Best business bank accounts in Canada in September 2023
Whether you want low fees or unlimited transactions, here's how to find the best business bank account in Canada.
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 or maybe a large branch and ATM network.
In this guide, we’ll show you the 13 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, by feature in September 2023
- Best savings account for a business in Canada: Tangerine Business Savings Account
- Best premium (unlimited) business bank account in Canada: CIBC Unlimited Business Operating Account
- Best basic business bank account in Canada: TD Basic Business Plan
- Best free business bank account in Canada: BMO eBusiness Plan
- Best online bank business account in Canada: Tangerine Business Savings Account
- Best mobile business bank account in Canada: RBC Digital Choice Business Account
- Best US dollar business bank account in Canada: Tangerine Business US Dollar Savings Account
- Best multi-currency business account in Canada: Wise Business Account
- Best business account in Canada for start-ups: RBC Flex Choice Business Account
- Best low-volume business bank account in Canada: BMO Business Builder 1
- Best high-volume business bank account in Canada: RBC Ultimate Business Account
- Best business account for eCommerce businesses: Loop
Best savings account for business in Canada: Tangerine Business Savings Account
If you’re searching for an account to help boost your business’ bottom line, we recommend checking out the Tangerine Business Savings Account. With tiered interest rates ranging from 2.65% to 3.25% available, your bank balance will grow without you having to lift a finger. There’s no minimum balance requirement to worry about either, and no monthly fees that’ll eat into your savings. Simply link the Tangerine Business Savings Account to your business chequing account, then use it to set cash aside for future expansion or just a rainy day.
Best premium (unlimited) business bank account in Canada: CIBC Unlimited Business Operating Account
If you need a business bank account that lets you perform lots of transactions, the CIBC Unlimited Business Operating Account has got you covered. This account supports unlimited monthly transactions, including Interac e-Transfers, deposits, withdrawals, bill payments and more. You can also deposit up to $15,000 cash, $1,000 in coins and 100 cheques each month, leaving you free to focus on running your business. There’s a $65 monthly fee attached to the account, but the fee is waived if you maintain a balance of $45,000 or more. And with extra perks such as the ability to send fee-free international transfers to over 120 countries, there are lots of reasons why the CIBC Unlimited Business Operating Account could be the best choice for your business.
Best basic business bank account in Canada: TD Basic Business Plan
If you’re just looking for a no-frills account to manage your essential business banking needs, the TD Basic Business Plan is a good fit. The key figure you need to remember with this simple account is five — it supports 5 transactions per month, five deposits per month (excluding cash deposits) and comes with a $5 monthly fee. It’s a straightforward solution for businesses with minimal banking requirements, and handy features like mobile cheque deposits help make this account the best basic business bank account in Canada.
Best free business bank account in Canada: BMO eBusiness Plan
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. You’re entitled to unlimited Moneris and electronic transactions, including Interac e-Transfers, making it easy to manage all your online payments. So if you’re looking for a free business bank account, the BMO eBusiness Plan is definitely worth a closer look.
Best online bank business account in Canada: Tangerine Business Savings Account
Next on our list of the best business bank accounts in Canada is the Tangerine Business Savings Account. As a digital bank, Tangerine specialises in making it easy to manage your money online. The online application process is quick and easy, and its internet banking portal and mobile banking app are as user-friendly as they come. Throw in a competitive tiered interest rate — 2.65% on balances less than $100,000, 2.75% on balances $100,000 to $499,999.99, and 3.25% on balances $500,000 and above — along with a large ABM network and no monthly fees, and it’s easy to see why this account has a lot to offer for Canadian businesses.
Best mobile business bank account in Canada: RBC Digital Choice Business Account
If you manage most of your business banking via your smartphone, we think the RBC Digital Choice Business Account is the best business bank account in Canada. 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. For a $5 monthly fee the Digital Choice account supports unlimited electronic transactions and 10 Interac e-Transfers per month, with unlimited mobile and ATM cheque deposits also included. So if you’re comfortable managing your business finances digitally, this might just be the best business bank account in Canada for you.
Best US dollar business bank account in Canada: Tangerine Business US Dollar Savings Account
If you commonly transact in US dollars and you want to build your business bank balance, there are lots of reasons why you should check out the Tangerine Business US Dollar Savings Account. With an interest rate of 1.6%, your money will work hard for you in this account, and there’s no monthly fee to chip away at your hard-earned balance. There’s also no minimum balance requirement you need to meet, and it’s quick and easy to open an account online. Just link it to a US dollar business chequing account at another bank and away you go.
Best multi-currency business bank account in Canada: 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. And that’s where a Wise Business Account has so much to offer. It lets you pay staff and suppliers in over 70 countries around the world, and you get the mid-market exchange rate when you send money overseas. You can also hold funds in 10 different currencies, including CAD, USD, GBP and EUR. It’s also easy to integrate your account with accounting platforms like QuickBooks, while features like batch payments ensure that this is a well-rounded account for global businesses.
Best business bank account in Canada for start-ups: RBC Flex Choice Business Account
Flexibility is a key requirement for start-up businesses, and that’s something the RBC Flex Choice Business Account offers in spades. 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. With a monthly fee of $6, this account is designed for businesses that have 5 to 75 paper transactions per month. The account also entitles you to a 40% fee discount on transactions made through RBC Online Banking, the RBC Mobile app and RBC ATMs, while you also get preferred pricing when you make a deposit at an RBC ATM or through the Night and Day Deposit Service. And with the flexibility to perform transactions online or in-branch, the RBC Flex Choice Business Account is worth a closer look for your start-up.
Best low-volume business bank account in Canada: BMO Business Builder 1
If your monthly business banking needs are limited, the BMO Business Builder 1 account is the best low-volume business bank account in Canada. This account supports 35 transactions per month, including two Interac e-Transfers and unlimited Moneris transactions. You’ll need to pay a $22.50 monthly fee, but there’s no minimum balance requirement to worry about. The package also includes 25 items deposited per month and $2,500 in cash deposits, while BMO Online Banking for Business makes it easy to manage your funds. Add the BMO Business Builder 1 to your shortlist of account options if you’re looking for the best small business bank account in Canada.
Best high-volume business bank account in Canada: RBC Ultimate Business Account
Does your business perform lots of transactions each and every day? The RBC Ultimate Business Account is the business bank account for you. This all-inclusive package includes unlimited electronic debit, credit and e-Transfer transactions, not to mention the convenience of 100 paper transactions per month. Unlimited electronic cheque and Moneris deposits are included too, plus up to $25,000 free cash deposits per month. There is a monthly fee of $100, but this is waived if your balance is $75,000 or higher. And with the ability to easily manage your money via RBC Online Banking for business and the RBC Mobile app, the RBC Ultimate Business Account is the best business bank account in Canada for those with high transaction needs.
Best business bank for e-commerce businesses: Loop
Running an e-commerce business not only means learning how to distribute and market across borders, it also means finding a cross-border business banking platform. At one point, Canadian e-commerce business owners had only one option, PayPal, but that’s changed in the last few years. Now, there are a number of fintech apps that offer seamless cross-border banking products and one of the best options for Canadian entrepreneurs is Loop. As a single platform, Loop offers one 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. The best part is that Loop USD accounts are no-fee business bank accounts that let you save FX fees, reduce funding transit times and allows you top pay suppliers worldwide. The best part is that you can start using Loop to meet your business banking needs and, over time as you establish your business profile, you gain access to long-term credit (either in Canadian or US funds) based on business performance.
Why you should 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.
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. Finally, 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.
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. And 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.
Types of online 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 bank account vs business savings account
A business bank account or chequing 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’ 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.
How to choose the right business bank account for your needs
Consider the following factors when comparing accounts to help you find the best business bank account in Canada.
While some financial institutions offer a free business bank account in Canada, most accounts come with a monthly fee. Check the fee that applies to the account. Is the fee waived or reduced if you keep your balance above a minimum threshold?
Next, read the fine print to find out about any other fees the account has. These can include:
- Additional transaction fees when you exceed your monthly transaction limit
- Cash deposit fees
- Branch transaction fees
- Cheque deposit fees
- ATM withdrawal fees
- Interac e-Transfer fees
- International transaction fees
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, so make sure the account has a high enough limit to suit your banking needs.
Availability and ATM access
If you like doing your 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, 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.
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 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.
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.
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
Corporations may be asked to provide:
- Articles of incorporation/association
- Trade name registration
- Photo ID for authorised 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
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