VennBusiness Account · Not a bank

Venn Business Account

Our take: the most cost-effective business account in Canada on paper — free Interac e-Transfers in both directions and 2% on your balance, on a plan that costs nothing — provided you accept that Venn is not a bank and you are not in Quebec.

On the free plan2% interest on all CAD and USD balances, and free Interac e-Transfers both sending and receiving.

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Our review

Venn (formerly Vault) is the strongest cost argument against a traditional business account. Its Essentials plan costs nothing, pays 2% on both CAD and USD balances, and includes free Interac e-Transfers in both directions — where the big banks include between six and twelve outgoing transfers and charge $1.50 after. The important qualifications are structural rather than financial: Venn is a technology company, not a bank, your balance is held at Bank of Montreal rather than with Venn itself, and the service is not available to businesses in Quebec.

At a Glance

Monthly fee

Essentials plan; $40 Plus, $100 Pro

Interest paid

on all CAD and USD balances

Interac e-Transfers

Free

sending and receiving, every plan

Cashback

capped at $5,000/month on Essentials

Is it a bank?

a technology company

Availability

Not in Quebec

Plans, rate and terms confirmed on Venn’s pricing page on September 25, 2026.

Pros and Cons

What works

Free Interac e-Transfers both sending and receiving, on every plan including the free one — no Canadian bank account we compared does this.
2% interest on CAD and USD balances, where the big-bank operating accounts pay nothing at all.
The Essentials plan has no monthly fee, so there is no cost to run alongside an existing bank account.
Balances are held at Bank of Montreal, a CDIC member, and are eligible for CDIC deposit insurance.

What to watch

Venn is not a bank. It states plainly that it is a technology company, and your relationship is with Venn rather than with a chartered bank.
Not available to businesses in Quebec.
The 1% cashback is capped at $5,000 of spending a month on the free Essentials plan.
Venn has promoted higher limited-time rates elsewhere; treat any figure above 2% as promotional and check the end date before you count on it.

What It Costs

$0Essentials plan monthly fee

$40 / $100Plus and Pro plans per month

$0Interac e-Transfers, sending and receiving, on all plans

2%Interest paid on CAD and USD balances

1%Cashback, capped at $5,000/month on Essentials and $25,000/month on Plus

Against a $6 bank account that includes ten e-Transfers, a business sending 30 transfers a month saves roughly $100 a year in fees here — before counting 2% on the operating balance.

How Your Money Is Protected

This is the part to read carefully. Venn states that it is a technology company and not a bank or a financial institution. Venn Account balances are held at Bank of Montreal, a CDIC member, and are eligible for CDIC deposit insurance up to the applicable limits. That is a different arrangement from holding an account directly with a bank: your funds sit at BMO, but your service relationship is with Venn. Coverage depends on the funds being held and recorded in the way CDIC requires, so if deposit protection is central to your decision, confirm the current arrangement with Venn and with CDIC before moving significant balances.

Who It’s For

A good fit if

Your business sends a lot of Interac e-Transfers and you are tired of six-transfer allowances.
You hold an operating balance that currently earns nothing at a big bank.
You are comfortable banking with a fintech and want to keep a bank account alongside it.

Look elsewhere if

Your business is in Quebec — Venn is not available there.
You need branch service, cash deposits or cheque handling.
You want a direct relationship with a chartered bank rather than a technology company that places your funds at one.

Not Sure? Accounts People Compare It With

RBC Digital Choice Business Account

Pick this instead if you want a chartered bank, branch access and cash handling rather than a fintech.

Fee $6/mo10 free e-Transfers, unlimited electronic

Float Business Account

Pick this instead if your priority is employee cards and expense management rather than interest on the balance.

Fee $0/userExpense management with a free tier

BMO Essential Business Account

Pick this instead if you are in Quebec, where Venn is not available, and want the cheapest bank account instead.

Fee $5/moCheapest big-bank plan, 6 e-Transfers

Venn Business Account

Fees confirmed September 25, 2026

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Jen, founder of MoneyMint

Reviewed by Jen. We verify every rate, fee and account term against the institution’s own published material before we publish it, and we re-check on a set schedule.

Fees and account terms in this review were confirmed on the institution’s own site on September 25, 2026. MoneyMint does not currently have an affiliate relationship with this institution. Account fees and features change without notice — confirm current terms on the institution’s own page before you open an account. This is general information, not financial, legal or tax advice.

Frequently Asked Questions

Is Venn a bank?

No. Venn states that it is a technology company and not a bank or a financial institution. It provides the account interface and service; the money itself is held at Bank of Montreal.

Is my money protected with Venn?

Venn states that account balances are held at Bank of Montreal, a CDIC member, and are eligible for CDIC deposit insurance up to applicable limits. This is pass-through style protection rather than a direct deposit relationship with a bank, and it depends on the funds being held and recorded as CDIC requires. Confirm the current arrangement directly if large balances are involved.

Are Interac e-Transfers really free?

Yes — Venn includes free Interac e-Transfer sending and receiving on every plan, including the free Essentials tier. Among the accounts we compare, the big banks include between six and twelve outgoing transfers a month and charge about $1.50 each after that.

Can businesses in Quebec use Venn?

No. Venn states it is currently not available to businesses in Quebec.

What interest does Venn pay?

Venn’s pricing page states 2% on all CAD and USD balances, with no minimum, on every plan. Venn has separately promoted higher limited-time rates; we publish the standing rate from its pricing page rather than a promotional figure, so check for any current promotion and its end date before relying on a higher number.