Business Bank Account
Best Small Business Bank Account Canada 2020
A bank account is an essential part of any business’s success story.
Whether you are a small ma and pa shop or a large multinational business, your bank account matters.
This is why we have taken the time and did the research to bring you the best business bank accounts in Canada.
From small business accounts that work to grow your business. To larger business accounts that focus on the most bang for your buck. There is an account here for you!
COMPARE THE BEST BUSINESS BANK ACCOUNTS FOR CANADIANS
The Bank of Montreal has a business account that focuses on small and medium businesses that are just starting. Designed with maximum flexibility, the eBusiness plan is ideal for a growing business. With its no-fee structure, this account is undoubtedly the top budget-friendly business account on the market in Canada.
This no-nonsense account is one of the only business accounts without a monthly fee. The account also comes with unlimited electronic transactions and Moneris transactions. As this is a basic account, you only have two free e-transfers per month and limited cheque depositing.
All in, the eBusiness plan is a reliable account for small business and gives you and your money room to grow.
When it comes to basic business accounts, it is hard to beat RBC’s Digital Choice Business Account. With its low fee and flexible options, the Digital Choice account is worth looking into.
The account itself offers several services for a low $5 fee per month. There is no monthly minimum balance and has unlimited deposits.
As well, the account comes with ten outgoing e-transfers for free. No matter if you are a smaller start-up or low volume business, the Digital Choice account is worth a look at for your banking needs.
If you enjoy banking with one of the largest commercial banks in the country, then the Basic Business Plan might be an excellent option for you. This account is the basic of basic but does provide your business with the essentials.
The account offers five transactions and five deposits per month, with an option to pay for more. As well, the account comes with a $2.50 fee per $1000 deposited, which is pretty typical for these accounts.
Finally, the account only costs $5 per month, which for a basic account, is quite reasonable.
The suite of TD Everyday Business Plans is one of the most versatile business accounts on the market. With three tiers of plans, this is the best budget deal for large volume clients.
Plan A offers 20 transactions and 50 deposit items per month. As well, there are no fees to deposit up to $5000 in cash per month.
All three plans also have fee rebates when you reach a specific monthly balance. Plan A is only $19 per month and is the best deal of the suite. If you need additional transactions, Plan B offers 60 for $39, and Plan C offers 120 for $72.
This premium account by CIBC is one of the best deals for large volume companies. Unlike other business accounts, the CIBC account is unlimited. With this account, you can predict your costs, and stop counting your transactions. Hands down, this is one of the best-unlimited business accounts on the Canadian market.
The account itself comes with unlimited transactions, including e-transfers. As well, if you maintain a $45,000 daily balance, your $65 fee is waived.
Finally, the deposit package is solid with $15,000 cash, $1,000 coin and 100 cheques per month. This is a great deal for high volume businesses and a steal at $65 per month.
RBC’s Ultimate Business account is perfect for those who hate tracking their transactions. The account could be considered expensive but is an excellent deal for those who are looking for all-inclusive banking.
The account itself comes with unlimited transactions, including e-transfers! As well, unlimited transactions include electronic cheque deposits and 100 paper transactions. The $100 monthly cost is a little expensive, but there is a monthly fee waiver with a minimum balance of $75000.
Finally, the account comes with 10,000 RBC bonus Avion points if the account is activated along with an RBC business credit card. For an ultimate account, the RBC Ultimate Business Account delivers.
THE BOTTOM LINE
- Best $0 monthly fee account: BMO eBusiness Plan
- Best small volume account: RBC Digital Business Account
- Best budget large volume account: TD Everyday Business Plan A
- Best large volume account: CIBC Unlimited Business Operating Account
- Best all-inclusive large volume account: RBC Ultimate Business Account
Business Bank Accounts Summary
BMO Chequing eBusiness Plan
Unlimited electronic transactions and Moneris transactions
Two per month
RBC Digital Choice Business Account
Unlimited electronic transactions and electronic cheque deposits
Ten outgoing e-transfers per month
TD Basic Business Plan
Included in transactions
TD Everyday Business Plans
Plan A $19
Plan A 20
Included in transactions
CIBC Unlimited Business Operating Account
RBC Ultimate Business Account
Other Popular Bank Accounts for Canadians