If you’re a business owner in Canada, one of the most crucial tools in your entrepreneurial toolkit is a reliable, affordable, and feature-rich business bank account. Whether you’re a solo entrepreneur, a growing small business, or running a large operation with employees and international vendors, the right business banking setup can make or break your financial efficiency.
In this guide, we’ll explore the best business bank accounts in Canada, highlight their pros and cons, and share insights to help you make the right choice. And at the end, I’ll share my own personal experience using one of these accounts.
🧾 Why You Need a Business Bank Account in Canada
Even if you run a one-person operation, having a separate business bank account offers many benefits:
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Simplified tax preparation: Separating personal and business finances avoids confusion and makes bookkeeping much easier.
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Professionalism: Clients take you more seriously when payments come from a business account.
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Clear financial tracking: You can easily measure profits, track expenses, and manage your business’s cash flow.
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Compliance: Corporations are legally required to separate personal and business finances.
Whether you’re running a side hustle or a full-fledged company, you’ll want a bank account that aligns with your goals, offers low fees (or none), and includes useful tools like e-Transfers, online invoicing, and integrations with accounting software.
🏆 Top Business Bank Accounts in Canada
Below are some of the top-rated and most recommended business bank accounts in Canada:
1. Tangerine Business Savings Account
Best for: Earning high interest on idle business funds
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Monthly Fees: $0
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Minimum Balance Required: None
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Transactions: Unlimited
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Deposits: Unlimited
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Interest Rates:
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2.00% for balances under $100,000
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2.50% for $100,000–$500,000
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2.70% for over $500,000
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Tangerine offers one of the highest interest rates for business savings in Canada—making it an ideal companion to your business checking account. However, since it’s not a transactional (checking) account, it’s best used for storing excess funds, not handling payroll or vendor payments.
✅ Pros:
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No fees
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High interest
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Great for holding working capital
❌ Cons:
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Not suitable for everyday transactions
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No debit card or cheque-writing capabilities
2. Wise Business Account
Best for: International business and freelancers
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Monthly Fees: $0
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Transactions & Deposits: Unlimited
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Special Features:
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Multi-currency account
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Send money globally at low FX rates
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Online invoicing and integrations
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Wise is an excellent choice if you work with clients or vendors internationally. It’s known for its transparency, low fees, and ease of use. However, it isn’t CDIC-insured, which means your deposits aren’t federally protected in case of insolvency.
✅ Pros:
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No monthly fees
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Best foreign exchange rates
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Invoice system and global banking features
❌ Cons:
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Not CDIC insured
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No physical branches
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No credit facilities
3. RBC Digital Choice Business Account
Best for: Budget-conscious small businesses
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Monthly Fee: $5
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Transactions: Unlimited
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e-Transfers: 10 free per month
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Cash Deposits: $2.25 per $1,000
If you want a solid option from a big bank without a hefty fee, RBC’s Digital Choice account is a reliable pick. It’s suitable for most small businesses, provided you don’t deal with a lot of cash. You’ll get access to RBC’s secure infrastructure, CDIC insurance, and excellent mobile banking.
✅ Pros:
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Affordable
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Unlimited basic transactions
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Trusted national bank
❌ Cons:
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Limited free e-Transfers
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Fees on cash deposits
4. RBC Ultimate Business Account
Best for: Large businesses and high-volume operations
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Monthly Fee: $100 (waived with $75,000 balance)
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Transactions: Unlimited
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Cash Deposits: Up to $25,000/month free
This premium account is built for businesses that require a lot of monthly transactions and cash handling. The steep monthly fee may be justified if your business does high volume and needs top-tier service and flexibility.
✅ Pros:
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High transaction and deposit limits
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Great for retail or service businesses with high cash flow
❌ Cons:
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High monthly fee if minimum balance isn’t maintained
5. EQ Bank Business Account
Best for: New-age banking with solid savings
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Monthly Fees: $0
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Interest Rate: Competitive
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Digital Only: Yes
EQ Bank has introduced a business banking option that merges high interest with digital convenience. It’s newer to the scene but offers a promising package for tech-savvy business owners.
✅ Pros:
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High interest rate
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No monthly fees
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Great user interface
❌ Cons:
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No branches
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Limited history compared to big banks
6. TD Business Banking
Best for: Customizable plans and local branch access
TD offers a range of business accounts tailored to different needs. From sole proprietors to corporations, you can select a plan based on your transaction volume. Their small business support is excellent, and they offer credit cards, overdraft, and merchant services.
✅ Pros:
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Excellent customer support
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Good credit product offerings
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National branch access
❌ Cons:
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Monthly fees depending on plan
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Limited free transactions on basic accounts
7. Meridian Credit Union
Best for: Personalized customer service
Meridian offers flexible business accounts with a focus on local support and personalized service. Credit unions like Meridian typically go the extra mile when it comes to understanding small business needs.
✅ Pros:
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Local support
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Competitive rates
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Strong relationship banking
❌ Cons:
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Limited to Ontario
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May lack some tech features of digital banks
8. Venn by Peoples Group
Best for: New businesses seeking alternatives
Venn is a fintech platform offering business banking services. It holds your money in an insured trust account, but your business name doesn’t appear on transfers—this can cause confusion with some vendors. Debit card spending is limited to available balance only.
✅ Pros:
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Insured funds (via trust account)
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No monthly fees
❌ Cons:
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EFT payment limitations
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No credit cards or overdraft
✅ Honorable Mentions
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Scotiabank & BMO: Business plans are based on monthly transactions. If you stay below the limit, you don’t pay a monthly fee. Their savings rates are among the best—up to 3.5%.
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Vault: A newcomer fintech trying to compete with Wise—worth keeping an eye on.
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Local Credit Unions: Often overlooked but can provide excellent service and lower fees.
💡 My Personal Experience
As a Canadian business owner, I’ve tried a few options over the years. I started out using Wise Business because I work with international clients and needed multi-currency support. While the platform worked beautifully and the fees were minimal, the lack of CDIC insurance always sat at the back of my mind. Eventually, I switched to RBC’s Digital Choice account.
Yes, it costs $5/month, but for me, the peace of mind that comes with a CDIC-insured institution, along with access to physical branches when I need them, made the trade-off worth it. Now, I also keep a Tangerine Business Savings Account as a place to store extra cash and earn higher interest—best of both worlds.
Final Thoughts
The best business bank account in Canada really depends on your specific needs—whether it’s low fees, high interest, international transactions, or branch access. Ideally, consider using both a business checking and savings account to get the most out of your banking setup.
📝 Tip: Before choosing, ask yourself:
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Do I need to handle cash?
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Will I receive international payments?
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Do I prefer digital or in-person banking?
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Do I want to earn interest on idle funds?
Still not sure which one to pick? Feel free to drop your questions in the comments below—I respond to every single one!
📌 Don’t forget to share this article if it helped you—and check back often for updates as new fintech players keep entering the market!
