Best Business Bank Accounts in Canada for 2024
What You Should Know
- Business bank accounts at Canada’s major banks come with monthly fees, low or no included free transactions per month, and no interest or rewards on balances and spending.
- RBC and BMO offer a discounted or no-monthly-fee option for digital accounts, with unlimited free electronic transactions.
- Having a traditional business chequing account at a major bank provides convenient access to other services such as loans and in-branch banking.
- Maintaining a minimum account balance can waive monthly account fees for some business bank accounts.
Comparing Account Features of the Best Business Bank Accounts in Canada
| Traditional Major Banks | ||||
|---|---|---|---|---|
| Bank | Monthly Fee | No Minimum Balance | Free Unlimited Transactions | Cashback or Rewards |
RBC Digital Choice Business | $6 | ✅ | ✅ | ❌ |
TD Basic Business | $5 | ✅ | ❌ | ❌ |
Scotiabank Right Size Account | $6 | ✅ | ❌ | ❌ |
BMO eBusiness Plan | $0 | ✅ | ✅ | ❌ |
CIBC Basic Business Operating | $6 | ✅ | ❌ | ❌ |
Traditional Major Banks
Comparing Fees of Major Banks' Business Accounts
| Bank | Monthly Fee | Included Transactions | Per Additional Transaction Fee |
|---|---|---|---|
RBC Digital Choice Business | $6 | Unlimited Electronic | $2.50 |
TD Basic Business | $5 | 5 | $1.25 |
Scotiabank Right Size Account | $6 | 0 | $1.25 |
BMO eBusiness Plan | $0 | Unlimited Electronic | $1.25 |
CIBC Basic Business Operating | $6 | 0 | $1.00 |
Note: Fees are as of September 2023
RBC Digital Choice Business Account
What We Like:
✅ No minimum balance
✅ Unlimited debit and credit transactions
✅ Bank digitally or in-branch
What We Don’t Like:
❌ Monthly fee
❌ Fee on branch transactions
❌ Opening an account requires visiting a branch
For business owners who don’t need in-branch banking, the RBC Digital Choice Business Account Package is a digital-only account that comes with a lower monthly fee of $6 per month. Plus, it has unlimited debit and credit transactions, cheque deposits, and 10 Interac e-Transfers per month.
For those needing a physical branch, the RBC Flex Choice Business Account Package offers a variety of features that can help businesses manage their finances. It's called "flex choice" because you can choose to bank digitally while still having the option of being able to go to a physical branch for your banking needs. You also only pay for what you use, with transactions such as withdrawals and transfers each having fees.
To open an account, you can start your application online or over the phone. However, you’ll need to visit a branch to verify your identity before your account can be opened.
RBC Business Banking Fees
There’s a $7 monthly fee for the RBC Flex Choice Business Account but no minimum balance requirement. Electronic deposits to your account cost $0.75 each, while cash deposits cost $2.50 per $1,000 in-branch or $2.25 per $1,000 at ATMs. Sending Interac e-Transfers costs $1.50 each.
The account is part of a package since items deposited have no transaction fee, saving you from the regular fee of $0.22 per cheque or draft deposited.
Online Business Banking
RBC's Online Banking for Business is for one user with access to all of RBC's business banking services, such as paying bills, transferring funds, filing and paying taxes, depositing mobile cheques, and email or SMS money transfers.
The expanded RBC Express allows for unlimited users, letting you assign employee access. It also comes with additional features such as making and receiving payments in foreign currencies, making multiple cheque deposits, and sending wire transfers at preferred foreign exchange rates. However, RBC Express can come with a monthly fee.
Other RBC Business Accounts
Those who operate in the U.S. might find the RBC U.S. Dollar Business Account to be convenient if you want to keep all of your banking in the same place. It has a $9 USD monthly fee unless you hold a minimum balance of $2,500 USD.
Excess funds can be kept in RBC’s Business Essentials Savings Account, which pays 2.55% up to 3.3% on your balance, depending on your account size, as of September 2023.
Other RBC business accounts include:
- Community and Not-For-Profit Accounts
- Online Foreign Currency Account
- Ultimate Business Account
- AgriInvest Account
- Business Premium Investment Account
TD Basic Business Plan
What We Like:
✅ No minimum balance
✅ Bank digitally or in-branch
What We Don’t Like:
❌ Monthly fee
❌ Fee on transactions
For businesses with low transaction volumes, the TD Basic Business Plan is a business chequing account offering five transactions per month for a $5 monthly fee. Each additional transaction costs $1.25 each, with cash deposits costing $2.50 per $1,000 deposited. There’s no minimum balance required for this account.
For larger businesses, TD offers other business banking plans starting from $19 per month for 20 transactions, $39 per month for 60 transactions, $72 per month for 120 transactions, and $125 per month for unlimited transactions.
Fee rebates are available if you hold a minimum balance, such as $20,000 to waive the TD Every Day A Business Plan's $19 monthly fee or $65,000 to waive the TD Unlimited Business Plan's $125 monthly fee.
Comparing TD Business Bank Account Fees
| Account | Monthly Fee | Included Transactions | Balance to Waive Monthly Fee |
|---|---|---|---|
| TD Every Day A Business Plan | $19 | 20 | $20,000 |
| TD Every Day B Business Plan | $39 | 60 | $35,000 |
| TD Every Day C Business Plan | $72 | 120 | $45,000 |
| TD Unlimited Business Plan | $125 | Unlimited | $65,000 |
| TD Basic Business Plan | $5 | 5 | N/A |
Note: Fees as of September 2023
Scotiabank Right Size Account for business
What We Like:
✅ No minimum balance
✅ Bank digitally or in-branch
What We Don’t Like:
❌ Monthly fee
❌ Fee on transactions
Scotiabank’s cheapest option, the Right Size Account for business, has a low monthly fee with a pay-per-transaction model. There's a monthly fee of $6 with a transaction fee that depends on how many monthly transactions you make. Those making 1 to 15 transactions per month will pay $1.25 per transaction, lowering to $1.00 once you make over 50 transactions per month.
However, businesses looking to make more transactions will be better suited with Scotiabank’s other business accounts. Scotiabank’s Basic Business Account, available both in CAD and USD, comes with one free transaction per month for every $1,500 in the account, with the monthly fee waived for monthly balances over $8,000. The monthly fee on this account is $10.95 per month.
Scotiabank can get you to learn your ABCs with their Plan A, Plan B, and Plan C Select Accounts for Business.
Comparing Scotiabank Business Bank Account Fees
| Account | Monthly Fee | Included Transactions | Balance to Waive Monthly Fee |
|---|---|---|---|
| Scotiabank Plan A Select Account | $20 | 25 | $20,000 |
| Scotiabank Plan B Select Account | $40 | 70 | $35,000 |
| Scotiabank Plan C Select Account | $75 | 125 | $45,000 |
| Scotiabank Unlimited Select Account | $120 | Unlimited | $75,000 |
| Scotiabank Basic Business | $10.95 | 1 per $1,500 balance | $8,000 |
| Scotiabank Right Size | $6 | None | N/A |
Note: Fees as of September 2023
BMO eBusiness Plan
What We Like:
✅ No monthly fee
✅ No minimum balance
✅ Unlimited electronic transactions
✅ Bank digitally or in-branch
What We Don’t Like:
❌ Requires an appointment to open an account
If you’re looking for a no-monthly fee business account with unlimited free electronic transactions, then BMO’s eBusiness Plan would be the traditional business bank account for you. It’s the only business bank account offered by a major Canadian bank that has no monthly fee. It also gives you two free Interac e-Transfers each month, something that not all other paid bank account plans offer. This makes the BMO eBusiness plan the best bank account for small businesses and startups.
For merchants that conduct point-of-sale transactions, it also allows unlimited Moneris transactions. However, the main drawback of this account is that you’ll need to book an appointment to open an account. This makes the account opening process lengthier than other banks, where some even allow you to open an account completely online without having to visit a branch. Once the account is opened however, you’ll be enjoying no fees!
For businesses wanting a step up from the standard eBusiness Plan, BMO gets you to start counting your 1-2-3-4s with their Business Builder plans, a twist from Scotiabank’s and TD’s version of the ABCs. Specialty business accounts at BMO include:
- Business Premium Rate Savings Account
- Business Current Account
- Community Account
- AgriInvest Account
Comparing BMO Business Bank Account Fees
| Account | Monthly Fee | Included Transactions | Balance to Waive Monthly Fee |
|---|---|---|---|
| BMO Business Builder 1 | $22.50 | 35 | N/A |
| BMO Business Builder 2 | $45 | 70 | N/A |
| BMO Business Builder 3 | $80 | 120 | $35,000 |
| BMO Business Builder 4 | $120 | 160 | $80,000 |
| BMO Business Start | $6 | 7 | N/A |
| BMO eBusiness Plan | $0 | Unlimited Electronic | N/A |
Note: Fees as of September 2023
CIBC Basic Business Operating Account
What We Like:
✅ No minimum balance
✅ Online application
✅ Bank digitally or in-branch
What We Don’t Like:
❌ Monthly fee
❌ Fee on transactions
CIBC’s cheapest business account is the CIBC Basic Business Operating Account. At $6 per month, this monthly fee doesn’t include any transactions. Each transaction costs $1 for self-serve transactions, such as those conducted online or at ATMs, or $1.25 for full-service transactions at a branch or by a CIBC representative.
Unlike other major banks that require you to visit a branch to open an account, CIBC lets you open a business account online in as little as 30 minutes.
CIBC’s Unlimited Business account has a lower monthly fee than other banks, making it an excellent option for small businesses. Plus, you get unlimited transactions and access to CIBC business advisors who can provide advice on banking services, credit and financing solutions, cash flow management and more.
Comparing CIBC Business Bank Account Fees
| Account | Monthly Fee | Included Transactions | Balance to Waive Monthly Fee |
|---|---|---|---|
| CIBC Basic Business | $6 | None | N/A |
| CIBC Everyday Business | $20 self-serve $25 full-service | 30 | $15,000 |
| CIBC Advanced Business | $35 | 100 | $35,000 |
| CIBC Unlimited Business | $65 | Unlimited | $45,000 |
Note: Fees as of September 2023
Comparing Major Banks’ Premium Business Accounts
| Bank | Monthly Fee | Included Transactions | Min. Balance for Monthly Fee Waiver |
|---|---|---|---|
RBC Ultimate Business Account | $100 |
| $75,000 |
TD Unlimited Business Plan | $125 |
| $65,000 |
Scotiabank Select Unlimited | $120 |
| $75,000 |
BMO Business Builder 4 | $120 |
| $80,000 |
CIBC Unlimited Business Operating Account | $65 |
| $45,000 |
Note: Fees are as of September 2023
What Do I Need To Open a Business Account?
To open a business account, you’ll need to provide some basic information about your business. Banks may also ask for the following documents depending on your type of business:
Documents for Sole Proprietors:
- Certificate of Business Registration
- Trade Name Registration (if applicable)
Documents for Partnerships:
- Partnership Agreement
- Certificate of Business Registration
- Trade Name Registration or Master Business License (if applicable)
- Information on each signing authority with ID
- Proof of business address, such as a utility or property tax bill
Documents for Unincorporated Associations:
- Articles of Association, or the Association’s constitution and bylaws
- If donations are solicited from the public, the Canada Revenue Agency registration business number
- Information on each signing authority with ID
- Proof of business address, such as a utility or property tax bill
Documents for Corporations:
- Articles of Incorporation
- Trade Name Registration (if applicable)
- Director information, for each director
- Information on each signing authority with ID
- Proof of business address, such as a utility or property tax bill
Corporations may also be asked to provide documents such as the company’s annual report for the past fiscal year, most recent notice of assessment, business licenses or vendor permits, or health and safety certificates.
Free Business Bank Accounts
If you’re looking for digital business bank accounts, there are some completely free options available in Canada. However, it’s a good idea to still have a traditional bank account at a major bank. This gives you access to in-branch banking, such as to make cash deposits or to write and deposit cheques. These are the best free digital business bank accounts in Canada.
| Digital Accounts | ||||
|---|---|---|---|---|
| Account | No Monthly Fee | No Minimum Balance | Free Unlimited Transactions | Cashback or Rewards |
Wise Business | ✅ | ✅ | ❌ | ❌ |
Loop Basic | ✅ | ✅ | ✅ | ✅ |
Vault | ✅ | ✅ | ✅ | ✅ |
Wealthsimple Save | ✅ | ✅ | ❌ | ✅ |
Tangerine Business Savings | ✅ | ✅ | ❌ | ✅ |
For more details: The 5 Best No-Fee Business Bank Accounts in Canada