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Business Bank Accounts in Canada: Fees, Savings Rates and How to Open One

Updated

At one bank, for example, business chequing comes as packages with a monthly fee and a number of transactions included each month, and the fee is rebated when the balance stays above a minimum. The table gives each bank’s accounts and fees from its own page, and business savings accounts follow further down. For freelancers: two banks’ advice pages say a corporation is required by law to have a business account, while one bank says the law does not require one for a sole proprietorship, so the answer depends on how the business is set up (separate accounts).

What do business bank accounts cost at each bank?

Each row gives the bank’s business chequing accounts from its own page: the monthly fee, what is included, and a balance that waives the fee where the bank states one.

BankBusiness accounts and monthly feesSource
BMOEssential Business Account $5 monthly fee (unlimited electronic or ATM transactions, six Interac e-Transfer transactions a month, unlimited Moneris transactions); Everyday Business Account $25 monthly fee (35 transactions a month, 15 Interac e-Transfer transactions a month, $2,500 cash deposits a month, unlimited Moneris transactions); Enhanced Business Account $50 monthly fee or $0 with a $35,000 minimum balance (70 transactions a month, 30 Interac e-Transfer transactions a month, $4,000 cash deposits a month, unlimited Moneris transactions); Elite Business Account $75 monthly fee or $0 with a $75,000 minimum balance (unlimited electronic or ATM transactions plus 100 in-branch transactions a month, 500 Interac e-Transfer transactions a month, $25,000 cash deposits a month, unlimited Moneris transactions)BMO's page
CIBCBasic Business Operating Account: monthly fee $6.00, transactions $1.00 for each self-service transaction and $1.25 for each full-service transaction. Everyday Business Operating Account: monthly fee $0 or $20 for self-service access and $25 for full-service access, minimum daily balance to avoid the monthly fee $20,000, 30 transactions included (includes Interac e-Transfer transactions), $1.00 for each additional self-service and $1.25 for each additional full-service transaction. Advanced Business Operating Account: monthly fee $0 or $40, minimum daily balance to avoid the fee $35,000, 100 transactions included (includes Interac e-Transfer transactions). Unlimited Business Operating Account: monthly fee $0 or $65, minimum daily balance to avoid the fee $65,000, unlimited transactions (includes Interac e-Transfer transactions)CIBC's page
DesjardinsBusiness Chequing Account transaction plans: Digital plan $5.95 a month (unlimited digital transactions); 35 transaction plan $26; 55 transaction plan $42; 75 transaction plan $57; 100 transaction plan $76; 300 transaction plan $175; Community plan $2.95 (22 digital or cheque transactions and 3 teller transactions; for humanitarian, cooperative, community or social organizations); per-transaction fees apply above the planDesjardins's page
EQ BankEQ Bank Business Account: $0 monthly fee, no minimum balance, 2.25% interest; free EFTs and bill payments and free mobile cheque deposit; 50 free outgoing and 100 free incoming Interac e-Transfers a month, $0.50 per transaction after thatEQ Bank's page
National BankDigital Package: monthly fee $7 ($0/month with the eligible credit card), unlimited digital transactions, 12 outgoing Interac e-Transfer transactions. Hybrid Package: monthly fee $10, 10 digital or assisted transactions per month, 2 outgoing Interac e-Transfer transactions. Premium Package: monthly fee $100 ($0/month with a balance of $80,000+; $80/month with the eligible credit card), unlimited digital transactions, 100 assisted transactions, unlimited outgoing Interac e-Transfer transactions, included deposits of $25,000 in bills and $500 in coinsNational Bank's page
RBCDigital Choice Business Account $6 monthly fee (unlimited electronic debits and credits, 10 free outgoing Interac e-Transfer transactions); Flex Choice Business Account $7 monthly fee (40% savings on transactions through RBC Online Banking, the RBC Mobile app and RBC ATMs, no minimum or maximum transaction limits); Ultimate Business Account $100 monthly fee (unlimited electronic debits and credits, 500 outgoing Interac e-Transfer transactions, 100 free paper transactions per month, monthly fee waived with a $75,000 minimum daily balance); Community and Not-For-Profit Account $3.75 monthly fee; all include unlimited Moneris deposits and no minimum balance requirementRBC's page
ScotiabankBasic Business Account $10.95 monthly fee (waived when the minimum monthly balance is $8,000 or more; one free transaction for every multiple of $1,500 in the minimum monthly balance); Right Size Account for business $6 monthly fee, then $1.25 per transaction for 1-15, $1.15 for 16-50, $1.00 for 51+; Select Account for business Plan A $20 (25 transactions included), Plan B $40 (70), Plan C $75 (125), Unlimited $120 (unlimited), each with a monthly fee rebate at a minimum balance ($20,000, $35,000, $45,000, $75,000); Scotia Professional Plan Plus $38 monthly fee (110 included transactions); Scotia Community Account Plan (non-profits) $3 monthly fee (10 included transactions)Scotiabank's page
TangerineBusiness Spending Account: $0 monthly fee, no minimum balance, 1.25% interest, unlimited free Interac e-Transfer; Business Savings Account: $0 monthly fee and $0 minimum balance; no monthly account fees apply to accounts opened on or after October 5, 2026; the business pages show Join the WaitlistTangerine's page
TDTD Business Digital Account $6 monthly fee (unlimited electronic transactions, unlimited deposit items, 10 Interac e-Transfers included per month); TD Business Basic Account $7 monthly fee (7 transactions, 7 deposit items, $1.50 per Interac e-Transfer); TD Business Essential Account $35 monthly fee (40 transactions, 50 deposit items, 10 Interac e-Transfers and $5,000 of cash deposits included per month; fee rebated with a $45,000 daily minimum balance); TD Business Unlimited Account $125 monthly fee (unlimited transactions, deposit items and Interac e-Transfers, $25,000 of cash deposits included per month; fee rebated with a $65,000 daily minimum balance); TD Community Account (community groups and non-profits) $3.75 monthly fee (20 transactions, 20 deposit items, $3,000 cash deposits; fee rebated with a $5,000 daily minimum balance)TD's page
WealthsimpleBusiness chequing: $0 per month, no account minimums; unlimited deposits and transactions; up to 8 business chequing accounts; interest up to 2.25%.Wealthsimple's page

A dash means this table shows no figure for that bank.

Checked against each bank's page on October 19, 2026.

Simplii isn’t in the table: Simplii Financial's FAQ says: We don’t offer accounts for businesses and non-profit organizations. We open individual or joint accounts in personal names only. Some business accounts carry time-limited offers; the terms are on each bank’s page linked in its row, and no offer amount is shown here.

How do business account fees add up?

Beyond the monthly fee, the cells list how many transactions each fee includes, and one bank’s plan page says per-transaction fees apply past the plan’s limit or for transactions the plan doesn’t include. Some packages also include a set amount of cash deposits or a number of Interac e-Transfers each month, and some rebate the monthly fee above a minimum balance. One bank’s help page says the fees for opening and running a business account are usually higher than a personal account’s.

Two made-up packages, not any bank’s. Package A costs $6 a month with 10 transactions included and $1.25 for each one after that. Package B costs $25 a month with 35 transactions included. In a month of 30 transactions, A charges for 20 extra transactions, so it costs $31.00. B costs its monthly fee of $25, because 30 transactions is within the 35 it includes. In a quieter month the order can flip.

Do freelancers and sole proprietors need a separate business account?

It depends on the business structure, and on the bank. Two banks’ advice pages say a corporation is required by law to have a business account, one of them because the corporation is a separate legal entity. For a sole proprietorship, one bank says the law does not require a bank account, while another says it requires even sole proprietors working under their own name to have a business account, and that other institutions may require one only for a business name.

One bank’s advice page says separate personal and business accounts can make preparing taxes easier.

Some online business accounts are limited to certain structures. One online bank says it does not currently support partnerships or unregistered sole proprietors, and another requires a Canadian-controlled private corporation or a charity or association registered with the CRA, with a 9-digit federal business number. Each bank’s own list is under what each bank asks for.

The structures themselves are explained on business structures in Canada, and the tax side of working for yourself on the self-employed taxes hub.

What do business savings accounts pay?

Each row gives the bank’s business savings account, its interest rate tiers from the bank’s page, and its fees.

BankAccountInterest rateFeesSource
BMOBMO Business Premium Rate Savings Account, in Canadian or U.S. dollarsCanadian dollar account, paid on the portion of each balance tier: 1.15% up to $9,999.99; 1.50% from $10,000 up to $59,999.99; 1.75% from $60,000 up to $249,999.99; 1.90% from $250,000 up to $499,999.99; 2.00% from $500,000 up to $4,999,999.99; 2.85% from $5,000,000 up to $50,000,000; no interest paid from $50,000,000.01No monthly fee and no minimum balance. Deposit fees per transaction (Canadian dollar account): transfers between BMO business bank accounts free, BMO branch deposits $1.25, ATM deposits $1.25, cheque deposits $0.20, direct deposits $1.25, cash deposits $2.25 (notes per $1,000; coin per $100). Withdrawal fees per transaction: BMO branch $5.00, ATM $5.00, bill payment $5.00. Monthly e-statement free, monthly paper statement $4.00BMO's page
CIBCCIBC Business Investment Growth AccountRegular interest by daily balance portion: 1.50% up to $49,999.99; 1.75% from $50,000 to $249,999.99; 2.00% from $250,000 to $999,999.99; 2.15% from $1,000,000 to $5,000,000; 2.75% from $5,000,000.01 to $10,000,000; 2.80% on $10,000,000.01 and overMonthly fee $0; no minimum balance; transactions $1.00 for each self-service credit transaction, $1.25 for each full-service credit transaction, $5.00 for each debit transactionCIBC's page
DesjardinsEnhanced Investment Business Account (no monthly fee; no minimum amount required for transactions)Enhanced Investment Business Account, tiered, the rate applies to the entire balance: 1.55% on $0 to $49,999; 1.65% on $50,000 to $99,999; 1.75% on $100,000 to $249,999; 1.95% on $250,000 to $499,999; 2.00% on $500,000 to $999,999; 2.30% on $1,000,000 to $1,999,999; 2.35% on $2,000,000 to $4,999,999; 2.80% on $5,000,000 to $9,999,999; 2.85% on $10,000,000 and up. Interest is calculated on the daily closing balance and paid monthlyEnhanced Investment Business Account: no monthly fee; no minimum amount required for transactionsDesjardins's page
National BankNational Bank Business Investment Account (BIA), a transfer account available in CAD and USDCAD account, annual interest rate plus rate bonus 0.05% = total: 0 to $19,999.99 1.20% + 0.05% = 1.25%; $20,000 to $99,999.99 1.45% + 0.05% = 1.50%; $100,000 to $249,999.99 1.65% + 0.05% = 1.70%; $250,000 to $499,999.99 1.65% + 0.05% = 1.70%; $500,000 to $1,999,999.99 1.90% + 0.05% = 1.95%; $2,000,000 to $4,999,999.99 2.15% + 0.05% = 2.20%; $5,000,000 to $9,999,999.99 2.55% + 0.05% = 2.60%; $10,000,000 and over 2.60% + 0.05% = 2.65%. USD account total: 0 to $19,999.99 1.00%; $20,000 to $99,999.99 1.00%; $100,000 to $249,999.99 1.65%; $250,000 to $499,999.99 1.85%; $500,000 to $1,999,999.99 2.35%; $2,000,000 to $4,999,999.99 2.55%; $5,000,000 to $9,999,999.99 2.55%; $10,000,000 and over 2.60%. Interest with the rate bonus is calculated daily on the closing balance and paid monthly on the last day of the monthDigital inter-account transfers: credits and debits free; assisted inter-account transfers: credits free, debits $5/transfer (fees in CAD or USD depending on the currency of the account); free and unlimited depositsNational Bank's page
RBCRBC Business Essentials Savings Account: no minimum monthly fee, up to 999 credits included, no minimum balance, tiered interest rates–No minimum monthly fee; no minimum balance; up to 999 credits included. Debits/cheques: 2 free, $3.5 each thereafter. Credits/deposits beyond 999 per month: $1.00 each. Items deposited: $1.00 each. Cash deposited: $10.00 per $1,000RBC's page
ScotiabankRight Size Savings for business (Canadian dollars only; no monthly account maintenance fee; minimum balance of $10,000 required for interest calculation; maximum account balance $2,000,000); Business Investment Account (CAD or USD; no monthly fee; interest on balances from $25,000 to $50,000,000)Right Size Savings for business, progressive tiers: 1.50% on $1-$99,999; 1.65% on $100,000-$199,999; 1.90% on $200,000-$999,999; 2.15% on $1,000,000-$2,000,000; 0.00% over $2,000,000. Business Investment Account (CAD): 1.75% on $25,000-$1,999,999; 2.25% on $2,000,000 and over; 0% under $25,000Right Size Savings for business: no monthly account maintenance fee; unlimited free Canadian dollar self-service transfers to and from your other Scotiabank accounts. Business Investment Account: no monthly feeScotiabank's page
TangerineTangerine Business Savings Account (Tangerine's business pages show Join the Waitlist)–$0 monthly fee; $0 minimum balance; no monthly account fees apply to accounts opened on or after October 5, 2026Tangerine's page
TDTD Business Savings Account: an investment account that pays competitive, tiered, daily interest; free transfers to and from other TD Canada Trust accountsRates as of January 13, 2026, paid on the portion of the daily closing balance within each tier: 1.550% on $0 to $9,999.99; 1.650% on $10,000 to $99,999.99; 1.800% on $100,000 to $249,999.99; 2.000% on $250,000 to $499,999.99; 2.550% on $500,000 to $4,999,999.99; 2.850% on $5,000,000 and overTransfers to or from any other TD Canada Trust account: free; deposits/credits $1.00 each; withdrawals/debits $5.00 each; monthly cash deposits (paper currency and coin) $2.50 per $1,000; deposit items (cheques, money orders, drafts and other clearing items) $0.22 eachTD's page

A dash means this table shows no figure for that bank.

Checked against each bank's page on October 19, 2026.

EQ Bank and Wealthsimple pay interest on the business account itself, so their rates are in the EQ Bank and Wealthsimple rows of the first table. Personal savings rates are compared on high-interest savings accounts. Money set aside for GST/HST or corporate tax instalments is covered on those pages.

On deposit insurance, CDIC’s depositor FAQ says: “For the purposes of deposit insurance, a depositor may be an individual, an association of persons, a partnership, a corporation or a government entity. Eligible deposits in business accounts may be insurable separately from eligible deposits in individual accounts. “Sole proprietorships” do not benefit from separate deposit protection, as they are not separate legal entities.” How coverage works is on CDIC deposit insurance.

How are tiered business savings rates paid?

Some financial institutions pay two or more different rates on a balance, and business savings accounts state their tiers in two ways. One bank pays each tier’s rate on the portion of the balance within that tier; another pays the rate for the balance’s tier on the entire balance. Where a bank states which, its cell in the table says so, from the bank’s page. One bank says interest is calculated on the balance at the end of each day and paid monthly.

A made-up account: a balance of $80,000, 1% on the first $50,000 and 1.5% above it. Paid by portion, a year’s interest is $500 on the first tier plus $450 on the rest, or $950. Paid on the whole balance at the higher tier’s rate, it is $1,200. Both are before tax, on a balance that stays the same, ignoring compounding.

Money with a known date of use can also go into a business GIC, and interest a corporation earns is covered under passive income in a corporation.

What do you need to open a business bank account?

The documents depend on how the business is structured, as one bank’s opening page puts it. In short, from the banks’ lists:

  • Sole proprietorship: personal ID, plus a business registration and a trade name registration where one applies.
  • Partnership: the partnership agreement.
  • Corporation: the articles of incorporation and information on its directors; two banks also ask about everyone who owns 25% or more of the business.

Opening online has its own conditions. One bank opens its online packages only for a sole proprietorship or a single-owner corporation with one authorized signer, and says a short branch visit may be needed to verify identity. Another lets a new customer open online if they are at least 16 years old, a Canadian resident or in Canada to work or study, opening the account in their own name and accepting paperless documents. A third asks for the business number (NEQ or BN) and, if applicable, the Quebec sales tax registration number.

Each bank’s full list is under what each bank asks for, and the ID rules for a personal account are on opening a bank account.

What each bank asks for

Each bank’s own list, from its own page, with a link to that page.

BMO

Sole proprietorship: name, address and date of birth with personal identification, Trade Name Registration (if applicable), Master Business Licence (if using a registered trade name); can be opened online or in a branch. Corporation: one of complete articles of incorporation, letters patent/company charter, articles of amendment, articles of amalgamation or a corporate profile report if in existence less than 18 months (plus one of annual/statutory return, certificate of status, financial statement signed by an independent accounting firm, government assessment or corporate search if more than 18 months), Trade Name Registration or Master Business License if using a registered trade name, and identification including percentage ownership for anyone with an interest of 25 per cent or more. General partnership: partnership registration (if applicable) and partnership agreement; limited partnership: limited partnership agreement and certificate of limited partnership; identification for yourself and up to three authorized signatories; BMO asks partnerships to visit a branch

Source: BMO's page

CIBC

Apply online (CIBC says the application form takes as little as 30 minutes) or contact the Business Client Advice Centre, with records for your business type. Sole proprietors: one of business registration or trade name registration (except where registration isn't available per provincial law). Partnerships: one of partnership registration or a partnership agreement if provincial law doesn't require a registration, plus trade name registration or Master Business License when operating under a registered trade name (if applicable). Corporations: original articles of incorporation, certificate of incorporation, or Articles of Amalgamation; most recent filing listing your directors; trade name registration (if applicable); a copy of the official corporate record covering the power to bind the corporation (banking resolution); and, if in existence more than one year, one of a certificate of corporate status, certificate of existence, annual report for the past fiscal year, most recent notice of assessment, current business license or vendor permits, current health or safety certificates, or current liquor license or vendor permits (if applicable). Unincorporated associations: the association's constitution and bylaws, plus the Canada Revenue Agency registration number if applicable for organizations that solicit donations from the public

Source: CIBC's page

Desjardins

To open a business account, provide certain information about you and your business, and have on hand your business number (NEQ or BN) and Quebec sales tax (QST) registration number, if applicable; accounts are offered to businesses from a sole proprietorship to a large corporation

Source: Desjardins's page

EQ Bank

Registered sole proprietors: personal identification and business registration. Corporations: business registration, director information and tax information (CRA Program Account Number), matching recent filings. The page says it does not currently support trusts, partnerships, charities, not-for-profit businesses, unregistered sole proprietors or businesses owned by another business

Source: EQ Bank's page

National Bank

Online request: choose your package, then open an account; National Bank asks for your personal information to verify your identity and for information about your business, with a checklist of required documents; a National Bank Business Central team member contacts you within 2 business days after your request to activate the account. Its quick reference for opening lists a copy of articles of incorporation or letters patent (compulsory) for a company, corporation or non-profit corporation, and a copy of the written partnership contract or agreement (if one exists) for partnerships

Source: National Bank's page

RBC

Online: the RBC Digital Choice, Flex Choice and Ultimate packages can be opened online (online account numbers are for a sole proprietorship or a single-owner corporation with one authorized signatory); RBC says a brief branch visit may be needed to verify identity and activate the account. What RBC lists to bring to a branch: one government-issued ID (Canadian passport, Canadian driver's licence or Canadian permanent resident card) and a business registration document such as Articles of Incorporation, a Certificate of Existence or a Master Business License. Accounts can also be opened with an advisor by phone or at a branch

Source: RBC's page

Scotiabank

Scotiabank says you can open a business account online if you are at least 16 years old, a Canadian resident or here to work or study, opening in your own name and okay with paperless document delivery; non-Canadians without a work or study permit, or non-residents, work with a branch representative. You need ID (such as a driver's licence, passport or landed immigrant card) plus full name, address, date of birth and social insurance number; other documents depend on the business structure. Unless you run a sole proprietorship under your own name, you need documents showing the company's legal name (a business license, trade name registration certificate or incorporation documents). For an incorporated company: articles of incorporation/association, trade name registration if applicable, one piece of original valid government-issued photo ID, and name, address and occupation of everyone owning at least 25% of the business

Source: Scotiabank's page

Tangerine

Business Savings Account: Canadian sole proprietors, partnerships and corporations; business details and information for all owners and directors; all owners and directors must verify their identity and accept the account agreement; available to Canadian-resident owners and privately owned, for-profit businesses; additional verification may be required

Source: Tangerine's page

TD

TD says the documents depend on how the business is structured. Sole proprietorship: Certificate of Business Registration, Trade Name Registration (if applicable) and one piece of original, valid government-issued photo identification (or one document from each of two listed categories). Corporation: Articles of Incorporation, Certificate of Business Registration, Trade Name Registration (if applicable), CRA registration business number if the organization solicits donations from the public, director information, ownership information, confirmation of business address and, for each signing authority, one piece of original, valid government-issued photo identification. Partnership: Partnership Agreement, Certificate of Business Registration (if applicable), Trade Name Registration (if applicable), partnership and ownership information, confirmation of business address, and for each signing authority name, address, occupation plus photo identification. Association: Articles of Association (if applicable), a letter from the larger association authorizing the account (if applicable), and confirmation of business address. Steps: collect documents, choose an account type, book an appointment with a TD Small Business Banking Specialist

Source: TD's page

Wealthsimple

Wealthsimple says a business onboards its corporation with its corporate information, including business type, registration details and addresses, verified against government databases. The business must be registered in Canada, be a Canadian-controlled private corporation or a charity/association registered with the CRA, and have a 9-digit federal business number.

Source: Wealthsimple's page

Checked against each bank's page on October 19, 2026.

Getting paid in US dollars

Business accounts in US dollars are compared on US-dollar accounts, and converting between currencies on currency exchange.

Sources

The figures and rules on this page come from these sources, last checked against them between September 14, 2026 and September 25, 2026. How we check facts.