuit and Métis
- Industry-leading action opens greater access to banking services
- No monthly fee accounts also available for eligible seniors, youth under age 25, newcomers and RDSP beneficiaries
TORONTO, Aug. 21, 2025 /CNW/ - A no monthly fee bank account is now available for Indigenous Peoples across Canada, as one of RBC's first steps to deliver on its inaugural Reconciliation Action Plan: Pathways to Economic Prosperity.
Published in June 2025, the Reconciliation Action Plan was developed by RBC's Indigenous markets enterprise strategy team, RBC Origins, in partnership with teams across RBC and Indigenous-owned and -led consulting firm BOOMInterTribal. The plan is based on insights from more than 400 First Nations, Inuit and Métis communities, employees and business owners.
"During our extensive engagement process, we heard about the unique systemic barriers and disproportional cost impacts that Indigenous Peoples face when seeking banking services. No monthly fee accounts are one of the cornerstones of those services," noted Chinyere Eni, Head of RBC Origins.
"Our new no monthly fee account will help provide greater access to banking services and advice, as well as a path to financial independence for more First Nations, Inuit and Métis, opening up their access to capital and participation in the economy," added Eni. "Given how essential financial access is and the unique barriers Indigenous communities face with full economic participation, we have moved forward with pace to offer greater core banking support as a first priority of delivering on RBC's Reconciliation Action Plan commitments."
The monthly fee for RBC's Day to Day Banking account is now being waived for Indigenous clients, based on the identification they provide to an RBC advisor or already have on file at RBC. Key features of no monthly fee Day to Day Banking that are available to Indigenous clients include:
- 12 debit transactions of any kind per month
- No minimum balance requirement
- Unlimited e-Transfers
- Unlimited Virtual Visa Debit transactions (online purchases)
- Unlimited self-serve electronic funds transfers
- Unlimited public transit debits (on participating transit systems)
- Free online cheque image viewing
There are also a number of other no-cost banking services available at RBC. Monthly Advantage Banking account fees are waived for newcomers during their first year in Canada, to give them a head start on getting settled. RBC's no fee Advantage Banking account package for students has been extended to full-time students or anyone 24 and younger (including recent post-secondary graduates), to provide them with no monthly fee banking as they begin building their financial futures.
For youth up to age 12, RBC Leo's Young Savers Account is a no monthly fee banking option. In addition, the monthly fee for Day to Day Banking accounts is rebated for seniors aged 65+ and waived for beneficiaries of Registered Disability Savings Plans (RDSPs).
No monthly fee and low-cost banking services are part of RBC's ongoing commitment to helping Canadians at all economic levels thrive and prosper. They also demonstrate RBC's response to recent enhancements to the FCAC's voluntary Commitment on Low-Cost and No-Cost Accounts, which come into effect on December 1, 2025.
"We fully support the intent behind the FCAC's updated commitment and have moved now, ahead of their December timeline, to expand our no monthly fee and low-cost options," said Jay Acharya, SVP, Everyday Banking, RBC. "We know how crucial bank accounts are to helping Canadians unlock financial opportunities and build long-term success. The range of accounts we offer helps make that possible."
More details about RBC's bank accounts, including eligibility and key features, are available by visiting https://www.rbcroyalbank.com/bank-accounts/chequing-accounts/.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
Media contact:
Kathy Bevan, RBC Corporate Communications, 647-618-2287
SOURCE RBC Royal Bank
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