RBC Launches No Monthly Fee Bank Account for Indigenous Peoples

RBC launches a no monthly fee bank account for Indigenous Peoples across Canada as part of its inaugural Reconciliation Action Plan. The account is available to First Nations, Inuit, and Métis individuals, as well as eligible seniors, youth under 25, newcomers, and RDSP beneficiaries. The move aims to provide greater access to banking services and advice, promoting financial independence and economic participation for Indigenous communities.

Royal Bank of Canada (RBC) has taken a significant step towards promoting financial inclusion and economic participation for Indigenous communities by launching a no monthly fee bank account specifically for Indigenous Peoples across Canada. This initiative is part of RBC's inaugural Reconciliation Action Plan, which aims to address systemic barriers and disproportional cost impacts faced by Indigenous Peoples when accessing banking services [1].

The new no monthly fee Day to Day Banking account is available to Indigenous clients, including First Nations, Inuit, and Métis individuals, as well as eligible seniors, youth under 25, newcomers, and beneficiaries of Registered Disability Savings Plans (RDSPs). This account offers key features such as 12 debit transactions per month, no minimum balance requirement, unlimited e-Transfers, and unlimited Virtual Visa Debit transactions for online purchases [1].

Chinyere Eni, Head of RBC Origins, emphasized the importance of this move, stating, "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" [1]. This initiative aligns with RBC's commitment to helping Canadians at all economic levels thrive and prosper, as well as its response to recent enhancements to the Financial Consumer Agency of Canada's (FCAC) voluntary Commitment on Low-Cost and No-Cost Accounts [1].

The launch of this no monthly fee account is part of RBC's broader commitment to supporting community initiatives and promoting financial inclusion. RBC's efforts to expand no monthly fee and low-cost banking options demonstrate a proactive approach to addressing the unique challenges faced by Indigenous communities and other marginalized groups [1].

For more details about RBC's bank accounts, including eligibility and key features, visit https://www.rbcroyalbank.com/bank-accounts/chequing-accounts/ [1].

References:
[1] https://markets.ft.com/data/announce/detail?dockey=600-202508210611CANADANWCANADAPR_C9618-1