Business bank accounts let you manage your day-to-day business spending, but often come with high monthly fees or transactional costs that quickly add up. But a free business bank account lets you manage your company’s day-to-day budget without the hassle of a monthly fee. The good news is that you can find a free business bank account in Canada offered by a variety of financial institutions, including digital banks, fintechs and traditional banks.
But to find the right free business bank account in Canada for your company needs, you need to watch out for limits on transactions and creeping fees.
To help, keep reading our guide to the best free business bank accounts in Canada. Whether you’re looking to open a business chequing account or simply researching the no-fee business bank account options, this guide will walk you through the options and help you find a good fit.
To determine this best list, Finder Canada analyzed 18 business bank accounts across 14 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 5.
We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, wire transfer fees, NSF fees, overdraft fees)
Perks: 20% (Number of currencies you can bank in, interest rates, signup bonuses, other tailored rewards)
Loop offers competitive payment and money management solutions for global businesses. Its multi-currency account lets you send and receive payments in CAD, USD, GBP and EUR, and a Basic plan comes with no monthly fees. This allows you to avoid foreign exchange fees, while you also have the ability to make payments in over 35 currencies. You can also access a multi-currency credit card that lets you spend in CAD, USD, GBP and EUR, and earn 1 Loop point for every dollar spent. Points are then redeemed for gift cards at brands like Amazon and Air Canada.
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%
GIC Available
No
Best free business bank account for international payments: Wise Business
Wise is a well-known name in the world of international moking it easy to get paid in the local currency and avoid FX fees. You can also send payments to over 70 currencies, and you get the mid-marney transfers, and for good reason. With a Wise Business account, you get local bank account details in nine different currencies, maket exchange rate when converting currency. There's a linked debit card too along with the ability to integrate your account with popular accounting software platforms, so Wise Business offers a stress-free way to manage international payments.
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, AUD, HUF, NZD, RON, SGD, TRY
Currency Coversion Fee
0.43%
GIC Available
No
Best free business bank account for multiple currencies: Vault
Vault offers a versatile banking package for small to medium businesses that operate with multiple currencies. It's free to open accounts in four currencies (CAD, USD, GBP, EUR), allowing you to get paid in the local currency where you do business. You also get the mid-market exchange rate on currency exchanges, and you can use your account to send payments to over 200 countries. And with a Vault Mastercard that lets you earn cash back on your business spending also available, there are plenty of good reasons why you should check out what Vault has to offer.
Easy online signup process
Send funds in over 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
0.35%
GIC Available
Yes
Best free business bank account: BMO eBusiness Plan
If you want zero monthly fees and the peace of mind of dealing with a major bank, the BMO eBusiness Plan is well worth a closer look. This free business chequing account is designed to suit small businesses that do all their banking digitally. It supports unlimited Moneris and electronic transactions, and you can use your account to send two Interac e-Transfers per month and accept online payments. The eBusiness Plan also allows you to make cash and cheque deposits, but additional fees apply to these transactions.
Unlimited electronic transactions
No minimum balance requirement
Unlimited transfers between your accounts
Not suitable if you need to make regular cash and cheque deposits
You need to book an appointment to open an account
Monthly Account Fee
$0
Multicurrency Accounts
CAD
GIC Available
Yes
Best free business savings account: Scotiabank Right Size Savings for Business Account
Searching for a free business savings account where you can park unused business funds and watch them grow? There's a lot to like about the Scotiabank Right Size Savings for Business Account. This account offers a tiered interest rate ranging from 3.5% to 4.05%. The lowest rate is paid on balances below $100,000 (but you must have a balance of $10,000 to start earning interest), while you'll need a balance of $1 million or more to access the highest rate. There's no monthly fee, and you can make unlimited free Canadian dollar self-service transfers to and from your other Scotiabank accounts. You can withdraw your funds at any time.
Competitive interest rate
Unlimited free self-service transfers
Withdraw your money at any time
You'll need to deposit at least $10,000 to earn interest
Tiered rate means you may not qualify for the highest advertised rate
Watch out for fees on bill payments and Interac payments
How to find the best free business bank account in Canada
There’s no “one size fits all” best free business chequing account that will suit every business. The right account for your company depends on a few factors, such as how many transactions you anticipate making each month, type of transactions, and how you manage your money.
That’s why the first step to finding the best free business bank account is to realistically decide what your business needs from a financial institution. Do you need many transactions in multiple currencies? Would access to credit be helpful? Or do you just want a no-frills business bank account? To help, here is a list of factors that influence cost and suitability:
No-fee requirements
Some business bank accounts come with no monthly fee. Other accounts charge a monthly fee, but the fee is waived if you keep a minimum account balance in the account. Be sure to check when and if fees are waived and whether it’s realistic to keep money in the account to avoid monthly account fees.
Included transactions
Check to see how many transactions you can perform each month without incurring any additional fees. For instance, there may be limits on the number of e-transfers you can send, the number of cheques you can deposit or the amount of cash you can deposit. Does the business bank account you are considering offer enough monthly transactions to suit the needs of your growing business?
Other fees
Read the fine print to find out if there are any other fees attached to your free business bank account, such as:
Per-transaction fees when you exceed your monthly transaction limit
e-transfer fees
Cash deposit fees
Cheque deposit fees
In-branch transaction fees
Account accessibility
Think about the type of banking transactions your business requires. Do you manage your finances completely online or through mobile banking? Or do you regularly deal in cash and need convenient branch and ATM access? Do you require a business bank account with multiple currency options or an account that offers large or international money transfers?
Knowing how your business will use the business account is key to finding an account with appropriate access.
Interest rate
If you’re opening a business savings account or a hybrid chequing account that pays interest on your balance, compare interest rates between accounts. Remember that some accounts have tiered interest rates — in other words, a higher interest rate for larger balances — so you may not get the highest advertised rate.
Cashback and other rewards
Some business bank accounts allow you to earn reward points or cashback on your spending. Alternatively, signing up for an account might entitle you to discounts on other business banking products, such as a waived annual fee on a business credit card.
CDIC coverage
Make sure the provider you choose is a member of the Canada Deposit Insurance Corporation. This offers peace of mind by ensuring deposits of up to $100,000 are covered if your bank goes under.
Customer support
Finally, make sure you can access customer support, when you need it. Check what days and hours support is available, as well as the tools used to reach a customer support representative. Remember, full-service, traditional banks will usually offer more robust customer service options and hours, but this service comes at a price. Balance out the need for support with the ongoing cost of this banking product.
Business bank accounts that waive monthly fees
Most business bank accounts from major banks come with a monthly fee. But if your balance stays above a certain level each month, that monthly fee will often be waived.
Keeping a sizable balance in your account will not only help you save on fees but also ensure you have cash on hand to cover unexpected expenses. But having so much money just sitting there can also limit the growth of your business, and you may be better off parking at least some of that balance in an interest-earning savings account.
Check out the table below for a list of business bank accounts from the Big Five with waived monthly fees.
$15,000 cash, $1,000 in coins and 100 cheques each month
CIBC Advanced Business Operating Account
$35
$35,000
100 transactions (including Interac e-Transfers)
$5,000 cash, $500 coin deposits and 50 cheque deposits
CIBC Everyday Business Operating Account
$20 for self-service access or $25 for full-service access
$15,000
30 transactions (including Interac e-Transfers)
$3,000 cash, $300 coin deposits and 25 cheque deposits
RBC Ultimate Business Account
$100
$75,000
Get unlimited electronic debits and credits
500 outgoing Interac e-Transfers
100 paper transactions
Unlimited electronic cheque and Moneris deposits
$25,000 cash deposits
Scotiabank Select Account for Business Plan A
$20
$20,000
25 transactions
$6,000 cash deposits, 50 deposit items
50 free deposit items per month
Scotiabank Select Account for Business Plan B
$40
$35,000
70 transactions
$8,000 cash deposits, 60 deposit items
60 free deposit items per month
Scotiabank Select Account for Business Plan C
$75
$45,000
125 transactions
$10,000 cash deposits, 85 deposit items
85 free deposit items per month
Scotiabank Select Account for Business Unlimited
$120
$75,000
Unlimited transactions
$30,000 cash deposits, Unlimited deposit items
Get unlimited free deposit items per month
Scotiabank Basic Business Account
$10.95
$8,000
One free transaction for every $1,500 in the account
Available in CAD and USD accounts
TD Everyday Business Plan A
$19
$20,000
20 transactions
2 Interac e-Transfers
$5,000 cash deposits, 50 deposit items
TD Everyday Business Plan B
$39
$35,000
60 Transactions
2 Interac e-Transfers
$5,000 cash deposits, 50 deposit items
TD Everyday Business Plan C
$72
$45,000
120 transactions
2 Interac e-Transfers
$5,000 cash deposits, 50 deposit items
TD Unlimited Business Plan
$125
$65,000
Unlimited deposit items
Unlimited transactions
Free Interac e-Transfer
$25,000 cash deposits
$10 monthly fee rebate on Business Overdraft Protection
Free business chequing accounts from digital banks vs major banks
So, should you open a fee-free business bank account with a digital bank or stick with a major bank? The answer: it depends on your banking needs.
If you do all of your business banking online, a digital bank or fintech account could be a perfect fit. These accounts commonly have no fees, support unlimited transactions and offer user-friendly online and mobile banking.
What they don’t offer is convenient branch access or a large ATM network, and they also may not accept cheques or cash deposits. So if you need to do lots of in-person banking, you may be better off going with a major bank.
How to open a no-fee business bank account
If you’d like to open a free business bank account in Canada, the application process varies from bank to bank. Some banks and fintechs offer a completely online application, while others will require you to visit a branch or chat with a business banking representative over the phone.
You’ll need to be the age of majority in your province or territory, and your business needs to be registered and operate in Canada. You and anyone else who signs on the account will need to provide:
Your name and date of birth
Your SIN
Your phone number, email address and mailing address
Two pieces of ID (one indicating your name and address and another indicating your name and date of birth)
You’ll also need to provide business documents, but these vary depending on the structure of your business.
Sole proprietors: Business registration or trade name registration.
Partnerships: Partnership registration, partnership agreement, trade name registration or Master Business Licence.
Corporations: Multiple documents may be required, such as articles of incorporation/association, trade name registration, notice of assessment for income tax and certificate of corporate status.
Most free business bank accounts in Canada allow you to manage your day-to-day spending for your business without having to worry about monthly fees. By taking the time to compare products and services while hunting for a low or no-cost business bank account, you will find a financial tool that helps manage your business spending while giving you access to features that can help you grow your business.
FAQs about no-fee business bank accounts
Several business bank accounts in Canada have no monthly fees, including options from digital banks and traditional banks. There are chequing and savings accounts available, while many banks also offer business chequing accounts with waived monthly fees when you meet a minimum balance requirement.
However, even if there's no monthly fee, keep in mind that there may be other account fees for specific transactions. Check the fine print for full details of any fees that apply.
The best business bank account for you depends on your needs. Consider how many transactions you perform each month, whether they're digital or in-person transactions, and whether you want any other perks or rewards. Compare a range of free business bank accounts to find one that suits your needs.
Yes, non-residents can open a bank account in Canada. However, this varies from one bank to the next, so check with your chosen bank to find out if non-residents are eligible to open an account.
Yes. The BMO eBusiness Plan has no monthly fee and supports unlimited Moneris and electronic transactions. The BMO Business Builder 3 and Business Builder 4 accounts also offer waived monthly fees when you satisfy minimum balance requirements.
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.
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