Best Business Bank Accounts in Canada: 12 Accounts Compared (2026)

The best business bank account in Canada is the one whose pricing matches how the business actually moves money: electronically, by Interac e-Transfer, in cash or across currencies. This page compares 12 accounts that providers’ own websites offered to Canadian businesses on October 11, 2026: the entry-level account at RBC, TD, BMO, Scotiabank, CIBC and National Bank, the EQ Bank Business Account, and five non-bank providers (Wealthsimple, Float, Venn, Loop and Wise). Fees and features come from each provider’s page; the descriptions of a sole proprietorship and a corporation come from the Canada Revenue Agency (CRA); deposit insurance rules come from the Canada Deposit Insurance Corporation (CDIC). This page is general education, not financial, legal or tax advice.

Business bank accounts at a glance

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Entry-level business accounts at seven Canadian banks: monthly fee, transactions, e-Transfers, cash deposits and CDIC wording

Feature	Monthly fee	Included transactions	Interac e-Transfers	Cash deposits	CDIC wording on the bank's page
RBC Digital Choice Business Account	$6 a month	unlimited electronic debit and credit transactions	10 outgoing Interac e-Transfers a month, then $1.50 per transfer	$5.00 per $1,000 at a branch and $2.25 per $1,000 at an ATM or through Night and Day deposit	RBC says it is a member of the Canada Deposit Insurance Corporation
TD Business Digital Account	$6 a month	unlimited electronic transactions and unlimited deposit items	10 Interac e-Transfers a month	Not listed for this account on TD's accounts page	CDIC Member, in the page footer
BMO Essential Business Account	$5 a month	unlimited electronic and ATM transactions, with no in-branch transactions included	six Interac e-Transfer transactions a month	None included; $2.50 for every $1,000 deposited	Bank of Montreal says it is a CDIC member
Scotiabank Right Size Account for business	$6 a month	None; $1.25 per transaction at 1 to 15 transactions a month, $1.15 at 16 to 50 and $1.00 at 51 or more	Not listed on the account page	Not listed on the account page	eligible for CDIC insurance
CIBC Basic Business Operating Account	$6.00 a month	None; $1.00 for each self-service transaction and $1.25 for each full-service transaction	Not listed on the account page	Not listed on the account page	CIBC says it is a member of the Canada Deposit Insurance Corporation
National Bank Digital Business Package	$7 a month, or $0 a month with the eligible credit card	unlimited digital transactions	12 outgoing Interac e-Transfer transactions	not included	insured by the Canada Deposit Insurance Corporation in all currencies
EQ Bank Business Account	$0 a month, with no minimum balance	Free bill payments and electronic funds transfers	50 outgoing and 100 incoming Interac e-Transfers free each month, then $0.50 per transfer	No cash deposit option listed; free mobile cheque deposit	EQ Bank is a trade name of Equitable Bank, which is a CDIC member

Sources: each bank's own business account page, read October 11, 2026. 'Not listed' means the page read did not state the item; the bank's fee guide is the place to confirm it.

The table in sentences. RBC charges $6 a month for its Digital Choice Business Account, with unlimited electronic debit and credit transactions, 10 outgoing Interac e-Transfers a month, then $1.50 per transfer and no minimum balance. TD charges $6 a month for the TD Business Digital Account, with unlimited electronic transactions and unlimited deposit items and 10 Interac e-Transfers a month. BMO charges $5 a month for the Essential Business Account, with unlimited electronic and ATM transactions, with no in-branch transactions included and six Interac e-Transfer transactions a month; each extra e-Transfer is $1.50 per transaction and a visit to a teller is $5 per in-branch transaction.

Scotiabank charges $6 a month for the Right Size Account for business and then prices each transaction: $1.25 per transaction at 1 to 15 transactions a month, $1.15 at 16 to 50 and $1.00 at 51 or more. CIBC charges $6.00 a month for the Basic Business Operating Account, plus $1.00 for each self-service transaction and $1.25 for each full-service transaction. National Bank charges $7 a month, or $0 a month with the eligible credit card; the eligible card is the National Bank Business Platinum Mastercard, subject to credit approval. Its package includes unlimited digital transactions and 12 outgoing Interac e-Transfer transactions. EQ Bank charges $0 a month, with no minimum balance, pays 2.25% interest and includes 50 outgoing and 100 incoming Interac e-Transfers free each month, then $0.50 per transfer.

What is the best business bank account in Canada?

No single account is best for every business; the match depends on how the business is paid, how often it handles cash and whether it is incorporated. Five patterns cover most small businesses, using only what the providers publish:

• Paid almost entirely electronically. The digital accounts at RBC, TD, BMO and National Bank include unlimited electronic transactions for $5 a month to $7 a month, or $0 a month with the eligible credit card. EQ Bank costs $0 a month, with no minimum balance with free bill payments and electronic funds transfers.
• Only a handful of transactions a month. Scotiabank’s Right Size Account and CIBC’s Basic Business Operating Account charge a low monthly fee and then a price per transaction, so a quiet month costs little.
• Regular cash deposits. A bundled plan with cash included is the comparison point: TD’s Business Essential Account includes $5,000 in cash deposits a month and CIBC’s Everyday Business Operating Account includes up to $3,000 in cash, $300 in coin and 25 cheques a month at no extra cost.
• Incorporated, with idle cash. Wealthsimple business chequing pays up to 2.25%, based on the assets in the client's personal and business accounts, Float pays 2.5% on Canadian-dollar balances and EQ Bank pays 2.25%.
• Selling or buying in other currencies. Loop lists free USD, EUR and GBP accounts on its no-fee plan, and Wise Business converts currencies from 0.19%, varying by currency.

Which bank is best for a small business in Canada?

Among the six big banks, the entry-level accounts differ less on monthly fee than on what happens after the included items run out. BMO has the lowest monthly fee listed and National Bank the highest, while National Bank’s package includes the most outgoing e-Transfers of the four digital accounts: 12 outgoing Interac e-Transfer transactions.

A worked example with hypothetical activity shows why the extras matter. Take a business that sends 20 outgoing Interac e-Transfers in a month and does everything else electronically:

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In sentences: at RBC the example month costs $21.00, at BMO $26.00, and at EQ Bank nothing, because the example stays inside EQ Bank’s free monthly allowance. The account with the lower monthly fee is not the cheaper one once e-Transfer volume rises. TD and National Bank are left out of the example because the pages read did not state their fee for an extra e-Transfer.

Pay-per-use accounts work the same way. A business making 20 self-service transactions in a month at CIBC would pay $26.00 on the Basic Business Operating Account. At Scotiabank, 15 transactions on the Right Size Account would cost $24.75; the page read does not say whether the lower price at higher volumes applies to every transaction or only to those above each threshold, so the example stops at the first tier. Each bank defines which items count as a transaction in its own footnotes and fee guide.

When volume grows, the bundled plans take over. TD’s Business Essential Account costs $35 a month with 40 transactions and 50 deposit items a month, and the fee is rebated with a daily minimum balance of $45,000 throughout the month. CIBC’s Everyday Business Operating Account costs $20 a month for self-service access or $25 for full-service access, includes 30 transactions a month, which includes Interac e-Transfer transactions, and is waived with a minimum daily balance of $20,000. Scotiabank’s Select Account for business Plan A is $20 a month with 25 transactions, 50 deposit items and $6,000 in cash deposits, rebated with a $20,000 minimum balance. BMO’s top plan, the Elite Business Account, is $75 a month, or $0 with a $75,000 minimum balance. RBC also sells a flat-fee unlimited business account, and its accounts page lists the current price.

How do cash deposits work on a business account?

Cash is charged by the thousand dollars deposited, on top of the monthly fee, unless the plan includes a cash allowance. Digital accounts usually include none.

RBC’s Digital Choice Business Account charges $5.00 per $1,000 at a branch and $2.25 per $1,000 at an ATM or through Night and Day deposit, and $2.50 for each paper debit or credit transaction. For a business depositing $4,000 in cash in a month, that is $20.00 at an RBC branch or $9.00 at an RBC ATM. BMO charges $2.50 for every $1,000 deposited beyond a plan’s limit, and its Essential Business Account includes no cash. Scotiabank’s Select Account for business charges $2.60 for every $1,000 beyond the plan’s allowance. National Bank’s Digital Business Package lists cash deposits as not included.

The online bank and the non-bank providers have no branches of their own. EQ Bank’s page lists free mobile cheque deposit and no cash deposit option, and none of the Wealthsimple, Float, Venn, Loop and Wise pages read for this comparison lists a cash deposit option. A business that takes cash at a till or a market stall needs an account at a bank with branches or deposit-taking ATMs, even if a second account elsewhere holds the balance.

Online banks and fintech business accounts compared

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Five non-bank business accounts in Canada: monthly fee, interest, transfers and deposit protection wording

Feature	Monthly fee	Interest or pricing headline	Transfers	Deposit protection wording on the provider's page
Wealthsimple business chequing	$0 a month with no account minimums	up to 2.25%, based on the assets in the client's personal and business accounts	unlimited incoming e-Transfers, direct deposits and incoming wires for free	$100,000 CAD in CDIC protection per business entity, shared across savings and chequing accounts
Float Business Account	$0 per user a month on the Essentials plan	2.5% on Canadian-dollar balances	zero transaction fees on sending or receiving funds by ACH or EFT	funds are held in trust in segregated accounts at CDIC-member Canadian financial institutions and are eligible for CDIC deposit insurance, subject to eligibility requirements and coverage limits
Venn (Essentials)	$0 a month	2% on all CAD and USD balances	free Interac e-Transfer; $2 per local transfer (EFT, ACH, SEPA)	balances are held at Bank of Montreal, a CDIC member, and are eligible for CDIC deposit insurance up to applicable limits
Loop (Basic)	$0 a month	Foreign exchange at 0.47%	free USD, EUR and GBP accounts	eligible CAD deposits held at CDIC member institutions and properly recorded in trust are protected up to $100,000 per depositor, per insurance category
Wise Business	a one-time set-up fee of 55 CAD	Conversion from 0.19%, varying by currency	Receiving domestic CAD transfers: free	safeguarded: diversified and held with a group of financial institutions

Sources: each provider's own business account or pricing page, read October 11, 2026. Interest rates are the providers' advertised rates and can change.

The table in sentences. Wealthsimple business chequing costs $0 a month with no account minimums and pays up to 2.25%, based on the assets in the client's personal and business accounts. It offers unlimited incoming e-Transfers, direct deposits and incoming wires for free, outgoing e-Transfers of up to $50,000 a day, outgoing wires for $15 and up to 8 chequing accounts. Its prepaid business Visa pays 1% cash back on every purchase. The limit is eligibility: the business must be a Canadian-controlled private corporation, or a charity or association registered with the CRA; non-incorporated businesses are not supported. The Wealthsimple business account guide covers that eligibility list in full.

Float pays 2.5% on Canadian-dollar balances and charges zero transaction fees on sending or receiving funds by ACH or EFT; it describes its rates as variable and subject to change, with terms, eligibility criteria and caps. US-dollar balances also earn interest, but Float’s account page and its pricing page gave different US-dollar rates on the date checked, so no US-dollar figure is repeated here. Float’s account sits alongside its corporate cards, covered in the guide to the Float business credit card in Canada. Venn lists its Essentials plan at $0 a month with 2% on all CAD and USD balances and free Interac e-Transfer, charges $2 per local transfer (EFT, ACH, SEPA) on that plan, and prices its Plus plan at $40 a month. Loop lists its Basic plan at $0 a month with free USD, EUR and GBP accounts and foreign exchange at 0.47%. Wise Business charges a one-time set-up fee of 55 CAD instead of a monthly fee; holding money is free and conversion costs from 0.19%, varying by currency. Businesses that mainly send money abroad can also compare the best money transfer services in Canada.

Tangerine is not in either table. On October 11, 2026 its business banking page described business savings and spending accounts but offered a waitlist only.

Are business bank accounts covered by CDIC?

Eligible deposits at a CDIC member institution are protected up to $100,000 per insured category, principal and interest combined, and CDIC lists chequing and savings accounts among eligible deposits. CDIC states that each member institution has its own distinct coverage.

All seven banks in the first table are CDIC members, and each says so in its own words: RBC’s FAQ says RBC says it is a member of the Canada Deposit Insurance Corporation; BMO’s page says Bank of Montreal says it is a CDIC member; CIBC’s page says CIBC says it is a member of the Canada Deposit Insurance Corporation; Scotiabank lists its Right Size Account as eligible for CDIC insurance; National Bank says business account deposits are insured by the Canada Deposit Insurance Corporation in all currencies; and EQ Bank’s page says EQ Bank is a trade name of Equitable Bank, which is a CDIC member.

The non-bank providers work differently. Float describes itself as a financial technology company registered with FINTRAC as a money services business, and not a bank, Venn as a technology company and not a bank or a financial institution, and Loop as a financial technology company and not a bank. Each says client money sits at member institutions: Float says funds are held in trust in segregated accounts at CDIC-member Canadian financial institutions and are eligible for CDIC deposit insurance, subject to eligibility requirements and coverage limits; Venn says balances are held at Bank of Montreal, a CDIC member, and are eligible for CDIC deposit insurance up to applicable limits; Loop says eligible CAD deposits held at CDIC member institutions and properly recorded in trust are protected up to $100,000 per depositor, per insurance category. Wealthsimple’s business chequing page says the accounts have $100,000 CAD in CDIC protection per business entity, shared across savings and chequing accounts. Wise’s page does not mention CDIC; it describes funds as safeguarded: diversified and held with a group of financial institutions.

CDIC’s own page on fintechs sets the condition: because fintechs are not members, CDIC does not protect funds held by a fintech unless they are placed as eligible deposits with a member institution, in an account in the client’s name or in a trust account where the client is named as beneficiary. CDIC adds that when client money sits in a pooled account in the fintech’s own name, the fintech is treated as the sole depositor and the coverage applies to the fintech, not to its clients. The CDIC insurance guide explains the categories and limits in detail.

What do you need to open a business bank account?

A bank asks for proof of who the owner is and proof that the business exists, and the second part depends on whether the business is a sole proprietorship or a corporation. The CRA describes the two structures this way:

How to read this table: Paraphrased closely from three canada.ca pages; the quoted wording is in the source record. Provincial business-name registration rules are not covered here.

Topic	Sole proprietorship	Corporation
What it is	An unincorporated business owned by one individual; the CRA calls it the simplest kind of business structure	A separate legal entity that can enter into contracts and own property in its own name
Legal status of the owner	The owner does not have separate legal status from the business	Separate and distinct from its owners
Who carries the risk	The owner assumes all the risks of the business, extending to personal property and assets	Shareholders have limited liability, though a creditor may ask for a shareholder's guarantee, which makes that shareholder personally liable for the debt
Income tax return	The owner reports business income or loss on a T1 personal return	The corporation files a T2 Corporation Income Tax Return within six months of each tax year-end
Business name	May register a business name, operate under the owner's own name, or both	Operates in the corporation's own name
Business number (BN)	Needed only when registering for CRA program accounts such as GST/HST or payroll	Issued with the corporation income tax (RC) program account when a federal incorporation is approved
What the CRA says about a bank account	A business with a name other than the owner's needs a separate bank account to process cheques payable to the business	Not addressed on the CRA page; a corporation owns property, including money, in its own name

Source: Sole proprietorship (CRA) — definition; Sole proprietorship (CRA) — no separate legal status, personal risk; Sole proprietorship (CRA) — business name and separate bank account; Sole proprietorship (CRA) — own name or registered name; Sole proprietorship (CRA) — T1 return; Corporation (CRA) — separate legal entity; Corporation (CRA) — limited liability and personal guarantees; Corporation (CRA) — T2 return; Business number and CRA program accounts (CRA) — unincorporated businesses; Business number and CRA program accounts (CRA) — federal incorporation; Business number and CRA program accounts (CRA) — what a BN is. In effect from October 11, 2026; checked October 11, 2026.

Sole proprietor

A sole proprietor is the business, legally: the CRA says the owner does not have separate legal status from it. The CRA also says a business with a name other than the owner’s needs a separate bank account to process cheques payable to the business. Banks add their own rules. TD’s position is that TD requires anyone operating a business to open a business account, and RBC’s FAQ says RBC requires even a sole proprietor operating under their own name to have a business bank account.

For documents, TD lists a Certificate of Business Registration, a Trade Name Registration if applicable, and one piece of original, valid government-issued photo identification. RBC asks for government-issued identification plus a business registration document such as Articles of Incorporation, a Certificate of Existence or a Master Business License. EQ Bank describes its Business Account as suited to registered sole proprietors and small business owners with an active corporation, and excludes Quebec residents and businesses, trusts, partnerships, and businesses owned by another business. Wealthsimple business chequing is not open to sole proprietors.

Corporation

A corporation is a separate legal entity that owns property in its own name, per the CRA, so the account belongs to the corporation and the bank needs to see how it was created and who controls it. TD lists Articles of Incorporation, a Certificate of Business Registration, director and ownership information, confirmation of the business address, and photo identification for each signing authority, and the ownership information means the full ownership structure with names and addresses. The CRA says a business number and a corporation income tax program account are issued when a federal incorporation is approved; Wealthsimple’s eligibility list includes a 9-digit federal business number.

Opening online or in a branch

Online opening is mostly limited to simple ownership. BMO says opening its Essential Business Account online requires a sole proprietorship or a single-owner corporation. RBC’s online process is for a sole proprietorship or a single-owner corporation with only one authorized signatory, and RBC notes that select accounts can be opened online in less than 15 minutes, followed by a branch visit to verify identity and activate the account. CIBC says its online application takes as little as 30 minutes. TD’s answer on online opening is not online; TD Business Banking Specialists open accounts remotely by phone; it also says there is no initial minimum deposit. Partnerships, associations and corporations with several owners generally go through a branch or a specialist, with the longer document lists on each bank’s page.

How to compare business bank accounts

A real month of activity shows more about an account’s cost than the monthly fee does. A short checklist built from the fee tables above:

1. Count a typical month. Electronic debits and credits, cheques written and deposited, outgoing Interac e-Transfers, teller visits and cash deposited.
2. Price the extras. Extra e-Transfers, per-transaction fees on pay-per-use accounts, and cash per thousand dollars are where the entry-level accounts differ.
3. Check the waiver honestly. A fee rebated at a balance such as a daily minimum balance of $45,000 throughout the month only helps a business that keeps that balance every day.
4. Confirm eligibility first. Province, business structure and ownership layers rule out some accounts before price matters.
5. Read the deposit protection wording. A CDIC member bank and a non-bank holding funds at a member are different arrangements.
6. Check how the account opens. Online, by phone or in a branch, and which documents each owner and signing authority must show.
7. Plan the card separately. A business credit card is a different product with its own fees; the guide to the best business credit cards in Canada compares them.

Owners who also need a personal account can see the best banks in Canada for personal accounts, and the EQ Bank review covers the bank behind the no-fee Business Account. For pricing invoices, the HST calculator adds or removes sales tax from an amount.

Common mistakes when choosing a business account

• Choosing on monthly fee alone. In the e-Transfer example above, the account with the lower monthly fee cost more for the month.
• Assuming a digital account includes cash. RBC, BMO and National Bank each charge for cash or exclude it on their entry-level digital accounts.
• Assuming every provider is a bank. Float, Venn and Loop state that they are not banks; protection depends on where and how client funds are held.
• Applying before checking eligibility. EQ Bank’s Business Account is not available in Quebec, and Wealthsimple business chequing is limited to incorporated businesses and registered charities or associations.
• Expecting a fully online opening. RBC requires a branch visit to verify identity after an online application, and TD opens business accounts by phone with a specialist.
• Treating an advertised interest rate as fixed. Float describes its rates as variable, and every rate on this page is the provider’s advertised rate on the date checked.

How this list was put together

YieldMaple read each provider’s own business account, pricing or FAQ page on October 11, 2026 and recorded only the fees, limits, eligibility rules and deposit protection wording stated there, with the exact wording saved for each fact. No provider supplied information or paid to be listed, and there are no affiliate links on this page. The list is not exhaustive: credit unions and other banks also offer business accounts, and leaving one out is not a judgment about it. Fees change, so the provider’s current fee guide is the final word before opening an account.