RBC Launches No-Fee Bank Accounts for Indigenous Peoples
RBC Launches No-Fee Bank Accounts for Indigenous Peoples
The Royal Bank of Canada (RBC) has introduced no monthly fee Day to Day Banking accounts for Indigenous Peoples across Canada. This is part of RBC’s Reconciliation Action Plan: Pathways to Economic Prosperity, launched in June 2025, reflecting its commitment to financial inclusivity for First Nations, Inuit, and Métis communities.
Developed with Indigenous-owned consulting firm BOOMInterTribal and informed by engagement with over 400 Indigenous communities, the plan addresses systemic barriers and supports economic participation.
Account Features
12 free debit transactions per month with no restrictions
No minimum balance requirement
Unlimited e-Transfers and Virtual Visa Debit for online purchases
Unlimited self-serve electronic funds transfers and public transit debits (on participating systems)
Free online cheque image viewing
Why It Matters
RBC is removing barriers such as high fees, limited tailored options, and lack of financial advice, making banking more accessible for Indigenous Peoples.
This initiative comes ahead of the FCAC’s updated Commitment on Low-Cost and No-Cost Accounts (Dec 2025), showing RBC’s proactive approach to inclusive banking.
What this means for the Industry
For RBC:
RBC is addressing common barriers Indigenous Peoples face in banking, like high fees, limited tailored options, and hard-to-get financial advice. By removing monthly fees, the bank makes it easier for individuals and communities to participate in the broader economy.
For Indigenous Communities:
Provides greater access to banking services, financial advice, and capital, empowering individuals to manage finances, support local businesses, and plan for the future.
