Business bank accounts help you manage your day-to-day business spending, but often come with high monthly fees and transactional costs that can quickly add up. But a free business bank account gives many of the same benefits without much of the fees.
The good news is that you can find a no monthly fee business bank account from Canadian digital banks, fintechs and traditional banks. While paying no monthly fee can be a positive, you’ll also need to watch out for other costs like transaction fees, e-Transfer fees, currency conversion costs and more.
We want to help you keep your business costs low. That’s why we researched over 15 business bank accounts from financial institutions across Canada to curate this list of the best free business bank accounts to help you save.
To determine this best list, Finder Canada analyzed 18 business bank accounts across 14 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 5.
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)
Loop offers competitive payment and money management solutions for global businesses. Manage all your business banking needs from one account, including corporate cards, payments, foreign exchange, loans and capital funding, as well as setting up sales in multiple currencies.
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.
Airwallex allows you to open and manage multiple global accounts with no monthly account fees. This free business account also lets you hold and spend 20+ currencies and transfer 60+ currencies internationally while avoiding costly conversion and transaction fees.
Why it's one of the best
Send, receive and hold many currencies. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Transfer around 60 currencies internationally.
Get a $500 sign-up offer. Take advantage of a $500 sign-up offer in FX conversions.
Access other banking products. Send global money transfers, issue multi-currency corporate cards, and seamlessly manage your business with expense management and accounting integration tools.
No monthly account fee
Hold and spend 20+ currencies. Transfer 60+ currencies internationally.
Jeeves offers free business accounts to help you manage global banking. You get access to six different multi-currency business accounts through your one login where you can deposit, send, spend and receive funds across the globe.
Why it's one of the best
$0 account fee. This account charges no monthly account fee.
Multi-currency accounts. Access BRL, CAD, EUR, GBP, MXN and USD accounts through one login.
Low fees. Only pay when you convert currencies and send payments. There are no account setup fees, monthly charges or overdraft fees.
Tired of bank fees eating into your bottom line? 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
Monthly Account Fee
$0
Multicurrency Accounts
CAD
GIC Available
Yes
Best free business savings account: Scotiabank Right Size Savings for Business Account
If you're searching for a free business savings account where you can park unused business funds and watch them grow, the Scotiabank Right Size Savings for Business offers a tiered interest rate ranging from 3.5% to 4.05%.
Why it's one of the best
No monthly account fee. You won't have to pay a monthly account fee.
Earn tiered interest. Rates range from 3.5% to 4.05%, depending on how much money you have in your account.
Unlimited free self-service transfers. Manage your money on your own terms without worrying about additional fees.
Competitive interest rate
Unlimited free self-service transfers
Withdraw your money at any time
You'll need to deposit at least $10,000 to earn interest
Tiered rate means you may not qualify for the highest advertised rate
Watch out for fees on bill payments and Interac payments
How to find the best free business bank account in Canada
While there’s no “one size fits all” best free business chequing account, the right account for your company will depend on factors like how many transactions you anticipate making each month, the types of transactions and how you manage your money.
That’s why the first step to finding the best free business bank account is to ask yourself some questions to decide what your business needs from a financial institution.
Do you need many transactions in multiple currencies? Would access to credit be helpful? Or do you just want a no-frills business bank account?
To help, here is a list of factors that influence cost and suitability:
No monthly account fee requirements
Some business bank accounts come with no monthly fee. Other accounts charge a monthly fee, but the fee is waived if you keep a minimum account balance in the account. Be sure to check when and if fees are waived and whether it’s realistic to keep money in the account to avoid monthly account fees.
Included transactions
Check to see how many transactions you can perform each month without incurring any additional fees. For instance, there may be limits on the number of e-transfers you can send, the number of cheques you can deposit or the amount of cash you can deposit. Does the business bank account you are considering offer enough monthly transactions to suit the needs of your growing business?
Other fees
Read the fine print to find out if there are any other fees attached to your free business bank account, such as:
Per-transaction fees when you exceed your monthly transaction limit
e-transfer fees
Cash deposit fees
Cheque deposit fees
In-branch transaction fees
Account accessibility
Think about the type of banking transactions your business requires. Do you manage your finances completely online or through mobile banking? Or do you regularly deal in cash and need convenient branch and ATM access? Do you require a business bank account with multiple currency options or an account that offers large or international money transfers?
Knowing how your business will use the business account is key to finding an account with appropriate access.
Interest rate
If you’re opening a business savings account or a hybrid chequing account that pays interest on your balance, compare interest rates between accounts. Remember that some accounts have tiered interest rates — in other words, a higher interest rate for larger balances — so you may not get the highest advertised rate.
Cashback and other rewards
Some business bank accounts allow you to earn reward points or cashback on your spending. Alternatively, signing up for an account might entitle you to discounts on other business banking products, such as a waived annual fee on a business credit card.
CDIC coverage
Make sure the provider you choose is a member of the Canada Deposit Insurance Corporation. This offers peace of mind by ensuring deposits of up to $100,000 are covered if your bank goes under.
Customer support
Finally, make sure you can access customer support, when you need it. Check what days and hours support is available, as well as the tools used to reach a customer support representative. Remember, full-service, traditional banks will usually offer more robust customer service options and hours, but this service comes at a price. Balance out the need for support with the ongoing cost of this banking product.
Business bank accounts that waive monthly fees
Most business bank accounts from major banks come with a monthly fee. But if your balance stays above a certain level each month, that monthly fee will often be waived. Plus, keeping a sizable account balance will not only help you save on fees but also ensure you have cash on hand to cover unexpected expenses.
But having so much money just sitting there can also limit the growth of your business, and you may be better off parking at least some of that balance in an interest-earning savings account.
Check out the table below for a list of business bank accounts from the Big Five with waived monthly fees.
$15,000 cash, $1,000 in coins and 100 cheques each month
CIBC Advanced Business Operating Account
$40
$35,000
100 transactions (including Interac e-Transfers)
$5,000 cash, $500 coin deposits and 50 cheque deposits
CIBC Everyday Business Operating Account
$20 for self-service access or $25 for full-service access
$20,000
30 transactions (including Interac e-Transfers)
$3,000 cash, $300 coin deposits and 25 cheque deposits
RBC Ultimate Business Account
$100
$75,000
Get unlimited electronic debits and credits
500 outgoing Interac e-Transfers
100 paper transactions
Unlimited electronic cheque and Moneris deposits
$25,000 cash deposits
Scotiabank Select Account for Business Plan A
$20
$20,000
25 transactions
$6,000 cash deposits, 50 deposit items
50 free deposit items per month
Scotiabank Select Account for Business Plan B
$40
$35,000
70 transactions
$8,000 cash deposits, 60 deposit items
60 free deposit items per month
Scotiabank Select Account for Business Plan C
$75
$45,000
125 transactions
$10,000 cash deposits, 85 deposit items
85 free deposit items per month
Scotiabank Select Account for Business Unlimited
$120
$75,000
Unlimited transactions
$30,000 cash deposits, Unlimited deposit items
Get unlimited free deposit items per month
Scotiabank Basic Business Account
$10.95
$8,000
One free transaction for every $1,500 in the account
Available in CAD and USD accounts
TD Everyday Business Plan A
$19
$20,000
20 transactions
2 Interac e-Transfers
$5,000 cash deposits, 50 deposit items
TD Everyday Business Plan B
$39
$35,000
60 Transactions
2 Interac e-Transfers
$5,000 cash deposits, 50 deposit items
TD Everyday Business Plan C
$72
$45,000
120 transactions
2 Interac e-Transfers
$5,000 cash deposits, 50 deposit items
TD Unlimited Business Plan
$125
$65,000
Unlimited deposit items
Unlimited transactions
Annual fee rebate for eligible TD business credit cards
$25,000 cash deposits
$10 monthly fee rebate on Business Overdraft Protection
Free business chequing accounts from digital banks vs major banks
So, should you open a fee-free business bank account with a digital bank or stick with a major bank? The answer: It depends on your business banking needs.
If you manage your business banking online, a digital bank or fintech account could be perfect. These accounts typically have no monthly fees, support unlimited transactions and offer user-friendly online and mobile banking.
What digital bank business accounts don’t usually offer is convenient branch access or a large ATM network, and they also may not accept cheques or cash deposits.
So if you need to do lots of in-person banking, you may be better off going with a major bank.
How to open a no-fee business bank account
If you’d like to open a free business bank account in Canada, the application process varies from bank to bank. Some banks and fintechs offer a completely online application, while others will require you to visit a branch or chat with a business banking representative over the phone.
You’ll need to be the age of majority in your province or territory, and your business needs to be registered and operate in Canada. You and anyone else who signs on the account will need to provide:
Your name and date of birth
Your SIN
Your phone number, email address and mailing address
Two pieces of ID (one indicating your name and address and another indicating your name and date of birth)
You’ll also need to provide business documents, but these vary depending on the structure of your business.
Sole proprietors: Business registration or trade name registration.
Partnerships: Partnership registration, partnership agreement, trade name registration or Master Business Licence.
Corporations: Multiple documents may be required, such as articles of incorporation/association, trade name registration, notice of assessment for income tax and certificate of corporate status.
Most free business bank accounts in Canada allow you to manage your day-to-day spending for your business without having to worry about monthly fees. By taking the time to compare products and services while hunting for a low or no-cost business bank account, you will find a financial tool that helps manage your business spending while giving you access to features that can help you grow your business.
FAQs about no-fee business bank accounts
Several business bank accounts in Canada have no monthly fees, including options from digital banks and traditional banks. There are chequing and savings accounts available, while many banks also offer business chequing accounts with waived monthly fees when you meet a minimum balance requirement.
However, even if there's no monthly fee, keep in mind that there may be other account fees for specific transactions. Check the fine print for full details of any fees that apply.
Our pick for the best overall business bank account in Canada is the RBC Digital Choice Business Account. It comes with a low fee of only $6 per month and tons of perks to help you manage your business' finances with ease.
Of course, the best business bank account will really depend on your specific business needs. Consider how many transactions you perform each month, whether they're digital or in-person transactions and whether you want any other perks or rewards. You can easily compare more of the best business bank accounts in Canada in our full guide here.
Yes, non-residents can open a bank account in Canada. However, this varies from one bank to the next, so check with your chosen bank to find out if non-residents are eligible to open an account.
Yes. The BMO eBusiness Plan has no monthly fee and supports unlimited Moneris and electronic transactions. The BMO Business Builder 3 and Business Builder 4 accounts also offer waived monthly fees when you satisfy minimum balance requirements.
EQ Bank does not currently offer a free business account but is planning to launch its Business Account soon, where you'll be able to earn 2.50% on your entire balance and get unlimited transactions.
In the meantime, if you're looking for a free business bank account where you can earn interest on your balance, consider either the Scotiabank Right Size Savings for Business account, where you can earn an interest rate between 3.5% and 4.05%, or the Tangerine Business Savings Account, where you can earn between 1.95% and 2.55%.
Was this content helpful to you?
Thank you for your feedback!
To make sure you get accurate and helpful information, this guide has been edited by Romana King as part of our fact-checking process.
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
Explore our top picks for the best business bank accounts in Canada.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
