Best Business Bank Accounts in Canada: 8 Institutions Compared
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A business bank account in Canada costs between $0 and $125 a month, depending on the institution and how many transactions the package includes. For most small businesses that bank online, a $5 or $6 digital package does the job. We checked the fees of 8 institutions on their own websites on October 20, 2026.
Our take: the RBC Digital Choice Business Account Package and the TD Business Digital Account are a tie at $6 a month, with unlimited electronic transactions and 10 Interac e-Transfers. TD adds an opening bonus through January 5, 2027. If your business is incorporated, the Wealthsimple Business Chequing Account costs nothing and pays interest.
Business bank accounts compared
The table below compares each institution's entry-level package, the one built for a business that does most of its banking online. Amounts are those posted by each institution on October 20, 2026, before tax.
| Account | Monthly fee | Included transactions | Interac e-Transfers included |
|---|---|---|---|
| Wealthsimple Business Chequing Account | $0 | Unlimited | No fee |
| Loop Basic | $0 | Unlimited local transfers (EFT, ACH, SEPA) | Not specified |
| BMO Essential Business Account | $5 ($0 for 4 months if opened online by October 26, 2026) | Unlimited electronic and ATM | 6 |
| Desjardins Digital Plan | $5.95 | Unlimited digital, deposits charged per item | Included in digital transactions |
| RBC Digital Choice Business Account Package | $6 | Unlimited electronic | 10 |
| TD Business Digital Account | $6 | Unlimited electronic, unlimited deposit items | 10 |
| Scotiabank Right Size Account for Business | $6 | Pay per use, $1.00 to $1.25 each | Not specified |
| CIBC Basic Business Operating Account | $6 | Pay per use, $1 self-service | Not specified |
An entry-level package works as long as you deposit little cash and pay your suppliers online. Beyond that, look at the high-volume packages further down.
How to choose your business account
Before you compare prices, count your transactions in a typical month. Three numbers make the difference:
- Electronic transactions: bill payments, pre-authorized debits and online transfers
- Interac e-Transfers sent: often the biggest fee item for a business that pays contractors
- Branch deposits: cheques deposited at the counter and cash
Next, check the balance you keep in the account. Several full-service packages become free above a minimum daily balance. If your business already keeps that cushion, a $75 or $100 package can cost you nothing.
Finally, think about your business credit card. Some banks rebate a card's annual fee when you hold their top package. Our ranking of the best business credit cards helps you pick the card that goes with the account.
RBC: Digital Choice at $6
RBC offers three packages for small businesses. The RBC Digital Choice Business Account Package costs $6 a month and includes:
- Electronic transactions: unlimited debits and credits
- Electronic cheque deposits: unlimited
- Outgoing Interac e-Transfers: 10 a month
- Moneris deposits: unlimited
The RBC Flex Choice Business Account Package costs $7 a month and works on a pay-per-use basis. It suits businesses making 5 to 75 paper transactions a month. The RBC Ultimate Business Account Package, at $100 a month, targets high-volume businesses. We cover the entry package in detail in our RBC Digital Choice Business Account review.
TD: $6 and a bonus through January 5, 2027
The TD Business Digital Account also costs $6 a month, with unlimited electronic transactions and deposit items, and 10 Interac e-Transfers a month. TD also pays an opening bonus when you open an eligible business chequing account between September 1, 2026 and January 5, 2027.
The bonus tied to the account itself is $100 for the TD Business Digital Account, and $500 for the TD Business Essential Account or the TD Business Unlimited Account. To earn it, complete 3 of these 4 actions within 120 days:
- an online bill payment of at least $50
- an Interac e-Transfer of at least $50
- a recurring pre-authorized debit
- a recurring direct deposit
The "up to $2,400" TD advertises adds up other products: a savings account with a deposit of at least $10,000, a TD Merchant Solutions account, a line of credit and a business credit card. The bonus is not available if you already have a TD small business chequing account.
The TD Business Unlimited Account, at $125 a month, also rebates the $149 annual fee on the TD® Aeroplan® Visa* Business Card or the TD Business Travel Visa* Card.
BMO: 4 months fee-free, through October 26
BMO's Essential Business Account normally costs $5 a month. It includes unlimited electronic and ATM transactions, but only 6 Interac e-Transfers a month. If you send a lot of e-Transfers, the Everyday Business Account, at $25 a month, includes 15 of them with 35 transactions.
For Small Business Month, BMO waives the monthly fee for October 2026 through January 2027 when you open a qualifying account online at bmo.com between October 1 and October 26, 2026. The offer is limited to new BMO business banking clients, according to its terms.
Scotiabank: pay per use or the Select plans
Scotiabank takes two approaches. The Scotiabank Right Size Account for Business costs $6 a month, plus a per-transaction fee that drops with volume:
- 1 to 15 transactions: $1.25 each
- 16 to 50 transactions: $1.15 each
- 51 transactions and more: $1.00 each
Past about fifteen transactions a month, the Scotiabank Select Account for business comes out cheaper. Its Plan A costs $20 a month for 25 transactions, 50 deposit items and 20 free Interac e-Transfers sent through Scotia OnLine. The fee is waived when you keep $20,000 in the account every day of the month.
Scotiabank also advertises up to $880 in bonuses and savings when you open a Select Account for business and sign up for Chase Merchant Services. That figure combines two parts:
- Bonuses: up to $400, after certain qualifying transactions
- Waived fees: up to $480 in Plan B fees in the first year
For the same bank's cards, see our Scotia business credit card review.
CIBC and Desjardins: two more options
CIBC prices its business accounts in two ways:
- CIBC Basic Business Operating Account: $6 a month, plus $1 per self-service transaction and $1.25 per full-service transaction
- CIBC Everyday Business Operating Account: $20 a month for self-service access, or $0 with a $20,000 minimum daily balance
The basic account therefore suits businesses with very few transactions.
At Desjardins, the Digital Plan costs $5.95 a month with unlimited digital transactions. Deposits are charged per item, though. If you deposit cheques or cash every week, Transaction Plan 35 works out cheaper:
- Monthly fee: $26
- Included transactions: 35, digital or cheque
- Included deposits: 15 items and $3,000 in bills
National Bank also offers business packages, which we covered in our article on the account, card and line of credit for a Quebec small business.
Wealthsimple and Loop: online-only accounts
The Wealthsimple Business Chequing Account has no monthly fee and no Interac e-Transfer fee. It pays interest on your balance, but the rate depends on your combined personal and business assets at Wealthsimple:
- Under $100,000 in assets: starting at 1.25%
- $500,000 in assets: 2.25%
Note that not everyone qualifies. Your business must be a Canadian-controlled private corporation, or a charity or association registered with the CRA. A sole proprietorship is therefore not eligible. Wealthsimple's page does not mention cash deposits.
Loop is built for businesses that buy or sell abroad. The Loop Basic plan costs $0 a month and includes U.S. dollar, euro and pound sterling accounts. Currency conversion costs 0.47%, a much smaller spread than at a big bank. Your business must be registered in Canada and have a CRA business number. Our Loop Financial review covers its plans and card.
High-volume packages: when your balance pays the fee
If your business makes more than 50 transactions a month or deposits a lot of cash, entry-level packages quickly cost more than expected. Full-service packages cost more on paper, but most become free with a minimum daily balance.
| Account | Monthly fee | Daily balance for $0 | Included transactions |
|---|---|---|---|
| Scotiabank Select Account for business (Plan A) | $20 | $20,000 | 25 transactions, 50 deposit items, 20 Interac e-Transfers |
| TD Business Essential Account | $35 | $45,000 | 40 transactions, 50 deposit items, 10 Interac e-Transfers |
| CIBC Unlimited Business Operating Account | $65 | $65,000 | Unlimited |
| BMO Elite Business Account | $75 | $75,000 | Unlimited electronic, 100 in-branch, 500 Interac e-Transfers |
| RBC Ultimate Business Account Package | $100 | $75,000 | Unlimited electronic, 100 paper transactions, 500 Interac e-Transfers |
| TD Business Unlimited Account | $125 | $65,000 | Unlimited, unlimited Interac e-Transfers |
Compare the required balance with what your business already keeps in the account. For example, a business that always holds $50,000 pays nothing for the TD Business Essential Account, but $100 for the RBC Ultimate Business Account Package.
Our pick for each profile
Here is how we would choose, based on how you bank:
- You're starting out and bank online: the RBC Digital Choice Business Account Package or the TD Business Digital Account, at $6 a month. TD wins through January 5, 2027 thanks to its $100 bonus.
- You send few e-Transfers and want the lowest fee: BMO's Essential Business Account, at $5 a month, especially if you open it online by October 26, 2026.
- Your business is incorporated and keeps a large balance: the Wealthsimple Business Chequing Account, with no monthly fee and interest on the balance.
- You deposit cheques and cash every week: Plan A of the Scotiabank Select Account for business, or Desjardins Transaction Plan 35.
- You keep $45,000 or more in the account: the TD Business Essential Account, free at that balance, with a $500 bonus through January 5, 2027.
- You buy or sell in foreign currencies: add Loop Basic to your main account for its U.S. dollar, euro and pound sterling accounts.
Bottom line: the right account for your volume
For most new small businesses, a $6 digital package at RBC or TD does the job, and TD's bonus gives it a slight edge through January 5, 2027. An incorporated business that keeps a large balance should look at Wealthsimple. A business that gets paid in foreign currencies should add Loop to its main account.
You can also compare personal chequing accounts with our chequing account comparison tool, and find the card that goes with your account among the best credit cards in Canada.
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Frequently asked questions
How much does a business bank account cost in Canada?
As of October 20, 2026, entry-level packages at the big institutions cost $5 to $6 a month, and $5.95 at Desjardins. High-volume packages cost $20 to $125 a month, but most become free with a minimum daily balance. Wealthsimple and Loop Basic charge no monthly fee. Our [RBC Digital Choice Business Account review](https://milesopedia.com/en/reviews/products/rbc-digital-choice-business-account/) walks through a typical entry-level package.
What is the cheapest business bank account?
The Wealthsimple Business Chequing Account and the Loop Basic plan cost $0 a month. Wealthsimple is, however, limited to incorporated businesses and registered organizations. Among the big banks, BMO's Essential Business Account costs $5 a month, and $0 for 4 months if opened online by October 26, 2026. The RBC Digital Choice Business Account Package and the TD Business Digital Account cost $6 a month, with 10 Interac e-Transfers included.
Can I avoid the monthly fee on a business account?
Yes, on most full-service packages, as long as you keep a minimum daily balance all month. For example, the TD Business Essential Account becomes free at $45,000, and the RBC Ultimate Business Account Package at $75,000. Plan A of the Scotiabank Select Account for business becomes free from $20,000. If your business already keeps that cushion, a full-service package can cost less than an entry-level one.
Which bank offers a bonus for opening a business account?
TD pays $100 for the TD Business Digital Account and $500 for the TD Business Essential or Unlimited Account when you open it between September 1, 2026 and January 5, 2027 and complete 3 qualifying actions within 120 days. BMO waives 4 months of fees on an account opened online from October 1 to 26, 2026. Scotiabank ties its bonus to Chase Merchant Services. For other bank bonuses, read our guide to [bank account bonuses](https://milesopedia.com/en/guide/strategy/bank-account-bonuses-choose-maximize/).
Can a sole proprietor open a Wealthsimple business account?
No. According to Wealthsimple, the Business Chequing Account is for Canadian-controlled private corporations and for charities or associations registered with the CRA, with a 9-digit business number. An unincorporated self-employed person should look at bank packages instead, such as the RBC Digital Choice Business Account Package or the TD Business Digital Account. Our article on [business cards for the self-employed](https://milesopedia.com/en/small-business/business-credit-card-self-employed/) rounds out that choice.
How many Interac e-Transfers are included in a business account?
It varies a lot from one package to the next. The RBC Digital Choice Business Account Package and the TD Business Digital Account include 10 a month, and BMO's Essential Business Account includes 6. Plan A of the Scotiabank Select Account for business includes 20, and Wealthsimple does not charge for e-Transfers. If you pay contractors by Interac e-Transfer, count what you send before you choose.