Best Business Bank Accounts Canada For Every Type of Owner

Your choice of business bank account will directly impact your costs, efficiency, compliance, and scalability. Good business bank accounts let you manage cash flow, generate accurate transaction records, integrate with business tools, and build a strong business credit profile at a reasonable price point. To help you choose, we’ve narrowed down the best business bank accounts for businesses of different stages, sizes, and specialties. 

Bank Account	Monthly Maintenance Fee	Minimum Monthly Balance Requirement for Fee Rebate	Monthly Transaction Limit
TD Everyday Business Plan A	$19	$20,000	20
	Verdict: Best for new businesses
BMO eBusiness Plan	$0	N/A	Unlimited electronic transactions
	Verdict: Best for freelancers
ScotiaBank Professional Plus Plan	$38	N/A	110
	Verdict: Best for professionals
RBC Ultimate Business Account	$100	$75,000	Unlimited electronic transactions, 100 paper transactions
	Verdict: Best for incorporated businesses
RBC Digital Choice Business Account	$6	N/A	Unlimited electronic transactions
	Verdict: Best for online-only businesses
CIBC Unlimited Business Operating Account	$65	$65,000	Unlimited
	Verdict: Best for cash-based businesses
Wise Business Account	$0	N/A	Unlimited (transaction fees vary by country)
	Verdict: Best for businesses with international transactions
EQ Bank Business Account	N/A	N/A	50 outgoing Interac e-Transfers, 100 incoming Interac e-Transfers, unlimited bill payments, and unlimited mobile cheque deposits
	Verdict: Highest Interest
Meridian Credit Union Community/Not-for-profit Account	$0.90	N/A	$0.50 or $0.55 (waivable with minimum balance of $1,000)
	Verdict: Best for non-profits

Why Open a Business Bank Account?

Aside from being a legal requirement for corporations in Canada, a business bank account helps create a clear separation between personal and business finances. This simplifies income and expense tracking, enables GST or HST compliance, keeps you audit-ready, and reduces personal liability. Additionally, you need a business bank account to access certain business tools, such as payment processors, payroll services, and merchant accounts.

Business bank accounts also provide additional legal privileges. As a business account holder, you may enter into contracts, process payments, and access financial services under the business’s legal name. You may also accept credit cards and electronic payments, set up payroll, and apply for loans or lines of credit that only registered businesses can obtain. 

Finally, business bank accounts provide official documentation of transactions tied to the business. Courts, regulators, and tax authorities can recognize these records as evidence of the company’s financial activity. This automated record-keeping strengthens your legal and financial standing in disputes or audits.

Factors to Consider When Selecting a Business Bank Account

Before diving into the contenders, we must discuss the different factors to consider when selecting an account. Aligning your choice of account with your business-specific needs, such as budget, transaction volume, payment needs, and long-term goals, helps you reduce costs, support operational efficiency, and build a solid foundation for future growth. 

Type of Financial Institution

One major consideration is the type of financial institution you choose to work with. Your options include national banks, regional banks, credit unions, or digital banking alternatives, each significantly impacting factors like product availability, branch availability, cash deposit support, and customer support personalization.

• National Banks: National banks provide a large network of branches and ATMs that span multiple regions. They typically offer a comprehensive selection of banking products, strong online and mobile tools, and reliable customer support. However, because they operate on such a large scale, fees tend to be higher, and customer support is less personal.  
• Regional Banks: Regional banks focus on serving specific areas, which allows them to design products and pricing for local businesses. While less comprehensive or flexible than national banks, they often offer more personalized service. These banks work well for businesses that operate mainly in one region and value local knowledge.
• Credit Unions: Credit unions are non-profit cooperatives that pool money between members. Being member-owned, they tend to focus on building long-term relationships, often charging lower fees and providing more hands-on customer support. However, because they are smaller, they may offer fewer products, and some services may rely on third-party tools, which can feel less seamless.
• Digital Banking Services: Digital banking services are digital platforms that allow users to manage their money entirely online. Because they typically lack physical locations, they can offer lower fees than traditional competitors. Many digital banking services also provide additional benefits, such as interest on deposits, digital money management tools, and affordable support for foreign currencies. 

Monthly Fees, Minimum Balance Requirements, and Transaction Allowances

Most banks charge monthly maintenance fees, often starting at about $5 for basic plans, $30 to $70 for mid-tier plans, and upward of $100 for premium plans. Higher monthly fees buy you higher transaction limits. However, many accounts waive these fees if you meet a minimum monthly balance requirement, helping you keep costs low as your transaction volume increases. 

Lower-fee accounts usually set modest transaction limits, making them suitable for freelancers and startups who want to keep costs down. Although they limit the number of free transactions, they allow new businesses to manage their finances without overpaying for unused services. Meanwhile, higher-fee accounts can accommodate the needs of larger businesses, which often generate enough revenue to maintain the balances required to waive premium monthly fees. 

Cash Deposit Support

Because of the popularity of credit cards and digital payment channels, many banks now place less emphasis on support for physical cash deposits. Digital-focused accounts may impose strict cash deposit limits or eliminate cash deposits entirely. Others offer workarounds such as money orders, which allow you to convert cash into a depositable instrument. However, converting your cash comes with extra fees, making the process more expensive than direct cash deposits. 

Failing to consider cash deposit support can lead to additional fees or logistical inefficiency. If your business receives cash regularly, choose an account designed for high-volume deposits. This eliminates unnecessary expenses and workflow interruptions. 

Scalability

A business bank account should support not only your current operations, but your future growth as well. When selecting an account, consider the bank’s higher-tier offerings. Assess whether factors like transaction limits, monthly fees, minimum balance requirements, and premium features align with your projected needs.

By aligning your choice of business bank account with anticipated growth, you reduce the need to switch banks later on. This long-term planning allows you to upgrade without disrupting operations. Your loyalty may also strengthen your relationship with your bank, which can lead to better deals, personalization, and customer service. 

Integrations

Great banks integrate with popular business tools. These connections automatically sync financial activity across platforms, streamlining workflows and simplifying financial tracking. 

Useful integrations include: 

• Accounting and bookkeeping software: Good business bank accounts will automatically stream banking data to bookkeeping software, such as QuickBooks, Xero, and FreshBooks. This reduces the need for manual data entry, therefore enabling accurate and timely record-keeping. 
• Point-of-sale systems: Tight connections with POS systems like Square, Shopify, and Clover allow you to process, access, and record payouts faster, improving cash flow while saving time and effort. Because the bank records these transfers, it also makes it easier to see your daily cash position. 
• Payroll platforms: Payroll integrations allow you to calculate and deposit employee wages automatically. With this increased timeliness and accuracy, you boost employee satisfaction and trust. 

Multi-Currency Support

If your business works with international clients, contractors, or suppliers, multi-currency support is essential. Because of the complex operational work involved, sending or receiving funds internationally can be expensive and slow. To reduce costs and avoid inefficiency, choose banks that offer transparent fee structures, lower conversion charges, faster transfers, or multi-currency account options.

Some banks let you hold money in U.S. dollar accounts, reducing exchange fees, eliminating conversion losses, and simplifying cross-border transactions. Other banks use technology to streamline international transfers, which allows them to offer affordable and transparent pricing. Choosing a bank with flexible currency support ensures you can operate smoothly across borders.

Digital Banking Tools

Mobile and online banking tools are crucial for modern businesses. They allow you to check balances, approve payments, and manage accounts from anywhere. Banks that offer well-designed interfaces for apps and online portals reduce the need for branch visits, saving time and effort in the long run. 

On a basic level, digital banking should let you view balances, conduct transactions, and receive alerts. However, some accounts will provide additional features to expand your financial management capabilities. Some useful bonus features include:

• Mobile cheque deposits: Most of today’s mobile banking apps let you deposit funds remotely by uploading photos of your cheques. This added convenience spares you from needing to visit physical branches. 
• Sub-account creation: Sub-accounts let you divide your balances into dedicated buckets, such as taxes, payroll, or operating expenses. They make it easier to track how much money you have allocated to each area of your business. 
• Dashboards: Some digital banking solutions translate your data into easy-to-read graphs. These visualizations make it easier for you to parse financial activity at a glance. 
• Budgeting tools: Some digital banking apps offer budgeting tools that help you track spending, set targets, and monitor your finances. 

Online Application Support

Many banks now let you register and submit documents digitally, sometimes completing the process in minutes. This convenience saves time and spares you from unnecessary trips to physical branches. 

Online applications also provide additional flexibility. You can start the process outside business hours, upload required documentation securely, and track progress without waiting in line. This is particularly valuable for small business owners who need efficiency.

Regional Availability

Not every bank operates in all regions, so confirm the availability of branches and ATMs near your business. Having access to nearby locations makes cash deposits, in-person support, and networking opportunities easier.

Regional presence also affects service options. Banks with limited local reach may charge more for transfers or restrict certain services. Choosing a bank that serves your area ensures smoother day-to-day operations.

Customer Support Options

Because banks handle valuable assets and sensitive information, it’s important that support is reliable and readily available. Good banks offer support through a wide variety of channels, such as phone support, email, chat, or visual assistants, allowing you to reach help quickly when problems arise. 

You can check platforms like Trustpilot, Yelp, and Reddit to see how current customers rate the service of your prospective banks. However, note that users with negative experiences are more likely to write reviews than users with neutral or positive experiences. Use your judgment to determine whether complaints reflect isolated incidents or recurring patterns.

Existing Banking Relationships

If you already have a personal or business relationship with a bank, you may receive better deals and more personalized service. Banks value loyal customers and often provide preferential rates, fee waivers, or tailored advice.

Leveraging existing relationships also simplifies account setup. Your history with the bank may streamline approval processes and reduce the need for extra documentation. Maintaining continuity benefits both your business operations and banking experience.

Product Availability

Beyond day-to-day transactions, consider whether the bank offers other products your business may need, such as loans, credit cards, savings accounts, and investment options. Keeping all banking activity under one roof can simplify financial management workflows while strengthening your relationship with your bank. As mentioned above, loyalty can earn you benefits like preferential rates, fee waivers, and tailored service. 

Interest

Interest is rarely a consideration for business chequing accounts. Most businesses transfer money to savings accounts if they want to earn returns, exchanging flexible fund access for higher yields. However, many modern accounts, typically accounts from digital banking alternatives, now generate interest on chequing deposits, allowing you to enjoy the best of both worlds. 

Choosing an interest-earning chequing account makes sense if you want your funds to grow without the extra step of transferring money between accounts. Keep in mind, though, that these accounts often come from digital banks. Using one as your sole account may limit access to services like cash deposits or in-branch support.

Best for New Businesses: TD Everyday Business Plan A

Monthly Fee	$19
Minimum Monthly Balance Requirement for Fee Rebate	$20,000
Monthly Transaction Allowance	20
Excess Transaction Fee	$1.25 per item
Monthly Cash Deposit Allowance	$5,000
Excess Cash Deposit Fee	$2.50 per $1,000
Supports Online Application?	Yes
Remote Customer Support Options	Virtual assistant or phone support

Our top choice for new businesses is the TD Everyday Business Plan A. This account offers a balanced mix of digital transactions and cash deposits, which suits many early-stage companies. It charges a modest monthly fee of $19, waivable with an achievable minimum monthly balance of $20,000, a target many growing businesses can reach over time.

The account’s biggest strength is scalability. The Everyday Business Plan A is part of a three-tier scalable service plan designed for small to medium-sized businesses with moderate cash deposit needs. The higher-tier plans, Plan B and Plan C, charge respective monthly fees of $38 and $72, with transaction allowances of 60 and 120, allowing you to expand your account accommodations without facing sharp cost increases. The balance requirements to waive fees also remain reasonable at each level.

Best for Freelancers: BMO eBusiness Plan

Monthly Fee	$0
Minimum Monthly Balance Requirement for Fee Rebate	N/A
Electronic Debit and Credit Transaction Allowance	Unlimited
Excess Transaction Fee	N/A
Monthly Cash Deposit Allowance	N/A
Excess Cash Deposit Fee	$2.25 per $1,000
Supports Online Application?	Only for sole proprietors
Remote Customer Support Options	Virtual assistant, in-app secure messaging, or phone support

The BMO eBusiness Plan is a great business bank account for freelancers, self-employed individuals, and contractors, particularly individuals who primarily operate online. This account charges no monthly fee and offers unlimited free electronic debit and credit transactions, allowing freelancers to manage their money affordably. What’s more, sole proprietors can open their accounts entirely online, eschewing the need for time-consuming branch visits. 

The only disadvantage of the BMO eBusiness Plan is the lack of a free cash deposit allowance. The bank charges $2.25 per $1,000 deposited, a fee that can add up if you deal with high volumes of cash. This account provides better value for money if you are an individual or micro-business that predominantly transacts online. 

Best for Professionals: ScotiaBank Professional Plan Plus Account

Monthly Fee	$38
Minimum Monthly Balance Requirement for Fee Rebate	$N/A
Monthly Transaction Allowance	110
Excess Transaction Fee	Varies by service type type
Monthly Cash Deposit Allowance	$3,000
Excess Cash Deposit Fee	Varies by service type
Supports Online Application?	Yes
Remote Customer Support Options	Virtual assistant or phone support

ScotiaBank designed its Professional Plan Plus Account to support the needs of professionals like lawyers, physicians, accountants, architects, and engineers. It accommodates busy professional activity by providing high monthly transaction allowances and modest cash deposit support at a reasonable monthly fee of $38. There is no monthly minimum required to maintain an account.

The most significant advantage ScotiaBank offers professionals is access to tailored professional banking packages. ScotiaBank provides customizable banking bundles for the following types of professionals:

• Physicians
• Dentists
• Veterinarians
• Optometrists
• Pharmacists
• Lawyers
• Accountants
• Architects and engineers
• Other professionals

These packages offer favorable bundled pricing on select business banking products, such as  chequing accounts, savings accounts, lines of credit, loans, credit cards, leasing options, and cash management solutions, with bundle inclusions accommodating industry-specific needs. The plan also partners you with industry experts who can provide guidance on banking and product selection.

Best for Incorporated Businesses: RBC Ultimate Business Account

Monthly Fee	$100 per month
Minimum Monthly Balance Requirement for Fee Rebate	$75,000
Electronic Debit and Credit Transaction Allowance	Unlimited
Paper Transaction Allowance	100
Excess Paper Transaction Fee	$1.25
Monthly Cash Deposit Allowance	$25,000
Excess Cash Deposit Fee	$2.50 per $1,000 (branch)$2.25 per $1,000 (ATM)
Supports Online Application?	Yes
Remote Customer Support Options	Virtual assistant or phone support

The best business bank account for incorporated businesses is the RBC Ultimate Business Account. This account provides the allowances necessary to accommodate large transaction volumes and cash handling needs. It comes with unlimited electronic debit and credit transactions, 100 free paper transactions, and $25,000 in free cash deposits. Although it charges a pretty steep monthly fee of $100, you can waive it with a minimum balance of $75,000, which is achievable for most businesses that conduct the level of activity RBC Ultimate Business supports. 

Another significant advantage of opening an RBC Ultimate, or any other type of RBC business account, is that it grants you access to Ownr savings deals. Ownr is an online platform owned by RBC Ventures. Its plans help you register, incorporate, and manage your business. 

Because RBC owns Ownr, it provides discounts for RBC business account holders. New corporations can get refunds of up to $300 on incorporation services, helping you reduce the cost and effort involved in setting up your business. 

Best for Online-Only Businesses: RBC Digital Choice Business Account

Monthly Fee	$6 per month
Minimum Monthly Balance Requirement for Fee Rebate	N/A
Electronic Debit and Credit Transaction Allowance	Unlimited
Paper Debit or Credit Transaction Fee	$2.50 per item
Monthly Cash Deposit Allowance	N/A
Excess Cash Deposit Fee	$5.00 per $1,000 (branch)$2.25 per $1,000 (ATM)
Supports Online Application?	Yes
Remote Customer Support Options	Virtual assistant or phone support

Larger online-only businesses, such as e-commerce stores, affiliate marketing websites, or e-learning platforms, would benefit from RBC’s Digital Choice Business Account. This account provides unlimited electronic debit and credit transactions for a monthly fee of $6. However, in case you incur offline transactions, it also provides a limited degree of traditional transaction support, charging $2.50 per paper transaction, $5.00 per $1,000 of cash deposited at a branch, and $2.25 per $1,000 of cash deposited through an ATM.

As mentioned, RBC business accounts grant you access to exclusive deals with business registration and management platform Ownr. Sole proprietors with RBC business accounts can waive the one-time $49 service fee, while corporations can get refunds up to $300, efficiently reducing the cost and burden of getting your business off the ground. 

Best for Cash-Based Businesses: CIBC Unlimited Business Operating Account

Monthly Fee	$65
Minimum Monthly Balance Requirement for Fee Rebate	$65,000
Monthly Transaction Allowance	Unlimited
Excess Transaction Fee	N/A
Monthly Cash Deposit Allowance	$15,000
Excess Cash Deposit Fee	$2.25 per $1,000 (CIBC ATM)$2.50 per $1,000 (branch or non-CIBC ATM)
Supports Online Application?	Yes
Remote Customer Support Options	Virtual assistant, email, or phone support

The best business bank account for cash-heavy businesses is the CIBC Unlimited Business Operating Account. This account provides a generous cash deposit allowance of $15,000, then charges $2.25 per $1,000 deposited through CIBC ATMs, and $2.50 per $1,000 deposited through CIBC branches, non-CIBC ATMs, and other valid locations. It charges a reasonable monthly fee of $65, waivable with a minimum balance of $65,000.

Among the accounts that provide generous cash deposit support, CIBC offers the best value for money. Competitor account ScotiaBank Select Plan C offers a lower allowance of $10,000 for a higher monthly fee of $75, while BMO Business Builder offers an allowance of only $8,000 for a monthly fee of $80. While both accounts set lower minimum balance requirements (with ScotiaBank waiving fees at $45,000 and BMO waiving fees at $35,000), CIBC still has the most accessible monthly fee. 

Best for Businesses with International Transactions: Wise Business Account 

Monthly Fee	$0
Minimum Monthly Balance Requirement for Fee Rebate	N/A
Monthly Transaction Limit	Unlimited
Transaction Fee	Varies by transaction
Monthly Cash Deposit Allowance	N/A
Excess Cash Deposit Fee	N/A
Supports Online Application?	Yes
Remote Customer Support Options	Email, phone, or chat support

Wise is a financial technology platform that enables affordable international transactions. Its business account lets you send and receive money across borders, hold funds in multiple currencies, and access local banks in your international markets of choice. Whenever you make a transfer, Wise shows you the fee it will charge, how much money you will send, and how much money your recipient will receive after conversion. This transparent pricing structure keeps costs low while minimizing conversion losses.

The main issue with Wise is that it is exclusively a digital platform. Like most digital banking companies, it provides no support for cash deposits and lacks physical branches. However, it offers physical multi-currency debit cards, allowing you to access cash via ATMs and spend internationally. Because of its limitations, the Wise Business Account is best used as a supplementary account to a main traditional banking account. This allows you to access in-person banking services while enabling support for your international transaction needs.

Highest Interest: EQ Bank Business Account 

Monthly Fee	$0
Minimum Monthly Balance Requirement for Fee Rebate	N/A
Monthly Transaction Allowance	50 outgoing Interac e-Transfers, 100 incoming Interac e-Transfers, unlimited bill payments, and unlimited mobile cheque deposits
Excess Transaction Fee	$0.50
Monthly Cash Deposit Allowance	N/A
Excess Cash Deposit Fee	N/A
APY	2.25%
Supports Online Application?	Yes
Remote Customer Support Options	Phone or chat support

If you want to earn reliable interest on your business chequing deposits, your best option is EQ Bank’s Business Account. This account charges no monthly fee and applies 2.25% interest on your entire balance, calculated on your total closing balance daily and paid out monthly. It also provides 50 free outgoing and 100 free incoming Interac e-Transfers, unlimited free mobile cheque deposits, and unlimited free bill payments.

Like most digital banks, EQ Bank lacks support for cash deposits. However, it provides additional helpful digital features, such as:

• Sub-account creation: EQ Bank lets you create up to 10 sub-accounts. These categorization capabilities make it easier to see how much money you have allocated for different purposes, such as taxes, operating expenses, and payroll.
• Bill payment automation: You can schedule automatic vendor and bill payments, ensuring timeliness and strengthening vendor or biller trust.
• Tax payments: EQ Bank allows you to make CRA payments online. 

All in all, the EQ Bank Business Account simplifies money management while earning adequate yields on deposits, making it suitable for businesses that conduct most transactions online. 

Best for Non-Profits: Meridian Community/Not-For-Profit Account

Monthly Fee	$0.90
Minimum Monthly Balance Requirement for Monthly Fee Rebate	N/A
Transfer Fee	N/A
Deposit Fee	N/A
Self-Serve Transactions	$0.50
Personal Service Transactions	$0.55
Minimum Monthly Balance Requirement to Waive Transaction Fees	$1,000
Monthly Cash Deposit Allowance	$1,000
Supports Online Application?	No
Remote Customer Support Options	Phone or chat support

The best business bank account for non-profit organizations is Meridian Credit Union’s Community/Not-For-Profit Account. This account charges an extremely negligible monthly fee of $0.90 while offering unlimited free transfers and deposits. Though it charges a $0.50 fee for each self-serve transaction (bill payments via online banking, telephone banking, and ATMs, Interac Direct Payment purchase, pre-authorized debits, and ATM withdrawals) and a $0.55 fee for each personal service transaction (in-branch withdrawals and transfers, bill payments, and Contact Centre bill payments). You can waive all transaction fees if you maintain a balance of $1,000 and get $1,000 worth of free cash deposits. 

The problem with Meridian Credit Union is a lack of geographic availability. Although the credit union serves all Canadian provinces through digital banking and allows surcharge-free ATM use through THE EXCHANGE® Network, its brick-and-mortar branches are located exclusively in Ontario. Businesses in need of in-person banking services should look at alternatives.

FAQs

Are businesses legally required to open business bank accounts in Canada?

Only corporations are legally required to open separate business bank accounts. Sole proprietors and partnerships may use personal accounts. However, business accounts grant you additional legal privileges that allow you to operate properly and protect your personal assets. 

What do you need to open a business bank account in Canada?

Banks typically ask business account applicants to submit the following requirements:

• Identification for all business owners
• Proof of business registration
• Business formation documents (such as articles of incorporation, partnership agreements, or business licenses)
• Relevant industry permits

Can a non-resident open a business bank account in Canada?

Yes, non-residents may open business bank accounts in Canada. However, they must submit additional requirements. Most banks require a Canadian business address and official identification, such as a passport. Others also ask for proof of Canadian tax registration, incorporation documents, or a reference from a home-country bank. Many banks also require non-residents to visit a branch in person to complete the account opening process. 

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