The 8 best business bank accounts in Canada for 2026

Key takeaways

• National Bank waives the $100 monthly fee on its Premium Business Package only if you hold $80,000 in the account every day.⁶

• When comparing business bank accounts, price your actual transaction volume, idle balance, and foreign currency exposure rather than the monthly fee alone.

• The best business bank accounts in Canada are offered by EQ Bank, Venn, Float, BMO, RBC, TD, and National Bank, with Airwallex as the best business bank account alternative.

A business bank account keeps your company’s money separate from your own and gives you the tools to move it, but Canadian accounts differ enormously in what that costs. Monthly fees range from nothing to $125, and the banks that waive them usually ask you to leave tens of thousands of dollars sitting idle in return. In this guide, you’ll learn the 8 best business bank accounts in Canada, covering fees, balance waivers, interest, and FX costs so you can choose the right one for your business.

Best business bank accounts in Canada at a glance

The monthly fee is the least informative column in that table. The more significant variable is the capital a bank requires you to hold in order to waive that fee, which is $65,000 at TD and $80,000 at National Bank.

At a 2.75% alternative rate, stranding $80,000 costs roughly $2,200 a year in forgone interest to avoid a $1,200 annual fee, which makes the waiver more expensive than the fee it removes. This guide to the best business chequing accounts in Canada goes further on transaction pricing.

Top-rated business bank accounts in Canada

Digital-first platforms

Best business bank account alternative: Airwallex Business Account

Ideal for

Exporters, eCommerce sellers, and SaaS companies earning revenue in currencies their bank converts on arrival.

Our take

Airwallex is not a bank and the Airwallex Business Account is not a business bank account, though it improves on functions that traditional business bank accounts offer like money movement fees and a modern user experience. Airwallex Multi-Currency Accounts give local receiving details in 20+ currencies, allowing a US or UK customer to pay domestically and funds arrive in the original currency. 94% of transactions are sent via local rails, reducing FX costs significantly.

Pros

• No monthly fee on the Explore plan and no minimum balance

• Local details in 20+ countries, reducing forced conversion

• Multi-currency cards draw from the matching balance, so no foreign transaction fees

Cons

• No cash support

• No physical branches

Best for domestic operations: EQ Bank Business Account

Ideal for

Domestic businesses outside Quebec that keep meaningful CAD working capital sitting in an operating account.

Our take

EQ Bank pays 2.25% in interest on the whole balance with no tiers and no minimum, which exceeds the rate on any Big Five business chequing account. Equitable Bank is Schedule I, so coverage is direct CDIC rather than pass-through.

The allowance of 50 outgoing and 100 incoming e-Transfers covers most small businesses, with $0.50 overage. However, Quebec businesses cannot open an account, and there are no foreign currency features.

Pros

• 2.25% flat on the entire balance, not just a top bracket

• Direct CDIC coverage through a Schedule I bank

• Low fee of $0.50 per extra e-Transfer over the monthly allowance

Cons

• Not available to businesses operating in Quebec

• No multi-currency support

Best for interest on CAD and USD: Venn Essentials

Ideal for

Growing businesses wanting competitive yield and low-cost FX in one free account.

Our take

Venn pays 2.75% on CAD and up to 3.5% on USD across every plan tier, including the free one.² FX runs 0.45% on Essentials against 0.25% on paid Pro, and international wires cost $10.

Local account details only cover CAD, USD, EUR, and GBP, and as with EQ Bank, Quebec-incorporated businesses are excluded and Venn has not yet been tested through a full credit cycle.

Pros

• 2.75% CAD and up to 3.50% USD on the free tier

• Unlimited free e-Transfers, with no per-item pricing

• Local details in four currencies, covering most export corridors

Cons

• Not available to Quebec-incorporated businesses

• 0.45% FX on the free plan, with the better rate paywalled

Best for basic spend management: Float Essentials

Ideal for

Small teams that want card controls and accounting synchronization over primary banking.

Our take

Float is more of a spend management platform with a yield-bearing account attached, and it is best evaluated on that basis. It pays 2.5% on CAD and USD, with an extra 1% on eligible new funds for 12 months, so the advertised 3.5% is promotional.³

Funds sit in trust at Scotiabank with CDIC coverage to $100,000, and the account has its own CAD and USD details for receiving EFT, ACH, and wire payments directly. The constraint is that it is not a traditional bank account, and spend outside CAD and USD carries a 2.5% markup.

Pros

• 2.5% base yield on both CAD and USD with full liquidity

• Accounting integrations for NetSuite, QuickBooks, and Xero

• Held in trust at Scotiabank, with CDIC coverage to $100,000

Cons

• Receiving details built for inbound transfers

• 2.5% foreign transaction markup outside CAD and USD

• Corporate cards are limited to a maximum of 20 physical cards

Traditional Canadian big banks

Best for low-cost digital domestic banking: BMO Essential Business Account

Ideal for

Domestic businesses wanting a Big Five name and branch access without a three-figure bill.

Our take

BMO has renamed the former eBusiness Plan as the Essential Business Account and applied a $5 monthly fee to accounts opened on or after March 9, 2026.⁴

It is still the cheapest way into a Big Five relationship, with unlimited self-serve electronic transactions and full branch access. The plan includes no free cheque deposits, charging $0.25 per item, and Interac e-Transfers cost $1.50 each beyond the six included monthly. It also does not pay any interest.

Pros

• $5 a month, no balance requirement, the lowest Big Five entry price

• Unlimited self-serve electronic transactions, with full branch and ATM access

• Full branch and ATM access across Canada

Cons

• $1.50 per Interac e-Transfer beyond the six included each month

• Cheque deposits cost $0.25 per item

• 2.5% to 3% FX markup

Best traditional bank account: RBC Digital Choice Business Account

Ideal for

Businesses wanting branch access and Moneris settlement that bank online day to day.

Our take

RBC charges $6 a month for its business account with unlimited electronic debits, credits, and mobile cheque deposits.⁵ Ten outgoing e-Transfers are included monthly, so the account suits businesses paying suppliers by EFT. Next-day Moneris settlement with no cap on card volume is the real differentiator for retailers already on RBC merchant services.

Its main drawbacks are in its low e-Transfer allowance, 0% interest, and fees for physical cash or cheques. It's also not designed for international transactions.

Pros

• Unlimited electronic transactions, including mobile cheque deposits

• Next-day Moneris settlement with no volume cap

• Predictable $6 pricing with no minimums

Cons

• Only 10 free e-Transfers monthly, $1.50 for each extra transfer

• No interest

• High FX of 2.5% to 3%

Best for high-volume cash handling: TD Unlimited Business Plan

Ideal for

Cash-intensive retail and hospitality depositing serious volume across the counter monthly.

Our take

At $125 a month this is the most expensive account here. It includes unlimited deposits and transactions, free e-Transfers, and cash deposits to $25,000 a month before $2.50 per $1,000 applies.

TD rebates the fee entirely if your end-of-day balance clears $65,000 on every day of the billing month, but that cash is tied up at 0% interest and could yield a meaningful return if invested elsewhere. To compare with other TD account types, read our TD business account review.

Pros

• $25,000 of monthly cash deposits included

• Unlimited transactions and free e-Transfers, plus branch service

• Fee fully rebated at a $65,000 daily balance

Cons

• $125 a month if you miss the balance once

• $65,000 stranded costs roughly $1,800 a year in forgone yield

• High FX markups of 2% to 3.5%

Best for Quebec and bilingual operations: National Bank Premium Business Package

Ideal for

Quebec businesses needing bilingual service that EQ Bank and Venn exclude.

Our take

National Bank charges $100 a month, dropping to $80 with a Platinum Business Mastercard and to zero at a $80,000 daily balance. That is expensive for a business package, and it is included primarily because the two strongest no-fee digital accounts both exclude Quebec businesses. If you are incorporated in Quebec, the realistic comparison is against RBC and BMO rather than Venn.

Pros

• Full bilingual service, including French-language business support

• Fee waived entirely at a $80,000 daily balance

• Open to Quebec businesses that EQ Bank and Venn exclude

Cons

• $100 base fee, the second highest here

• $80,000 minimum daily balance to reach $0, an opportunity cost of roughly $2,200 a year

Our methodology for ranking the best business bank accounts in Canada

We priced each account against realistic usage rather than headline claims: the monthly fee and the exact balance needed to waive it, included transactions and e-Transfers with overage costs, FX markup against interbank, interest on idle cash, accounting integrations, and how client funds are protected. Cash and cheque handling was assessed separately, since no digital platform here replicates it.

A note on Airwallex's inclusion: Airwallex publishes this article. The Airwallex Business Account was scored against the same criteria as every other fintech account here, and its trade-offs are listed just as they are for alternatives.

What does a Canadian business bank account actually cost?

A Canadian business bank account costs more than its sticker price. Big Five accounts tie fee waivers to minimum daily balances between roughly $15,000 and $80,000, and that capital earns nothing while it is held. Priced properly, stranding $65,000 to avoid $1,500 in annual fees carries an opportunity cost of about $1,800, which exceeds the fee it removes. The best free business bank accounts avoid that trade-off entirely, with no monthly fee to waive in the first place.

Then come the transaction charges, with Interac e-Transfers running about $1.50 each once a monthly allowance runs out, cash deposits carrying per-thousand fees, and international wires costing between roughly $30 and $80. Interac e-Transfer alternatives can help businesses that have reached their sending limits and also make transfers faster and cheaper, both domestically and internationally.

For anyone trading internationally the largest line is FX, where a 3% markup on $500,000 of foreign revenue works out to $15,000 a year, dwarfing every other fee on this page combined.

How to choose the best business bank account for your business

Step 1: Match monthly fees to your transaction volume

Count three months of electronic debits, credits, e-Transfers, and cheque deposits, then price each shortlisted account against those numbers. Under 30 transactions a month rarely justifies anything above the entry tier. Above a few hundred, ignore per-item pricing and buy an unlimited plan.

Step 2: Compare yields on idle operating cash

Work out your average idle balance across a full year, not your peak. At $100,000, the gap between a 0% chequing account and a 2.75% platform is $2,750 a year, exceeding the fee on all but the largest plans here. Cash that sits idle beyond 60 days may earn more in one of the best business savings accounts, provided per-debit fees don't eat the difference.

Step 3: Audit your cross-border and FX exposure

Total your foreign-currency receipts and payments for the year, then multiply by the spread between your provider and the 0.5% to 1.0% charged by the lowest-cost platforms. Above roughly $50,000 in annual foreign volume, FX pricing outweighs fees and yield combined. Learn more by exploring the best foreign currency accounts.

Step 4: Check accounting software integrations

Confirm the account supports a direct bank feed rather than CSV export. All four digital platforms sync with Xero and QuickBooks, and Float adds NetSuite. A missing feed costs bookkeeping hours monthly, an expense that never appears on a fee schedule.

How to open a business bank account in Canada

Step 1: Register your business and get a CRA Business Number

Incorporated businesses and partnerships need a nine-digit CRA Business Number before applying, and sole proprietors using a trade name need provincial registration, so sort this out first because no institution will complete onboarding without it. For a shortlist built around low transaction volumes and e-Transfer allowances, see the best business bank accounts for sole proprietors.

Step 2: Gather your identity and incorporation documents

Prepare Articles of Incorporation, a certificate of status, your Business Number, and photo identification for every signing officer and beneficial owner holding 25% or more. Our walkthrough on how to open a business bank account sets out the full document list.

Step 3: Complete FINTRAC identity verification

Every provider must verify identity under FINTRAC rules, which is why document requests feel repetitive across institutions. Digital platforms automate document and registry checks, usually clearing in one to three business days.

Step 4: Apply online or in-branch and fund your account

Digital platforms onboard entirely online, while Big Five banks increasingly allow online applications but may still require a branch appointment for more complex structures, and once approved you fund the account by EFT.

Step 5: Additional requirements for non-resident founders

Non-resident directors face heavier verification and, at traditional banks, often an in-person appointment in Canada. Digital platforms are more workable, though they still require Canadian registration and a verifiable local presence.

Explore different types of business bank accounts

Ask two Canadian business owners what they need from a bank account and you'll get two unrelated answers: one wants a branch within walking distance for the daily cash, the other hasn't made a cash deposit in years and spends every quarter untangling supplier payments in three currencies. Both get sold roughly the same product by the same branch rep. Before comparing providers, decide which type of account fits your operations.

Here are some resources for specific business needs:

• Business chequing accounts

• Business accounts for small businesses

• Business accounts for eCommerce

• Business accounts for international businesses

• USD chequing accounts

Frequently asked questions about the best business bank accounts in Canada

What is the best business bank account in Canada with no monthly fees?

The best business bank accounts in Canada with no monthly fees are EQ Bank and Venn Essentials, which both pay interest at 2.25% and 2.75% on CAD respectively, though neither serves Quebec. Airwallex also charges no monthly fee, as a business bank account alternative rather than a bank account.

Do I need a CRA Business Number to open a business bank account in Canada?

You need a CRA Business Number to open a business bank account in Canada if you are incorporated or a partnership. Sole proprietors trading under their own legal name often can open one without it, but need provincial trade name registration if using a business name.

Can a non-resident open a Canadian business bank account?

Yes, a non-resident can open a Canadian business bank account, though it is harder. You need a Canadian-registered business, and most traditional banks require in-person identity verification, whereas digital platforms usually verify remotely.

Which Canadian business account pays the highest interest rate?

Venn pays the highest interest rate of any Canadian business account here, at 2.75% on CAD and up to 3.5% on USD. Float pays 2.5% on both, with a promotional 1% uplift on new funds for 12 months, and EQ Bank pays a flat 2.25% with direct CDIC coverage.

How do minimum daily balance waivers work at Canadian banks?

Minimum daily balance waivers at Canadian banks work on your end-of-day balance every day of the billing cycle, not on average. Fall below once and the full fee applies that month, which is why these waivers are worth less than they appear.

What is the best business bank account for a business in Quebec?

The best business bank account for a business in Quebec is National Bank for bilingual full service, since Quebec businesses are excluded from EQ Bank and Venn. BMO or RBC suit low-cost branch access, and Airwallex offers the best business bank account alternative that supports multi-currency operations for global businesses, including those based in Quebec.

Are funds held with Canadian fintech platforms protected by CDIC?

Funds held with Canadian fintech platforms are protected by CDIC only where the platform uses a member bank. Float holds funds in trust at Scotiabank with coverage to $100,000, and Venn uses CDIC-member partner banks. Airwallex is not a bank and carries no CDIC insurance, holding client funds in segregated RPAA Trust Accounts.

Sources

1. https://www.td.com/ca/en/business-banking/small-business/bank-accounts/unlimited-business-plan

2. https://www.venn.ca/pricing

3. https://floatfinancial.com/platform/high-yield-accounts/

4. https://www.bmo.com/main/business/accounts/ebusiness-plan/

5. https://www.rbcroyalbank.com/business/accounts/digital-choice-business-account.html

6. https://www.nbc.ca/en/business/accounts/premium.html