Free Business Bank Accounts in Canada (2026): 6 Compared

A free business bank account in Canada means $0 a month for the account itself. Six providers offer one today, all of them online, and none of them is a Big 5 bank. The differences that matter are interest, Interac e-Transfers, cash, foreign currency and whether the provider opens accounts in your province.

Every fee below was read at the provider's own pricing page on 31 October 2026. For the full side-by-side of 14 accounts, including the banks, see our business bank account comparison, and for what fees add up to over a year, the Canadian business bank fee data.

Which business bank accounts in Canada are free?

Fees and rates as published on each provider's Canadian page, 31 October 2026. Rates are variable.

Venn: $0 with 2% on CAD and USD

Venn Essentials costs $0 a month and pays 2% interest on CAD and USD balances. Interac e-Transfers are free to send and receive, FX is 0.45% and the card earns 1% cashback on the first $5,000 of spend each month. Local transfers (EFT, ACH and SEPA) cost $2 each on the free plan, and an international wire is $10.

The limits: Venn takes no cash or cheques, and it is not available to businesses in Quebec. Registered corporations can earn up to $500 in bonuses through our link. Our Venn review covers the plans and the bonus terms, and we run our own account there.

EQ Bank: 2.25% at a chartered bank

The EQ Bank Business Account is $0 a month with no minimum balance and pays 2.25%. It includes 50 outgoing and 100 incoming Interac e-Transfers a month, then $0.50 each, and takes mobile cheque deposits. EQ Bank is the trade name of Equitable Bank, a CDIC member.

It opens for corporations and registered sole proprietors only: not partnerships, trusts, unregistered sole proprietors, businesses owned by another business, or anyone in Quebec. Only one person per business can open the account.

Wealthsimple: $0 for owners who already invest there

Wealthsimple Business chequing has no monthly fee and no minimum. Incoming e-Transfers, direct deposits and wires are free, you can send up to $50,000 a day by e-Transfer, an outgoing wire is $15, and CRA payments for corporate tax, GST/HST and payroll are free.

The interest rate follows your combined assets at Wealthsimple: 1.25% under $100,000, rising to 2.25% at $500,000. It now opens for sole proprietors, registered or not, as well as corporations; a corporation must be Canadian-controlled with a single layer of ownership, so a company owned by a holding company does not qualify.

Airwallex, Loop and Wise: free if you deal in foreign currency

These three are built for money that crosses borders rather than for interest. Airwallex Explore has no monthly fee (charged per business, not per account) and converts at 0.5% above the interbank rate for major currencies, 1% for others; a SWIFT transfer is $20 to $35. Loop Basic is $0 with free USD, EUR and GBP accounts and 0.47% FX; its paid plans are $79 and $299 a month. Wise Business charges a one-time $55 set-up fee and no monthly fee, and domestic CAD transfers are free.

If most of your revenue arrives in USD or you pay overseas suppliers, start with our multi-currency business account guide and the Airwallex review.

Do the big banks have a free business account?

No, not without parking a balance. These are the cheapest entry accounts as each bank publishes them today:

Read at each bank's business account page, 31 October 2026.

A bank account still earns its fee for some businesses: frequent cash deposits, a line of credit or a mortgage with the same bank, or a lender that wants to see your operating account. Many owners keep a bank account for those and run day-to-day payments through a free one.

Which free account fits your business?

• Most incorporated businesses outside Quebec: Venn, for 2% on CAD and USD, free e-Transfers and the bonus for corporations.
• The highest base rate with a chartered bank: EQ Bank at 2.25%.
• Owners with investments at Wealthsimple: Wealthsimple, where the rate climbs with your assets.
• Revenue or suppliers in other currencies: Airwallex or Loop.
• Sole proprietors: our sole proprietor bank account guide covers what you need to open one.

What a free account still costs

A $0 monthly fee is not a $0 year. Watch three things: transfer fees (Venn charges $2 per local EFT on its free plan; EQ Bank charges $0.50 per e-Transfer past its monthly allowance), currency conversion, often the largest cost for a business paid in USD, and cash, which free accounts handle poorly or not at all. If you are opening your first account, our guide to opening a business bank account online lists the documents each provider asks for.