A business chequing account is a vital tool to help you run your business. It lets you manage all your everyday business banking needs, from paying bills to depositing cash and cheques, and makes it easy to keep track of your business spending.
But which is the best account for your business? To help you decide, we’ve put together this guide to the best business chequing accounts in Canada, with options to suit businesses of all shapes and sizes.
To determine this best list, Finder Canada analyzed 16 business chequing accounts across 13 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 10 by only listing accounts that are available in all Canadian provinces.
We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, wire transfer fees, NSF fees, overdraft fees)
Perks: 20% (Number of currencies you can bank in, interest rates, signup bonuses, other tailored rewards)
For businesses looking to manage their banking online, the RBC Digital Choice Business Account is a powerful sidekick. With the RBC Mobile app you can quickly and easily pay employees and suppliers, request payments, track your spending and business performance, deposit cheques and send transfers.
Why it's one of the best
Transactions. Enjoy unlimited electronic debit and credit transactions.
Unlimited cheque deposits. Unlimited Moneris and electronic cheque deposits.
Soft credit check only. When you apply for an account, RBC will only conduct a soft credit check, which means your credit score won't be impacted when applying.
Earn reward points for your business spending
Hold and spend funds in multiple currencies
Competitive foreign exchange rates
Only one free plan available
Read the fine print for details of other fees
No Apple Pay or Google Pay
Monthly Account Fee
$6
Multicurrency Accounts
CAD only
Currency Conversion Fee
Varies
Accounting Software Integration
Quickbooks, Sage, Xero
Best chequing account for small/medium businesses from a Big Bank: Scotiabank Select Account for Business Plan B
Scotiabank, one of the Big Five banks, offers four types of Select Accounts for businesses. Plan B is the best option for small-to-medium businesses that complete fewer than 70 transactions per month. And, if your business grows and this account no longer supports your needs, you can easily switch to Plan C or the unlimited account.
Why it's one of the best
Access to a Big Five bank. Enjoy the security of banking with one of Canada's biggest and oldest banks while gaining access to a network of over 900 branches and 3 ABMs.
High cash deposit limit. If your business receives cash payments, you can deposit $8,000 for free. Then, you only have to pay $2.60 for every $1,000 you deposit.
Merchant Services with Chase. Sign up for Chase Merchant Services to accept credit and debit payments to waive your monthly fee.
Easily switch to a higher plan as your business grows
Send up to 20 Interac e-transfers for free each month
CDIC-insured Big Five bank
After your 70 free transactions, there's an additional transaction fee of $1.50
The monthly fee is only waived if you maintain a minimum balance of $35,000
Additional fees if you go over your allotted transactions, deposit items, and cash deposits.
If you're looking for one account to manage all of your business banking needs, Loop offers access to one that includes corporate cards, payments, foreign exchange, loans and capital funding. You can also manage multiple currencies and access competitive FX rates.
Why it's one of the best
$0 account fee. This account charges no monthly account fee.
Multi-currency accounts. Easily open CA, US, UK and EU domiciled accounts to skip conversion fees, get paid faster and make free global payments.
No FX credit cards. Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Access up to a $1 million credit limit.
Earn reward points for your business spending
Hold and spend funds in multiple currencies
Competitive foreign exchange rates
Only one free plan available
Read the fine print for details of other fees
No Apple Pay or Google Pay
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, GBP, EUR
Currency Conversion Fee
0.1% - 0.5%
Accounting Software Integration
Quickbooks, Xero
Best business chequing account for start-ups: RBC Flex Choice Business Account
If you're new in business and unsure of your banking needs at the start, the RBC Flex Choice Business Account only charges you for what you use. Enjoy banking flexibility with no minimum or maximum transaction limits.
Why it's one of the best
Only pay for what you use. This flexible account is suited towards those looking to only pay for what they use.
Bank online or in-branch. If you think you'd rather have some in-person assistance occasionally with banking, RBC is happy to help in-branch.
Access other banking products. Access corporate and business credit cards, GICs, personal accounts and much more with RBC.
Only pay for transactions you use
Bank online or in-branch
Get RBC Preferred Pricing
Monthly fee of $7 charged
You'll pay for each transaction and e-Transfer
Not suitable for larger businesses making lots of paper transactions
Monthly Account Fee
$7
Multicurrency Accounts
CAD
Currency Conversion Fee
Varies
Accounting Software Integration
Quickbooks, Sage, Xero
Best business chequing account for doing business internationally:Airwallex Business Account
If you're running an international or online business, the Airwallex Business Account is a modern alternative to traditional banking. It's built for borderless transactions, offering multicurrency accounts, low FX fees, and seamless integrations—all with no monthly account fee.
Why it's one of the best
No monthly account fees. Since Airwallex is a fully digital financial platform with low overhead costs, it offers no monthly account fees to all customers, making it great for startups and growing businesses.
Built for global business. Open foreign currency accounts in minutes with access to over 20 currencies
All-digital convenience. Manage your entire business banking experience online with easy access to virtual cards, expense tracking, and team permissions.
No monthly account fee
Hold and manage multiple currencies
Market-leading FX rates
No branches for in-person banking or cash deposits
Limited customer support
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, GBP, EUR + 17 more
Currency Conversion Fee
0.5% - 1%
Accounting Software Integration
Quickbooks, Xero + more
Best business chequing account for online businesses: BMO eBusiness Plan
If you're looking for a free business chequing account to manage all of your business needs, the BMO eBusiness Plan could be the business bank account you've been searching for. This account is designed to suit small business owners and has no monthly fee or minimum balance requirement.
Why it's one of the best
No monthly account fee. You won't have to worry about paying a monthly account fee.
Unlimited transactions. Enjoy unlimited Moneris and electronic transactions so you can save more every day.
No minimum balance requirements. You can have as little or as much money in your account as you'd like without incurring any minimum balance fees.
$0 monthly account fee
No minimum balance requirements
Unlimited Moneris and electronic transactions
You'll need to pay for deposits
Not suitable for businesses looking to take advantage of premium banking features
International businesses with multi-currency needs
$0
Over 20 currencies supported
No monthly fee
All-digital convenience
BMO eBusiness Plan
Small businesses and startups
$0
Unlimited Moneris transactions
No minimum balance requirement
No monthly fee
What is a business chequing account?
A business chequing account functions in the same way as a personal chequing account. The key difference is that the account is held in your business name and is used for all your day-to-day business banking.
Most business chequing accounts in Canada come with a monthly fee and support a certain number of transactions per month — the higher the fee, the more supported transactions. Your account will also come with a linked debit card for in-store purchases and ATM withdrawals, along with the ability to write cheques.
You can use your business bank account to:
Send payments to employees and suppliers
Accept payments from customers, including electronic, cash and cheque deposits
Pay for purchases online and in-store
Track your income and expenses for tax purposes
What are the benefits of a business chequing account?
A chequing account provides a host of useful benefits for business owners. These include:
Keep track of spending. A business chequing account makes it easy to monitor your business cash flow. You can monitor your income, track expenses and use budgeting tools to improve your bottom line.
Keeps business and personal finances separate. While a business bank account isn’t a legal requirement for all businesses, it’s important to stop your business and personal transactions getting mixed up. This makes it a whole lot easier to stay on top of your business finances.
Manage tax obligations. Business chequing accounts also simplify your bookkeeping requirements, making it much simpler to meet your tax and reporting obligations at the end of the financial year. You can also link your business account to accounting software to ensure that you don’t miss any expense deductions.
Builds credit history. Opening a business bank account and using it to send and receive payments helps establish your business’ credit history. A better credit score will improve your chances of qualifying for business loans, lines of credit and credit cards in the future.
CDIC protection. If you open an account with a financial institution that’s a member of the Canada Deposit Insurance Corporation, you’ll receive up to $100,000 worth of coverage in the unlikely event that your bank fails.
Adds credibility. Opening a business bank account is also a simple way to boost the credibility of your business. No matter whether you’re dealing with customers, suppliers or staff, using a business chequing account to do so will help your business appear more professional.
How to choose the best business chequing account
The best business bank account for your business depends on your banking needs. Here are some steps you can follow to choose the best chequing account for your business:
1. Evaluate your banking needs
Start by asking yourself a few key questions to determine what you need from your business account:
How many business transactions do I make per month?
Can all of my business banking be done online?
Will I regularly need to make cash or cheque deposits?
How many people will have access to the account and do they each need their own debit card?
2. Consider the monthly fee
Once you’ve decided exactly what you need in an account, it’s time to start comparing your options. The first factor to consider when searching for the right account is the monthly fee. This could be around $5 to $10 on a basic account, or up to $100 or more on an unlimited-transaction account. Some banks will also waive the monthly fee if you keep your balance above a minimum level. If you want to save money, consider these fee-free business accounts.
3. Check supported transactions
Check how many transactions are included in the monthly fee. Some offer unlimited transactions, but other accounts will place restrictions on the number of transactions you can make per month, including limits on cash deposits and in-branch transactions. Exceeding your account limit will lead to extra transaction fees.
4. Review other fees
Read the fine print for details of any other fees to watch out for, such as excess transaction fees, ATM withdrawal fees and in-branch transaction fees.
5. Verify debit card options
Your business chequing account will come with a linked debit card for easy access to your funds. Check whether you can issue additional cards for other team members that need access to the account and whether this will incur any fees.
6.Assess branch and ATM network
If you prefer going to a physical location to take care of your banking needs, check whether there’s a convenient branch access near you. The same goes for ATMs, is there a large ATM network so you can enjoy fee-free ATM withdrawals?
7. Consider international payments
If you regularly need to send payments to suppliers or employees overseas, check what exchange rates and fees apply to international payments. You may want to consider a multi-currency business account that lets you receive, hold, send and spend funds in CAD as well as several other currencies.
8. Check for CDIC coverage
If your bank is a member of the Canadian Deposit Insurance Corporation, up to $100,000 of your business funds will be insured if the bank goes bust. From our list, only RBC and Scotiabank are CDIC-insured.
9. Explore discounts and rewards
Finally, you might be able to access discounts on other products from the same bank, such as a waived annual fee on a business credit card. Some accounts also offer cash back on spending and other rewards.
Make sure you prepare all the necessary paperwork in advance to ensure a stress-free application process.
Required information
The documents you need to provide to open an account vary depending on the bank you choose and the structure of your business. As a general guide, in addition to proof of ID you’ll typically be required to provide the following:
Sole proprietorship. You may be asked to provide your trade name registration certificate or a copy of your master business licence.
Partnership. You’ll typically need to provide a registered declaration of partnership or partnership agreement and your trade name registration certificate.
Corporation. You’ll typically need to provide articles of incorporation/association, your trade name registration, your latest business notice of assessment, the business’ latest financial statements and more.
Check with your bank for a list of required documents before you apply.
Choose an account. Consider our curated list above to find the best business banking account for your needs.
Sign up. Once you’ve chosen the right account, you can sign up either online or by visiting your local bank branch (if one is available). You’ll need to provide personal information for all account owners, your contact details, and your business name and Canada Revenue Agency registration number.
Provide business documentation. To verify your business identity, you need to provide additional documentation, such as personal identification, proof of your business address, and business registration documents.
Verify your identity and business details. Not all financial institutions offer a completely online account-opening process. In some cases, you may need to visit a branch to verify your identity and activate your account.
Start using the account. Once approved, you can begin using your business chequing account. You may receive a debit card by mail within the next few days or weeks. Until then, you can transfer funds into the account and link it to your business payment systems.
FAQs about business chequing accounts
A chequing account is designed to be used for your day-to-day business banking needs. It provides easy access to funds so you can do things like pay staff and suppliers, receive payments from customers and purchase inventory. What a chequing account doesn't do is pay interest on the funds in your account, but that's where a business savings account comes in. Savings accounts let you earn interest on unused business funds, providing a boost to your bottom line and ensuring that your money is put to work.
Yes. If your business needs to perform frequent transactions, most banks offer a business bank account that supports unlimited monthly transactions. However, these accounts typically come with a high monthly fee of $60 or more, but this fee may be waived if you keep your balance above a minimum level.
Yes. Most no-fee business accounts come from online providers such as Wise, Loop and Venn. Of the "Big Six" banks, BMO offers the eBusiness Plan, which supports unlimited electronic and Moneris transactions for no monthly fee. Check out our guide to free business bank accounts for more information.
Some banks, like RBC, allow you to start the application for a business chequing account online, while others allow you to complete the entire application process online. Some banks, such as Airwallex, don't even have physical branches, so you can only open a business chequing account online.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio
A business savings account is a good alternative for business owners not interested in aggressively investing excess business funds.
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