Best Business Bank Accounts in Canada
Business chequing in Canada is priced on transactions, not just the monthly fee. We compare what each account actually includes — transactions, Interac e-Transfers and cash deposits — and, for the non-bank alternatives, exactly how your money is protected.
Short answer: Among the big banks, RBC Digital Choice and TD Business Digital are the strongest $6 accounts because both include unlimited electronic transactions and 10 free e-Transfers; BMO Essential is a dollar cheaper but includes only 6 e-Transfers and no free cash deposits. National Bank’s Digital Business Package includes the most e-Transfers at 12 but does not accept cash at all. Outside the banks, Venn is the standout on cost — free e-Transfers both ways and 2% on balances on a free plan — but it is not a bank, it holds your balance at BMO, and it is unavailable in Quebec. Fees checked September 17, 2026 against each institution’s own site.
Big-Bank Business Chequing Accounts
BMO Essential Business Account
Why it’s here: The cheapest business chequing account among the big six at $5 a month, with unlimited electronic, ATM and BMO-to-BMO transfers included. The fee is not waivable at any balance, so it is a flat cost rather than something you can earn away.
RBC Digital Choice Business Account
Why it’s here: Unlimited electronic debits and credits at $6 a month, plus unlimited mobile and ATM cheque deposits — the broadest transaction allowance at this price. Ten outgoing e-Transfers a month is modest if you pay contractors that way.
TD Business Digital Account
Why it’s here: Unlimited electronic transactions and unlimited deposit items for $6 a month, with no minimum to open. Cash is the catch: $5.00 per $1,000 is the highest cash-deposit rate among the entry-level big-bank accounts here.
Why it’s here: Priced per transaction rather than as a flat allowance: $6 a month or pay-per-use, whichever is higher, with each of the first 15 transactions at $1.25 and the rate falling as volume rises. Suits a business with very few transactions; the per-item pricing adds up quickly if it does not.
Why it’s here: A $6 monthly fee with no included transactions — every item is charged, at $1.00 self-service or $1.25 full-service. Cheapest on paper, but the true cost depends entirely on how many transactions you run.
National Bank Digital Business Package
Why it’s here: Unlimited digital transactions in Canadian dollars for $7 a month, and the only account here whose fee can be waived — by holding an eligible NBC Business Platinum Mastercard. Cash deposits are not offered at all, so it suits a business that never handles cash.
Why it’s here: A step up in both price and allowance: 30 transactions a month plus included cash and cheque handling, with the $20 to $25 fee waived if you keep $20,000 in the account. Worth the maths — parking $20,000 to save $240 a year is a poor trade if that money could earn more elsewhere.
TD Business Essential Account
Why it’s here: The largest allowance on this list — 40 transactions, 50 deposit items and $5,000 of cash a month — at $35, waived if you hold $45,000. That balance requirement is the real price, and it is high enough that the interest given up will usually exceed the fee it saves.
All Eight Compared
| # | Account | Monthly fee | Included transactions | Interac e-Transfers | Cash deposits |
|---|---|---|---|---|---|
| 1 | BMO Essential Business Account Read our review → BMO | $5 No waiver | Unlimited electronic, ATM and BMO-to-BMO transfers | 6 included, then $1.50 | None included; $2.50 per $1,000 |
| 2 | RBC Digital Choice Business Account Read our review → RBC | $6 No waiver; no minimum balance | Unlimited electronic debits and credits; unlimited mobile and ATM cheque deposits | 10 included, then $1.50; receiving is free | $2.25–$5.00 per $1,000 depending on method |
| 3 | TD Business Digital Account Read our review → TD Canada Trust | $6 No waiver; no minimum to open | Unlimited electronic transactions and deposit items; assisted transactions $2.50 each | 10 included, then $1.50 | $5.00 per $1,000 |
| 4 | Scotiabank Right Size Account for business Scotiabank | $6 or pay-per-use, whichever is higher No waiver | No included transactions; $1.25 each for the first 15, $1.15 for 16–50, $1.00 beyond | Not published on the product page | Not published on the product page |
| 5 | CIBC Basic Business Operating Account CIBC | $6 No waiver | No included transactions; $1.00 self-service, $1.25 full-service | Send $1.50 plus the transaction fee; receiving is free but may attract a transaction fee | $2.25–$2.50 per $1,000 of bills; $2.50 per $100 of coin |
| 6 | National Bank Digital Business Package National Bank | $7 $0 with an eligible NBC Business Platinum Mastercard | Unlimited digital transactions in Canadian dollars; assisted transactions $5.00 each | 12 included, then $1.50 plus the debit fee | Cash deposit service not available |
| 7 | CIBC Everyday Business Operating Account Read our review → CIBC | $20 self-service / $25 full-service $0 with a $20,000 minimum daily balance | 30 transactions a month, then $1.00–$1.25 each | Counts against the 30-transaction allowance | $3,000 cash, $300 coin and 25 cheques a month included |
| 8 | TD Business Essential Account TD Canada Trust | $35 $0 with a $45,000 minimum daily balance | 40 transactions plus 50 deposit items | 10 included | $5,000 a month included |
- BMO Essential Business Account — Cheapest big-bank plan, but the thinnest e-Transfer allowance and no free cash deposits.
- RBC Digital Choice Business Account — The most common first business account in Canada; RBC’s own fee brochure and product page disagree on the cash deposit rate, so confirm it if you deposit cash.
- TD Business Digital Account — Matches RBC on fee and e-Transfers but charges roughly double for cash deposits.
- Scotiabank Right Size Account for business — Pay-per-use pricing suits very low-volume businesses and gets expensive quickly above about 20 transactions a month.
- CIBC Basic Business Operating Account — Every transaction is charged, so the $6 is a floor rather than a price.
- National Bank Digital Business Package — The most generous e-Transfer allowance of the big banks, and the only one that will not take cash at all.
- CIBC Everyday Business Operating Account — e-Transfers counting against the transaction allowance is a costly detail most comparisons leave out.
- TD Business Essential Account — The waiver needs a large idle balance; weigh that against what the money could earn elsewhere.
Common Questions
What Is the Cheapest Business Bank Account in Canada?
Among the big banks, BMO’s Essential Business Account is the lowest advertised monthly fee at $5, with RBC, TD, Scotiabank and CIBC all at $6 and National Bank at $7. But the monthly fee is only part of the cost: CIBC’s $6 account includes no transactions at all, while RBC’s and TD’s $6 accounts include unlimited electronic ones. Compare the transaction allowance and the e-Transfer count, not just the headline fee.
Which Business Account Has the Best Interac e-Transfer Deal?
Among the big banks, National Bank’s Digital Business Package includes the most at 12 a month, followed by RBC and TD at 10, and BMO at 6. The genuinely different option is Venn, which includes unlimited free e-Transfers both sending and receiving on every plan, including its free tier — though Venn is not a bank, and is unavailable to businesses in Quebec.
Is My Money Safe With Float, Loop, Venn or Wise?
These are not banks, and the protection differs in ways worth understanding. Venn holds balances at Bank of Montreal, a CDIC member. Float and Loop hold Canadian funds in trust at CDIC member institutions, where coverage is passed through and depends on the records being kept correctly. Loop’s US dollar accounts are covered by American FDIC insurance rather than CDIC. For Wise, we found no CDIC claim at all; it is registered with FINTRAC as a money services business. None of this makes them unsafe, but it is a different arrangement from holding money at a bank.
Can I Open a Business Bank Account With EQ Bank?
Not yet. EQ Bank has announced a business account but, as of September 17, 2026, it is a waitlist and has not launched. Any comparison that lists it as an available account is out of date.
Does Tangerine Offer Business Chequing?
No. Tangerine offers a business savings account, a US dollar business savings account and business GICs, but no business chequing or operating account. The savings account requires you to hold a business chequing account at another institution, so it works alongside a bank account rather than replacing one.
Do I Need an Incorporated Business to Open a Business Account?
Usually not. Most Canadian banks open business accounts for sole proprietors as well as corporations, though the paperwork differs: a sole proprietor generally needs a business name registration, while a corporation needs its articles of incorporation and details of the directors. Requirements vary, so check the specific institution before you visit a branch.
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Fees, rates and account terms were confirmed on each institution’s own website on September 17, 2026 and change without notice. Where an institution does not publish a figure, we say so rather than estimating it. MoneyMint does not currently have an affiliate relationship with any provider on this page. Deposit protection descriptions are summaries of each provider’s own published statements, not legal advice — confirm coverage directly with the institution and CDIC. This page is general information, not financial, legal or tax advice.