Starting and running a small business comes with enough challenges, choosing the right bank account shouldn’t be one of them. But with so many options, confusing fees, and banking terms that seem unnecessarily complicated, it’s easy to feel overwhelmed. That’s why finding the best bank accounts for small businesses is essential to keeping your finances organized and supporting long-term growth.
Here’s the good news: finding the perfect business bank account doesn’t have to be stressful. The right account can help you save money, streamline your finances, and support your business’s growth. Whether you’re a freelancer, a local shop owner, or running an online store, there’s an account designed to fit your needs.
To make the decision easier, we’ve researched and compared the best business bank accounts in Canada. In this guide, you’ll find top recommendations based on fees, transaction limits, and online banking features. Whether you need low costs, unlimited transactions, or digital convenience, you’ll discover the best banking solution for your business right here.
Why Your Business Bank Account Matters More Than You Think
A business bank account isn’t just a place to hold your money, it’s the heart of your financial setup. Picking the right one can save you money, keep things organized, and even help your business grow. Here’s why it matters:
Makes Money Management a Breeze
Mixing personal and business money? That’s a recipe for confusion. A separate business account keeps everything organized, easy to track, and tax-ready when the time comes.
Helps You Avoid Sneaky Fees
The wrong account can nickel and dime you with monthly charges, transaction fees, and currency conversion costs. The right one? It keeps banking simple and budget-friendly.
Opens the Door to Business Perks
A good business account does more than just hold your cash. You can access business credit cards, loans, and payment processing tools to help your company grow.
Makes You Look More Professional
Would you trust a business that asks for payments in a personal account? Probably not. A dedicated account makes you look legit, builds trust with clients, and even helps when applying for loans.
What to Look for in a Business Bank Account
Choosing the right business bank account can save your time, money, and a lot of frustration. But with so many options, how do you know which one is the best fit? Here are some key things to keep in mind before making your choice:
Monthly Fees: Don’t Pay More Than You Need To
Some banks offer free accounts, while others charge anywhere from $5 to $50+ per month. Higher fees usually come with more perks, like unlimited transactions or extra business tools. If you’re just starting out, a low-fee or no-fee account might be your best bet.
Transaction Limits: Avoid Surprise Fees
Most accounts have a limit on the number of free deposits, withdrawals, and transfers you can make each month. Go over that limit, and you’ll start paying extra fees. If you do a lot of banking each month, look for an account that offers unlimited or high-transaction limits.
Online & Mobile Banking: Bank from Anywhere
A good online banking system makes life easier. Need to transfer funds, pay bills, or deposit a cheque from your phone? Make sure your bank’s mobile app is user-friendly, reliable, and packed with useful features.
Cash Deposits & Withdrawals: How Much Do You Need?
- If you handle a lot of cash, look for a bank with low deposit and withdrawal fees at ATMs and branches.
- If you mostly send and receive online payments, an account with free e-transfers and online transactions is the way to go.
Credit & Loans: Planning for the Future
Some banks offer business credit cards, overdraft protection, or easy access to business loans. Even if you don’t need them now, having these options available could be useful when your business grows.
Foreign Currency Support: Save on Exchange Fees
If you work with U.S. clients or suppliers, paying and getting paid in USD can get expensive. Some banks offer CAD/USD accounts, which can help you avoid high currency exchange fees and make transactions smoother.
Best Small Business Bank Accounts in Canada
Not all business bank accounts are the same, and choosing the right one can save your money, simplify your finances, and give your business the support it needs. Whether you’re a freelancer, a growing startup, or a cash-heavy business, there’s an account that fits your needs. Here are some of the best options for small businesses in Canada.
RBC Digital Choice Business Account: Best for Online-First Businesses
Why It Stands Out: Unlimited electronic transactions and no minimum balance requirement.
This account is a great option for digital businesses, freelancers, and service providers who do most of their banking online. It allows unlimited electronic transactions, which means you can send e-Transfers, pay bills, and move money around without worrying about extra fees.
Best for: Business owners who rarely deposit cash and rely on online banking.
Monthly fee: Six dollars, but it is waived if you have an RBC business credit card.
Not ideal if: You need to visit a branch often for in-person transactions.
BMO eBusiness Plan: Best for Low-Cost Banking
Why It Stands Out: No monthly fees if you stick to online transactions.
If you’re looking for a free business bank account, this is one of the best options. The BMO eBusiness Plan has no monthly fees, but the catch is that you must stick to digital transactions. If you deposit cash at a branch, you will have to pay extra fees.
Best for: Digital businesses, freelancers, and solopreneurs who do most of their banking online.
Monthly fee: Free, as long as you only use online transactions.
Catch: Charges apply for in-branch cash deposits.
Scotiabank Basic Business Account: Best for Pay-As-You-Go Banking
Why It Stands Out: No fixed monthly fee, just pay for what you use.
If your business has low transaction volumes and you do not want to pay a flat monthly fee, this account is a great choice. Instead of paying a set monthly fee, you only pay for the transactions you make, making it an affordable option for businesses with minimal banking activity.
Best for: Small businesses that do not process many transactions each month.
Transaction cost: One dollar and twenty-five cents per debit transaction.
Bonus: Available in both Canadian and US dollars, which is useful for businesses dealing with American clients.
TD Unlimited Business Plan: Best for High-Volume Businesses
Why It Stands Out: Unlimited transactions with premium banking support.
If your business processes a large number of transactions every month, you will want an account that does not charge you extra for every payment or transfer. The TD Unlimited Business Plan is one of the best for high-volume businesses, offering unlimited transactions and premium banking services.
Best for: Established businesses handling large cash flow and frequent transactions.
Monthly fee: One hundred twenty-five dollars, but it is waived if you maintain a balance of sixty-five thousand dollars.
Extra perk: You get a dedicated business banking advisor to help manage your finances and plan for growth.
Credit Unions: The Underdog with Big Benefits
Why It Stands Out: Lower fees, better customer service, and community support.
Sometimes, the best banking options are not with the big banks. Credit unions often offer lower fees and more personalized service than traditional banks. If you prefer a more community-focused approach to banking with better customer service, this might be the right choice for you.
Best for: Businesses looking for lower fees and personalized service.
Examples: Vancity, Meridian, Servus Credit Union, and other local credit unions.
Catch: Fewer branches and ATMs compared to major banks, which could be a downside if you need physical banking services.
Which Business Bank Account is Right for You?
The best account depends on how you run your business.
- If you do most of your banking online, RBC Digital Choice or BMO eBusiness Plan are great options with low fees.
- If you handle a lot of cash, TD Unlimited Business Plan is the best choice for high transaction volumes.
- If your business has low transaction activity, the Scotiabank Basic Business Account allows you to pay only for what you use.
- If you prefer personalized service, credit unions often offer lower fees and better customer service than big banks.
How to Choose the Right Bank Account for Your Business
Finding the right business bank account does not have to be complicated. Here is a simple way to figure out which account might be the best fit for you.
- If you need unlimited transactions because your business handles a lot of payments and transfers, RBC or TD could be good options.
- If you want to avoid monthly fees and keep your banking costs as low as possible, BMO’s eBusiness Plan is one of the best choices.
- If your business deals with a lot of cash deposits and withdrawals, TD or a local credit union might be a better fit since they have more cash-friendly options.
- If you work with American clients or suppliers and need to send and receive payments in US dollars, Scotiabank’s USD account can help you save on currency exchange fees.
Conclusion
Choosing the right business bank account in Canada helps you save money, manage cash flow, and simplify banking. The best account depends on your needs, RBC and TD for unlimited transactions, BMO for low-cost banking, TD or credit unions for cash-heavy businesses, and Scotiabank for USD transactions.
No matter your business type, the right account will reduce fees, offer financial tools, and support your growth. Compare your options, and if needed, consult a banking advisor to find the best fit. With the right account, you can focus on growing your business with confidence.
