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 14 best business bank accounts in Canada, and show you how to find the right business bank account for your needs.
14 Best business bank accounts in Canada for 2026
Best bank to open a business account with: | ||
| RBC Digital Choice Business Account | ||
| BMO eBusiness Plan | ||
| Scotiabank Select Account for Business Plan B | ||
Best small business banking with a fintech: | ||
| Airwallex Business Account | ||
| Loop Global Business Banking Account | ||
| Float Financial Essential Business Account | ||
Best account for doing international business: | ||
| Wise Business Account | ||
| Jeeves Business Account | ||
| Venn Business Banking Account | ||
Best savings accounts for business: | ||
| Scotiabank Right Size Savings for Business | ||
| BMO Business Premium Rate Savings Account | ||
| Meridian Business Advantage Plus Savings Account | ||
Best nonprofit bank account in Canada: | ||
| CIBC Not-for-Profit Operating Account | ||
| BMO Community Account | ||
Methodology: How we picked the best business bank accounts in Canada
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:
- Fees: 40% (monthly fee, ability to waive monthly fee (if necessary), transaction fees, included deposits, Interac e-Transfers)
- Perks: 30% (number of currencies you can bank in, interest rates, other tailored rewards, accounting software integration, virtual card availability, expense management solutions)
- Banking Access: 15% (in-branch banking, online banking access, ATM network access, national availability)
- Customer Experience: 15% (live chat availability, apple app ratings, google app ratings)
No single business bank account will be the best choice for everyone, so thoroughly compare your options before picking your new account.
Key takeaways
- Choosing the best business bank account depends on factors like transaction volume, FX fees and in-person vs digital service.
- The four main types of business accounts in Canada are: Transaction accounts, savings accounts, US dollar or foreign currency accounts and nonprofit accounts.
- Business bank accounts often charge fees per transaction, while digital business accounts from fintechs tend to come with low or no fees.
What is the best bank for a small business in Canada?
Our top picks for the best banks for small businesses in Canada are RBC, BMO and Scotiabank, with the RBC Digital Choice Business Account, BMO eBusiness Plan and Scotiabank Select Account for Business (Plan B) coming out as the best business account options from each bank.
According to the most recent J.D. Power Canada Small Business Banking Satisfaction Study for Canada’s largest banks in 2025, RBC ranked highest in small business banking customer satisfaction, followed by BMO in second.
A CFIB report from a few years ago also 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 compared to the previous year, with 54% of respondents citing inflation as an economic concern. 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 overall best small business banking account in Canada?
The Float Financial Essential Business Account scored the highest in our methodology, making it the overall best small business banking account in Canada. 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.
What is the cheapest business bank account in Canada?
Out of the Big Five Banks we analyzed, the cheapest business spending 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, 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 finances entirely online.
Dive deeper: Explore the best free business accounts in Canada
Does 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.
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."
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. 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.
What are the biggest factors facing Canadian businesses?
The most recent CFIB Monthly Business Barometer survey cited that insufficient demand, shortage of skilled labour and limited physical space are the top three constraints on business growth in November 2025.
CFIB also found that the current state of business health has been continuing its track record since 2024 of being at or be below its historical average of the past decade.
The October 2025 CFIB Your Voice Omnibus Survey also found that 1 in 2 Canadian small businesses do not recommend starting a business right now, citing rising expenses and economic volatility as the some of the biggest factors dampening entrepreneurial confidence.
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 business 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 transaction account
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.
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.
US dollar or foreign currency accounts
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.
Nonprofit business bank accounts
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 banks. 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.
How to choose the right business bank account for your needs
A 2023 CFIB report showed that 10% of 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 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:
- Transaction fees when you exceed your monthly transaction limit
- Cash deposit fees
- In-branch transaction fees
- Cheque deposit fees
- Paper transaction fees over your limit
- ATM withdrawal fees
- Interac e-Transfer fees
- International transaction fees
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.
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.
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.
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 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.
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 business banking 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
Sources
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