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Best free business bank accounts in Canada

The top 5 no monthly fee business bank accounts to help your business save costs.

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.

Best free business account for rewards: Loop

Loop Global Business Banking Account

$0
Monthly Account Fee
CAD, USD, GBP, EUR
Multicurrency Accounts
0.1% - 0.5%
Currency Conversion Fee
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.
  • 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 Coversion Fee 0.1% - 0.5%
GIC Available No

Best free business bank account for multiple currencies: Airwallex Business Account

Airwallex Business Account

$0
Monthly Account Fee
CAD, USD, GBP, EUR + 17 more
Multicurrency Accounts
0.5% - 1%
Currency Conversion Fee
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.
  • Transparent fees and FX rates
  • No ATM access
  • No physical banking card available
  • Currency conversion fees of 0.5% - 1%
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR + 17 more
Currency Coversion Fee 0.5% - 1%
GIC Available Yes

Best free business bank account for international payments: Jeeves

Jeeves Business Account

$0
Monthly Account Fee
CAD, USD, EUR, GBP + 2 more
Multicurrency Accounts
From 0.20%
Currency Conversion Fee
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.
  • Hold and spend funds in multiple currencies
  • Competitive foreign exchange rates
  • Secure funds in encrypted accounts
  • Access credit cards for your business
  • You'll pay to make transactions
  • Currency conversion fees will apply
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, EUR, GBP + 2 more
Currency Coversion Fee From 0.20%
GIC Available Yes

Best free business bank account: BMO eBusiness Plan

BMO eBusiness Plan

BMO eBusiness Plan

$0
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
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

Scotiabank Right Size Savings for Business

Scotiabank Right Size Savings for Business

$0
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
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
Monthly Account Fee $0
Multicurrency Accounts CAD
GIC Available Yes

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.

AccountMonthly feeMinimum balance required to waive feeMonthly transactions
BMO Business Builder 3$80$35,000
  • 120 transactions per month
  • 2 Interac e-Transfers
  • Unlimited Moneris transactions
  • $8,000 cash deposits
  • 65 items deposited
BMO Business Builder 4$120$80,000
  • 160 transactions per month
  • 2 free Interac e-Transfer transactions per month
  • Unlimited Moneris transactions
  • $12,000 cash deposits
  • 90 items deposited
CIBC Unlimited Business Operating Account$65$65,000
  • Unlimited transactions (including Interac e-Transfers)
  • $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.

Bottom line

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

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To make sure you get accurate and helpful information, this guide has been edited by Romana King as part of our fact-checking process.
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Written by

Writer

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

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