The best business bank account for small businesses is the TD Basic Business Plan, while the best for bigger businesses with high-volume transactions is the RBC Ultimate Business Account.
A good business bank account includes low, reasonable fees, an appropriate number of included transactions, and hassle-free methods for accessing funds. Depending on how big your business is, you might be interested in U.S.D. accounts, holding multiple currencies within one account, earning high interest, or having access to extra payroll and marketing services.
We compare the best business bank accounts below so you can find the perfect fit.
Key Takeaways
- The TD Basic Business Plan is the best account for small businesses, but the RBC Ultimate Business Account is best for larger businesses making lots of monthly transactions.
- The Alterna Small Business eChequing Account is the best business chequing account from an online bank.
- The RBC Business Essentials Savings Account is an excellent choice for business savings.
- When choosing a business account, consider the fees, included transactions, interest rates, deposit package, and accessibility options.
- Opening a business bank account often requires visiting a branch location and you'll need to provide a variety of documents.
The best business bank accounts: An overview
| Category | Business account | Features |
|---|---|---|
| Best from an online bank | Alterna Small Business eChequing Account | * Free, unlimited electronic transactions * Access to extensive ATM network |
| Best business savings account from a big bank | RBC Business Essentials Savings Account | * 2 free cheques/debits * 999 credits and deposits |
| Best business savings from an online bank | Tangerine Business Savings Account | * Competitive interest rates * Simple, user-friendly online account management |
| Best free business account | Loop Business Account | * Open local accounts in USD, EUR, and GBP * Low to no FX fees |
| Best for U.S. banking | Innovation Federal Credit Union No-Fee USD Business Account | * No monthly fees * Earns interest like Innovation's typical U.S. account |
| Best for international banking | Wise Business Account | * Acts as a multi-currency account * Send payments to 70+ countries in 54 currencies |
| Best for new businesses | BMO Business Start Account | * Low monthly fee * Unlimited Moneris transactions |
| Best for small business | TD Basic Business Plan | * 5 free transactions and deposit items per month * Free online statements with cheque images |
| Best for mid-size businesses | RBC Digital Choice Business Account Package | * Unlimited electronic debit and credit transactions * Unlimited Moneris deposits |
| Best for businesses with high-volume transactions | RBC Ultimate Business Account | * Discounts on various business-related products and services * RBC-Petro-Canada partnership helps save on fuel |
| Best for businesses with high-volume international transactions | CIBC Unlimited Business Operating Account | * Unlimited transactions * Free international money transfers |
| Best for low usage and low cost | National Bank Hybrid Business Package | * Low monthly fee * Unlimited digital cheque deposits |
| Best for agricultural businesses | ScotiaOne Account Plan for Agriculture | * Combines business and personal banking * Unlimited mobile cheque deposit |
| Best for non-profit organizations | CIBC Not-For-Profit Operating Account | * Dashboard and tools for managing cash flow * Excellent customer service ratings |
| Best for non-profit organizations with U.S. banking needs | TD Bank U.S. Dollar Community Plan Plus | * Free, unlimited debit and credit card deposits * Free online statements with cheque images |
Best business bank account from an online bank: Alterna Small Business eChequing Account
An Alterna Small Business eChequing Account provides your business with unlimited debit and credit transactions. Alterna Bank is the online arm of Alterna Savings and Credit Union Limited, which means your business is working with and supporting a community-focused credit union rather than a big bank.
Why we picked it:
- Unlimited debit and credit transactions
- Low $5 monthly fee, waived with $3,000 balance
- 6 free Interac e-Transfers per month
- Access to THE EXCHANGE Network of ATMs
- Provides valuable and flexible cash flow management options
Best business savings account: RBC Business Essentials Savings Account
It doesn't have the highest interest rates or the most included transactions, but the RBC Business Essentials Savings Account earns high marks in each features category. For a $0 monthly fee, you'll get very reasonable rates, a decent credit and debit package, and much more – alongside the reliability and peace of mind that comes from doing business with a big bank.
Why we picked it:
- No monthly fee
- 999 credit transactions per month
- 2 free cheque or debit transactions per month
- Unlimited free transfers between RBC accounts
- Competitive tiered interest rates
Best business savings account from an online bank: Tangerine Business Savings Account
For businesses that prefer working with an online bank, Tangerine is one of the country's very best. Its online platform and highly-rated mobile apps make it very easy to manage your business funds. The Tangerine Business Savings Account has tiered interest, but all tiers have surprisingly high interest rates, even for low balances.
Why we picked it:
- No monthly fee and no minimum balance
- Low $500,000 balance to earn highest interest rate (currently 2.55%)
- Easy online account management
- Pairs well with the Tangerine Business US$ Savings Account
- Business GICs also available
Best free business bank account: Loop Business Account
For small businesses needing a simple international bank account, the Loop Business Account lets you open local accounts in multiple currencies, avoiding conversion fees and speeding up payments. The accompanying rewards credit card adds even more value.
Why we picked it:
- No fees for base account, or paid tiered accounts for more services
- Open local accounts to send and receive payments in CAD, USD, EUR, and GBP
- Competitive exchange rates, low FX rates
- Integrates well with various accounting systems
- Comes with a free, no FX credit card
Best business bank account for U.S. banking: Innovation Federal Credit Union No-Fee USD Business Account
The Innovation Federal Credit Union No-Fee USD Business Account is available across the country. You can convert your business funds to U.S.D. in seconds whenever you like, rather than deal with the costs of automatic conversion. Plus, enjoy the unique benefits credit unions provide.
Why we picked it:
- Holds both U.S. and Canadian funds
- Earn interest and cash dividends
- Unlimited free transactions and digital deposits
- Digital deposit for U.S. cheques
- Competitive exchange rates
Best business bank account for international banking: Wise Business Account
- From 0.33%, fees vary by currency
- Depends on country, CAD to CAD is unlimited
If your business operates in multiple currencies, a Wise Business Account can be a cost-effective and transparent solution. It lets you send money to over 160 countries in more than 40 currencies, accept client payments in up to 9 currencies, and always benefit from the real mid-market exchange rate—without hidden fees. With low, clearly listed transfer costs and flexible options like debit, credit, and bank transfers, Wise makes international business banking straightforward and affordable.
- Low and completely transparent fees
- More than 40 currencies available
- Real exchange rates
- Comes with a debit card
- No cash deposits or transactions
- Limited customer support channels
- Be a sole trader, freelancer, limited or public company, partnership, charity, or trust
- From 0.33%, fees vary by currency
- 24 hours
- Depends on country, CAD to CAD is unlimited
The Wise Business Account is specifically built for entrepreneurs and companies that conduct international transactions and/or pay employees in different currencies. It's one multi-currency account that allows your business to make and receive money like a local.
Why we picked it:
- Send money to 70+ countries
- Transparent fees and real exchange rates
- Collect money in 9 different currencies
- Easy integration with Quickbooks, Xero, and more
- Debit cards available for yourself and your employees
Best business bank account for new businesses: BMO Business Start Account
Also an excellent choice for seasonal businesses, the BMO Business Start Account is a low-cost account tailored for small-scale businesses. It also provides access to one of the top business credit cards in Canada, the BMO CashBack Mastercard for Business.
Why we picked it:
- Low monthly fee
- 7 free transactions per month, including 2 free Interac e-Transfers
- Unlimited Moneris transactions
- Access to BMO's Business Resource Hub
- Free, easy upgrade to another BMO business account as business needs change
Best business bank account for small businesses: TD Basic Business Plan
The TD Basic Business Plan provides a convenient, inexpensive way for small businesses to manage funds. With simple, standard features, it's an easy account to work with. Plus, TD stores cheque images for 7 years, which is far longer than most banks.
Why we picked it:
- Low monthly fee
- 5 free transactions per month
- 5 free deposit items per month
- Free online statements with cheque images
- Big bank support and reliability
Best business bank account for mid-size businesses: RBC Digital Choice Business Account Package
The RBC Digital Choice Business Account Package is a low cost business chequing account designed for those who use online and mobile banking for banking. For a low fee of $6 per month, you'll get unlimited debit and credit transactions, unlimted Moneris despoits as well as 10 free Interac e-Transfers per month.
- Unlimited debit and credit electronic transactions
- Unlimited Moneris deposits
- Unlimited electronic cheque deposits
- Access to other business services
- Petro-Canada fuel savings
- Limited Interac e-Transfers
- Fees for cash and paper deposits
- ATM fees
- Canadian citizen
- Age of majority
- Have a business registered in Canada
$100 GeniusCash + Unlimited business banking features for only $6/month- Unlimited electronic debit and credit transactions
- Unlimited Moneris deposits
- 10 FREE Interac e-Transfer transactions
$100 GeniusCash + Unlimited business banking features for only $6/monthFor mid-sized businesses that mostly use electronic transactions, the RBC Digital Choice Business Account Package has a very convenient setup. Aside from the unlimited digital transactions, RBC's partnership with Petro-Canada means your business can save on gas costs too.
Why we picked it:
- Low monthly fee
- Unlimited electronic debit and credit transactions
- Unlimited Moneris and electronic cheque deposits
- 10 free Interac e-Transfers
- Access to RBC Services Beyond Banking
Best bank account for businesses with high-volume transactions: RBC Ultimate Business Account
If your business spends and/or makes numerous regular transactions, the RBC Ultimate Business Account can be a lifesaver. The $100 monthly fee will likely pay for itself, thanks to all the included debit, credit, e-Transfer and Moneris transactions available, plus the large deposit limits.
Why we picked it:
- Unlimited electronic debit and credit transactions
- 100 paper transactions per month
- 500 Interac e-Transfers per month
- Unlimited Moneris and electronic cheque deposits
- Monthly fee is waived with minimum $75,000 balance
Best bank account for businesses with high-volume international transactions: CIBC Unlimited Business Operating Account
Businesses that make high volumes of transactions each month will love the CIBC Unlimited Business Operating Account, especially if international money transfers are part of those transactions. Plus, CIBC's bizline Visa Card for Small Business is one of the top business credit cards in Canada.
Why we picked it:
- Unlimited transactions, including Interac e-Transfers
- Unlimited deposits and withdrawals
- $0 transfer fees when using CIBC Global Money Transfer
- Maintain a $65,000 balance to waive monthly fee
- Access to one of the top business cards in Canada
Best business bank account for low use and low cost: National Bank Hybrid Business Package
At just $8 per month for 6 transactions, the National Bank Hybrid Business Package can be just the right fit for businesses that make limited transactions. This includes two in-branch transactions as well, giving you the option of getting free assistance at a National Bank branch location.
Why we picked it:
- Low monthly fee
- 6 transactions per month
- 2 Interac e-Transfers per month
- Free ATM and mobile cheque deposits
- Big bank security and convenience
Best business bank account for agricultural-based businesses: ScotiaOne Account Plan for Agriculture
The ScotiaOne Account Plan for agriculture is a highly unique product that combines business and personal banking all in one. And with access to other credit and loan products specifically designed for agricultural businesses, it's clear that Scotiabank has paid attention to what this industry needs.
Why we picked it:
- Includes 55 business and 50 personal transactions per month
- Free mobile cheque deposits
- No minimum balance requirements
- Access to other agriculture-specific products and services
- Network of 900+ branches and nearly 3,600 ATMs across Canada
Best business bank account for non-profit organizations: CIBC Not-for-Profit Operating Account
With a very low fee (that can be waived with a fairly low balance), the CIBC Not-for-Profit Operating Account allows your organization to spend less on banking and more on important causes. It's also worth noting that CIBC was ranked #1 in small business banking customer satisfaction by J.D. Power in 2024.
Why we picked it:
- Low monthly fee
- Low minimum balance for waiving fees
- 30 transactions per month, including Interac e-Transfers
- Reasonably-sized deposit package
- Access to Global Payments
Best business bank account for non-profit organizations with U.S. banking needs: TD Bank U.S. Dollar Community Plan Plus
Organizations that regularly do business with or receive donations in U.S. dollars will appreciate the U.S. Dollar Community Plan Plus. TD Bank offers 2 tiers for its U.S. Dollar Community accounts, but this one includes the most transactions for a very low fee.
Why we picked it:
- Low monthly fee
- 30 transactions per month
- Low fee for overages
- Free online statements plus month-end paper statement
- Discounted overdraft protection
What is a business bank account?
A business bank account is a financial product specifically designed for making business transactions and serving the needs of a corporation, rather than an individual.
Business needs are surprisingly different from personal banking requirements. Making deposits, withdrawing funds, using cheques, etc., all require different processes than the same actions for personal use.
A business bank account can provide tools for invoicing, bookkeeping, etc., as well as easy access to other banking products like loans and credit cards.
Do I need a business bank account?
If your business is registered, then yes, you do need a business bank account. It's especially wise for large corporations to have one as it helps with tracking expenses and managing payroll.
Sole proprietors (unincorporated small businesses, self-employed individuals, etc.) aren't necessarily required to have one, but it can be a wise choice as it helps to keep your business transactions separate from your personal finances.
Even if you're not required to have one, a business bank account can make a huge difference to how you manage your finances. This type of account can help with tasks like these:
- Accept payments from customers and clients
- Make payments for various expenses
- Track cash flow
- Facilitate payroll
- Integrate and streamline bookkeeping
- Enable merchant services (setting up point-of-sale systems, etc.)
- Build credibility and professionalism
How to pick a business bank account
Just like choosing a personal account, choosing a business bank account requires balancing your wants and needs against what each bank and each account has to offer.
These are the top details you'll need to consider when looking for the right bank account for your business needs:
- Fees: Business accounts can range in price from $0 to $125 a month. Think about the monthly fee in addition to any transaction fees you’ll incur.
- Transactions: Consider how many incoming and outgoing credit, debit, and cheque transactions you need, and look at which type of transactions are included with the account's monthly fee.
- Interest rates: If you plan to store your funds in a savings account, where would you receive the highest rate? Check for tiered rates to ensure you'll earn the most possible.
- ATM access: Do you require self-service banking for your business? If you make regular deposits and withdrawals via automated teller machines, ensure there are plenty of locations in convenient areas.
- Deposit package: As a business, you’ll likely need to make regular deposits into your account. How much will you be depositing per month? How many items will you be depositing?
- Big bank, online bank, or credit union: Each of these institution types has its own pros and cons, and all have excellent business account offerings. Consider which type you'd prefer to work with.
- Promotional offers: Especially if you're stuck between just two or three options, consider any promo interest rates or cash back perks the bank offers new clients.
Types of business bank accounts
- Chequing account
- Savings accounts
- U.S.D. accounts
- Foreign currency accounts
- Specialized accounts (for non-profits, agriculture, etc.)
How to open a business bank account in Canada
The process of opening a business bank account requires a few more steps and a lot more documentation than opening a personal bank account. Some banks provide the option of opening your business account online, but others require that you visit a branch to fill out the forms in person.
The basic steps for opening a business account look like this:
- Choose the institution and account that fits your needs
- Gather the required information and documents
- Visit your chosen bank, if required
- Fill out the application form(s)
- Provide the necessary documents
- Wait for the bank to verify your account
- Add funds to your new account
- Set up online banking (if using a traditional bank)
Opening a business bank account involves a bit more information and documents than non-business bank accounts, but what exactly is required will depend on what bank you go with. It also depends on your business type, be it a sole proprietorship, non-profit organization, etc.
These are some of the documents that may be required to open a business bank account – although this list is not exhaustive:
- Government-issued ID
- Business registration papers
- Canada Revenue Agency registration number
- Business contact info
- Articles of incorporation/association
- Business License
- Trade name registration
- CRA registration number
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.Business bank account alternatives
| Alternative | Example | Pros | Cons |
|---|---|---|---|
| Money Services Business/Fintech business accounts | Payoneer | * Multi-currency support * Inexpensive | * Limited support options * May lack insurance coverage |
| Digital payment platforms | PayPal Business | * Easy to use * Integrates well with bookkeeping software | * Fees add up * Limited access to other products (loans, savings, etc.) |
| Personal bank account | Simplii Financial no-fee chequing | * No fees * Easy online management | * Difficult to track business expenses * Appears unprofessional |
FAQ
Are there free business bank accounts?
There are several excellent free business bank account options, including selections from both online and traditional banks. The best free business account products include the Loop Business Account and the Alterna Small Business eChequing Account.
Is there a best small business account in Canada?
If you prefer a big bank and have basic needs, the TD Basic Business Plan is a popular, highly-rated account. The Alterna Small Business eChequing Account is an excellent choice if you prefer an online bank.
What's the best digital business business bank account?
The Alterna Small Business eChequing Account is the best business account from an online bank, and the Tangerine Business Savings Account is the top business savings account. The Loop Business Account is the best free account from an online bank.
Which bank is best for a business account in Canada?
TD is the best bank for a small business, although CIBC has won awards for its small business efforts. RBC has the best business savings account. Alterna Bank is a top online bank and is backed by a credit union.
What type of bank account is good for business?
There are several types of business bank accounts, including chequing, savings, and foreign currency accounts. Choosing the best type of account for your business requires comparing the various features each account offers alongside your company's financial needs.
What bank has the lowest fees for a business account?
Online institutions are your best bet for low to no monthly account fees – or any kind of fees. If you prefer traditional banking and want to avoid high transaction and/or deposit fees, Scotiabank is likely your best bet.
Can I use a personal bank account for business?
You can use a personal account if you're a sole proprietor, but registered businesses are required to have a business-specific bank account. Small businesses can consider alternatives, such as digital payment platforms and fintech business accounts.
Do I need a bank account for a small business?
You definitely need a bank account, but the type of account you choose will depend on the type of small business you run. For instance, if it's a non-profit organization, choose an account specifically designed for non-profits.
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