The overall best business chequing account in Canada is the CIBC Unlimited Business Operating Account for its unlimited transactions, generous deposit package, and quality customer service.
Business chequing accounts are a type of business account used to handle a company's transactions. Business chequing accounts are used for accepting client payments, depositing funds, making bill payments, etc.
Here's our breakdown of the best business chequing accounts in Canada
Key Takeaways
- The best business chequing account in Canada is the CIBC Unlimited Business Operating Account.
- The best option from an online bank is the Alterna Small Business eChequing Account.
- The best account for a small business is the TD Basic Business Plan.
- Opening a business chequing account separates your business and personal finances, it shows professionalism, helps build your credit, and makes it easier to prepare your taxes.
Best business chequing account from a big bank: CIBC Unlimited Business Operating Account
The CIBC Unlimited Business Operating Account is this bank's most comprehensive business account, with a long list of benefits and perks. Perhaps the biggest selling feature, though, is that CIBC was at the top of J.D. Power's Small Business Banking Satisfaction study for 2023 and 2024.
Monthly fee: $65
Features:
- Unlimited banking transactions, including Interac e-Transfers
- Monthly fee can be waived by maintaining a $65,000 balance
- Up to $15,000 cash, $1,000 coin and 100 cheques deposits each month
- $0 transfer fees when using CIBC Global Money Transfer
- Access to the CIBC Bizline Visa Card, a top-ranked business card
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Best business chequing account from an online bank: Alterna Small Business eChequing Account
Alterna Bank is a full-featured online bank that provides personal accounts, borrowing options, and investment products as well as several business banking products and services. Don't let the low fees of the Alterna Small Business eChequing Account fool you – it comes with plenty of features and tools to help your business thrive.
Monthly fee: $5
Features:
- Unlimited electronic debit and credit transactions
- 6 free Interac e-Transfers
- Monthly fee can be waived by maintaining a $3,000 balance
- Free mobile cheque deposits
- Access to THE EXCHANGE Network's extensive system of ATMs
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Best business chequing account from a credit union: Coast Capital Savings The One Small Fee Business Account
If you prefer the more personal touch of a credit union, Coast Capital is one of the best in Canada. The One Small Fee Business Account is exactly what it claims to be: a reasonably priced account with a long list of freebies and features.
Monthly fee: $38
Features:
- Unlimited in-branch deposits, withdrawals, transfers, and bill payments
- Unlimited cheque deposits
- Unlimited debit transactions within Canada
- Free online and paper statements
- Access to THE EXCHANGE Network's extensive system of ATMs
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Best business chequing account for high-volume transactions: RBC Ultimate Business Account
Businesses handling lots of cash and processing many transactions will appreciate how curated the RBC Ultimate Business Account is. It covers every potential business-banking need, no matter whether your transactions are via debit card, e-Transfer, paper-based, or a combination of all types.
Monthly fee: $100
Features:
- Unlimited electronic debit and credit transactions
- 500 free Interac e-Transfers
- 100 free paper transactions
- Unlimited electronic cheque and Moneris deposits
- Up to $25,000 cash deposits
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Best business chequing account for small businesses: TD Basic Business Plan
The TD Basic Business Plan is about as basic as it gets: just a few transactions included each month for a very low monthly fee. There aren't any bells, whistles, or frills with this TD account, just the most necessary features for the simplest of banking experiences.
Monthly fee: $5
Features:
- 5 included monthly transactions
- 5 deposit items included
- Free online statements
- Reasonable overage fees ($0.22 - $2.50)
- Cheque images saved for 7 years
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Best business chequing account for mid-size businesses: RBC Digital Choice Business Account Package
The RBC Digital Choice Business Account Package is a happy medium between high-priced accounts with lots of included transactions and the bare bones, no-frills accounts for small businesses. If most of your company's banking is done via smartphone, this account covers your needs – especially if you use the RBC mobile banking app.
Monthly fee: $6
Features:
- Unlimited electronic debit and credit transactions
- Unlimited Moneris deposits
- Unlimited electronic cheque deposits
- 10 Interac e-Transfers included
- Access to the RBC Avion Business Visa Infinite card
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$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.Best business chequing account for low usage and low cost: National Bank Hybrid Business Package
The Hybrid Business Package from National Bank is an excellent mid-point for businesses looking to keep costs down. Making do with just a few electronic transactions, a few assisted transactions, and no extra perks can help keep your business costs low, without sacrificing too much convenience.
Monthly fee: $8
Features:
- 6 electronic and representative-assisted transactions
- 2 Interac e-Transfers
- Unlimited digital cheque deposits
- Free electronic account statements
- Access to THE EXCHANGE Network's extensive system of ATMs
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Best business chequing account for eCommerce businesses: RBC Flex Choice Business Account Package
With the RBC Flex Choice Business Account Package, you pay a relatively low monthly fee and have unlimited deposits and transactions. Yes, you still pay for your transactions, but there's no need to worry about overage fees, and you even get preferred pricing for some things.
Monthly fee: $7
Features:
- Unlimited deposits each month
- Unlimited Moneris deposits
- No minimum or maximum transaction limits
- Supports both online and in-branch banking
- Preferred pricing for deposits via ATM and Night and Day Deposit Service
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Best free business chequing account: Loop Business Account
The Basic Loop business account has no monthly fee whatsoever but includes everything from fee-free multicurrency spending to a no annual fee credit card. Plus, you can choose to level up to the Loop Plus ($49) or Loop Power ($199) accounts for more features and perks.
Monthly fee: $0
Features:
- Hold funds in CAD, USD, EUR and GBP
- No deposit or transaction limits
- Low 0.5% FX fee
- Access to the Loop Visa multicurrency card
- Send and receive local payments for free in the US, EU, and UK
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Best business chequing account for U.S. banking: TD U.S. Dollar Every Day Business Plan B
TD offers several excellent U.S. business accounts, but the U.S. Dollar Every Day Business Plan B offers the best features at the best price. If your small or mid-sized business transacts in mostly American payments, this account covers your spending and receiving needs.
Monthly fee: $39 USD
Features:
- 60 transactions included
- 50 deposits per month
- Up to $5,000 USD in cash deposits
- Free overdraft protection
- Unlimited EasyWeb View Cheque Service (images stored for 90 days)
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Best credit union business chequing account for U.S. banking: Innovation Federal Credit Union No-Fee USD Business Account
With no monthly fees, no transaction fees, and interest earned on all balances, the Innovation Federal Credit Union No-Fee USD Business Account is a serious contender for the best U.S. chequing account overall. If you don't mind stepping away from the big bank conveniences, this credit union account can save your business a lot of money on currency exchange fees and more.
Monthly fee: $0
Features:
- Unlimited transactions
- Earn up to 0.1% interest
- Free digital U.S. cheque deposits
- No automatic currency conversion
- Earn cash back with the Members Rewards program
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Best business chequing account for international banking: Wise Business Account
The Wise Business Account is a free account that takes a lot of the stress – and cost – out of doing business internationally. With the ability to hold 40 different currencies, spend in more than 230 countries, and receive money in 23 different currencies, Wise has your international business banking needs covered.
Monthly fee: $0
Features:
- No monthly fee
- Hold up to 40 different currencies in one account
- Pay and withdraw cash in 231 countries
- Guaranteed mid-market exchange rate
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Best business chequing account for new businesses: BMO Business Start Plan
For new businesses with low transaction needs, or perhaps those who don't yet know what their transaction needs will be, the BMO Business Start Plan offers a low-cost option to get you started. If your business grows and you find you need more than this account can give, you're free to switch to another BMO account whenever you like, at no cost.
Monthly fee: $6
Features:
- 7 transactions per month
- 2 Interac e-Transfers
- Unlimited Moneris transactions
- Free monthly eStatements with cheque images
- Big bank security and convenience
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Best business chequing account for agriculture businesses: ScotiaOne Account Plan for Agriculture
It can be difficult for agriculture-based businesses to separate personal from business expenses, but the ScotiaOne Account Plan for Agriculture has this covered. It offers a convenient combination of personal and business transactions for a reasonable monthly fee.
Monthly fee: $40
Features:
- 55 business transactions included
- 50 personal transactions included
- No deposit fees on payment processing
- Free overdraft protection
- Big bank security and convenience
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Best business chequing account for non-profit organizations: CIBC Not-For-Profit Operating Account
The CIBC Not-For-Profit Operating Account is an excellent option for nonprofit organizations as it offers the reliability and convenience of a big bank at a very low fee. And CIBC's reputation for small business banking satisfaction makes this option look even more attractive.
Monthly fee: $4
Features:
- 30 transactions, including Interac e-Transfers
- Up to $5,000 cash, $500 coin, and 30 cheques deposits each month
- Receive donations with Global Payments
- Free self-service transfers between CIBC accounts
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Best credit union business chequing account for non-profit organizations: Innovation Federal Credit Union Community Service Account
The Innovation Federal Credit Union Community Service Account is another excellent product from this top-tier institution. The unlimited digital transfers include Interac e-Transfers, free deposits, and cash back opportunities make this a high-value option for any nonprofit organization.
Monthly fee: $0
Features:
- Unlimited free digital transfers and bill payments
- Unlimited free deposits
- 20 debit transactions included
- Earn up to 0.1% interest
- Earn cash back with the Members Rewards program
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Best business chequing account for sole proprietors: Motusbank No-Fee Chequing Account
While it's not specifically a business account, the features and benefits of the Motusbank No-Fee Chequing Account are very well-suited for sole proprietors. The lack of fees and the Price Drop program are especially valuable features for business owners trying to save wherever possible.
Monthly fee: $0
Features:
- Unlimited debit purchases, bill payments, and withdrawals
- Unlimited free Interac e-Transfers
- Unlimited free deposits
- Earns 0.15% interest
- Access to THE EXCHANGE Network's extensive system of ATMs
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Best business chequing account for earning cash back: Vault
With unlimited physical and virtual Mastercards available, you can put your employees to work earning cash back with a Vault business bank account. As a multicurrency account, your cash back opportunities are unlimited – spend and earn in 150 global currencies.
Monthly fee: $0
Features:
- Comes with a corporate Mastercard (unlimited number of cards)
- 1% cash back on card spending
- Free online local payments
- Holds funds in CAD, USD, GBP, and EUR
- Converts at the best available FX rate
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Best business chequing account for earning interest: Float High Yield Account
It's true that online banks typically offer higher interest rates than any of the big banks, but the Float High Yield Account blows all other business accounts out of the water with its exceptional interest rate. Of course, if earning interest is important, you should look at business savings accounts.
Monthly fee: $0
Features:
- Earn 4% interest on all balances and currencies
- Unlimited transactions
- Up to 20 cash back debit credit cards included
- Holds CAD and USD
- Free, easy, fast transfers from external accounts
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Best business chequing account for accounting software integration: Motusbank No-Fee Chequing Account
The Motusbank No-Fee Chequing Account provides smooth integration with three of the most popular accounting software products. RBC's PayEdge is an accounts payable platform that makes software integration easy and offers other convenient services. Plus, RBC clients are eligible for a 1-month free trial of Xero.
Monthly fee: $6
Features:
- Unlimited electronic debit and credit transactions
- Unlimited electronic cheque deposits
- Unlimited Moneris deposits
- 10 Interac e-Transfers per month
- Integration with Quickbooks, Sage, and Xero software
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Best business chequing account for side hustles: TD Every Day Business Plans
Especially if you have a personal TD account, any of TD's Every Day Business Plans can easily integrate into your side hustle's banking practices. You can start with the Every Day A plan and scale up to plan B and C as your stream of extra income grows.
Monthly fee: $19, $39, or $72
Features:
- 20, 60, or 120 monthly transactions
- 50 items deposited per month
- Up to $5,000 cash/coin deposits each month
- Free overdraft protection
- 2 free Interac e-Transfers
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Best business chequing accounts summary
| Category | Account | Monthly fee | Details |
|---|---|---|---|
| Best from a big bank | CIBC Unlimited Business Operating Account | $65 | * Unlimited transactions * Up to $15,000 cash, $1,000 coin and 100 cheque monthly deposits * Award-winning customer service |
| Best from an online bank | Alterna Small Business eChequing Account | $5 | * Unlimited unlimited electronic debit and credit transactions * 6 free Interac e-Transfers * Access to extensive ATM network |
| Best from a credit union | Coast Capital Savings The One Small Fee Business Account | $38 | * Unlimited in-branch deposits, withdrawals, transfers and bill payments * Unlimited debit card transactions within Canada * Access to extensive ATM network |
| Best for businesses with high-volume transactions | RBC Ultimate Business Account | $100 | * Unlimited electronic debit and credit transactions * 500 Interac e-Transfers * Unlimited electronic cheque and Moneris deposits |
| Best for small businesses | TD Basic Business Plan | $5 | * 5 transactions per month * 5 deposits per month * Cheque images saved for 7 years |
| Best for mid-size businesses | RBC Digital Choice Business Account Package | $6 | * Unlimited electronic debit and credit transactions * Unlimited electronic cheque deposits * Unlimited Moneris deposits |
| Best for low usage and low cost | National Bank Hybrid Business Package | $8 | * 6 electronic and assisted transactions * 2 Interac e-Transfers * Unlimited digital cheque deposits |
| Best for eCommerce businesses | RBC Flex Choice Business Account Package | $7 | * Pay-per-use transactions * Discounts at Petro-Canada * Unlimited deposits |
| Best free option | Loop Business Account | $0 | * Open local accounts in USD, EUR, and GBP * Low to no FX fees * Free credit card included |
| Best for U.S. banking | TD U.S. Dollar Every Day Business Plan B | $39 USD | * 60 transactions * 50 deposits per month * $5,000 USD cash deposit limit |
| Best for U.S. banking from a credit union | Innovation Federal Credit Union No-Fee USD Business Account | $0 | * Digital deposit for USD cheques * No transaction fees * Earns 0.1% interest |
| Best for international banking | Wise Business Account | $0 | * Multi-currency account * Send payments to 70+ countries in 54 currencies * Transparent fees and real exchange rates |
| Best for new businesses | BMO Business Start Plan | $6 | * 7 transactions per month * 2 Interac e-Transfers * Unlimited Moneris deposits |
| Best for agricultural businesses | ScotiaOne Account Plan for Agriculture | $40 | * 55 business transactions * 50 personal transactions * Free mobile cheque deposits |
| Best for non-profit organizations | CIBC Not-For-Profit Operating Account | $4 | * 30 monthly transactions * Up to $5,000 cash, $500 coin and 30 cheque monthly deposits * Excellent customer service ratings |
| Best for non-profits from a credit union | Innovation Federal Credit Union Community Service Account | $0 | * 20 free debit transactions * Unlimited digital transfers and bill payments * Up to 0.1% interest |
| Best for sole proprietors | Motusbank No-Fee Chequing Account | $0 | * Unlimited transactions * Earn 0.15% interest * Access to THE EXCHANGE Network of ATMs |
| Best for earning cash back | Vault | $0 | * 1% cash back * Competitive FX rates * Open local accounts in multiple currencies |
| Best for earning interest | Float High Yield Account | $0 | * 4% interest * Holds CAD and USD * Includes up to 20 physical or virtual corporate debit credit cards |
| Best for accounting software integration | Motusbank No-Fee Chequing Account | $6 | * Integrates with QuickBooks Online, Sage and Xero
* Unlimited electronic debit and credit transactions * Unlimited electronic cheque deposits |
| Best for side hustles | TD Every Day Business Plans | $19 - $72 | * 20, 60, or 120 transactions * 50 monthly deposits * Up to $5,000 in cash deposits |
What to look for in a business chequing account
Before committing to a business chequing account, consider your business needs and keep these details in mind:
- Monthly fee: Make sure this fee reflects the features and services you'll receive.
- Other fees: Overage fees, deposit fees, Interac e-Transfer fees… they all add up.
- Transactions included: Consider the type of transactions you make and how often you make them.
- Interest rates: Most chequing accounts offer little to no interest (consider a business savings account instead), but the higher the better.
- Location/convenience: If you know you'll need regular customer service, consider an account from a bank with branch locations nearby.
- Insurance/CDIC coverage: Be sure that your money is protected, whether by CDIC or another reputable regulatory body.
- Promotions: Especially if you're stuck deciding between a shortlist of potential accounts, a cash back or high interest promo offer can be very beneficial.
Who needs a business chequing account?
All types of businesses – established businesses, new businesses, small businesses, sole proprietors, and even side hustles – should have a business bank account. Business chequing accounts are especially important for day-to-day transactions.
Here are a few reasons why a business account is important:
- Separation of personal and business finances: Maintaining clear financial records and protecting personal assets is much easier when you have separate accounts.
- Tax purposes: Your accountant's work is made much easier as income and expenses are clearly recorded in the account history.
- Payroll: Many banks include access to payroll solutions to help keep things simple and organized.
- Build credit history: Along with a business credit card, your transaction history helps to establish a financial track record and build your credit.
- Builds trust: It helps establish credibility and makes you look more professional to clients, suppliers, employees, and just about everyone.
- Security: Features like fraud monitoring, multi-user access controls, and liability protection keep your business funds much safer.
Types of business chequing accounts
Not all business accounts are created equal – depending on the type of business you run, you'll want a specific type of account.
- Basic: Ideal for startups or small businesses, includes just a few transactions and a small deposit package for a low monthly fee.
- Unlimited: Designed for businesses with high transaction volumes, features unlimited transactions and deposits for a higher monthly fee.
- Digital: For primarily online businesses, comes with unlimited electronic transactions and deposits for a low monthly fee.
- Foreign currency: Allows multiple currencies to be held in one account, plus spending and collecting foreign currencies too.
- Specialized (nonprofits, agriculture, etc.): Curated for non-corporation businesses, often with industry-specific features, for a low monthly fee.
How to open a business chequing account
Opening a business chequing account is quite similar to opening a typical account, but with a few more documents required.
- List your requirements: As mentioned above, you should consider your business' needs before looking at account options. Especially consider which type of account best fits your needs.
- Compare options: Sort through the products available for the type of account you need, then compare the features of each to ultimately decide on the best option.
- Gather documentation: This will depend on whether you're a sole proprietorship, partnership, unincorporated vs incorporated, etc. Your chosen bank will specify what you need.
- Apply: Most applications can at least be started online, although many institutions require you to schedule a meeting at a branch in order to share the required documentation and finish the application.
- Fund the account: This will look different, depending on whether you're using an online or traditional bank.
FAQ
What is a business chequing account?
A business chequing account is a specialized account that's optimized for businesses. They're best used by multiple employees and can be used to manage cash flow through writing cheques, making deposits, and performing other transactions.
What's the best business chequing account in Canada?
The overall best business chequing account in Canada is the CIBC Unlimited Business Operating Account, thanks to its unlimited transactions and generous deposit package. Plus, CIBC is known for its, and the award-winning customer service with its business clients.
How is a business chequing account different from a regular one?
Business chequing accounts come with business-specific perks such as merchant services, deposit limits, etc. They can be accessed by multiple people and are useful for tax purposes, building credit history, and building trust with clients.
Should I get a small business chequing account?
If you run a business, you should have a business chequing account. There are a number of reasons for this, including keeping your personal and business assets separate, gaining access to payroll solutions, and more.
What is the best bank for a small business account in Canada?
CIBC is the best bank for businesses in general, given its history of excellent customer service. However, the best small business account comes from TD – the TD Basic Business Plan offers a few transactions for a very low monthly fee.
Which bank account is better for business?
This depends on the type of business in question. RBC Flex Choice Business Account Package is best for eCommerce businesses, the Wise Business Account is best for international banking, and the CIBC Not-For-Profit Operating Account is best for nonprofits.
Does Tangerine offer a business chequing account?
Tangerine doesn’t offer a business chequing account, but it does offer the Tangerine Business Savings Account. Its parent bank (Scotiabank) offers several different business chequing accounts – the ScotiaOne Account Plan for Agriculture is the best agricultural-focused account in Canada.
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