6 Best Digital Business Bank Accounts in Canada (2026)

Opening a business bank account with a digital provider can give you a strong financial foundation in the modern business landscape. Many of today’s digital banking solutions offer lower fees, competitive interest rates, and useful digital tools. To help you find a solution that suits your needs, we’ve listed the best digital business bank accounts for businesses of different sizes and specialties.

Bank Account	Monthly Fee	APY	Verdict
Venn Essentials	$0	2%	Best overall
RBC Digital Choice	$6	N/A	Best for sole proprietorships
BMO Essential Business	$0	N/A	Best for freelancers
Float Essentials	$0	Starts at 3%	Best for corporations
Wise Business	$0	N/A	Best for international transactions
EQ Bank Business	$0	2.25%	Best interest-earning chequing

What is a Digital Business Bank Account?

A digital business bank account is a business bank account that you can open and manage online without needing to visit a physical branch. Unlike traditional accounts, digital business bank accounts rarely provide in-branch transactions like cheque and cash deposits. Instead, they move money through other means, such as Interac eTransfers, electronic fund transfers (EFTs), wire transfers, and bill payments.

Digital business bank accounts often come with access to useful in-app financial management tools — financial activity dashboards, budgeting tools, or sub-accounts for dividing and labeling funds — and integrate with common business solutions like payroll software, payment processors, and accounting software. Eliminating in-branch services allows banks to save money, and many pass those savings on through lower account and transaction fees, interest on balances, or cashback.

Why Open a Business Bank Account?

Creating a business bank account draws a clear boundary between your personal and business finances. It lets you:

• Simplify income and expense tracking — automatically record all incoming and outgoing funds, and connect with most accounting software.
• Enable GST and HST compliance — separate tax funds from personal spending to make tracking easier.
• Stay audit-ready — a clean paper trail provides verifiable evidence should the CRA, court, or regulator ever audit your business.
• Reduce personal liability — a clear boundary helps protect your personal finances.
• Access business tools and financial products — payment processors, payroll providers, loans, and lines of credit often require business banking details.
• Access legal privileges — enter contracts, process payments, and access financial services under your business name.

Factors to Consider When Selecting an Account

Choosing a digital provider often means giving up in-person support. The right provider offsets that with lower fees, a smooth online experience, and meaningful perks. Key factors to weigh include the user interface, fees and transaction allowances, scalability (online-only providers usually offer tiered plans), access to other banking products, built-in tools (invoicing, budgeting, bill payment automation, expense management, sub-accounts), integrations with accounting software and payroll, interest on chequing deposits, cashback, international capabilities (multi-currency accounts, competitive FX rates), customer service, and the provider’s reputation.

Best Overall: Venn Essentials

Venn Essentials is our pick for the best digital business bank account in Canada. This free account comes with 3 physical corporate cards and 20 virtual cards, and provides 1% cashback on credit card spending, with a cashback-eligible spend limit of $5,000 per month. It’s especially suitable for companies that transact with the U.S., U.K., and Eurozone — it lets you hold CAD, USD, GBP, and EUR, simplifying international payments and reducing conversion fees, and you earn 2% APY on all CAD and USD deposits. After the free tier, you can upgrade to the $40 Venn Plus or $100 Venn Pro account.

Best for Sole Proprietors: RBC Digital Choice Business Account

In our list of the best bank accounts for sole proprietors, we named the RBC Digital Choice Business Account the best overall. Its low $6 monthly fee, unlimited debit and credit transaction volume, and seamless integration with RBC’s digital tools make it suitable for sole proprietors. Although it prioritizes digital transactions, it still provides access to in-branch services. One of its best benefits is access to Ownr discounts — sole proprietors with RBC accounts can waive Ownr’s one-time $49 fee for sole proprietor registration.

Best for Freelancers: BMO Essential Business Plan

The BMO Essential Business Plan is a great, cost-effective alternative to the RBC Digital Choice account. It charges no monthly fee, provides unlimited electronic debit and credit transactions, and allows cash deposits for $2.25 per $1,000. This structure makes it suitable for freelancers with slower monthly activity — it supports cash deposits on an as-needed basis, sparing account holders steep monthly fees for allowances they use infrequently.

Best for Corporations: Float Essentials

Float is a strong banking option for digital-first corporations. Like Venn, it offers a tiered structure that increases perks as you upgrade, and all account types let you hold balances in both USD and CAD. They pay a base APY of 3%, increasing to 3.5% above $25,000/month spending and 4% above $250,000/month. Even its free account comes with 20 free physical cards and unlimited virtual cards, earning 1% cashback once you hit the $25,000 minimum spend. Keep in mind that Float is not a bank — it stores funds through Scotiabank (CAD) and Thread Bank (USD).

Best for International Transactions: Wise Business Account

If you operate beyond Canada, the U.S., the U.K., and the Eurozone, it helps to open a business account with Wise. As the global leader in international transfers, Wise gives businesses cost-effective ways to move money internationally, hold deposits in multiple currencies, and connect to local banks. While traditional international wire transfers cost around $10 to $80, Wise only charges 0.50% to 0.70% of the transaction amount, and shows the upfront fee, the amount you send, and the amount the recipient receives after conversion.

Best Interest-Earning Chequing Account: EQ Business Account

While Float pays the highest base rate at 3% APY, smaller businesses may find its corporation-oriented features intimidating. If you want a small-business-oriented bank that pays modest interest, consider EQ Bank. Its business account charges no monthly fee and applies 2.25% interest to your total closing balance every day. It comes with unlimited bill payments, unlimited mobile deposits, 50 free outgoing Interac eTransfers, and 100 incoming eTransfers, plus support for sub-accounts, automated bill payments, and online tax remittances.

FAQs

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

Canada requires corporations to open dedicated business bank accounts, but allows sole proprietors, partnerships, and nonprofit organizations to use personal bank accounts. Business account holders, however, gain additional legal privileges that expand their operational abilities and protect their personal assets.

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

Digital banks require the same documents as traditional banks: identification for all business owners, proof of business registration, business formation documents (such as articles of incorporation, partnership agreements, or business licenses), and relevant industry permits.

Streamline Financial Management with EpicBooks

Selecting the right digital banking provider is the first step in your financial management journey. To build an even stronger foundation, outsource your bookkeeping to EpicBooks. With services like strategic bookkeeping setup, account reconciliation, fixed asset tracking, and reporting, our experts ensure your records are accurate, up to date, and easy to analyze.