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, low FX fees, US dollar accounts, 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 11 best business bank accounts in Canada so you can easily compare business banking options, and show you how to find the right business bank account for your needs.
| Banking institution | Account | Account fee | Transactions | Open account |
|---|---|---|---|---|
| RBC | RBC Digital Choice Business Account | $6/month | unlimited electronic debits/credits, plus unlimited Moneris & electronic cheque deposits | |
| BMO | BMO Essential Business Account | $5/month | unlimited electronic and Moneris transactions plus 6 free Interac e-Transfers per month | |
| Scotiabank | Scotiabank Select Account for Business Plan B | $40/month | 70 |
| Banking institution | Account | Account fee | Transactions | Open account |
|---|---|---|---|---|
| Airwallex | Airwallex Business Account | $0/month | free Local Transfers to 120+ countries | |
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| Loop | Loop Global Business Banking Account | $0/month | unlimited ACH, EFT, SEPA transfers and free wire transfers | |
| Wise | Wise Business | $0/month | free domestic transfers in local CAD currency | |
| Float | Float Financial Essential Business Account | $0/month | fee-free inbound payments via wire, EFT and ACH | |
| Jeeves | Jeeves Business Account | $0/month | unlimited free wire transfers | |
| Venn | Venn Business Banking Account | $0/month | free Interac e-Transfers and $2 local transfers (EFT, ACH, SEPA) | |
| Banking institution | Account | Account fee | Transactions | Open account |
|---|---|---|---|---|
| CIBC | CIBC Not-for-Profit Operating Account | $4/month | 30 | |
| BMO | BMO Community Account | $2.50/month | 20 |
To determine this best list, Finder Canada analyzed 45+ business bank accounts across 21 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 45.
We ranked accounts based on 18 data points within four major categories. Here’s how we ranked and weighted each product:
No single business bank account will be the best choice for everyone, so thoroughly compare your options before picking your new account.
What is the best bank to open a business account with?Our top pick for the best bank for best bank to open a business account with in Canada is BMO, specifically its BMO Essential Business Account, because it offers a wide range of Big Bank business banking perks with a relatively low monthly fee.
In keeping with traditional banks, RBC and Scotiabank are the next two best banks to open a business account with, with the RBC Digital Choice Business Account and Scotiabank Select Account for Business (Plan B), respectively, both offering features that can support modern businesses as they grow.
All that said, if you’re a small business owner looking for the best business account, it’s definitely worth looking beyond the traditional Canadian Big Banks.
In recent years, the Canadian market has seen a surge of fintechs (like Float, Airwallex, Wise and Lopp) offering business banking platforms that do more than hold your cash—they often also offer payroll management solutions, corporate cards, cross-border transactions, multicurrency accounts and are designed to integrate seamlessly with business software like QuickBooks and Xero.
The Float Financial Essential Business Account scored the highest in our methodology, making it the overall best small business banking account in Canada. Float is a comprehensive business financial platform, offering corporate cards, bill payments, expense management and up to 4% interest to help your business grow. And it offers all of this for a $0 monthly fee.
That said, the best business bank account for your business will depend on your business structure.
If you’re comfortable managing your small business banking online, consider Float. But if you need access to cash deposits and paper transactions, you should consider traditional business banking options with a brick-and-mortar bank.
Out of the Big Five Banks we analyzed, the cheapest business spending account in Canada is either the BMO Essential Business Account ($5/month) or the RBC Digital Choice Business Account ($6/month).
Looking beyond traditional banks, EQ Bank is the cheapest business bank account. The EQ Bank Business Account comes with $0 monthly fee, pays interest on your balance and gives you access to sending 50 free e-Transfers per month and receiving up to 100 free e-Transfers per month, along with EQ Bank’s well-established online banking platform.
Alternatively, digital business account providers, like Airwallex, Loop and Float, 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 company’s finances entirely online.
If you’re running a Canadian private corporation or CRA-registered charity, then the Wealthsimple Business Account is a good free business banking option. It has no monthly fee and pays interest on your account balance. Just keep in mind that the Wealthsimple Business Account does not currently support sole proprietorships or partnerships.
While there are many reasons why you would use a business bank account in Canada, the main reason people choose to open a business account is to keep their personal and professional finances separate so they can more easily manage their company’s finances and, in some cases, comply with federal regulations.
Because business bank accounts are designed specifically for businesses, they offer many different features that you won’t find with a personal account. For example, business bank accounts help you manage all your day-to-day business banking, like paying staff and contractors and keeping track of your revenue and expenses.
Plus, businesses in Canada that are incorporated are actually legally required to separate their business finances from the personal finances of the company’s shareholders, directors and owners to comply with CRA tax obligations and to maintain corporate veil protection.
But even if it may not be essential for your business to have a separate business bank account, there are several reasons why it’s a good idea.
"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."
What are the biggest factors facing Canadian businesses?The most recent CFIB Monthly Business Barometer survey cited that fuel costs, tax and regulatory constraints, and insurance costs are the top three constraints on business growth in July 2026.
The June 2026 CFIB Your Voice Omnibus Survey also found that SMEs were highly focused on managing pressure around costs and economic uncertainty, with the majority of businesses projecting moderate growth or pursuing maintaining current operations over the next two years.
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.
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.
A business bank account (sometimes called a chequing or transaction 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.
A business savings account is designed to help you grow your business’s 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.
If you do a lot of business internationally, in the US or elsewhere, it can be worth signing up for a foreign currency business account, like Loop or Venn. This type of business account usually comes with no monthly fee and low currency conversion fees.
These accounts also often offer free virtual cards and local bank account details so you can quickly and easily transfer and accept deposits in multiple currencies.
So, if you do business outside of Canada, getting an international business account can not only save you money in fees, but can also save time on long money transfers and funds hold times.
Some banks in Canada offer specialized accounts for nonprofit businesses. These accounts typically come with lower fees than standard business accounts, and sometimes offer features to help NGOs accept and track donations.
These accounts are ideal for not-for-profit businesses that want to work with a traditional brick-and-mortar bank. That said, you can typically get many advanced business banking features with other low- or no-fee account options, so compare your options before signing up for a specialized nonprofit account.
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.
Since no two businesses are the same, no business account will be one-size-fits-all. To choose the best business bank account for your business, and to ensure that the account has the features you’ll need as your business grows, consider the following factors when comparing business bank accounts in Canada.
While some financial institutions offer free business accounts, most business bank accounts in Canada come with a monthly fee. But you may be able to waive or reduce the monthly account fee if you keep your balance above a minimum threshold.
Beyond the monthly fee, business accounts can come with many other fees you’ll need to consider before signing up, including:
Keep in mind that while it’s important to make sure your business account covers a wide range of possible transactions, carefully analyze your business needs to make sure you’re not overpaying for business banking services you’re not using on a regular basis.
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.
If your business requires a high volume of banking transactions, you’ll need an account that offers high transaction limits. Most business bank accounts come with a limited amount of free deposits of cash, coins and cheques, for example, and you’ll have to pay a fee per deposit beyond those limits.
Business accounts also typically impose a limit on the number of free outgoing Interac e-Transfers, so if your business requires frequent e-Transfers, make sure to choose an account with a high free transfer threshold.
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 or a bank that offers web-based business banking, 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.
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.
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.
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.
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:
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.
The exact documents you’ll need to provide vary depending on two factors:
From a general point of view, you’ll need to provide:
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:
Corporation
Corporations may be asked to provide:
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
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