RBC Private Banking (2024)

FAQs

What is the cost of RBC Private Banking? ›

Grow Your Wealth with Confidence

Full Rebate of RBC Private Banking Package Monthly Fee: The standard $125 RBC Private Banking monthly fee will be reimbursed each month.

RBC Private Banking clients are typically business owners, entrepreneurs, wealthy families, corporate executives or other professionals with a minimum of $1 million in investable assets or an overall net worth of $3 million.

The RBC Private Banking client card

This black client card identifies you at RBC branches as a Private Banking client and provides you with a $3,000 daily cash withdrawal limit and a $5,000 retail direct payment limit.

The Private Banking Account caters to clients with a minimum monthly income of R58 000. It gives you access to a private banking team that will provide you with diverse short- and long-term savings and investment options to grow your earnings.

The minimum to open an account at RBC Wealth Management is as low as $2,500, depending on the type of account. Most RBC Wealth Management clients are considered high-net-worth individuals, with $1 million or more of investable assets.

Private banking minimum requirements are generally around $250,000 in investable assets, though some banks will set the bar higher than others. For example, the Bank of America private bank minimum requirement is $10 million.

Any minimums in terms of investable assets, net worth or other metrics will be set by individual wealth managers and their firms. That said, a minimum of $2 million to $5 million in assets is the range where it makes sense to consider the services of a wealth management firm.

Your Private Banking Team will work together to deliver value-add solutions designed to meet your financing needs and help you build equity in your company, acquire or diversify investment holdings, purchase real estate, provide financial assistance for family members, or con- solidate your existing lending.

The main benefit of using a private bank over a high-street establishment is the expertise you could access as a client, and the exclusive touches you'd expect from a bespoke service.

The bigger banks, such as TD and National, offer their rich customers a broad range of services. One is portfolio management, of course, but they also offer private banking, trust creation, sale of stocks and bonds, estate planning and the management or sale of a business.

Who has the best private banking in Canada? ›

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A bachelor's degree in a business discipline or another relevant subject is a basic qualification to work as a private banker. However, in most cases, a bachelor's degree must be combined with substantial work experience to qualify for a position in this field.

At RBC Private Banking our main priority is you and your family. By bringing all of our people under one roof you will benefit from a unique personalized service which is hassle-free and saves you time and money. You will also have a qualified and experienced expert manage your financial affairs.

RBC VIP Banking. An all-inclusive package designed to simplify your banking including unlimited transactions, credit card rebates, unlimited debits at other bank ATMs, and much more. Monthly Fee: $30.00.