Best Business Bank Accounts in Canada
A business bank account helps companies manage their day-to-day finances, including cash flow and savings.
We reviewed over 100 business bank accounts to determine the top ranking chequing accounts and packages by size, transaction volume and nature of the business. Ultimately, the best business bank account is the one that helps your business operate efficiently.
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Best bank accounts for small/medium businesses
NerdWallet's take
NerdWallet's take- The TD Basic Business Plan is a no-frills budget chequing account with limited included transactions that can be ideal for new entrepreneurs and low-volume businesses.
- Founded in 1955, TD Bank is one of Canada’s Big Six banks. It offers bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.
Product details
Product details- The TD Basic Business Plan comes with mobile deposits and free online statements with cheque images.
- Fees apply when you exceed the monthly limit for debit transactions, e-transfers and deposits.
- Deposit items are money orders, drafts and cheques, including cheque images through TD Remote Deposit Capture and TD Mobile Deposit.
- CDIC protection for eligible deposits.
NerdWallet's take
NerdWallet's take- The BMO Business Start Plan is a budget chequing account for small-scale businesses interested in unlimited Moneris merchant transactions and basic banking services.
- The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
Product details
Product details- Get a BMO debit card.
- Standard deposit fees will apply.
- Includes two free monthly Interac e-transfers transactions.
- CDIC protection for eligible deposits.
NerdWallet's take
NerdWallet's take- The National Bank of Canada Hybrid Package is a low-cost plan with limited electronic and assisted transactions, which can be a good option for new entrepreneurs and small-scale businesses.
- National Bank of Canada, or NBC, is headquartered in Montreal, Quebec, and is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of the National Bank of Canada for more information.
Product details
Product details- Get unlimited digital cheque deposits via an ABM or mobile app.
- Receive free electronic account statements.
- Insurable deposits of an individual business combined with the deposits of the business owner may be eligible for CDIC coverage.
NerdWallet's take
NerdWallet's take- This Innovation Federal Credit Union banking package can be an economical option for scaling a small business with minimal overall fees and unlimited electronic transactions.
- Innovation Federal Credit Union is a Saskatchewan-based co-operative financial institution that offers chequing, savings and investment options for individuals and businesses. Read our review of Innovation Federal Credit Union for more information.
Product details
Product details- No minimum account balance required.
- Earn interest on your daily closing balance.
- Enjoy cash dividends as a credit union member.
- Get unlimited free Interac e-transfers.
- Receive free electronic account statements.
- Get unlimited free digital deposits.
- Choose to switch account plans based on your changing operational needs.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- The CIBC Everyday Business Operating Account provides flexibility and savings through its tiered monthly fee package and the option to waive maintenance fees.
- Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.
Product details
Product details- Get a set number of transactions, including e-transfers.
- Receive monthly fee rebate when you maintain a minimum daily balance.
- Limits on total amount of cash, coins and cheques that can be deposited each month.
- Pay no transfer fees when you send money internationally using CIBC Global Money Transfer.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- Innovation Federal Credit Union’s Business Account Package 2 offers more included transactions for a monthly fee that can be waived by maintaining a lower minimum balance than many competitors.
- Innovation Federal Credit Union is a Saskatchewan-based co-operative financial institution that offers chequing, savings and investment options for individuals and businesses. Read our review of Innovation Federal Credit Union for more information.
Product details
Product details- Earn interest on your daily closing balance.
- Enjoy cash dividends as a credit union member.
- Get unlimited free Interac e-transfers.
- Receive free electronic account statements.
- Get unlimited free digital deposits.
- Switch account plans based on your changing operational needs.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- Scotiabank’s Select Account for Business with Plan A comes with a fair amount of transactions and payment deposits ideal for new entrepreneurs and low-volume businesses.
- Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.
Product details
Product details- Receive a monthly fee rebate when the minimum account balance is maintained.
- Fees apply when you exceed the monthly limit for debit transactions, e-transfers and deposits.
- Make cash deposits up to $6,000 per month. Fees will apply to coin deposits.
- Eligible deposits are covered by CDIC.
NerdWallet's take
NerdWallet's take- The TD Everyday Business Plan B is a worthwhile option for medium-sized businesses needing a moderate number of deposits and debit transactions.
- Founded in 1955, TD Bank is one of Canada’s Big Six banks. It offers bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.
Product details
Product details- The Every Day B is a mid-range business plan offering in-branch banking and automated services.
- Get a monthly fee rebate when you maintain a required daily balance throughout the month.
- Includes two free Interac e-transfers each month for sending and receiving money.
- Get a $10 monthly fee rebate on the overdraft protection.
- Enjoy free unlimited debit and credit card deposits through POS terminals to your account.
- Debit transactions, e-transfers and deposits exceeding the monthly limit will be charged a fee.
- Deposit items are money orders, drafts and cheques, including cheque images through TD Remote Deposit Capture and TD Mobile Deposit.
- Access free EasyWeb online and mobile banking.
- CDIC protection for eligible deposits.
Best business bank accounts for high-volume transactions
NerdWallet's take
NerdWallet's take- Enjoy unlimited transactions, free international money transfers, and lower miscellaneous service charges compared to other accounts with the CIBC Unlimited Business Operating Account.
- Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.
Product details
Product details- Get unlimited transactions, including e-transfers.
- Receive a monthly fee rebate when you maintain a minimum daily balance.
- Make unlimited deposits and withdrawals, but there are limits on total amount of cash, coins and cheques you can deposit each month.
- Pay no transfer fees when you send money internationally using CIBC Global Money Transfer.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- If your business requires a high volume of withdrawals, payments and e-transfers, and you value priority support and partner product rebates, the Business Premium Chequing account is worth considering.
- Coast Capital is a federal credit union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Based in British Columbia, Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.
Product details
Product details- Enjoy unlimited in-branch deposits, cheque clearing, transfers and bill payments.
- Receive a monthly fee rebate when you maintain a minimum daily balance.
- Send unlimited e-transfers for free.
- Receive free paper statements.
- Get priority service through the Business Advice Centre and a direct phone number.
- Enjoy a one-time annual fee rebate on an eligible Coast Capital Business Mastercard, issued by Collabria.
- Get a monthly rebate on Wagepoint Monthly 2.0 or Wagepoint 2.0 Unlimited payroll services plan, and a discount on the PaymentStream AFT set-up fee.
- CDIC protection for eligible deposits.
NerdWallet's take
NerdWallet's take- With free unlimited daily banking and an option to waive account fees by maintaining a minimum balance, the Innovation Federal Credit Union Business Account Package 6 is a worthwhile plan for businesses with a high volume of transactions.
- Innovation Federal Credit Union is a Saskatchewan-based co-operative financial institution that offers chequing, savings and investment options for individuals and businesses. Read our review of Innovation Federal Credit Union for more information.
Product details
Product details- Earn interest on your daily closing balance.
- Enjoy cash dividends as a credit union member.
- Get unlimited free Interac e-transfers.
- Receive free electronic account statements.
- Get unlimited free digital deposits.
- Choose to switch account plans based on your changing operational needs.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- Scotiabank’s Select Account for Business with the Unlimited Plan comes with high-volume transactions and unlimited payment deposits for a monthly fee, which can be waived by maintaining a minimum balance.
- Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.
Product details
Product details- Receive a monthly fee rebate when the minimum account balance is maintained.
- Enjoy unlimited debit transactions and deposits.
- Make cash deposits up to $30,000 per month. Fees will apply to coin deposits.
- Eligible deposits are covered by CDIC.
NerdWallet's take
NerdWallet's take- With this TD Unlimited Business Plan, your high-volume business can enjoy unlimited transactions, e-transfers and deposits as well as fee waivers on other valuable business services.
- TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.
Product details
Product details- A high-volume small business plan offering in-branch banking and automated services.
- Get a monthly fee rebate when you maintain a required daily balance throughout the month.
- Includes unlimited Interac e-transfers each month for sending and receiving money.
- Get a $10 monthly fee rebate on the overdraft protection.
- Enjoy free unlimited debit and credit card deposits through POS terminals to your account.
- Potential to save more with set-up fee waivers on cash management and small business banking term loans.
- CDIC protection for eligible deposits.
Best U.S. dollar accounts for businesses
NerdWallet's take
NerdWallet's take- Innovation’s No-Fee USD Business Account offers unlimited free transactions with the flexibility to deposit and withdraw U.S. dollar funds at any time.
- Innovation Federal Credit Union is a Saskatchewan-based co-operative financial institution that offers chequing, savings and investment options for individuals and businesses. Read our review of Innovation Federal Credit Union for more information.
Product details
Product details- No minimum account balance required.
- Earn interest on your daily closing balance.
- Deposit U.S. dollar cheques digitally.
- Enjoy cash dividends as a member.
- Receive free electronic account statements.
- Get unlimited free digital deposits.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- The TD Bank U.S. Dollar Community Plan Plus may be suitable for large community and not-for-profit organizations that have frequent cross-border transactions.
- TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.
Product details
Product details- All fees are charged in U.S. dollars.
- Get a monthly fee rebate when you maintain a required daily balance throughout the month.
- Enjoy free unlimited debit and credit card deposits through POS terminals to your account.
- Get free online statements with cheque images and monthly paper statements.
- Access free EasyWeb online and mobile banking.
- Debit transactions and deposits exceeding the monthly limit will be charged.
- The currency exchange cost on debit payments will include a conversion fee.
- CDIC protection for eligible deposits.
NerdWallet's take
NerdWallet's take- The U.S. Dollar Business Account can reduce overhead costs by charging fees on a per transaction basis, with no additional foreign exchange charge, while managing U.S. dollar funds.
- Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.
Product details
Product details- May be ideal for a U.S. dollar operation.
- No foreign exchange fees on U.S. dollar funds.
- Access your money anytime through online banking and ATMs with U.S. cash.
- Pay no monthly fee when you hold the required balance.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- The TD Everyday Business Plan B may be valuable for businesses with small or medium-sized operations with regular cross-border deposits and debit transactions.
- Founded in 1955, TD Bank is one of Canada’s Big Six banks. It offers bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.
Product details
Product details- The Everyday B plan is a mid-range package offering in-branch banking and automated services.
- Get a monthly fee rebate when you maintain a required daily balance throughout the month.
- Get a $10 monthly fee rebate on the business overdraft protection.
- Enjoy free unlimited debit and credit card deposits through POS terminals to your account.
- Debit transactions and deposits exceeding the monthly limit will be charged.
- Deposit items are money orders, drafts and cheques, including cheque images through TD Remote Deposit Capture and TD Mobile Deposit.
- The currency exchange cost on debit payments will include a conversion fee.
- CDIC protection for eligible deposits.
Best business bank accounts for not-for-profits
NerdWallet's take
NerdWallet's take- Coast Capital Savings’ Community Chequing account offers free unlimited transactions, making it affordable for non-profit community groups, associations and registered charities to manage their finances.
- Coast Capital is a federal credit union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Based in British Columbia, Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.
Product details
Product details- Get free unlimited transactions if you are a non-profit organization.
- Unlimited Coast Capital Savings and EXCHANGE Network ATM deposits and withdrawals.
- Send e-transfers for a fee.
- CDIC protection for eligible deposits.
NerdWallet's take
NerdWallet's take- If you’re looking for a low-cost operating account for a not-for-profit or community organization, with included monthly transactions and e-transfers, the CIBC Not-for-Profit Operating Account may fit the bill.
- Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.
Product details
Product details- Get a set number of transactions, including e-transfers.
- Receive a monthly fee rebate when you maintain a minimum daily balance.
- No fees charged for bill payments at a CIBC Banking Centre.
- Limits on the total amount of cash, coins and cheques that can be deposited each month.
- Receive paper statements for a fee.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- Innovation Federal Credit Union Community Service Account offers competitive banking features, interest-bearing opportunities, and a set number of debit transactions to community and non-profit organizations.
- Innovation Federal Credit Union is a Saskatchewan-based co-operative financial institution that offers chequing, savings and investment options for individuals and businesses. Read our review of Innovation Federal Credit Union for more information.
Product details
Product details- No minimum account balance required.
- Earn interest on your daily closing balance.
- Enjoy cash dividends as a credit union member.
- Get unlimited free Interac e-transfers.
- Receive free electronic account statements.
- Get unlimited free digital deposits.
- CDIC cover on eligible deposits.
Methodology
BACK TO TOPNerdWallet selects the best business bank accounts based on several criteria, including monthly fees, minimum balances, included services, savings on transaction fees, and more. Only chequing accounts and plans from financial institutions that are available in more than one province are considered for this list.
What to know about business bank accounts in Canada
A business bank account allows business owners and authorized individuals, called ‘signatories,' to manage the finances under their company’s name. They may use this account to pay bills, receive and make deposits, transfers and for other business-related transactions.
Many Canadian financial institutions, including the Big Six banks and credit unions, offer business banking options for companies of various sizes. You can choose no-fee bank accounts with few perks or full business banking packages, digital-only or in-branch options, and specialty industry chequing accounts that best suit your business or organization.
Do you need a business bank account?
While opening a business chequing account is required for corporations, it may not be necessary for every business. For example, if you’re self-employed or have a sole proprietorship and operate your business under your own name, you may use your personal bank account.
However, having a chequing account for business that is separate from your personal bank account can be beneficial in numerous ways, including:
Streamlining your taxes: Separating your business income and expenses from your personal transactions helps you keep records and cash flow organized ahead of tax season.
Building transaction history: By maintaining your business chequing account, your business is able to show financial responsibility and build a transaction history that is separate from your personal banking activity. Banks check the business transaction history at the time reviewing your business credit card, loan or line of credit application.
Features supporting business goals: Business bank accounts often come with valuable features not offered to personal account holders. These features include higher overdraft limits to cover unexpected cash deficits, the scope to add multiple signatories, and the ability to accept unlimited credit or debit card deposits from customers.
Types of business bank accounts
Financial institutions have various kinds of business bank accounts to support different organizational needs. Some banks and credit unions also have a range of plans to suit businesses of all sizes. These offerings typically fall into four categories:
Business chequing accounts
Business chequing accounts are built to streamline day-to-day banking, including your debits, electronic and cheque deposits, e-transfers and Moneris transactions. Explore the top business chequing account options above to make an informed decision.
Business savings accounts
Business savings accounts are commonly a place to park excess cash flow and earn an interest while still being able to access the funds. Some savings accounts examples include the Tangerine Business Savings account and Manulife Business Advantage.
U.S. dollar and foreign currency accounts
U.S. dollar and foreign currency accounts are designed for businesses with international transactions. These accounts may be used for savings or making and accepting payments in another currency — such as U.S. dollars, while avoiding foreign exchange fees. Apart from our U.S. dollar account selections, savings account examples include the Tangerine Business US Dollar Savings Account and Manulife US$ Business Advantage Account.
Specialized bank accounts
Specialized bank accounts cater to specific types of businesses in various industries, such as those in the non-profit sector or agricultural businesses. In some cases, these specialized accounts come at a lower monthly fee than regular business chequing accounts.
How to find the best business chequing account
Choosing the right business chequing account comes down to a number of factors that are unique to the needs of your business. These include:
✅ Type and size of business: Factors like the number of employees you have or the type of business you run will guide the account features you’ll need, which should inform your choice of account.
✅ Transaction volume: Consider your daily, weekly and monthly transaction volume and needs. Think about how regularly you’ll be depositing and withdrawing funds or e-transferring money — and choose an account package that is a good match with your usage.
✅ Fees and charges: Before signing up for an account, be aware of the bank fees or charges, including monthly account fees, one-time transaction fees or overdraft charges. Depending on the bank and account features, fees for business chequing accounts can range from no monthly fee to more substantial monthly charges for an unlimited banking package.
✅ Banking convenience: Be honest about your banking style — do you need an ATM or in-branch network for transactions? What about your customer service needs? Or are web banking solutions a better match for your business?
✅ Promotions and rebates: Weigh the qualifying criteria to determine the overall value of any introductory offers or rebates on business banking packages. Promotions may include cash offers and credit card or international transfer service fee rebates.
OTHER BUSINESS FEATURES AND SERVICES TO CONSIDER
While a business chequing account might be the best fit for your needs now, before opening an account, it may be worth seeing if your financial institution offers other features that might be useful to your business in the future. These may include:
Merchant services: If you anticipate needing point-of-sale or ecommerce services, some banks offer payment processing solutions that integrate with your business bank account.
Payroll processing: Check if your financial institution offers access to payroll solutions that can work with your business bank account. As your company grows, adding this service to your package may make it convenient to set up direct deposits to pay your staff.
Business credit cards: Many financial institutions offer business credit cards as part of a business banking package. These may come with benefits and perks such as bonus points or fee rebates that can bring down operational costs.
Lines of credit and loans: In some cases, banks and credit unions offer businesses the opportunity to connect lines of credit or loan facilities to a business account, which can be especially useful to cover unexpected expenses, extend cash flow, and support growth.
How to open a business bank account in Canada
Opening a business bank account can be done online or over the phone, but may also require a visit in-branch to verify your identity. Start by:
Researching and comparing accounts: Explore different business chequing accounts to find the one that has the best features for your business.
Gathering necessary documents: In addition to a piece of government identification for each signatory, your bank will require different documentation to open an account, depending on your business structure. It's best to contact your financial institution for a list of required documents before applying.
Applying online or in-branch: Depending on your company size, the financial institution or type of account, you may be able to apply for a business bank account online. In some cases, you may have to call a representative or visit a branch to complete the application process.
Funding the account: Once your account is set up, it’s time to deposit or transfer funds — this is especially important if you have a minimum balance requirement or have your monthly fee waived when you maintain a certain monthly balance.
Alternatives to business bank accounts
A few alternatives in the fintech space may offer similar or complementary features to traditional business bank accounts offered by financial institutions. These online platforms can be especially worthwhile for tech-savvy freelancers, sole proprietors and partnerships, as well as small business owners.
If you’re looking for payment management services, cross-border payment capabilities or international transaction plans starting at a lower pricing range, you can explore these options:
Alternative service | Pros | Cons |
|---|---|---|
Wise | No monthly fee. Multi-currency digital account. Multi-currency debit card for online and in-store purchases. | No cash deposits. Fees for receiving funds in some cases. No credit, overdraft or loan products available. |
Loop | No monthly fee with the basic plan. Multi-currency accounts/corporate credit cards. | Currency conversion fees for some international transfers. Monthly fee for plans above basic level. |
Venn (formerly Vault) | Free account option. Multi-currency accounts. Integrated with accounting systems. | Local no-fee electronic transfers available with paid plans. Monthly fee for plans above the basic level. |
Jeeves | No monthly fees. Integrated with accounting systems. Facilitates cross-border payments. | Currency conversion fees. Transfer fees. |
Frequently asked questions
What’s the difference between a business and personal bank account?
Business and personal bank accounts might seem similar on the surface — but business accounts offer a number of specific features that may be useful to entrepreneurs and companies. These features may include higher overdraft limits, the scope to add multiple signatories to the account, the ability to receive debit and credit card payments and add functional services, such as payroll processing.
Which is the best business chequing account?
The best business chequing account for you is likely one that offers the features that are most valuable to your business. For example, if you only do business online in U.S. dollar funds and want to lower foreign exchange costs or monthly fee, you may explore online U.S. dollar account options that fulfil those expectations.
Use our list above to compare the top business bank accounts in Canada.
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