The best business savings account in Canada is the RBC Business Essentials Savings Account for its competitive interest rates, good debit and deposit package, and cross-country accessibility.
A business saving account provides a safe place to store cash reserves, accumulates interest, and helps a business build credit. For small businesses especially, these accounts are an important tool for separating your personal and business funds.
Below we compare the top business savings accounts in Canada, along with some tips for choosing the right one for your business.
Key Takeaways
- The RBC Business Essentials Savings Account is the overall best business savings account in Canada.
- The CIBC Business Investment Growth Account is an excellent choice for small businesses.
- Interest rate and fees are top considerations when choosing a business bank account.
- Business savings accounts are useful to keep operating funds separate from excess funds and to help you save for future expenses.
Best business savings account in 2025
| Category | Business savings account | Interest rate | Details | Interested? |
|---|---|---|---|---|
| Best overall | RBC Business Essentials Savings Account | 2.15% to 2.6% | * Free transfers between RBC accounts * 2 free cheques/debits * 999 credits and deposits | Learn more |
| Best from a Big Bank | Scotiabank Right Size Savings for Business | 1.75% to 2.55% | * Unlimited free transactions via online or mobile banking (CAD) * Competitive tiered interest rates) * Free transfers between Scotia accounts | Learn more |
| Best interest rate | Float High Yield Account | 4% | * Holds CAD and USD * Includes up to 20 physical or virtual corporate debit credit cards * Comes with expense management software | Learn more |
| Best for free transactions | Tangerine Business Savings Account | 1.95% to 2.55% | * No transaction fees * Competitive interest rates * Access to valuable business GICs | Learn more |
| Best for small businesses | CIBC Business Investment Growth Account | 1.5% to 2% | * $1 to $5 per transaction * Access to a top business credit card * Excellent resources for businesses | Learn more |
| Best from a credit union | Meridian Business Advantage Plus Savings Account | 1.35% to 3.05% | * Competitive tiered interest rates * Unlimited free transactions * Credit union membership benefits | Learn more |
| Best for easy tax payments | Manulife Business Advantage Account | 2.85% | * Free deposits and transfers * Holds USD and CAD * Competitive interest rates | Learn more |
Note: All interest rates are accurate as of January 13, 2025. Please check bank sites directly for the most up-to-date information.
Best business savings account overall: RBC Business Essentials Savings Account
The RBC Business Essentials Savings Account stands out as one of Canada’s top business savings options, combining the reliability of a major bank with excellent features and competitive tiered interest rates. Its flexibility and strong performance make it a top choice for anyone looking for a high-interest business savings account.
What you get:
- 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
- Access to the RBC Avion Visa Infinite Business card, the top business credit card in Canada
Interest rates:
- $0 to $9,999.99: 2.15%
- $10,000 to $99,999.99: 2.35%
- $100,000 to $249,999.99: 2.54%
- $250,000 to $1,999,999.99: 2.6%
- $2,000,000+: N/A
Fees:
- Additional debit or cheque transaction: $3.50 (2 free per month)
- Additional credits or deposits: $1
- Item deposits: $1
- Cash deposits: $10 per $1,000
Best business savings account from a big bank: Scotiabank Right Size Savings for Business
The Scotiabank Right Size Savings for Business offers free and unlimited self-serve transactions via browser or mobile app – a very convenient feature that's rare from a big bank. While this high interest business savings account's tiered rates aren't quite as high as RBC's, they're still quite competitive.
What you get:
- No monthly fee
- Unlimited self-serve transactions via online, telephone, or mobile banking
- Unlimited free transfers between Scotiabank accounts
- Access to 900+ branches and nearly 3,600 ATMs across Canada
- Highly-rated, easy-to-use mobile app
- Access to the Scotia Momentum for Business Visa Credit Card, Canada's best cash back business credit card
Interest rates:
- $1 to $99,999.99: 1.75%
- $100,000 to $199,999.99: 2%
- $200,000 to $999,999.99: 2.5%
- $1,000,000 to $2,000,000: 2.55%
- $2,000,000+: N/A
Fees:
- ABM withdrawal: $5
- Cheque payment: $5
- Interac direct payment: $5
- Bill payment (ATM, online, phone): $5
- Other debit: $5
- Cheque deposits: $0.25
- Cash deposits: $2.60 per $1,000
- Coin deposits: $2.75 per $100
Best business savings account for earning top interest rates: Float High Yield Account
Fairly new to the Canadian banking scene, the Float High Yield Account has the highest interest rate for businesses that you'll find among big banks, online banks, and everything in between. This high interest business savings account comes with a valuable cash back debit credit card too.
What you get:
- No monthly fee or minimum balance requirement
- High, consistent interest rate on all balances
- Connect other bank accounts for free, easy transfers
- Holds both CAD and USD
- Up to 20 cash back debit credit cards included for free
- Professional tier ($10 per user) offers many more features and perks
Interest rates:
- All balances: 4%
Fees:
- Professional tier: $10 per month per user
Best business savings account for free transactions: Tangerine Business Savings account
The Tangerine Business Savings account is incredibly easy to manage online, in large part thanks to the well-designed and highly-rated mobile app. Its unlimited free transactions are a big highlight, but it's important to note that since Tangerine doesn’t have a business chequing account so you're required to have one with another financial institution.
What you get:
- No monthly fee or minimum balance requirements
- Unlimited free transactions
- Competitive interest rates
- Access to valuable business-specific Tangerine GICs
- Access to the Tangerine Business US Dollar Savings Account
- Easy, convenient online account management
Interest rates:
- $0 to $99,999.99: 1.95%
- $100,000 to $499,999.99: 2.05%
- $500,000+: 2.55%
Fees:
- Unaffiliated ATM use: $1.50
- NSF: $45
- Paper statement: $2
Best business savings account for small businesses: CIBC Business Investment Growth Account
CIBC has a reputation for providing excellent products and customer service for small businesses, as evidenced by its #1 spot in the J.D. Power 2024 Canada Small Business Banking Satisfaction Study. Plus, its tiered interest rates allow your funds to grow and put you closer to reaching your business goals.
What you get:
- No monthly fee
- Competitive interest rates
- Free self-service transfers between CIBC business accounts
- Unlimited debit cards
- Access to the CIBC Bizline Visa Card, a top-ranked business card
- High-quality customer service and banking services
Interest rates:
- $0 to $49,999.99: 1.5%
- $50,000 to $249,999.99: 1.55%
- $250,000 to $999,999.99: 1.6%
- $1,000,000 to $5,000,000: 1.75%
- $5,000,000.01+: 2%
Fees:
- Self-service credit transactions: $1
- Full-service transactions: $1.25
- Debit transactions: $5
- Cheque deposits: $0.25
- Cash deposits via ATM: $2.25 per $1,000
- Cash deposits via other means: $2.50 per $1,000
- Coin deposits: $2.50 per $100
- Full-service transfers between accounts: $5
- Paper statements: $5
$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 savings account from a credit union: Meridian Business Advantage Plus Savings account
With no monthly, transfer, or transaction fees, the Meridian Business Advantage Plus Savings account offers incredible value for any business. Credit unions have a lot to offer, including a more personal touch with all banking services – and Meridian Credit Union is one of the best in Canada.
What you get:
- No monthly fee
- No transaction or transfer fees
- Holds both USD and CAD
- Access to 3,000+ ATMs via THE EXCHANGE Network
- Access to high-quality business services
- Credit union membership benefits
Interest rates:
- (CAD) $0 to $499,999: 2.55%
- (CAD) $500,000 to $4,999,999: 2.8%
- (CAD) $5,000,000+: 3.05%
- (USD) $0 to $99,999: N/A
- (USD) $100,000 to $999,999: 1.35%
- (USD)$1,000,000 to $1,999,999: 2.35%
- (USD) $2,000,000+: 2.75%
Fees:
- NSF: $48
- NSF (USD) $48 USD
- Paper statement: N/A (online only)
Best business savings account for easy tax payments: Manulife Business Advantage Account
The Manulife Business Advantage Account provides easy access to a 24/7 online payment portal where you can file corporate taxes and make payments to government agencies. Manulife also offers some of the best life and health insurance products available, providing excellent options for business owners to offer employees.
What you get:
- No monthly fee or minimum balance requirements
- Free deposits of all kinds
- Free transfers to external accounts and other Maulife accounts
- Convenient access to tax payment and filing service
- Highly rated mobile apps
- Access to the US$ Business Advantage Account
Interest rates:
- All balances: 1.7%
Various fees:
- Bill payments: $1
- Interac e-Transfers: $1
- Cheques payments: $1
- NSF: $45
- Paper statement: $2 per month
What to look for in a business savings account
Here are some key factors to consider when choosing between high interest business savings accounts in Canada:
- Interest rate: The higher the interest rate, the more you can earn.
- Transaction limits fees: Some banks will offer free, unlimited transactions, some limit you to a set number of included transactions, while still others will charge for each deposit, withdrawal, and transfer, etc.
- Minimum and maximum balances: You don’t want to be on the hook for keeping a certain threshold in your account. You also don't want to miss out on interest rates because your account doesn't offer it for balances of a certain amount.
- Online bank vs. big bank: Online banks typically offer better deals but have no physical branch. Big banks provide the convenience of having all your financial products under one umbrella.
- CDIC or other coverage: You want your funds to be protected, so make sure your chosen institution offers CDIC or another type of insurance coverage.
Why open a business savings account?
A business savings account provides many benefits to the business owner, which include:
- Earning interest on your extra cash
- Allowing you to save for future expenses, such as buying equipment
- Separating your excess funds from your operating funds
- Helping to build your business’s credit history to get access to loans
- Prevent mixing personal and business accounts
How to open a business savings account
Opening a business savings account requires a few more steps than opening a typical bank account:
- Make a list of the features that are most important
- Consider which type of financial institution you prefer to work with
- Choose an account from an appropriate institution that includes your desired features
- Collect the required paperwork (master business license, trade name registration, copy of partnership agreement, etc.)
- Begin filling out the application online, over the phone, or in person at a branch
- Many banks require you to visit a branch to finish the application and/or show the required documents
FAQ
What is the best business savings account in Canada?
The RBC Business Essentials Savings Account is the top business savings account. With competitive interest rates, free RBC account transfers, two free cheque or debit transactions each month, and 999 included credits and deposits, it has a lot to offer.
Can I use a savings account for my business?
Yes, you can have a savings account that will complement your business chequing account and hopefully earn valuable interest. If you have both accounts at the same financial institution, you can easily transfer your money between these two accounts.
What are some business savings account interest rates?
Based on our research, the current interest rates being offered range between 1.5% to 4.45%. Please refer to the comparison chart above for full details. Some financial institutions will give promotional offers for a certain period of time.
Which bank has the best business savings account?
The best business savings account comes from the Royal Bank of Canada (RBC). However, CIBC customer satisfaction levels for small business banking clients are the highest in Canada, according to J.D. Power's studies from 2023 and 2024.
What is the best bank for a small business account in Canada?
The best business savings account for small businesses is the CIBC Business Investment Growth Account. It doesn't charge a monthly fee, offers competitive tiered interest rates, and comes from a bank with a solid reputation for small business client satisfaction.
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