15 Best Business Bank Accounts in Canada of 2023

If you are a Canadian business owner, choosing the best business bank account is vital for your company’s success. In this post, I have summarized the 15 best business bank accounts in Canada for you to select the right choice for your business.

Did you know by law in Canada, you cannot use your personal bank account for any business other than a sole proprietorship? You are required to open a separate bank account. This also makes it much easier to prepare bookkeeping and file your taxes for your business.

How to open a business bank account

Each bank institution has different requirements for opening a business bank account. This can also vary depending on the structure of your business. Below I have summarized the most common documents needed by the best banks for business accounts in Canada.

• Provide proof of identity through government-issued ID – License or passport

• Documentation showing your address and full name

• Social Insurance Number

• Business set-up documents (business license, registered declaration of partnership or articles of incorporation)

The list of required documents does vary from each bank, but in general, these are the most commonly requested documents

Best business bank accounts in Canada

Each bank account has different advantages depending on the needs of your business. If you have a small business, you will want the best small business bank account with lower fees. Whether you need a low-fee bank, chequings or savings account, unlimited transactions, online-only banks, or brick-and-mortar, there is an account on this list for any Canadian business. Let’s get into it!

Alterna Small business eChequing account

• Monthly fee: $5/month or waived if you keep a balance of $3,000

• Other fees: 6 free e-transfers ($1.50 after)

• Transactions: Unlimited

• Online only: No – leverages the Exchange network ATM’s (over 3,300 in Canada)

This bank account is one of the best small business bank accounts in Canada, with low monthly fees and the best mix of online banks with access to physical ATMs across Canada. You pay no monthly fee as long as you maintain a balance of $3,000 in your account.

Enjoy 24/7 access to your account, free unlimited electronic debit and credit transactions, free incoming Interac e-transfers, and know your deposits are safe and secure through the Canada Deposit Insurance corporation CDIC.

Wise Business account

• Monthly fee: No monthly fee

• Other fees: One-time fee for international activity, small fees when receiving or sending money

• Transactions: Unlimited

• Online only: Yes

The Wise Business Bank account is an excellent option for international businesses with low fees. You can send payments to over 80 countries across the world.

Their banking platform integrates directly with popular bookkeeping software solutions making it easy to reconcile your monthly expenses and file your annual taxes. You will get access to a debit card, making it a great everyday business operating account option.

National Bank packages (choose your own)

• Monthly fee: From $0 to $77.99, depending on your needs

• Other fees: Varies depending on the account selected

• Transactions: 20-100

• Online only: No

National Bank Packages has six business bank accounts to choose from that can support small, medium or large businesses. They partner well with National Banks business credit cards and are a proven solution for any business, with relatively low fees.

With any business account you choose, you can access their Internet Banking Solutions-Business platform, helping you manage your business transactions more effectively.

Motusbank Chequing Account

• Monthly fee: $0

• Other fees: no account, ATM or e-transfer fees

• Transactions: Unlimited

• Interest: Earn 0.15% interest on every dollar

• Online only: Yes, it leverages the exchange ATM network for convenient access to your money across Canada

This is one of the best chequing accounts available to Canadian sole proprietors. It makes banking easy with no monthly fees, unlimited free Interac e-transfers, no minimum balance, and unlimited debit purchases, bill payments and withdrawals.

They also offer free unlimited use of their price drop feature, which allows you to get money back if any of your purchases drop in price. This is a great way to reduce expenses for businesses. Learn more about the best cash-back credit cards in Canada and how they can reduce operating business expenses.

TD Basic Business Plan

A cost-effective and flexible business bank account to manage your small business banking needs

• Monthly fee: $5 and no minimum monthly balance

• Other fees: yes

• Transactions: 5 and $1.25 per each additional transaction

• Online only: No

This business bank account in Canada has low fees that are good for a relatively small business. TD is one of the best banks in Canada, and they have many brick-and-mortar locations that make it easy to get in-person support.

This is a more basic business account, and as your business grows from small to medium to large, you will likely outgrow the functionality of this account.

Scotiabank Basic Business Account

• Monthly fee: $10.95 or waived with $8,000 minimum monthly balance

• Other fees: yes – varies based on usage and account balance

• Transactions: 1 free for every $1,500 in your account

• Online only: No

The Scotiabank Basic Business account is a good business bank account for all of your Canadian and US dollar needs. Account fees are tailored to your usage and needs. Scotiabank also offers overdraft protection for your business, ScotiaConnect Digital Banking, making it easy to file your business taxes.

Scotiabank Unlimited Business Account

Best business bank accounts for medium to large-sized business

• Monthly fee: $120 or waived with a $75,000 minimum balance

• Other fees: $0

• Transactions: Unlimited

• Online only: No

Scotiabank has four business bank accounts to choose from. The best option for a medium to large-sized business would be the unlimited business operating account option that offers unlimited transactions and deposits with $120 in monthly fees.

Scotiabank also makes it easy to start in one of the smaller plans and upgrade your account as your business grows. This can be a great way to save money in fees until your business requires unlimited transactions.

CIBC Unlimited Business Operating Account

• Monthly fees: $65 or waived with a $45,000 minimum balance

• Other fees: $0

• Transactions: Unlimited

• Online only: No

The CIBC unlimited business operating account offers unlimited transactions and will waive monthly fees if you carry a minimum monthly balance of $45,000 in your account. This is an excellent option for businesses that have a lot of transactions.

Additionally, CIBC is one of the largest banks in Canada and offers you security and protection in their brand. This makes it convenient to get in-person support for your banking needs.

TD Unlimited Business Plan Account

Excellent unlimited transactions business bank account in Canada

• Monthly fees: $125 or waived with a $65,000 minimum balance

• Other fees: $0

• Transactions: Unlimited

• Online only: No

The TD unlimited business plan account offers unlimited monthly transactions and will waive monthly fees if you carry a balance of $65,000 or more. Additionally, you can get the annual fee on your TD Aeroplan Visa Business card or TD business Travel Visa Card refunded to you as an annual rebate.

TD is one of the largest banks in Canada, making it easy to get in-person support for all your banking needs.

ATB Unlimited Business Account

• Monthly fees: $85 or waived with a $70,000 minimum balance

• Other fees: $0

• Transactions: Unlimited

• Online only: No

ATB unlimited business account is an excellent option for medium and large-sized businesses. ATB initially started as a bank that serves just Alberta citizens and has several physical locations across Alberta. With no additional fees and unlimited monthly transactions, this is one of the best bank accounts for businesses that do over four transactions per day.

ICICI Business Chequing Premium

• Monthly fees: $5

• Other fees: $10 for international or domestic wires

• Transactions: Unlimited

• Online only: No

ICICI is not one of the most commonly recognized Canadian Banks in Canada, but this is still an excellent business bank account. With meagre monthly fees and no hidden or escalating costs, this is one of Canada’s best small business bank account options.

CIBC Everyday Business Operating Account

A good account with relatively low monthly fees

• Monthly fees: $20 for self-service or $25 for full-service (working with tellers). Waived with a $15,000 account balance

• Other fees: $3.50 for monthly physical statements

• Transactions: 30/month and $1.00 per additional for self-service or $1.25 for full-service

• Online only: No

As CIBC is one of the largest banks in Canada, you can visit many brick-and-mortar locations. The CIBC Everyday Business operating account is a good account with reasonably low monthly fees. This is great for small businesses that do not have that many transactions. You can save even more on fees if you use self-service options and avoid going to CIBC Tellers.

Best Business Savings Accounts

Chequings accounts are great for daily banking needs; however, they earn you very little interest. Using a business credit card with cash-back options to lower expenses, a chequings account for day-to-day banking, and keeping idle cash in a business savings account to earn interest is common. If you have trouble qualifying for a business credit card, you could use a prepaid credit card option like the business card from Float Financial.

Below are my top picks for Business Savings accounts to use in conjunction with your operating account.

Tangerine business savings account

Best for small businesses that want to earn interest on their savings

• Monthly fee: $0

• Other fees: no debit or deposit fees, no minimum balance required, or service charges

• Transactions: Unlimited

• Online only: Yes

The tangerine business savings account is a great way for businesses to earn interest on their extra cash. Currently, earn between 2% to 2.5% interest annually on the balance in your savings account. This account is meant to be used with business chequing accounts, and you must also have a chequing account for daily activity.

Manulife Business Advantage Account

Earn high interest on your idle business savings

• Monthly fee: none

• Other fees: Free deposits & withdrawals, $1/per bill payment, Interac e-transfers, & cheque

• Transactions: Unlimited

• Online only: Yes

The Manulife Business Advantage Account is excellent if you own a small or medium-sized business, have a primary chequings account with another Canadian bank, and you want to earn interest on your excess idle cash.

This bank account pays 2.25% interest annually on your idle business cash. Free deposits and withdrawals make it easy to access your money when you need it. Additionally, your funds are protected through the CDIC

Wealthsimple Save for Business account:

A good option to earn interest on your idle cash

• Monthly fee: $0

• Other fees: no fees

• Transactions: to and from a chequing account

• Online only: Yes

The Wealthsimple Save For Business account is a good savings business account that makes it convenient to earn interest on your idle cash. There is just one savings rate regardless of how much money is in your account. Currently, it pays 1.1% interest annually.

I ranked this lower than the other two savings accounts on this list, as it earns a lower interest rate. The account has fewer options than the Tangerine business savings account and the Manulife Business Advantage Account. Still, it is better than leaving your idle cash in your chequings account.

Conclusion – Best Business Bank Accounts in Canada

There is no one size fits all bank account for your business needs. You need to consider the size of your business, the number of monthly transactions your business needs, whether an online-only option will work for you and more. Within this list, there are options for small, medium or large businesses. Review the list to find the best business bank accounts in Canada for your business.

I recommend you learn more about personal finance to help you effectively manage your business needs.

About the Author

Nick Robert is the founder and creator of Nickrobert.com. I created this website to educate Canadians about everything related to personal finance. As a Chartered Professional Accountant & Chartered Accountant, I have worked with many Canadians to achieve their personal finance goals.

To contact me, you can visit my contact page to email me directly, or you can visit and participate in my subreddit. Let me know about any topics you would like me to cover. If you are interested in guest posting on this website, message me through the contact page.