As a serial entrepreneur and co-owner of Little Dragon Media, I’ve navigated the intricate maze of business banking in Canada multiple times. Choosing the right bank account is like selecting the perfect tool for a craftsman; it can significantly influence the efficiency and success of your enterprise. Drawing from my experiences, here are my top 10 business bank accounts in Canada:

Business Account Name	Key Highlights
RBC Digital Choice Business Account	No minimum balance required. Designed for businesses that rely heavily on electronic transactions or operate online. Fees for in-branch transactions.
RBC Flex Choice Business Account	Designed for businesses who do both electronic and in-branch transactions.
BMO eBusiness Plan	No in-branch transactions, fees apply for deposits
TD Basic Business Plan	Low-cost option for startups
CIBC Unlimited Business Operating Account	Ideal for businesses with high cash flow
Scotiabank Select Account for Business (Unlimited Plan)	Comprehensive banking services included
Innovation Federal Credit Union No-Fee USD Business Account	Great for businesses operating in USD
Wise Business Account (Not a bank technically!)	Supports multiple currencies, low forex fees
Meridian Business Advantage Plus Savings Account	High interest rates on savings
Coast Capital Savings The One Small Fee Business Account	Flat monthly fee with no surprises

1. RBC Digital Choice Business Account

• Best for: Small to medium-sized businesses that primarily conduct electronic transactions or do business online.
• Features:
  • Only $6 monthly fee.
  • Unlimited electronic debit and credit transactions.
  • Unlimited electronic cheque deposits.
  • No minimum balance requirement.
  • Additional fees for in-branch transactions and cash deposits.

In one of my ventures, we relied heavily on electronic payments. This account’s structure, being designed for “digital businesses”, allowed us to manage our finances easily all online without incurring hefty fees.

2. The RBC Flex Choice Business Account

Unlike the RBC Digital Choice account which is designed for businesses who focus mainly on electronic transactions, The RBC Flex Choice Business Account is designed for small to medium-sized businesses that require the flexibility of both digital and in-branch banking.

• Best for: businesses who do BOTH electronic and in-branch transactions.

Features:

• $7 monthly fee.
• No minimum balance requirement.
• Unlimited Moneris deposits.
• Pay-as-you-go transactions: $0.75 per electronic deposit, $1.25 per paper transaction, and $1.50 per Interac e-Transfer.
• 40% discount on transaction fees when using RBC Online Banking, the RBC Mobile app, or RBC ATMs.

In one of my ventures, we needed the flexibility to handle both electronic and in-person transactions. The RBC Flex Choice Business Account’s structure allowed us to manage our finances efficiently, providing cost savings through discounted electronic transaction fees while accommodating our in-branch banking needs.

3. BMO eBusiness Plan

• Best for: Businesses with a high volume of electronic transactions.
• Features:
  • Unlimited electronic transactions.
  • $0 monthly fee.
  • Charges apply for in-branch transactions and cash deposits.

During the early days of Little Dragon Media, minimizing costs was crucial. This plan’s zero monthly fee was a boon, though we had to be mindful of in-branch transaction charges.

4. TD Basic Business Plan

• Best for: Startups and small businesses with low monthly transactions.
• Features:
  • $5 monthly fee.
  • Includes 5 transactions; additional transactions at $1.25 each.

For a boutique consulting firm I co-founded, this plan was ideal during our initial phase with limited transactions. It kept our banking expenses predictable.

5. CIBC Unlimited Business Operating Account

• Best for: Established businesses with high transaction volumes.
• Features:
  • $65 monthly fee, which can be waived with a minimum balance.
  • Unlimited transactions.

In a retail venture, the high transaction volume made this account’s unlimited feature invaluable, justifying the monthly fee.

6. Scotiabank Select Account for Business (Unlimited Plan)

• Best for: Businesses seeking flexibility with unlimited transactions.
• Features:
  • $120 monthly fee, waivable with a minimum balance.
  • Unlimited transactions.

For a non-profit organization I assisted, this account provided the flexibility needed to manage numerous monthly transactions without worrying about additional fees.

7. Innovation Federal Credit Union No-Fee USD Business Account

• Best for: Businesses dealing in U.S. currency.
• Features:
  • No monthly fee.
  • Unlimited transactions.

When expanding into the U.S. market, having a USD account without monthly fees simplified our financial operations and reduced currency conversion costs.

8. Wise Business Account

• Best for: Businesses involved in international transactions.
• Features:
  • Hold and manage funds in multiple currencies.
  • Send and receive international payments with low fees and real exchange rates.
  • No monthly fees; transaction fees apply.

In our global projects, Wise became a trusted ally, offering transparency and significant savings on international transfers.

9. Meridian Business Advantage Plus Savings Account

• Best for: Businesses seeking competitive interest rates on savings.
• Features:
  • Competitive interest rates.
  • No monthly fees.
  • Unlimited deposits and two free debits per month.

For a venture with surplus funds, this account allowed us to earn interest while maintaining liquidity.

10. Coast Capital Savings The One Small Fee Business Account

• Best for: Businesses desiring unlimited transactions with a flat fee.
• Features:
  • $38 monthly fee.
  • Unlimited transactions.

In a high-cash-flow business, this account’s structure provided clarity and control over our banking expenses.

11. RBC Ultimate Business Account

• Best for: Large businesses with extensive banking needs.
• Features:
  • $100 monthly fee, waivable with a minimum balance.
  • Unlimited electronic transactions.

For a large-scale project, this account’s comprehensive features supported our complex financial activities efficiently.

Choosing the right business bank account is like selecting the right vehicle for a journey. Whether you’re driving a compact car through city streets or a heavy-duty truck across country roads, aligning your banking tools with your business needs ensures a smoother ride toward success.

Conclusion – Why We Prefer RBC

After evaluating multiple business bank accounts in Canada, RBC stands out as our top choice for most businesses, especially for startups, small businesses, and growing enterprises. The RBC Digital Choice Business Account is an excellent entry point, offering unlimited electronic transactions at a low monthly fee of just $6, making it one of the most cost-effective options in the market. For larger businesses with more complex financial needs, the RBC Ultimate Business Account provides comprehensive banking solutions, including unlimited electronic transactions, premium services, and fee waivers for those maintaining a minimum balance.

What truly sets RBC apart is its scalability and customer support. Whether you’re just launching your business or scaling up, RBC offers a wide range of financial products, including business credit lines, investment solutions, and seamless integration with accounting software. Their strong online and mobile banking platforms ensure that business owners can efficiently manage their finances from anywhere.

From my own experience as a serial entrepreneur, having a reliable banking partner is as crucial as having a great team. RBC’s robust business banking ecosystem offers peace of mind, allowing entrepreneurs to focus on growth rather than worrying about transaction limits or hidden fees. In the ever-evolving world of business, you need a bank that grows with you—and RBC does just that. 🚀

FAQ: Business Bank Accounts in Canada

1. Why do I need a business bank account?

A business bank account helps separate your personal and business finances, making it easier to track expenses, manage cash flow, and simplify tax reporting. It also provides legitimacy and professionalism when dealing with clients and vendors.

2. What factors should I consider when choosing a business bank account?

Consider these factors:

• Monthly fees – Some accounts have no fees, while others offer fee waivers with minimum balances.
• Transaction limits – Check if the account includes unlimited transactions or charges per transaction.
• Access to services – Look at additional services like credit lines, payroll processing, and international payments.
• Currency options – If you operate internationally, you may need a USD or multi-currency account.

3. What is the best free business bank account in Canada?

The BMO eBusiness Plan offers a $0 monthly fee and unlimited electronic transactions, making it a great option for businesses that operate mostly online.

4. Can I open a business bank account online?

Yes, some banks allow you to open a business account online, such as RBC and BMO, but most require an in-person visit to verify documents.

5. What documents are required to open a business bank account in Canada?

Typically, you will need:

• Business registration/incorporation documents
• Personal identification (passport, driver’s license)
• Business number (BN) from the CRA (if applicable)
• Articles of incorporation (for corporations)
• Partnership agreement (if applicable)

6. What is the difference between a personal and business bank account?

A business account offers features tailored for businesses, such as multiple user access, higher transaction limits, merchant services, and business credit options. Personal accounts may not support these features and can complicate tax filings.

7. Do I need a business bank account if I’m a sole proprietor?

While not legally required, a business bank account helps keep finances organized, makes tax reporting easier, and builds credibility with clients and suppliers.

8. Which Canadian bank offers the best business account for startups?

The TD Basic Business Plan is a good option for startups with minimal transactions, as it has a low $5 monthly fee. If you mostly use electronic payments, the BMO eBusiness Plan is another solid choice.

9. What’s the best bank account for international business transactions?

The Wise Business Account allows businesses to send, receive, and hold multiple currencies at competitive exchange rates, making it ideal for international transactions.

10. What are the benefits of using a credit union instead of a traditional bank?

Credit unions, like Meridian Business Advantage Plus Savings, often offer lower fees, higher savings interest rates, and personalized customer service. However, they may have fewer physical branches and limited online banking features.

11. How can I waive business bank account fees?

Most banks allow fee waivers if you maintain a minimum balance. For example:

• CIBC Unlimited Business Operating Account waives its $65 monthly fee with a minimum balance.
• Scotiabank Select Account for Business has a similar waiver for its $120 monthly fee.

12. Do business bank accounts offer interest on balances?

Yes, some savings-focused business accounts like Meridian Business Advantage Plus Savings offer competitive interest rates on business funds.

13. Can I get a business credit card with my account?

Yes, many banks offer business credit cards alongside their accounts. Business credit cards help manage expenses and build your company’s credit history.

14. Which business account is best for handling cash deposits?

The CIBC Unlimited Business Operating Account is a great option for businesses handling large cash transactions, as it includes unlimited transactions and cash deposit services.

15. Can I integrate my business bank account with accounting software?

Most major banks allow integration with QuickBooks, Xero, and other accounting platforms, making bookkeeping and financial management easier.

16. Is it possible to switch my business bank account later?

Yes, but it requires effort to transfer funds, update payment details, and notify clients. Choose wisely from the start to avoid frequent switching.

17. Are online-only business accounts a good option?

Online banks like Wise offer lower fees and better exchange rates but may lack physical branches. If you don’t need in-person banking, online accounts can be a cost-effective alternative.