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11 best business bank accounts in Canada

We get it. Growing a business is tough. Lighten the load with a business bank account that makes managing your hard-earned money easier.

Finding the right business bank account is an important part of doing business. The best business bank account in Canada for you will meet all your banking needs, whether that’s keeping your business finances separate from your personal account, low or no monthly fees, unlimited transactions, support for a mix of paper and electronic activities or maybe a large branch and ATM network.

In this guide, we’ll show you the 11 best business bank accounts in Canada, and show you how to find the right business bank account for your needs.

Best business bank accounts in Canada, by feature in 2024

Best forBusiness accountOpen an Account
Best overall business bank account in Canada:RBC Digital Choice Business Account
Best global business account:Airwallex Business Account
Best business account for eCommerce businesses:Jeeves Business Account
Best free business bank account in Canada:Loop Global Business Banking Account
Best business account in Canada for start-ups:RBC Flex Choice Business Account
Best bank account for doing business in the USA:Wise Business Account
Best corporation bank account in Canada:RBC Ultimate Business AccountLearn more
Best savings account for a business in Canada:Tangerine Business Savings AccountLearn more
Best nonprofit bank account in CanadaCIBC Not-for-Profit Operating AccountLearn more
Best basic business bank account in Canada:TD Basic Business PlanLearn more
Best online business bank account in Canada:Tangerine Business Savings AccountLearn more

Best overall business bank account in Canada: RBC Digital Choice Business Account

BEST OVERALL

RBC Digital Choice Business Account

Finder score: 4 / 5 ★★★★★

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If you prefer to manage most of your business banking via your smartphone, 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, send transfers and much more.

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.

Best global business bank account: Airwallex Business Account

Airwallex Business Account

Finder score: 3.8 / 5 ★★★★★

Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account.
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Open and manage multiple global accounts with Airwallex. With no monthly account fees, you can 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.

Best business bank for e-commerce businesses: Jeeves

Jeeves Business Account

Finder score: 3.9 / 5 ★★★★★

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Jeeves offers business accounts to manage all of your global banking needs. Access six different multi-currency business accounts through one login to deposit, send, spend and receive funds globally.

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.

Best free business bank account in Canada: Loop

Loop Global Business Banking Account

Finder score: 3.7 / 5 ★★★★★

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Loop offers one no-fee account to manage all your business banking needs, 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 free account charges no monthly 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.

Best business bank account in Canada for start-ups: RBC Flex Choice Business Account

RBC Flex Choice Business Account

Finder score: 4 / 5 ★★★★★

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Flexibility is a key requirement for start-up businesses, and that's something the RBC Flex Choice Business Account offers. With no minimum or maximum transaction limits, this account is well worth considering if you don't yet know exactly what your banking needs are.

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.

Best bank account for doing business in the USA: Wise Business Account

Wise Business

Finder score: 3.8 / 5 ★★★★★

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If your business makes and receives international payments on a regular basis, you need an account that makes it easy to hold and exchange multiple currencies.

Why it's one of the best

  • 70+ countries. Pay staff and suppliers in over 70 countries around the world.
  • 40 currencies. hold funds in 40 different currencies, including CAD, USD, GBP and EUR.
  • Competitive exchange rates. Get the mid-market exchange rate when you send money overseas.

Best corporation bank account in Canada: RBC Ultimate Business Account

RBC Ultimate Business Account

Finder score: 4 / 5 ★★★★★

Does your business perform lots of transactions each and every day? The RBC Ultimate Business Account could be the business bank account for you. This all-inclusive package includes unlimited electronic debit and credit transactions with 500 outgoing Interac e-Transfers.

Why it's one of the best

  • Catered toward businesses banking a lot. This account offers a wide variety of features that cater towards businesses that are constantly banking.
  • Unlimited transactions. Enjoy unlimited electronic debit and credit transactions and 500 outgoing Interac e-Transfers per month.
  • Large deposit limits. Unlimited electronic cheque and Moneris deposits are included too, plus up to $25,000 free cash deposits per month.

Best savings account for business in Canada: Tangerine Business Savings Account

Tangerine Business Savings Account

Finder score: 3.9 / 5 ★★★★★

If you're searching for an account to help boost your business' bottom line, we recommend checking out the Tangerine Business Savings Account. With tiered interest rates ranging from 1.95% to 2.55% available, your bank balance will grow without you having to lift a finger.

Why it's one of the best

  • Earn interest on savings. Earn up to 2.55% interest on your savings.
  • No monthly account fee. This savings account comes with no monthly fee.
  • No minimum balance requirements. Whether you're just getting started in business or you're a seasoned saver, there are no minimum deposit limits which means you can have as little or as much in your account as you'd like.

Best nonprofit bank account in Canada: CIBC Not-for-Profit Operating Account

CIBC Not-for-Profit Operating Account

Finder score: 3.8 / 5 ★★★★★

The best business account designed to service the needs of nonprofit organizations is the CIBC Not-for-Profit Operating Account. It comes with a low monthly fee, so you can put more money to the causes that matter to you.

Why it's one of the best

  • Get access to Global Payments. Open up more ways for doners to give with Global Payments, which accepts all major credit and debit cards.
  • Get the account fee waived. Even though this is a low-fee account, the monthly fee can be waived if you keep a minimum daily balance of $5,000.
  • Comprehensive deposit allowances. Deposit $5,000 in cash, $500 in coin and 30 cheques each month at no extra cost.

Best basic business bank account in Canada: TD Basic Business Plan

TD Basic Business Plan

Finder score: 3.6 / 5 ★★★★★

The key figure you need to remember with the TD Basic Business Plan account is five — it supports 5 transactions per month, five deposits per month (excluding cash deposits) and comes with a $5 monthly fee.

Why it's one of the best

  • Suited toward low-income businesses. You only get 5 transactions per month and five deposits per month (excluding cash deposits).
  • Easy deposits. Deposit through TD Mobile and in-branch.
  • Complimentary free services. Enjoy free online statements with cheque images, archived for seven years.

Best online business bank account in Canada: Tangerine Business Savings Account

Tangerine Business Savings Account

Finder score: 3.9 / 5 ★★★★★

Next on our list of the best business bank accounts in Canada is the Tangerine Business Savings Account. As a digital bank, Tangerine specializes in making it easy to manage your money online. The online application process is quick and easy, and its internet banking portal and mobile banking app are as user-friendly as they come.

Why it's one of the best

  • Earn interest on savings. Earn up to 2.55% interest on your savings.
  • No monthly account fee. This savings account comes with no monthly fee.
  • No minimum balance requirements. Whether you're just getting started in business or you're a seasoned saver, there are no minimum deposit limits which means you can have as little or as much in your account as you'd like.

Picture not describedWhat is the best bank for a small business in Canada?

While the best bank for a small business will vary depending on your company’s unique needs, the banks that most often made it onto our list of best accounts for businesses are RBC and Tangerine.

J.D. Power explores the customer experience side of small business banking every year through its J.D. Power Canada Small Business Banking Satisfaction Study. According to the most recent survey for Canada’s largest banks in 2023, CIBC ranked highest in small business banking customer satisfaction, followed by BMO in second and Scotiabank in third.

That said, a CFIB report showed that RBC is a popular choice for small business banking, as it had the highest small business market share (at 19%) in 2022 among banks in Canada.

Overall, the J.D. Power survey found that over the past year small business owners have been more satisfied with their primary financial institution compared to the previous year. That was mostly because banks offered better customer experiences across online banking, mobile apps, customer support and problem solving.

What is the cheapest business bank account in Canada?

Out of the the Big Five Banks on our list of the best accounts, the cheapest business bank account in Canada is either the TD Basic Business Plan ($5/month) or the RBC Digital Choice Business Account ($6/month).

Alternatively, digital business account providers, like Airwallex, Jeeves, Loop and Wise, tend to offer $0/month accounts with low-fee transactions. So it’s worth considering switching from the Big Banks if you’re comfortable managing your finances entirely online.

While all of these accounts have low monthly fees, the RBC Digital Choice Business Account was also chosen as our overall pick for best business bank account in Canada.

Why should you use a business bank account in Canada?

Business bank accounts are designed specifically for businesses. They offer the features you need to manage all your day-to-day business banking, like paying staff and contractors and keeping track of your revenue and expenses. And even though it may not be essential for your business to have a business bank account, there are several reasons why it’s a good idea.

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Expert insight

"A business bank account is a must-have if you run your own business. It may cost more than a personal bank account, but it’s money well spent. The last thing you want to do is to mix personal expenses with business expenses in a personal bank account."

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Top benefits of using a business account in Canada

  • Easier to manage payroll. The best business bank accounts in Canada include payroll solutions to help you pay your staff and suppliers. This makes it easy to set up automatic payments by direct deposit.
  • Easier to keep tax records. Keeping your business finances separate from your personal expenses will make things a lot easier come tax time. With all your business income and expenses managed through one account, reporting your financial details to the taxman is a much simpler process.
  • Accepts credit card payments. Business bank accounts include payment processing functionality, allowing your business to accept credit card payments. This can lead to increased sales and also help your business seem more professional.
  • Helps you keep better records. The best business bank accounts offer comprehensive reporting tools to help you track your spending and manage cash flow. This makes it easy to monitor the performance of your business and identify areas where you can improve your bottom line.
  • Helps you build a business relationship. Opening a business bank account lets you establish a history of income and expenses with a financial institution. Developing this relationship will make it easier for your business to access business credit cards, lines of credit and other types of financing in the future.
  • More professional. Finally, providing business rather than personal banking details to your clients and suppliers simply makes your business appear much more professional. It sends the right message to everyone you deal with that you are serious about running a business.
  • Helps you meet requirements. If your business is incorporated, it’s actually a requirement to separate your personal account from your business account because, in that case, your business is a separate legal entity.

Blue and white percent symbolWhat are the biggest costs facing Canadian businesses?

The most recent CFIB Monthly Business Barometer survey cited that insurance, taxes and wage expenses are the top three constraints on business growth in September 2024, like in recent months.

When discussing key deterrents for investing in machinery and equipment, 71% of businesses that participated in the August 2024 CFIB Your Voice Omnibus Survey cited the current economic environment as a major factor.

That’s why it’s more important than ever to streamline your expenses by ensuring you’re only paying for the banking services you need. Browse our list of the best business bank accounts in Canada above to easily compare your options.

Types of online bank accounts in Canada

There are two types of business bank accounts to choose from in Canada.

Traditional business bank accounts are much like personal chequing accounts, providing easy access to money so you can manage all your day-to-day transactions. But there are also business savings accounts to help you build a bigger bank balance, so let’s take a closer look at how each option works.

Business bank account

A business bank account or chequing account allows you to manage your day-to-day business banking. That includes tasks like paying employees and suppliers, receiving payments and managing your cash flow.

Depending on the business bank account you choose, you’ll be able to perform a certain number of transactions per month, and some accounts support unlimited transactions. However, most business bank accounts come with a monthly fee attached, plus additional fees for every transaction above your monthly limit.

Business savings account

A business savings account is designed to help you grow your business’ bank balance by paying interest on every dollar in your account. Some banks offer a flat savings rate no matter how much money is in your account, but others offer tiered interest rates — the more money in your account, the better the rate you’ll get.

The best business savings accounts in Canada won’t charge any monthly fees that can eat away at your savings. However, because they’re not designed for day-to-day spending, there may be fees for performing certain transactions, so check the fine print closely.

Can I use a personal bank account for business?

You can use a personal bank account for business if you’re a sole proprietor, but there are plenty of reasons why you shouldn’t. Those reasons all boil down to the fact that keeping your personal and business finances separate just makes things so much easier.

It’s easier to ensure that personal and business payments and expenses don’t get mixed up. It’s easier to keep track of your tax obligations and manage your business accounting.

It’s also just a safer way of doing business — for example, you wouldn’t want to give an employee access to your personal account to make business purchases, so a business bank account is a more professional solution.

How to choose the right business bank account for your needs

A 2023 CFIB report showed that 1 in 10 business owners in Canada switched banks at least once between 2019 and 2022. The biggest reasons causing business owners to switch banks were customer service, access to business financing and banking fees.

That’s why comparing your business banking options is so important — ensure that making the switch will be worth it.

Consider the following factors when comparing accounts to help you find the best business bank account in Canada.

  • Fees

While some financial institutions offer a free business bank account in Canada, most accounts come with a monthly fee. Check the fee that applies to the account. Is the fee waived or reduced if you keep your balance above a minimum threshold?

Next, read the fine print to find out about any other fees the account has. These can include:

  • Additional transaction fees when you exceed your monthly transaction limit
  • Cash deposit fees
  • Branch transaction fees
  • Cheque deposit fees
  • ATM withdrawal fees
  • Interac e-Transfer fees
  • International transaction fees
  • Monthly transactions

Some business bank accounts support an unlimited number of transactions per month. Others place a limit on the number of monthly transactions you can perform without incurring any fees, so make sure the account has a high enough limit to suit your banking needs.

  • Availability and ATM access

If you like doing business banking face-to-face, choose a bank with a large branch network and easily accessible locations near you. If you decide to go with an online-only bank, check how you can access customer support (phone, email, live chat) and during what hours.

You’ll also need to consider the size of the bank’s ATM network, as using an ATM from another bank’s ATM network will usually incur fees.

  • Interest rates

If you’re searching for the best business savings account in Canada, check the interest rate that will apply to your savings balance. Many accounts offer tiered interest rates — the bigger your balance, the higher the interest rate you will get.

  • Insurance

For peace of mind, make sure you only open a business bank account with a financial institution that is a member of the Canadian Deposit Insurance Corporation. This means that deposits of up to $100,000 will be insured if the bank goes broke.

  • Promotions and Perks

Many banks offer accounts as part of business banking packages, so check to see what other perks and rewards you may be able to access. For example, an account might also come with access to a business credit card with a discounted annual fee, access to a free safety deposit box, or a business savings account. Just make sure you check the fine print for the full details of any special offers before signing up.

Fintech and credit union alternatives

For many business owners, your first port of call when searching for a business bank account will be a major bank. But your search shouldn’t end there. There’s plenty of value to be found at alternative providers that offer business bank accounts and money management tools. Options include:

  • Smaller banks. It isn’t just major banks that offer business bank accounts in Canada. You’ll also find accounts from a wide range of smaller banks and online-only banks, such as high-interest savings accounts from Manulife Bank, or a high-interest savings account or business chequing account from ICICI Bank Canada. If you choose a digital bank, the lack of branches means you’ll need to make sure that most of your business transactions are completed electronically.
  • Credit unions. A wide range of credit unions offer business banking products and make it easy to manage your money via online and mobile banking. For example, Alterna offers a selection of business chequing accounts, while Coast Capital offers sole proprietorship, general partnership and corporation accounts.
  • Money management apps. Canadian fintechs also offer a range of money management apps, payment systems, technology solutions and savings accounts for businesses. Options to consider include WealthSimple, KOHO and Neo Financial.

How to open a business bank account in Canada

OK, so you’ve found the best business bank account in Canada and you’re ready to open an account. It’s easy to apply online or by visiting a branch, but the process is a little more involved than opening a personal bank account.

What documents are required to open a business bank account?

The exact documents you’ll need to provide vary depending on two factors:

  • The bank you choose
  • The structure of your business

From a general point of view, you’ll need to provide:

  • Proof of ID
  • Your name, address, contact details and SIN

The documentation required after that varies depending on your business structure.

Sole proprietor

If you run a sole proprietorship, you will need to provide your trade name registration certificate or a copy of your master business licence. If you’ve been in business for more than a year, the bank may request additional information, such as your latest business notice of assessment.

Partnership

If you’re running a partnership, you will typically need to provide:

  • A registered declaration of partnership or partnership agreement
  • Your trade name registration certificate
  • Photo ID for all partners

Corporation

Corporations may be asked to provide:

  • Articles of incorporation/association
  • Trade name registration
  • Photo ID for authorized signatories
  • If your company is more than 12 months old, you may also be required to provide extra documentation such as your latest business notice of assessment, latest financial statements or certificate of compliance

FAQs about the best business accounts in Canada

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To make sure you get accurate and helpful information, this guide has been edited by Romana King and reviewed by Sean Cooper, a member of Finder's Editorial Review Board.
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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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Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

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