The 9 best high interest business savings accounts in Canada for 2026

Key takeaways

• The major chartered banks post 0.01% of standard daily interest on business savings deposits, or $10 a year on $100,000.¹

• When choosing a high-interest business savings account, look for a flat rate with no minimum balance, since tiered schedules and per-debit fees can quietly cut into what you actually earn.

• The best high-interest business savings accounts in Canada are Oaken Financial with an interest rate of 2.8%, Float Business Account with a rate of 2.5%, and EQ Bank with a rate of 2.25%.

Most high interest business savings accounts in Canada advertise the top bracket of a progressive schedule that pays much less on the balance you currently hold, and per-debit fees can take what's left. This guide compares 9 accounts by interest rate, and explains how tiering, FX spreads, and CDIC limits change the math. You’ll also learn about Airwallex Yield which is coming soon to Canada with multi-currency returns.

Best high interest business savings accounts in Canada at a glance

Top-rated high interest business savings accounts in Canada

Digital-first platforms and challenger banks

Best flat rate on every dollar: Float Business Account

Ideal for

Incorporated businesses in Canada that want operating cash to earn interest without moving it to savings.

Our take

Float gives you a predictable way to grow your funds with a flat 2.5% interest rate on every dollar of CAD and USD balances, with no minimum or lock-up.² 

Pros

• Flat 2.5% from the first dollar of CAD or USD, with a +1% promo on eligible new funds

• 1% cashback once monthly spend exceeds $25,000 in a card’s currency program (CAD or USD) 

• Interac e-Transfer is supported with 1-business-day funding on every plan, including the free Essentials tier

Cons

• Funding is via bank transfer, EFT (CAD), ACH (USD), or wire 

• Pre-authorized debits and cheque cashing aren’t offered at all. 

• 0.25% FX fee on CAD to USD conversions

Best for high interest on USD balances: Venn

Ideal for

Businesses outside of Quebec holding both USD and CAD who want both balances to earn.

Our take

Venn has the highest flat USD rate we could find on a liquid Canadian business account: 2% to 2.75% on CAD and up to 3.5% on USD, which matters when a lot of your revenue arrives in dollars.³ 

Pros

• 2% standing rate plus promotional 2.75% on CAD and up to 3.5% on USD, with no tiers or minimums

• CDIC coverage on eligible funds through BMO

• Corporate cards with a flat 1% cashback on every transaction, no minimum spend, capped by each plan’s monthly spend limit

Cons

• Monthly plans at $0, $40, or $100 CAD determine transfer allowances and FX markups

• Not currently available to Quebec-registered businesses

Best asset-tiered rate: Wealthsimple Business Chequing

Ideal for

Canadian-controlled private corporations that already have investments with Wealthsimple.

Our take

A no-fee account that pays tiered interest based on account balances, ranging from 1.25% to 2.25%. If your investments are already with Wealthsimple and amount to $500,000+, the top rate is competitive. For under that balance threshold, be sure to compare with flat rates of other options noted in this article. 

Pros

• No monthly fee or transaction limits

• Unlimited free Interac e-Transfers and direct corporate tax filing

Cons

• The 2.25% rate requires $500,000 in account assets

• CAD-only transactions with no multi-currency support

• Limited accounting and payroll integrations

Best for sole proprietors and solo operators: EQ Bank Business Account

Ideal for

Registered sole proprietors, freelancers, and consultants looking for a flat rate without incorporating.

Our take

EQ Bank is one of the few business savings accounts open to unincorporated businesses, and EQ Bank, operated by Equitable Bank, Canada’s 7th-largest Schedule I bank, insures deposits through CDIC directly rather than a partner. EQ Bank pays a flat 2.25% on your whole balance.⁴

Pros

• Flat 2.25% on the full closing balance

• No monthly fee or minimum balance

• 50 free outgoing and 100 free incoming Interac e-Transfers monthly

Cons

• Not available to unregistered sole proprietors or Quebec businesses

• No corporate cards or multi-currency support

Direct banks and specialty savings providers

Best rate on a fully liquid account: Oaken Financial Savings Account

Ideal for

Businesses holding reserve cash they don't want locked into a GIC term, though it does offer those as well. 

Our take

Oaken is a pure savings account with the highest rate of all these options, currently 2.8% with no tiers, minimum, or expiry. It functions best as a place to hold reserves rather than send payments from. 

Pros

• 2.8% rate with no minimum balance

• Fully liquid, no early withdrawal penalty

• CDIC coverage through Home Bank or Home Trust Company, the two CDIC member institutions behind the Oaken brand

Cons

• Limited digital features and no Interac e-Transfers

• Electronic transfers typically take 1–2 business days to process

Best flat rate from a Canadian bank: Manulife Business Advantage Account

Ideal for

Businesses that want a flat-rate savings companion alongside their main bank account.

Our take

Manulife pays a flat 1.45% on every Canadian dollar with a $1 minimum deposit and no tiering, which suits treasurers who prefer a bank relationship.

Pros

• Flat 1.45% on every dollar

• No monthly fee, $1 minimum deposit

• Direct transfers to and from other Canadian institutions

Cons

• Rate sits below that of many digital platforms

• Only standard transaction features are available

Traditional Canadian big banks

Best for balances above $500,000: RBC Royal Business Premium Investment Account

Ideal for

Corporates and mid-market firms holding balances over $100,000 and already banking with RBC.

Our take

RBC adjusts its rates based on CAD balance amounts, from 1.95% below $500,000 to 3.2% above $10 million. However, the account earns nothing until you hold $100,000, so it makes more sense as a treasury tool rather than for small businesses. For more, see our RBC business account review.

Pros

• Competitive rates for balances over $500,000 

•  24/7 access through RBC Online Banking for business 

• Direct CDIC coverage

Cons

• Balances portions below $500,000 earn 1.95%, with a minimum of $100,000

• Structured as an investment account, not a chequing account. RBC's own product page doesn't advertise any daily transaction features. 

Best for interest from the first dollar: BMO Business Premium Rate Savings

Ideal for

Existing BMO commercial clients wanting a companion savings account that pays immediately.

Our take

BMO’s CAD tiers run from 1.15% (under $10,000) up to 2.85% ($5 million to 50 million), with a promotional 3% rate on new CAD deposits of $10,000+ through October 31, 2026. USD tiers run from 0.9% up to 2.2% over the same balance brackets. The top brackets are out of reach for most SMEs.

Pros

• Promotional 3% interest on new CAD deposits over $10,000

• Separate CAD and USD savings options

• No monthly account fee

Cons

• Balances under $60,000 sit in the lowest brackets

• Debit fees depend on the linked operating account plan

Best promotional rate: Scotiabank Right Size Savings for Business

Ideal for

Businesses holding $100,000 to $2 million that are eligible to use an introductory rate.

Our take

Scotiabank offers a 2.95% promotional rate during your introductory window, after which tiers of 1.5% to 2.15% apply. Both ends matter: below the $10,000 threshold, you earn nothing, and above the $2 million ceiling the excess also earns nothing.

Pros

• 2.95% during the promotional window

• No monthly account fee

• Unlimited free self-serve transfers between Scotiabank accounts

Cons

• Requires a $10,000 daily closing balance to earn interest

• $5 to $5.50 CAD per debit or cheque

Airwallex Yield: Coming soon to Canada

Airwallex Yield isn't yet live in Canada but will offer multi-currency interest and daily returns on your CAD, USD, and other currency balances. This is possible through highly-rated money market funds, with no minimum balance and no lock-up period.⁵ Once live, Yield sits inside the same Wallet as the rest of an Airwallex account, money moves between your cash balance and Yield in a few clicks, and Airwallex says cashing out typically settles in 1 to 2 business days. 

For a business already using Airwallex for FX and multi-currency accounts, Yield is the piece that's currently missing: earning on multi-currency cash without moving it to a separate savings provider first.

Join the waitlist to be notified when Airwallex Yield launches in Canada.

Our methodology for ranking high interest business savings accounts

We ranked on effective yield rather than posted rate, modelling each account at $50,000, $250,000, and $1,000,000 so tiered schedules are judged on what they actually pay. We then weighed fees, liquidity terms, deposit protection, and multi-currency support.

How to earn interest on USD business balances in Canada

Why USD rates track US policy, not the Bank of Canada

Canadian businesses selling to the US routinely hold USD to pay suppliers and receive revenue. Rates on those balances are based on the US Federal Reserve target range, not the Bank of Canada's overnight rate. When the Fed sits higher, USD balances in a Canadian account can out-earn CAD ones.

Where FX spreads cancel out the rate advantage

Say you convert $100,000 at a 2.5% FX margin, which costs $2,500 up front. At a 1% interest rate, it would take over two years to break even. However, if you already collect USD revenue, holding it in a USD business account avoids conversion entirely.

How business savings interest actually works in Canada

Flat unblended rates vs progressive tiered schedules

A flat unblended rate applies the posted figure to every dollar. A progressive tiered schedule splits your balance into brackets and pays each its own rate, so the top rate only ever applies to the portion in the top bracket. Most bank savings accounts use the bracket structure, and the posted "up to" figure is the ceiling of what you can earn. 

What a tiered rate really pays at a working balance

If you have $250,000 in a tiered account with a top bracket of 2.2% interest, the first $9,999.99 earns 1.5%, the next 50,000 earns 1.9%, and the last $190,000 earns 2.2%. The total interest is $5,280 with a blended rate of 2.11%. However, the same balance at a flat 2.75% earns $6,875.

How per-debit fees cut your net yield

At smaller balances, transfer fees can outpace the interest entirely. A business holding $15,000 at 1.5%, where only the portion above $10,000 qualifies, earns $6.25 per month. Four debits at $5.50 each cost $22, more than triple the $6.25 in interest earned, for a net monthly cost of $15.75. If you move money often, check the per-debit fee before the headline rate.

How to read the fine print on a posted savings rate

Three things sit behind most posted rates: minimum balances, ceilings, and promotional periods, which typically run three to six months before reverting to a lower standing rate. A rate quoted with no end date is standing; anything called a welcome or introductory offer is not.

How deposit protection works on Canadian business balances

CDIC insures eligible deposits up to $100,000 per category at each member institution, including foreign currency deposits. Multi-bank sweep networks that spread deposits across CDIC members to multiply coverage are far less common in Canada than in the US and typically are only available for personal cash products. A business holding more than $100,000 generally needs accounts at separate member institutions to achieve full coverage. 

Platforms that aren't CDIC members, including Float and Airwallex, hold client funds in trust or safeguarding structures at Canadian banks, keeping your money legally separate from the platform's own assets. 

How to choose a high interest business savings account

Check account restrictions

Several of the strongest accounts, including Float and Wealthsimple, are open only to incorporated businesses and sole proprietorships, which narrows the options before rates matter. 

Assess the currencies and features it supports

The right business savings account depends on whether you’re holding CAD, USD, or both. A business with significant USD revenue should look at Airwallex and Venn first. It also matters whether you want a pure savings account or an operating account that pays interest. 

Weigh interest structure

A flat-rate account usually wins on balances below $500,000, while tiered bank accounts make sense on large treasury balances. If you're reassessing your setup, compare the best business bank accounts or walk through how to open a business bank account.

Explore other types of business accounts

Choosing where to park reserve cash is only one piece of managing corporate liquidity. The best combination of accounts depends on priorities such as collecting multi-currency revenue, reducing FX costs on global payouts, or accelerating everyday operations. Review these related guides to evaluate your broader banking and cash management options:

• Business chequing accounts 

• Business bank accounts

• Business accounts for small businesses  

• Business accounts for eCommerce

• USD business chequing accounts

• International business bank accounts

• International money transfers

Frequently asked questions about high interest business savings accounts in Canada

What is a good interest rate on a business savings account in Canada right now?

A good rate on business savings account in Canada in mid-2026 is 2.25% to 2.8% on a flat, fully liquid CAD balance, and up to 3.5% on USD. Anything above 3% is usually promotional with an end date, so check what it reverts to.

What is the difference between a business savings account and a business investment account?

A business savings account keeps cash liquid, with daily access and no risk to your principal. A business investment account includes GICs and money market funds, where returns vary or capital is locked up for a term.

Which high interest business savings accounts are available in Quebec?

The high interest business savings accounts available in Quebec are those offered by the big banks (RBC, BMO, Scotiabank), national direct institutions Oaken Financial and Manulife Bank, and fintech platforms such as Airwallex.  

Is interest earned on a business savings account taxable in Canada?

Yes, interest earned on business savings accounts is taxable in the year it's earned because it’s considered passive investment income. 

How often is interest paid on a business savings account in Canada?

Interest on business savings accounts is typically paid daily on the closing balance and paid monthly, either on the first business day of the month or on the account's opening anniversary.

Is a business GIC worth it compared to a high interest savings account?

A business GIC is worth it only if you're certain you won't need the cash before the term ends, since liquid account rates currently sit close enough to short-term GIC rates. If the money is earmarked for payroll, taxes, or suppliers, a liquid savings account is the better choice. 

Can a business open a high interest savings account online in Canada?

Yes, businesses can open high interest savings accounts online in Canada through both digital platforms and banks. Online applications can usually be completed in under 30 minutes. Some banks still require a branch appointment to verify signing authority in person.

Sources

1. https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/

2. https://floatfinancial.com/business-accounts

3. https://www.venn.ca/interest-boost

4. https://www.eqbank.ca/business/business-account

5. https://www.airwallex.com/en-ca/business-account/yield