Best business chequing accounts

A business chequing account is a vital tool to help you run your business. It lets you manage all your everyday business banking needs, from paying bills to depositing cash and cheques and makes it easy to keep track of your business spending.

But which is the best account for your business? To help you decide, we’ve put together this guide to the best business chequing accounts in Canada with options to suit businesses of all shapes and sizes.

Best business chequing accounts in Canada

• Best business chequing account for doing business internationally: Airwallex Business Account
• Best chequing account for small/medium businesses: RBC Digital Choice Business Account
• Best business chequing account with no fees: Loop Global Business Banking Account
• Best business chequing account for eCommerce businesses: RBC Flex Choice Business Account
• Best chequing account for small/medium businesses from a Big Bank: Scotiabank Select Account for Business Plan B
• Best business chequing account for online businesses: BMO Essential Business Account

• Methodology: How we selected the best business chequing accounts in Canada

  To determine this best list, Finder Canada analyzed 45+ business chequing accounts across 20+ financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 10 by only listing accounts that are available in all Canadian provinces.

  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 chequing account will be the best choice for everyone, so thoroughly compare your options before picking your new account.

Summary of the best business chequing accounts

Account	Best for	Monthly fee	Key features
Airwallex Business Account	International businesses with multi-currency needs	$0	Over 20 currencies supported No monthly fee All-digital convenience
RBC Digital Choice Business Account	Small businesses with low transaction volumes	$6	unlimited electronic debits/credits, plus unlimited Moneris & electronic cheque deposits debit/credit transactions Unlimited cheque deposits Multicurrency support
Scotiabank Select Account for Business Plan B	Small to medium businesses	$40	$8,000 free cash deposit limit Up to 20 free Interac e-transfers 70 free transactions
Loop Global Business Banking Account	Online businesses with international transactions	$0	No monthly fee Multicurrency accounts Competitive FX rates
RBC Flex Choice Business Account	Startups with minimal transactions	$7	Pay only for used transactions Unlimited Moneris deposits 40% discount on transaction fees
BMO Essential Business Account	Small businesses and startups	$5	Unlimited Moneris transactions No minimum balance requirement Low monthly fee

What is a business chequing account?

A business chequing account functions the same way as a personal chequing account. The key difference is that the account is held in your business name and is used for all your day-to-day business banking.

Most business chequing accounts in Canada come with a monthly fee and support a certain number of transactions per month—the higher the fee, the more supported transactions. Your account will also come with a linked debit card for in-store purchases and ATM withdrawals, along with the ability to write cheques.

You can use your business bank account to:

• Send payments to employees and suppliers.
• Accept payments from customers, including electronic, cash and cheque deposits.
• Pay for purchases online and in-store.
• Track your income and expenses for tax purposes.

What are the benefits of a business chequing account?

A chequing account provides a host of useful benefits for business owners. These include:

• Keep track of your spending. A business chequing account makes it easy to monitor your business cash flow. You can monitor your income, track expenses and use budgeting tools to improve your bottom line.
• Keeps business and personal finances separate. While a business bank account isn’t legally required for all businesses, it’s important to prevent your business and personal transactions from getting mixed up. This makes it a whole lot easier to stay on top of your business finances.
• Manage tax obligations. Business chequing accounts also simplify your bookkeeping requirements, making it much simpler to meet your tax and reporting obligations at the end of the financial year. You can also link your business account to accounting software to ensure that you don’t miss any expense deductions.
• Builds credit history. Opening a business bank account and using it to send and receive payments helps establish your business’ credit history. A better credit score will improve your chances of qualifying for business loans, lines of credit and credit cards in the future.
• CDIC protection. If you open an account with a financial institution that’s a member of the Canada Deposit Insurance Corporation, you’ll receive up to $100,000 worth of coverage in the unlikely event that your bank fails.
• Adds credibility. Opening a business bank account is also a simple way to boost the credibility of your business. No matter whether you’re dealing with customers, suppliers or staff, using a business chequing account will help your business appear more professional.

How to choose the best business chequing account

The best business bank account for your business depends on your banking needs. Here are some steps you can follow to choose the best chequing account for your business:

1. Evaluate your banking needs

Start by asking yourself a few key questions to determine what you need from your business account:

• How many business transactions do I make per month?
• Can all of my business banking be done online?
• Will I regularly need to make cash or cheque deposits?
• How many people will have access to the account, and do they each need their own debit card?

2. Consider the monthly fee

Once you’ve decided exactly what you need in an account, it’s time to start comparing your options. The first factor to consider when searching for the right account is the monthly fee. This could be around $5 to $10 on a basic account or up to $100 or more on an unlimited-transaction account. Some banks will also waive the monthly fee if you keep your balance above a minimum level. If you want to save money, consider these fee-free business accounts.

3. Check supported transactions

Check how many transactions are included in the monthly fee. Some offer unlimited transactions, but other accounts will place restrictions on the number of transactions you can make per month, including limits on cash deposits and in-branch transactions. Exceeding your account limit will lead to extra transaction fees.

4. Review other fees

Read the fine print for details of any other fees to watch out for, such as excess transaction fees, ATM withdrawal fees and in-branch transaction fees.

5. Verify debit card options

Your business chequing account will come with a linked debit card for easy access to your funds. Check if you can issue additional cards for other team members that need access to the account and if this will incur any fees.

6. Assess the branch and ATM network

If you prefer going to a physical location to take care of your banking needs, check if there’s a convenient branch you can access nearby. The same goes for ATMs—is there a large ATM network so you can enjoy fee-free ATM withdrawals?

7. Consider international payments

If you regularly need to send payments to suppliers or employees overseas, check what exchange rates and fees apply to international payments. You may want to consider a multi-currency business account that lets you receive, hold, send and spend funds in CAD as well as several other currencies.

8. Check for CDIC coverage

If your bank is a member of the Canadian Deposit Insurance Corporation, up to $100,000 of your business funds will be insured if the bank goes bust. From our list, only RBC and Scotiabank are CDIC-insured.

9. Explore discounts and rewards

Finally, you might be able to access discounts on other products from the same bank, such as a waived annual fee on a business credit card. Some accounts also offer cash back on spending and other rewards.

Dive deeper: Compare free business bank accounts

How to open a business chequing account

Make sure you prepare all the necessary paperwork in advance to ensure a stress-free application process.

Required information

The documents you need to provide to open an account vary depending on the bank you choose and the structure of your business. As a general guide, in addition to proof of ID, you’ll typically be required to provide the following:

• Sole proprietorship. You may be asked to provide your trade name registration certificate or a copy of your master business licence.
• Partnership. You’ll typically need to provide a registered declaration of partnership or partnership agreement and your trade name registration certificate.
• Corporation. You’ll typically need to provide articles of incorporation/association, your trade name registration, your latest business notice of assessment, the business’ latest financial statements and more.

Check with your bank for a list of required documents before you apply.

Steps to open a business chequing account

If you’re ready to open your business chequing account, follow these steps:

1. Choose an account. Consider our curated list above to find the best business banking account for your needs.
2. Sign up. Once you’ve chosen the right account, you can sign up either online or by visiting your local bank branch (if one is available). You’ll need to provide personal information for all account owners, your contact details, the business name and your Canada Revenue Agency registration number.
3. Provide business documentation. To verify your business identity, you need to provide additional documentation, such as personal identification, proof of your business address and business registration documents.
4. Verify your identity and business details. Not all financial institutions offer a completely online account-opening process. In some cases, you may need to visit a branch to verify your identity and activate your account.
5. Start using the account. Once approved, you can begin using your business chequing account. You may receive a debit card by mail within the next few days or weeks. Until then, you can transfer funds into the account and link it to your business payment systems.

FAQs about business chequing accounts

• What's the difference between a business chequing account and a business savings account?

  A chequing account is designed to be used for your day-to-day business banking needs. It provides easy access to funds, so you can do things like pay staff and suppliers, receive payments from customers and purchase inventory.

  What a chequing account doesn't do is pay interest on the funds in your account, but that's where a business savings account comes in. Savings accounts let you earn interest on unused business funds, providing a boost to your bottom line and ensuring that your money is put to work.

• Can I get a business chequing account with unlimited transactions?

  Yes. If your business needs to perform frequent transactions, most banks offer a business bank account that supports unlimited monthly transactions. However, these accounts typically come with a high monthly fee of $60 or more, but this fee may be waived if you keep your balance above a minimum level.

• Can I get a business bank account with no monthly fee?

  Yes. Most no-fee business accounts come from online providers like Wise, Loop and Venn. Of the "Big Six" banks, BMO offers the eBusiness Plan, which supports unlimited electronic and Moneris transactions for no monthly fee. Check out our guide to free business bank accounts for more information.

• Can you open a business chequing account online?

  Some banks, like RBC, allow you to start the application for a business chequing account online, while others allow you to complete the entire application process online. Some banks, such as Airwallex, don't even have physical branches, so you can only open a business chequing account online.