RBC offers no-fee bank accounts to Indigenous people

RBC now offers no-fee bank accounts to Indigenous people, the bank announced Thursday.

The new offering follows an agreement the federal government and the Financial Consumer Agency of Canada (FCAC) negotiated with at least 13 banks, including Canada’s six largest, to provide new low-cost and no-cost accounts. The agreement was announced in the 2024 fall economic statement, with accounts to be made available by Dec. 1, 2025.

Under the agreement, those eligible for the Disability Tax Credit (DTC) certificate and social assistance recipients from select provincial or territorial programs may also qualify for no-fee accounts.

The RBC account includes 12 debit transactions a month, unlimited e-transfers and no minimum balance requirement, meeting the FCAC’s minimum standards. Fees will also be waived for seniors aged 65 and over and Registered Disability Savings Plan beneficiaries.

“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, senior vice-president of everyday banking at RBC.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.