15 best business bank accounts in Canada

We get it. Growing a business is tough. Lighten the load with a business bank account that makes managing your hard-earned money easier.

Finding the right business bank account is an important part of doing business. The best business bank account in Canada for you will meet all your banking needs, whether that’s keeping your business finances separate from your personal account, low or no monthly fees, unlimited transactions, support for a mix of paper and electronic activities or maybe a large branch and ATM network.

In this guide, we’ll show you the 15 best business bank accounts in Canada, and show you how to find the right business bank account for your needs.

Best business bank accounts in Canada, by feature in 2024

Best forBusiness accountOpen an Account
Best business bank account for small/medium businesses in Canada:RBC Digital Choice Business Account
Small/medium businesses (runner-up):Meridian Business Advantage Plus Savings AccountLearn more
Small/medium businesses (runner-up with fee rebate offer):Scotiabank Select Account for Business Plan B
Best free business bank account in Canada:Loop Global Business Banking Account
Free business bank account (runner-up):Vault Business Banking Account
Best business account for eCommerce businesses:RBC Flex Choice Business Account
eCommerce businesses (runner-up):BMO eBusiness PlanLearn more
Best business bank account for high volume transactions/corporations:RBC Ultimate Business AccountLearn more
High volume transactions/corporations (runner-up):Scotiabank Select Account for Business Unlimited Plan
Best business bank account for US banking:Jeeves Business Account
US banking (runner-up):Innovation Federal Credit Union No-Fee USD Business AccountLearn more
Best business bank account for doing business internationally:Airwallex Business Account
Doing business internationally (runner-up):Wise Business Account
Best nonprofit bank account in Canada:CIBC Not-for-Profit Operating AccountLearn more
Nonprofit business bank account (runner-up):BMO Community AccountLearn more

Best business bank account for small/medium businesses in Canada: RBC Digital Choice Business Account

RBC Digital Choice Business Account
BEST OVERALL
Finder Rating: ★★★★★ 4 / 5
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RBC Digital Choice Business Account

$6
Monthly Account Fee
CAD only
Multicurrency Accounts
Varies
Currency Conversion Fee
If you prefer to manage most of your business banking via your smartphone, the RBC Digital Choice Business Account is a powerful sidekick. With the RBC Mobile app you can quickly and easily pay employees and suppliers, request payments, track your spending and business performance, deposit cheques, send transfers and much more.

Why it's one of the best

  • Transactions. Enjoy unlimited electronic debit and credit transactions.
  • Unlimited cheque deposits. Unlimited Moneris and electronic cheque deposits.
  • Soft credit check only. When you apply for an account, RBC will only conduct a soft credit check, which means your credit score won't be impacted when applying.
  • Unlimited electronic debit and credit transactions
  • Unlimited Moneris and electronic cheque deposits
  • Easy to use app
  • Competitive foreign exchange rates
  • Can only spend and receive in CAD
  • Comes with a monthly fee
  • Fees for cash deposits and paper deposits
Monthly Account Fee $6
Multicurrency Accounts CAD only
Currency Coversion Fee Varies
Accounting Software Integration Quickbooks, Sage, Xero

Runner-up for small/medium businesses: Meridian Business Advantage Plus Savings Account

Meridian Business Advantage Plus Savings Account
Finder Rating: ★★★★★ 4.1 / 5
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Meridian Business Advantage Plus Savings Account

$0
Monthly Account Fee
CAD, USD
Multicurrency Accounts
unknown
Currency Conversion Fee
With no monthly account fee, no transaction fees, and no minimum balance requirements, the Meridian Business Advantage Plus Savings Account is a strong contender for a small to medium business looking for an affordable and powerful bank account. Not only are there no transaction fees, you can also earn up to 3.05% interest on your balance.

Why it's one of the best

  • Free transactions. Enjoy unlimited electronic debit and credit transactions.
  • Earn interest. Depending on your balance, you could earn up to 3.05% interest on your savings.
  • No monthly fee. There are no monthly account fees or minimum balance requirements.
  • Unlimited electronic debit and credit transactions
  • Earn interest on your savings
  • No minimum balance requirements
  • Can only spend and receive in CAD or USD
  • Technically a savings account so a chequing account may be a better option for some businesses
Monthly Account Fee $0
Multicurrency Accounts CAD, USD

Runner-up for small/medium businesses with fee rebate offer: Scotiabank Select Account for Business Plan B

Scotiabank Select Account for Business Plan B
Finder Rating: ★★★★★ 3.8 / 5
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Scotiabank Select Account for Business Plan B

$40
Monthly Account Fee
CAD only
Multicurrency Accounts
Varies
Currency Conversion Fee
Unlike many other business accounts that require you to hold a sizable minimum account to have the monthly fee waived, when you sign up for Chase Merchant Services along with the Scotiabank Select Account for Business Plan B, you can get free debit and credit card deposits to your account plus a rebate of the $40 monthly account fee.

Why it's one of the best

  • Cash deposits. Get up to $8,000 in cash deposits and 60 deposit items.
  • Transactions. You'll get 70 free transactions per month.
  • Chase Merchant services offer. Get free debit and credit card deposits to your account and no monthly fee when you sign up for Chase Merchant Services with this account.
  • Select free transactions and deposits included every month
  • Account fee waiver offer available
  • Can opt for Scotiabank's Select Plan C or Select Unlimited as your business grows
  • High monthly fee of $40 of fee waiver conditions are not met
Monthly Account Fee $40
Multicurrency Accounts CAD only
Currency Coversion Fee Varies
Accounting Software Integration Quickbooks, Sage, Xero

Best free business bank account in Canada: Loop

Loop Global Business Banking Account
Finder Rating: ★★★★★ 3.7 / 5
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Loop Global Business Banking Account

$0
Monthly Account Fee
CAD, USD, GBP, EUR
Multicurrency Accounts
0.1% - 0.5%
Currency Conversion Fee
Loop offers one no-fee account to manage all your business banking needs, including corporate cards, payments, foreign exchange, loans and capital funding, as well as setting up sales in multiple currencies.

Why it's one of the best

  • $0 account fee. This free account charges no monthly fee.
  • Multi-currency accounts. Easily open CA, US, UK and EU domiciled accounts to skip conversion fees, get paid faster and make free global payments.
  • No FX credit cards. Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Access up to a $1 million credit limit.
  • Earn reward points for your business spending
  • Hold and spend funds in multiple currencies
  • Competitive foreign exchange rates
  • Only one free plan available
  • Read the fine print for details of other fees
  • No Apple Pay or Google Pay
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR
Currency Coversion Fee 0.1% - 0.5%
Accounting Software Integration Quickbooks, Xero

Runner-up for free business bank account: Vault Business Account

Vault Business Banking Account
Finder Rating: ★★★★★ 3.8 / 5
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Vault Business Banking Account

$0
Monthly Account Fee
CAD, USD, GBP, EUR
Multicurrency Accounts
0.25%–0.45%
Currency Conversion Fee
If your company conducts business in multiple countries, such as purchasing supplies from an international vendor or selling to customers outside of Canada, then check out the Vault business account.

Why it's one of the best

  • Earn cashback when you spend. Earn 1% cashback on corporate spend when you spend on all corporate purchases with your Vault credit card.
  • Save with a GIC. Open a GIC and earn up to 5.25% on your money.
  • No monthly account fee. With the Vault business account your firm can accept payments in four currencies, send transfers in more than 30 currencies, all for no monthly fee.
  • Send same-day online payments to 180+ countries
  • Easy online signup process
  • Send funds in 30+ currencies
  • Earn cash back on spending
  • Not available for sole proprietors or partnerships
  • Not available in Quebec
  • Can't accept credit card payments
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR
Currency Coversion Fee 0.25%–0.45%
Accounting Software Integration Quickbooks, Xero

Best business account for eCommerce businesses: RBC Flex Choice Business Account

RBC Flex Choice Business Account
Finder Rating: ★★★★★ 4 / 5
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RBC Flex Choice Business Account

$7
Monthly Account Fee
CAD
Multicurrency Accounts
Varies
Currency Conversion Fee
Flexibility is a key requirement for start-up businesses, and that's something the RBC Flex Choice Business Account offers. With no minimum or maximum transaction limits, this account is well worth considering if you don't yet know exactly what your banking needs are.

Why it's one of the best

  • Only pay for what you use. This flexible account is suited towards those looking to only pay for what they use.
  • Bank online or in-branch. If you think you'd rather have some in-person assistance occasionally with banking, RBC is happy to help in-branch.
  • Access other banking products. Access corporate and business credit cards, GICs, personal accounts and much more with RBC.
  • Only pay for transactions you use
  • Bank online or in-branch
  • Get RBC Preferred Pricing
  • Monthly fee of $7 charged
  • You'll pay for each transaction and e-Transfer
  • Not suitable for larger businesses making lots of paper transactions
Monthly Account Fee $7
Multicurrency Accounts CAD
Currency Coversion Fee Varies
Accounting Software Integration Quickbooks, Sage, Xero

Runner-up for eCommerce businesses: BMO eBusiness Plan

BMO eBusiness Plan
Finder Rating: ★★★★★ 4 / 5

BMO eBusiness Plan

$0
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
Tired of bank fees eating into your bottom line? The BMO eBusiness Plan could be the business bank account you've been searching for. This account is designed to suit small business owners and has no monthly fee or minimum balance requirement.

Why it's one of the best

  • No monthly account fee. You won't have to worry about paying a monthly account fee.
  • Unlimited transactions. Enjoy unlimited Moneris and electronic transactions so you can save more every day.
  • No minimum balance requirements. You can have as little or as much money in your account as you'd like without incurring any minimum balance fees.
  • $0 monthly account fee
  • No minimum balance requirements
  • Unlimited Moneris and electronic transactions
  • You'll need to pay for deposits
  • Not suitable for businesses looking to take advantage of premium banking features
Monthly Account Fee $0
Multicurrency Accounts CAD
Accounting Software Integration Quickbooks, Xero

Best business bank account for high volume transactions/corporations: RBC Ultimate Business Account

RBC Ultimate Business Account
Finder Rating: ★★★★★ 4 / 5

RBC Ultimate Business Account

$100
Monthly Account Fee
CAD
Multicurrency Accounts
Varies
Currency Conversion Fee
Does your business perform lots of transactions each and every day? The RBC Ultimate Business Account could be the business bank account for you. This all-inclusive package includes unlimited electronic debit and credit transactions with 500 outgoing Interac e-Transfers.

Why it's one of the best

  • Catered toward businesses banking a lot. This account offers a wide variety of features that cater towards businesses that are constantly banking.
  • Unlimited transactions. Enjoy unlimited electronic debit and credit transactions and 500 outgoing Interac e-Transfers per month.
  • Large deposit limits. Unlimited electronic cheque and Moneris deposits are included too, plus up to $25,000 free cash deposits per month.
  • Large deposit limits
  • Unlimited monthly electronic debit and credit transactions
  • 500 outgoing Interac e-Transfers each month
  • 100 paper transactions per month
  • Higher monthly account fee than most business accounts
Monthly Account Fee $100
Multicurrency Accounts CAD
Currency Coversion Fee Varies
Accounting Software Integration Quickbooks, Sage, Xero

Runner-up for high volume transactions/corporations: Scotiabank Select Account for Business Unlimited

Scotiabank Select Account for Business Unlimited
Finder Rating: ★★★★★ 4 / 5
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Scotiabank Select Account for Business Unlimited

$120
Monthly Account Fee
CAD only
Multicurrency Accounts
Varies
Currency Conversion Fee
With unlimited transactions and unlimited deposit items, the Scotiabank Select Account for Business Unlimited is designed for high volume transaction businesses. While it comes with a monthly fee, it's possible to get a rebate if you maintain a balance of $75,000 in your account.

Why it's one of the best

  • Catered toward businesses transacting a lot. This account offers unlimited transactions and deposit items.
  • Cash deposits. Deposit up to $30,000 in cash every month with no fees.
  • Monthly account fee waived. If you maintain a balance of $75,000, the monthly account fee will be rebated to your account each month.
  • Large cash deposit limits
  • Unlimited monthly electronic debit and credit transactions
  • Monthly fee rebate available
  • High monthly account fee (but can be rebated with a minimum balance requirement)
Monthly Account Fee $120
Multicurrency Accounts CAD only
Currency Coversion Fee Varies
Accounting Software Integration Quickbooks, Sage, Xero

Best business bank account for U.S banking: Jeeves

Jeeves Business Account
Finder Rating: ★★★★★ 3.9 / 5
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Jeeves Business Account

$0
Monthly Account Fee
CAD, USD, EUR, GBP + 2 more
Multicurrency Accounts
From 0.20%
Currency Conversion Fee
Jeeves offers business accounts to manage all of your global banking needs. Access six different multi-currency business accounts through one login to deposit, send, spend and receive funds globally.

Why it's one of the best

  • $0 account fee. This account charges no monthly account fee.
  • Multi-currency accounts. Access BRL, CAD, EUR, GBP, MXN and USD accounts through one login.
  • Low fees. Only pay when you convert currencies and send payments. There are no account setup fees, monthly charges or overdraft fees.
  • Hold and spend funds in multiple currencies
  • Competitive foreign exchange rates
  • Secure funds in encrypted accounts
  • Access credit cards for your business
  • You'll pay to make transactions
  • Currency conversion fees will apply
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, EUR, GBP + 2 more
Currency Coversion Fee From 0.20%
Accounting Software Integration Quickbooks, Xero

Runner-up for U.S banking: Innovation Federal Credit Union No-Fee USD Business Account

Innovation Federal Credit Union No-Fee USD Business Account
Finder Rating: ★★★★★ 4.2 / 5

Innovation Federal Credit Union No-Fee USD Business Account

$0
Monthly Account Fee
USD, CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
If your business only banks in the United States and Canada, then the Innovation Federal Credit Union No-Fee USD Business Account can be a handy bank account. With no monthly account fee and no transactions fees, you can deposit US cheques digitally and also earn rewards. Plus, you can choose when you convert your currency to get the best exchange rate.

Why it's one of the best

  • $0 account fee. This account charges no monthly account fee and no transaction fees.
  • Control when you exchange money. Choose when you want to exchange between USD and CAD to take advantage of the best rates.
  • Earn rewards. Earn interest and cash dividends.
  • Hold and spend funds in USD and CAD
  • Competitive foreign exchange rates
  • Earn interest and cash dividends
  • Unlimited free transactions
  • No monthly account fee
  • Currency conversion fees will apply
  • You'll need to become a credit union member
Monthly Account Fee $0
Multicurrency Accounts USD, CAD

Best business bank account for doing business internationally: Airwallex Business Account

Airwallex Business Account
Finder Rating: ★★★★★ 3.8 / 5
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Airwallex Business Account

$0
Monthly Account Fee
CAD, USD, GBP, EUR + 17 more
Multicurrency Accounts
0.5% - 1%
Currency Conversion Fee
Open and manage multiple global accounts with Airwallex. With no monthly account fees, you can hold and spend 20+ currencies and transfer 60+ currencies internationally while avoiding costly conversion and transaction fees.

Why it's one of the best

  • Send, receive and hold many currencies. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Transfer around 60 currencies internationally.
  • Get a $500 sign-up offer. Take advantage of a $500 sign-up offer in FX conversions.
  • Access other banking products. Send global money transfers, issue multi-currency corporate cards, and seamlessly manage your business with expense management and accounting integration tools.
  • Hold and spend 20+ currencies. Transfer 60+ currencies internationally.
  • Transparent fees and FX rates
  • No monthly account fee
  • No ATM access
  • No physical banking card available
  • Currency conversion fees of 0.5% - 1%
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR + 17 more
Currency Coversion Fee 0.5% - 1%
Accounting Software Integration Quickbooks, Xero + more

Runner-up for doing business internationally: Wise Business Account

Wise Business
Finder Rating: ★★★★★ 3.8 / 5
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Wise Business

$0
Monthly Account Fee
CAD, USD, GBP, EUR + 6 more
Multicurrency Accounts
0.48%
Currency Conversion Fee
If your business makes and receives international payments on a regular basis, you need an account that makes it easy to hold and exchange multiple currencies.

Why it's one of the best

  • 70+ countries. Pay staff and suppliers in over 70 countries around the world.
  • 40 currencies. hold funds in 40 different currencies, including CAD, USD, GBP and EUR.
  • Competitive exchange rates. Get the mid-market exchange rate when you send money overseas.
  • Get the mid-market exchange rate
  • Hold funds in nine currencies
  • User-friendly platform
  • Transfer fees apply
  • Doesn't accept cash or cheque deposits
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR + 6 more
Currency Coversion Fee 0.48%
Accounting Software Integration Quickbooks, Xero + more

Best nonprofit bank account in Canada: CIBC Not-for-Profit Operating Account

CIBC Not-for-Profit Operating Account
Finder Rating: ★★★★★ 3.8 / 5

CIBC Not-for-Profit Operating Account

$4
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
The best business account designed to service the needs of nonprofit organizations is the CIBC Not-for-Profit Operating Account. It comes with a low monthly fee, so you can put more money to the causes that matter to you.

Why it's one of the best

  • Get access to Global Payments. Open up more ways for doners to give with Global Payments, which accepts all major credit and debit cards.
  • Get the account fee waived. Even though this is a low-fee account, the monthly fee can be waived if you keep a minimum daily balance of $5,000.
  • Comprehensive deposit allowances. Deposit $5,000 in cash, $500 in coin and 30 cheques each month at no extra cost.
  • Low monthly fee of $4
  • Apply online
  • Get up to 30 free Interac e-Transfers
  • Low minimum balance requirement compared to other types of business accounts
  • Limited to 30 free transactions per month
  • You'll have to pay $1 for self-service or $1.25 for full-service transactions beyond the free limit
Monthly Account Fee $4
Multicurrency Accounts CAD

Runner-up nonprofit business bank account: BMO Community Account

BMO Community Account

BMO Community Account

$2.50
Monthly Account Fee
CAD only
Multicurrency Accounts
Varies
Currency Conversion Fee
The BMO Community Account is a low-cost bank account offered exclusively to non-profit groups and businesses. With a low monthly account fee, you get 20 free monthly transactions, including five in-branch deposits – making it an ideal option for low transacting nonprofit businesses.

Why it's one of the best

  • 20 transactions per month. Get 20 free monthly transactions, including five in-branch deposits.
  • Get the account fee waived. Get the $2.50 monthly fee waived on balance over $5,000.
  • Comes with a business debit card. Transact quickly and easily with the BMO Debit Card for Business.
  • Low monthly fee of $2.50
  • Manage your account online, in-app or in person at a branch
  • Get 20 free transactions per month, including 5 in branch.
  • Limited to 20 free transactions per month
  • You'll need a balance of $5,000 to get the monthly account fee waived
Monthly Account Fee $2.50
Multicurrency Accounts CAD only
Currency Coversion Fee Varies

eq bankDoes EQ Bank offer a business account?

Yes, EQ Bank does offer a beta version of its upcoming EQ Bank business account. The account advertises no monthly fees, free unlimited transactions and a 3% interest rate on your balance. But, because the account is still in its beta phase, it is only available to existing customers who have an EQ Bank Personal Account.

Picture not describedWhat is the best bank for a small business in Canada?

While the best bank for a small business will vary depending on your company’s unique needs, the bank that most often made our list of best accounts for businesses is RBC, with BMO and Scotiabank coming in second.

According to the most recent J.D. Power Canada Small Business Banking Satisfaction Study for Canada’s largest banks in 2024, CIBC ranked highest in small business banking customer satisfaction, followed by BMO in second with RBC and TD tying for third.

That said, a CFIB report showed that RBC is a popular choice for small business banking, as it had the highest small business market share (at 19%) in 2022 among banks in Canada.

Overall, the J.D. Power survey found that over the past year small business owners have been less satisfied with their bank’s service in areas like problem resolution, new account opening and communication. That’s why it’s more important than ever to carefully compare your business banking options before choosing the best one for you.

What is the cheapest business bank account in Canada?

Out of the the Big Five Banks on our list of the best accounts, the cheapest business bank account in Canada is either the BMO eBusiness Plan ($0/month) or the RBC Digital Choice Business Account ($6/month).

If you opt for the Chase Merchant Service signup offer, you can get the Scotiabank Select Account for Business Plan B, which normally comes with a $40 monthly fee, for $0.

Alternatively, digital business account providers, like Airwallex, Jeeves, Loop and Wise, tend to offer $0/month accounts with low-fee transactions. So it’s worth considering switching from the Big Banks if you’re comfortable managing your finances entirely online.

While all of these accounts have low monthly fees, the RBC Digital Choice Business Account was also chosen as our overall pick for best business bank account in Canada.

Why should you use a business bank account in Canada?

Business bank accounts are designed specifically for businesses. They offer the features you need to manage all your day-to-day business banking, like paying staff and contractors and keeping track of your revenue and expenses. And even though it may not be essential for your business to have a business bank account, there are several reasons why it’s a good idea.

Expert insight

"A business bank account is a must-have if you run your own business. It may cost more than a personal bank account, but it’s money well spent. The last thing you want to do is to mix personal expenses with business expenses in a personal bank account."

Editorial Review Board

Top benefits of using a business account in Canada

  • Easier to manage payroll. The best business bank accounts in Canada include payroll solutions to help you pay your staff and suppliers. This makes it easy to set up automatic payments by direct deposit.
  • Easier to keep tax records. Keeping your business finances separate from your personal expenses will make things a lot easier come tax time. With all your business income and expenses managed through one account, reporting your financial details to the taxman is a much simpler process.
  • Accepts credit card payments. Business bank accounts include payment processing functionality, allowing your business to accept credit card payments. This can lead to increased sales and also help your business seem more professional.
  • Helps you keep better records. The best business bank accounts offer comprehensive reporting tools to help you track your spending and manage cash flow. This makes it easy to monitor the performance of your business and identify areas where you can improve your bottom line.
  • Helps you build a business relationship. Opening a business bank account lets you establish a history of income and expenses with a financial institution. Developing this relationship will make it easier for your business to access business credit cards, lines of credit and other types of financing in the future.
  • More professional. Finally, providing business rather than personal banking details to your clients and suppliers simply makes your business appear much more professional. It sends the right message to everyone you deal with that you are serious about running a business.
  • Helps you meet requirements. If your business is incorporated, it’s actually a requirement to separate your personal account from your business account because, in that case, your business is a separate legal entity.

Blue and white percent symbolWhat are the biggest costs facing Canadian businesses?

The most recent CFIB Monthly Business Barometer survey cited that insurance, taxes and wage expenses are the top three constraints on business growth in October 2024, like in recent months.

According to the September 2024 CFIB Your Voice Omnibus Survey, 5% of businesses reported being in weak or critical condition, with only one in three reporting strong health.

That’s why it’s more important than ever to streamline your expenses by ensuring you’re only paying for the banking services you need. Browse our list of the best business bank accounts in Canada above to easily compare your options.

Types of online bank accounts in Canada

There are two types of business bank accounts to choose from in Canada.

Traditional business bank accounts are much like personal chequing accounts, providing easy access to money so you can manage all your day-to-day transactions. But there are also business savings accounts to help you build a bigger bank balance, so let’s take a closer look at how each option works.

Business bank account

A business bank account or chequing account allows you to manage your day-to-day business banking. That includes tasks like paying employees and suppliers, receiving payments and managing your cash flow.

Depending on the business bank account you choose, you’ll be able to perform a certain number of transactions per month, and some accounts support unlimited transactions. However, most business bank accounts come with a monthly fee attached, plus additional fees for every transaction above your monthly limit.

Business savings account

A business savings account is designed to help you grow your business’ bank balance by paying interest on every dollar in your account. Some banks offer a flat savings rate no matter how much money is in your account, but others offer tiered interest rates — the more money in your account, the better the rate you’ll get.

The best business savings accounts in Canada won’t charge any monthly fees that can eat away at your savings. However, because they’re not designed for day-to-day spending, there may be fees for performing certain transactions, so check the fine print closely.

Can I use a personal bank account for business?

You can use a personal bank account for business if you’re a sole proprietor, but there are plenty of reasons why you shouldn’t. Those reasons all boil down to the fact that keeping your personal and business finances separate just makes things so much easier.

It’s easier to ensure that personal and business payments and expenses don’t get mixed up. It’s easier to keep track of your tax obligations and manage your business accounting.

It’s also just a safer way of doing business — for example, you wouldn’t want to give an employee access to your personal account to make business purchases, so a business bank account is a more professional solution.

How to choose the right business bank account for your needs

A 2023 CFIB report showed that 1 in 10 business owners in Canada switched banks at least once between 2019 and 2022. The biggest reasons causing business owners to switch banks were customer service, access to business financing and banking fees.

That’s why comparing your business banking options is so important — ensure that making the switch will be worth it.

Consider the following factors when comparing accounts to help you find the best business bank account in Canada.

  • Fees

While some financial institutions offer a free business bank account in Canada, most accounts come with a monthly fee. Check the fee that applies to the account. Is the fee waived or reduced if you keep your balance above a minimum threshold?

Next, read the fine print to find out about any other fees the account has. These can include:

  • Additional transaction fees when you exceed your monthly transaction limit
  • Cash deposit fees
  • Branch transaction fees
  • Cheque deposit fees
  • ATM withdrawal fees
  • Interac e-Transfer fees
  • International transaction fees
  • Monthly transactions

Some business bank accounts support an unlimited number of transactions per month. Others place a limit on the number of monthly transactions you can perform without incurring any fees, so make sure the account has a high enough limit to suit your banking needs.

  • Availability and ATM access

If you like doing business banking face-to-face, choose a bank with a large branch network and easily accessible locations near you. If you decide to go with an online-only bank, check how you can access customer support (phone, email, live chat) and during what hours.

You’ll also need to consider the size of the bank’s ATM network, as using an ATM from another bank’s ATM network will usually incur fees.

  • Interest rates

If you’re searching for the best business savings account in Canada, check the interest rate that will apply to your savings balance. Many accounts offer tiered interest rates — the bigger your balance, the higher the interest rate you will get.

  • Insurance

For peace of mind, make sure you only open a business bank account with a financial institution that is a member of the Canadian Deposit Insurance Corporation. This means that deposits of up to $100,000 will be insured if the bank goes broke.

  • Promotions and Perks

Many banks offer accounts as part of business banking packages, so check to see what other perks and rewards you may be able to access. For example, an account might also come with access to a business credit card with a discounted annual fee, access to a free safety deposit box, or a business savings account. Just make sure you check the fine print for the full details of any special offers before signing up.

Fintech and credit union alternatives

For many business owners, your first port of call when searching for a business bank account will be a major bank. But your search shouldn’t end there. There’s plenty of value to be found at alternative providers that offer business bank accounts and money management tools. Options include:

  • Smaller banks. It isn’t just major banks that offer business bank accounts in Canada. You’ll also find accounts from a wide range of smaller banks and online-only banks, such as high-interest savings accounts from Manulife Bank, or a high-interest savings account or business chequing account from ICICI Bank Canada. If you choose a digital bank, the lack of branches means you’ll need to make sure that most of your business transactions are completed electronically.
  • Credit unions. A wide range of credit unions offer business banking products and make it easy to manage your money via online and mobile banking. For example, Alterna offers a selection of business chequing accounts, while Coast Capital offers sole proprietorship, general partnership and corporation accounts.
  • Money management apps. Canadian fintechs also offer a range of money management apps, payment systems, technology solutions and savings accounts for businesses. Options to consider include WealthSimple, KOHO and Neo Financial.

How to open a business bank account in Canada

OK, so you’ve found the best business bank account in Canada and you’re ready to open an account. It’s easy to apply online or by visiting a branch, but the process is a little more involved than opening a personal bank account.

What documents are required to open a business bank account?

The exact documents you’ll need to provide vary depending on two factors:

  • The bank you choose
  • The structure of your business

From a general point of view, you’ll need to provide:

  • Proof of ID
  • Your name, address, contact details and SIN

The documentation required after that varies depending on your business structure.

Sole proprietor

If you run a sole proprietorship, you will need to provide your trade name registration certificate or a copy of your master business licence. If you’ve been in business for more than a year, the bank may request additional information, such as your latest business notice of assessment.

Partnership

If you’re running a partnership, you will typically need to provide:

  • A registered declaration of partnership or partnership agreement
  • Your trade name registration certificate
  • Photo ID for all partners

Corporation

Corporations may be asked to provide:

  • Articles of incorporation/association
  • Trade name registration
  • Photo ID for authorized signatories
  • If your company is more than 12 months old, you may also be required to provide extra documentation such as your latest business notice of assessment, latest financial statements or certificate of compliance

FAQs about the best business accounts in Canada

Business banking scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into 19 different data points for 45 business accounts from banks and other financial institutions.

To find out more, read our full business banking methodology.

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To make sure you get accurate and helpful information, this guide has been edited by Romana King and reviewed by Sean Cooper, a member of Finder's Editorial Review Board.
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Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

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