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Best Business Bank Accounts in Canada for 2024

This Page's Content Was Last Updated: October 11, 2023
WOWA Simply Know Your Options

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.
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Comparing Account Features of the Best Business Bank Accounts in Canada

Traditional Major Banks
BankMonthly FeeNo Minimum BalanceFree Unlimited TransactionsCashback or Rewards
RBC Logo
RBC Digital Choice Business
$6
TD Logo
TD Basic Business
$5
Scotiabank Logo
Scotiabank Right Size Account
$6
BMO Logo
BMO eBusiness Plan
$0
CIBC Logo
CIBC Basic Business Operating
$6
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Traditional Major Banks

Comparing Fees of Major Banks' Business Accounts

BankMonthly FeeIncluded TransactionsPer Additional Transaction Fee
RBC Logo
RBC Digital Choice Business
$6Unlimited Electronic$2.50
TD Logo
TD Basic Business
$55$1.25
Scotiabank Logo
Scotiabank Right Size Account
$60$1.25
BMO Logo
BMO eBusiness Plan
$0Unlimited Electronic$1.25
CIBC Logo
CIBC Basic Business Operating
$60$1.00

Note: Fees are as of September 2023

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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

AccountMonthly FeeIncluded TransactionsBalance to Waive Monthly Fee
TD Every Day A Business Plan$1920$20,000
TD Every Day B Business Plan$3960$35,000
TD Every Day C Business Plan$72120$45,000
TD Unlimited Business Plan$125Unlimited$65,000
TD Basic Business Plan$55N/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

AccountMonthly FeeIncluded TransactionsBalance to Waive Monthly Fee
Scotiabank Plan A Select Account$2025$20,000
Scotiabank Plan B Select Account$4070$35,000
Scotiabank Plan C Select Account$75125$45,000
Scotiabank Unlimited Select Account$120Unlimited$75,000
Scotiabank Basic Business$10.951 per $1,500 balance$8,000
Scotiabank Right Size$6NoneN/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

AccountMonthly FeeIncluded TransactionsBalance to Waive Monthly Fee
BMO Business Builder 1$22.5035N/A
BMO Business Builder 2$4570N/A
BMO Business Builder 3$80120$35,000
BMO Business Builder 4$120160$80,000
BMO Business Start$67N/A
BMO eBusiness Plan$0Unlimited ElectronicN/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

AccountMonthly FeeIncluded TransactionsBalance to Waive Monthly Fee
CIBC Basic Business$6NoneN/A
CIBC Everyday Business$20 self-serve
$25 full-service
30$15,000
CIBC Advanced Business$35100$35,000
CIBC Unlimited Business$65Unlimited$45,000

Note: Fees as of September 2023

Comparing Major Banks’ Premium Business Accounts

BankMonthly FeeIncluded TransactionsMin. Balance for Monthly Fee Waiver
RBC Logo
RBC Ultimate Business Account
$100
  • Unlimited electronic transactions
  • 100 paper transactions
  • 500 Interac e-Transfers
$75,000
TD Logo
TD Unlimited Business Plan
$125
  • Unlimited transactions
  • Unlimited Interac e-Transfers
$65,000
Scotiabank Logo
Scotiabank Select Unlimited
$120
  • Unlimited transactions
$75,000
BMO Logo
BMO Business Builder 4
$120
  • 160 transactions
  • 2 Interac e-Transfers
$80,000
CIBC Logo
CIBC Unlimited Business Operating Account
$65
  • Unlimited transactions
  • Unlimited Interac-eTransfers
$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.

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✅ Unlimited transactions
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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
AccountNo Monthly FeeNo Minimum BalanceFree Unlimited TransactionsCashback or Rewards
Wise Logo
Wise Business
Loop Logo
Loop Basic
Vault Logo
Vault
Wealthsimple Logo
Wealthsimple Save
 Logo
Tangerine Business Savings

For more details: The 5 Best No-Fee Business Bank Accounts in Canada

Disclaimer:

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