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 in 2025
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Best business bank account for small/medium businesses in Canada:
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
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 2.65% 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 2.65% 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
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
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.
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 Venn 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 Venn credit card.
Save with a GIC. Open a GIC and earn up to 5.25% on your money.
No monthly account fee. With the Venn 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
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
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
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 Conversion Fee
Varies
Accounting Software Integration
Quickbooks, Sage, Xero
Runner-up for high volume transactions/corporations: Scotiabank Select Account for Business Unlimited
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 Conversion Fee
Varies
Accounting Software Integration
Quickbooks, Sage, Xero
Best business bank account for U.S banking: Jeeves
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 Conversion Fee
From 0.20%
Accounting Software Integration
Quickbooks, Xero
Runner-up for U.S banking: Innovation Federal Credit Union No-Fee USD Business Account
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
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 Conversion Fee
0.5% - 1%
Accounting Software Integration
Quickbooks, Xero + more
Runner-up for doing business internationally: Wise Business Account
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.
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
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 Conversion Fee
Varies
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 15.
We ranked accounts based on 19 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, included deposits, wire transfer fees, NSF fees, overdraft fees)
Perks: 20% (number of currencies you can bank in, interest rates, signup bonuses, other tailored rewards)
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 no or low fees.
What 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.
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.
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 shortage of working capital are the top three constraints on business growth in April 2025.
CFIB also found that 70% of small businesses in Canada have felt a negative impact from US tariffs, with 24% siting a strong negative impact on their businesses from the tariffs.
At the start of the year, 78% of Canadian businesses said in the January 2025 CFIB Your Voice Omnibus Survey that their top priorities for the government in 2025 is to reduce the overall tax burden on businesses and address the cost of doing business.
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.
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
While requirements vary between banks and depending on the structure of your business, you will need the following to open a business bank account:
Your name, contact details and SIN
Proof of ID
Business registration papers
Most banks allow you to apply online, but in some cases, you may need to visit a branch to complete the application process. You'll need to provide personal information and business details, plus upload proof of ID. Additional documentation may also be required depending on whether you're opening an account as a sole proprietorship, partnership or corporation.
If you're wondering whether you need a small business bank account, there are lots of reasons why opening a business bank account makes sense. While it may be possible to manage your small business finances from a personal bank account, it's a good idea to search for the best small business bank account in Canada. Business bank accounts often support more monthly transactions than personal accounts, and opening a business account allows you to keep your business transactions separate from your personal spending.
A business account is not necessarily mandatory in Canada. If you're a sole proprietor, it may not be mandatory for you to open a business bank account. However, there are several reasons why it's a good idea to open a business bank account. Keeping your business finances separate from your personal finances makes it easier to track business spending and manage cash flow, and it also helps your business look more professional to clients and suppliers.
The best business bank account in Canada varies depending on your needs. First, you'll need to decide whether you want a chequing or savings account. You'll then need to consider which features are most important for your business, such as how many transactions you need to make per month, how large the bank's branch/ATM network is, and how much you'll pay in monthly fees. Once you know exactly what you need, you'll be able to compare a range of options and find the best business bank account in Canada.
The best Canadian bank for small businesses varies depending on what banking services you need. For example, if you want a bank with branches and ATMs conveniently located close to you, the right bank for you may be different to the right bank for a small business owner who wants a business chequing account with low fees.
However, if you're a small business looking for a low-volume chequing account, we recommend checking out the BMO Business Builder 1 account.
Yes, a bank can refuse to open a business account in Canada. If you don't meet the bank's eligibility requirements, or if the bank believes you will be using the account to carry out illegal activities, your application will be refused.
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
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
A business savings account is a good alternative for business owners not interested in aggressively investing excess business funds.
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