CPA-verified comparison

Best business bank accounts in Canada, compared

13 business accounts, from Venn and EQ Bank to the Big 5 and Desjardins, with fees read at each provider on Sep 28 2026. Answer one question to see which fits.

What is the best business bank account in Canada?

For most incorporated businesses and registered sole proprietors outside Quebec, the best business bank account in Canada is Venn: $0 monthly, 2% interest on CAD and USD balances held in trust at BMO with CDIC eligibility (2.75% CAD and 3.00% USD on net-new balances funded by October 15 2026, held to July 15 2027), 0.45% FX against about 2.5% at the Big 5, free Interac e-Transfers, and a Mastercard charge card with 1% cashback on the first $5,000 of card spend a month ($25,000 on Plus, uncapped on Pro) that spends held USD, GBP or EUR with no FX.

Read the full answer

Only registered corporations can earn the signup bonus through our link: up to $500, set by card spend in the first 90 days. Pick EQ Bank for 2.25% on a mostly CAD balance with one signer, Wealthsimple if you are a corporation that deposits cash, Loop for FX down to 0.12% on its paid plans, Float if you want cards, bill pay and 2.5% on CAD (2.75% on USD) in one spend platform rather than an operating account with e-Transfers, and Airwallex if you are in Quebec or collect in many currencies. Vault is Venn's former name, so it is not a separate option. Keep one Big 5 plan, BMO Essential at $5 or RBC Digital Choice or TD Business Digital at $6, only for cash, cheques or a loan.

Open a free Venn account Compare all 13 accounts
Fees read at each provider on Sep 28 2026
Ordered by reader value, never by commission
Written by Sebastien Prost, CPA, whose own firm runs on Venn

Which Canadian bank has the lowest business account fees? All 13 compared

The entry plan at each provider, in CAD before tax, read at each provider’s own page on Sep 28 2026. Tap an account for its full fee ladder.

Business bank accounts in Canada: monthly fee, transactions, Interac e-Transfers, interest and who each account suits, read Sep 28 2026
AccountMonthly feeTransactionse-TransfersInterestBest for
Online accounts (no branches)
VennOur pickEssentials plan · Not in Quebec$0a monthUnlimited ($2 EFT out)Free2%Best for: Cash-free businesses paid in USD
WealthsimpleBusiness chequing$0a monthUnlimitedUnlimited, free1.25% to 2.25%Best for: Corporations already at Wealthsimple
EQ BankBusiness Account · Not in Quebec$0a monthUnlimited EFTs50 free, then $0.502.25%Best for: Owner-run firms outside Quebec
AirwallexExplore plan$0a monthFree local CAD/USDSend and receiveNoneBest for: Quebec and multi-currency businesses
WiseWise Business$0 ($55 once)a monthFree CAD transfersFree, send and receive2.22% (opt-in)Best for: Businesses paid in many currencies
LoopBasic plan$0a monthUnlimited freeReceive onlyNone listedBest for: Importers paying USD, EUR, GBP
Banks and credit unions
RBCDigital Choice Business Account$6a monthUnlimited electronic10 freeNoneBest for: Low-cost Big 5 account
TD BusinessTDBusiness Digital Account$6a monthUnlimited electronic10 freeNoneBest for: Self-serve small businesses
BMOEssential Business Account$5a monthUnlimited electronic6 freeNoneBest for: Digital businesses wanting Big 5
CIBCEveryday Business Operating Account$20a month30 freeIn the 30NoneBest for: Firms keeping $20,000 idle
ScotiabankSelect Account for business, Plan A$20a month25 included20 freeNoneBest for: Firms keeping $20,000 on deposit
National BankDigital Package$7a monthUnlimited electronic12 freeNoneBest for: Quebec businesses banking online
DesjardinsDigital plan$5.95a monthUnlimited digitalUnlimitedNoneBest for: Quebec and Ontario businesses

FX, cash deposits, fee waivers and every plan are in each account’s verdict below, and in the full fee dataset and CSV.

Venn logo
Fintech accountTop pick for most businesses

Venn: the $0 operating account that pays 2% and converts at 0.45%

LedgerLogic runs its own operating account on Venn. It removes the two costs a Big 5 account quietly charges a small business, the monthly fee and the FX spread, and it adds interest on the operating balance and a direct Xero integration. The gaps are physical: no cash, no cheques, no branch. If your business has none of those, this is the account.

What it does well
  • No monthly fee and no minimum balance, with 2% interest on CAD and USD balances held in trust at BMO and eligible for CDIC coverage up to $100,000 per category
  • 0.45% FX on the free plan against about 2.5% at a Big 5; CAD, USD, GBP and EUR accounts with local details
  • Receiving is free on every method, wires and Interac e-Transfers included; the Mastercard charge card pays 1% cashback on the first $5,000 of card spend a month on Essentials, $25,000 on Plus, uncapped on Pro
  • Direct integration that pushes transactions into Xero and QuickBooks Online, plus bill pay and approvals
Watch for
  • Not available to businesses based in Quebec, and partnerships and non-Canadian corporations are not supported
  • The signup bonus is for registered corporations only; sole proprietors get the account without it
  • No branch, so cash and cheque deposits are not accepted
  • Outgoing EFT and ACH payments cost $2 each on Essentials (free from the $40 Plus plan), and wires cost $10, $8 or $6 by plan
  • e-Transfer sends are capped at $3,000 a day for a sole proprietor and $10,000 for a corporation, and Venn cannot raise the cap
The facts
Monthly fee
$0
Plans
Essentials $0, Plus $40, Pro $100 a month; Custom priced by sales
Interest
2% on CAD and USD; 2.75% CAD and 3.00% USD on net-new balances funded by Oct 15 2026, held to Jul 15 2027
FX markup
0.45% (0.35% Plus, 0.25% Pro)
Opening
Online in under 10 minutes, then up to 24 hours of checks
Best for
Incorporated businesses and registered sole proprietors outside Quebec, especially anyone paid in USD
FX cost, Big 5 vs Venn

How much USD does your business convert a month?

US$10,000per month

Big 5 spread taken at 2.5%, the markup RBC publishes over its benchmark rate on card conversions. The Venn figure uses its cheapest plan for your volume, plan fee included: Essentials at 0.45% and $0, Plus at 0.35% and CA$40 a month above about US$28,400, Pro at 0.25% and CA$100 a month above about US$42,600. Figures are in US dollars, with the plan fee converted at 1.41.

Big 5 at 2.5%
US$3,000/yr
Venn Essentials at 0.45%
US$540/yr

You keep about US$2,460 a year on conversions, after any Venn plan fee and before the bank fee you stop paying.

Open a free Venn account Up to $500 for registered corporations

Fees verified at venn.ca/pricing on Sep 28 2026. Bonus tiers and terms are on the deal page.

What do you need to open a business bank account in Canada?

Every bank must verify each signer's identity and, for a corporation or partnership, record everyone who owns 25% or more; the rest depends on how the business is set up.

Documents a bank or fintech asks for to open a business account in Canada, by business type
You needSole proprietorPartnershipCorporation
Photo IDOwnerSigning partnersSigning officers
Name registrationIf trade nameYes, or agreementIf trade name
Articles and directorsNoNoYes
25%+ owners listedNoYesYes
Business numberIf GST/payrollIf GST/payrollUsually
Proof still active (12+ months)NOA or licenceNOA or licenceStatus certificate
Open at VennYes (BN needed)NoYes

In Quebec, a corporation gets a 10-digit Quebec enterprise number (NEQ) when it is constituted, and partnerships, federal or out-of-province corporations doing business in Quebec, and sole proprietors whose business name lacks their own first and last name register with the Registraire des entreprises (a sole proprietor within 60 days of starting). A Quebec incorporation does not issue a CRA business number, so register for one separately. A numbered company opens the account in its legal name, such as 12345678 Canada Inc., and needs a provincial trade name registration if it trades under a brand. Venn asks a sole proprietor for a SIN, a CRA business number and a business name registration, such as Ontario's Master Business Licence.

Sources: FINTRAC: beneficial ownership requirements; FINTRAC: methods to verify identity; RBC: how to open a business account; TD: business bank accounts; BMO: open a business bank account; CIBC: how to open a business bank account; Scotiabank: how to open a business bank account; Venn: sole proprietor requirements; Venn: corporation requirements; CRA: when you need a business number; Corporations Canada: naming a corporation; Quebec: registering an enterprise; Quebec: the Quebec enterprise number (NEQ)

Questions people ask before switching

Answers use the fees in the index above, read on Sep 28 2026.

How do I switch from my bank to Venn for better rates?

Open the Venn account first, keep the bank account open for one billing cycle, and move the money in this order: incoming client payments (put the new account details on your invoices and in Xero or QuickBooks), then payroll direct deposits, CRA and provincial remittances and pre-authorized debits, which Venn pays from the CAD account only, then recurring bills. What moves is the operating balance, which starts earning 2% instead of nothing (2.75% CAD and 3.00% USD on net-new balances funded by October 15 2026, held to July 15 2027), and your USD conversions, which drop from about 2.5% to 0.45%. What stays at the bank is anything physical or borrowed: cash and cheque deposits, a term loan or operating line, and a merchant terminal. Allow two pay cycles before closing the old account so nothing bounces.

The Venn bonus for registered corporations Our Venn review

How does Venn compare to a traditional Canadian bank?

Venn costs $0 a month against $5 or $6 for the cheapest Big 5 plans, pays 2% on CAD and USD balances where the banks' operating accounts pay nothing, converts at 0.45% against about 2.5%, and puts no monthly count on free Interac e-Transfers (sends are capped at $3,000 or $10,000 a day) where RBC and TD include 10 and BMO 6. The balance is held in trust at BMO, a CDIC member, and is eligible for CDIC coverage up to $100,000 per category. Venn is not a bank; it is a FINTRAC-registered money services business, so a bank still does better on cash and cheque deposits and on lending (a term loan or operating line, where Venn offers a charge card). Run the business at Venn and keep a $5 or $6 bank plan only for those things.

Is Venn legit? The full review Every fee, all 13 accounts

Venn vs Loop vs Vault: which business account should I open?

Vault is Venn's former name (venn.ca still titles its pages "formerly Vault" and tryvault.com redirects to venn.ca), so this is a two-way choice. Open Venn for the operating account: $0 monthly, 2% interest on CAD and USD, 0.45% FX on the free plan, free e-Transfers both ways and a charge card that spends held USD, GBP or EUR with no FX and pays 1% cashback on the first $5,000 of card spend a month ($25,000 on the $40 Plus plan, uncapped on the $100 Pro plan). Consider Loop for heavy USD, EUR or GBP spending: Loop Basic is also $0, holds free USD, EUR and GBP accounts, charges 0% FX on card purchases in a currency you hold, and converts at 0.47% (0.27% on the $79 Plus plan, 0.12% on the $299 Power plan). Loop lists no interest, its CAD account (in beta) receives Interac e-Transfers but cannot send them, and its credit card needs 6 months of history, so it works best beside a Venn account.

Loop vs Vault, the full post Airwallex vs Venn vs Loop

What is the best business account for low FX fees in Canada?

Venn Essentials at 0.45% is the best low-FX business account for a Canadian business converting between CAD and USD, because the rate comes with $0 fees, 2% interest and free e-Transfers; the $40 Plus plan drops it to 0.35% and the $100 Pro plan to 0.25%, which become the cheapest Venn plan above roughly US$28,400 and US$42,600 of conversion a month respectively (plan fees are in Canadian dollars, converted at 1.41). The lowest published markup on this page is Loop Power at 0.12%, but that plan costs $299 a month, so it only beats Venn Essentials above roughly US$64,000 of conversion a month, and Venn Pro stays cheaper than it up to about US$109,000. Loop Plus ($79 a month, 0.27%) undercuts every Venn plan, by a few US dollars a month, between roughly US$34,600 and US$74,500 of monthly conversion. Airwallex converts major currencies at 0.5% and is the pick if you collect in currencies beyond USD, GBP and EUR or are based in Quebec; Float charges 0.25% to convert between CAD and USD balances inside its spend platform, but 2.5% when one of its cards pays in another currency. Against any of them a Big 5 conversion at about 2.5% costs US$250 on US$10,000 (about CA$353 at 1.41), where Venn Essentials costs US$45.

Best multi-currency business account Airwallex Canada review

What is the best business bank account for an accounting firm?

Venn, for the firm's own account and for the client accounts you keep. LedgerLogic runs its own operating account on it: $0 monthly, 2% interest on the balance, free e-Transfers for refunds and contractor payments, and a direct integration that pushes transactions into Xero and QuickBooks Online. For a multi-client practice the deciding feature is the admin portal, which Venn's accounting-firms page describes as "log in once and access all your client accounts instantly", with approval workflows so you can prepare a payment the owner releases. At a Big 5 you need a separate login and a signed authority per client for the same access. Keep a bank account only if the firm still takes cheques from clients. Venn receives e-Transfers and bank transfers free; card payments collected through Venn invoices cost 2.9% plus $0.20.

Our Venn review The accounting firm software stack

How does Float compare to RBC for business banking?

Float is not a bank, and its own FAQ says its business accounts cannot replace your primary bank account: no cash, cheques or pre-authorized debits such as payroll. It is a FINTRAC-registered spend platform that holds your money in trust at Scotiabank, CDIC-eligible up to $100,000 combined across CAD and USD. Against RBC Digital Choice ($6 a month, no interest, 2.5% on card conversions) Float charges $0 in account fees, pays 2.5% on CAD and 2.75% on USD balances (variable, paid as a cash reward with no T5), converts between CAD and USD in the account at 0.25%, and adds corporate cards (1% cashback above $25,000 of monthly spend) and bill pay with free EFT and ACH and $20 outgoing wires; Professional starts at $100 a month for 10 active users. RBC keeps the branch, cash and cheque deposits and lending. For one account rather than two, Venn does the operating side with free e-Transfers.

Float vs Venn, compared in full Float Canada review

What is the $10,000 rule for business bank accounts in Canada?

The $10,000 rule is a FINTRAC reporting rule, not a deposit limit: when a bank or other reporting entity receives $10,000 or more in cash, in one deposit or in several within 24 hours for the same person or business, it files a Large Cash Transaction Report within 15 calendar days. Cash means bank notes and coins, Canadian or foreign; cheques and money orders do not count. The bank also verifies the identity of whoever makes the deposit and keeps the record for five years. The rule is not a fee or a tax, and depositing $10,000 or more of legitimate business cash is ordinary and legal. Splitting deposits to stay under the line does not avoid the report, because the 24-hour rule catches it, and FINTRAC lists that kind of splitting as a money-laundering warning sign.

Can the CRA see my business bank account?

Not directly or in real time, but the CRA can get your business bank records when it reviews your file. In an audit it examines the business's records and the owners' personal records, bank statements included. Under section 231.2 of the Income Tax Act it can also serve a requirement on the bank itself, which is generally expected to hand over the customer profile and all bank, credit card, mortgage and investment statements within 30 calendar days, or 60 for more detailed information. A requirement covering unnamed persons needs a Federal Court judge's approval first. Separately, banks report accounts held by non-resident entities, and by passive entities controlled by non-residents or US persons, to the CRA every year under the Common Reporting Standard and FATCA. A Canadian-resident business is not reported under the Common Reporting Standard.

Business bank accounts for sole proprietors

What a small business actually pays for banking in Canada

Search Console shows people asking us for the average bank fees of a small business, so here is the arithmetic on three typical profiles, using each plan's published schedule above. Fees are monthly, CAD, before tax, with cash deposited at an ATM in one deposit a month. Bank FX is taken at 2.5%, the markup RBC, BMO, Scotiabank and National Bank publish on foreign card purchases; no bank publishes a spread for account conversions.

Monthly cost

Solo consultant

15 electronic transactions including 5 e-Transfers sent, no cash, no USD

  • Venn logoLowest$0/mo
  • Wealthsimple logoLowest$0/mo
  • EQ Bank logoLowest$0/mo
  • Airwallex logoLowest$0/mo
  • BMO logo$5/mo
  • Desjardins logo$5.95/mo
  • RBC logo$6/mo
  • TD Business$6/mo
  • National Bank logo$7/mo
  • CIBC logo$20/mo
  • Scotiabank logo$20/mo
Big 5 from $5/mo (BMO). Venn saves $5/mo, about $60 a year.
Monthly cost

Growing service business

40 electronic transactions including 15 e-Transfers sent, plus $2,000 of cash in one ATM deposit a month, no USD

  • Venn logo$0/mo
  • Wealthsimple logoLowest$0/mo
  • National Bank logo$16.50/mo
  • RBC logo$18/mo
  • BMO logo$23.50/mo
  • TD Business$23.50/mo
  • CIBC logo$37/mo
  • Scotiabank logo$40/mo
Monthly cost

Importer converting US$10,000 a month

20 transactions including 10 e-Transfers sent, plus the FX spread on US$10,000 (about CA$14,100 at 1.41)

  • Venn logoLowest$63.45/mo
  • Loop logo$66.27/mo
  • Wise logo$67.68/mo
  • Airwallex logo$70.50/mo
  • RBC logo$358.50/mo
  • TD Business$358.50/mo
  • National Bank logo$359.50/mo
  • BMO logo$363.50/mo
  • CIBC logo$372.50/mo
  • Scotiabank logo$372.50/mo
Big 5 from $358.50/mo (RBC). Venn saves $295.05/mo, about $3,541 a year.

For a business with no cash to deposit, the honest answer to "what are average bank fees for a small business" is $0 at Venn, Wealthsimple, EQ Bank and Airwallex and $5 to $20 a month at the Big 5 before FX. A business that deposits cash pays $0 at Wealthsimple if it is a corporation, against $16.50 to $40 at the banks. The moment USD enters the picture the account fee stops mattering: a 2.5% spread on US$10,000 a month is US$3,000 (about CA$4,230) a year, which is why the fintech rows win the third profile by more than CA$3,400 a year.

Is there a free business bank account in Canada? 6 with no monthly fee, and who each one is for

Yes. The first answer is Venn Essentials: $0 a month, 2% interest on CAD and USD balances and free Interac e-Transfers, for corporations and registered sole proprietors. Its signup bonus is for registered corporations only, and Venn is not available in Quebec or to partnerships.

Five more charge no monthly fee, and they are not interchangeable. Wealthsimple pays 1.25% to 2.25% and takes cash at Canada Post, for corporations only. EQ Bank pays 2.25% at a chartered bank, outside Quebec. Airwallex is licensed in Quebec and built for many currencies. Wise suits a business paid in many currencies, after a $55 one-time fee. Loop is for importers paying in USD, EUR or GBP, and it only receives e-Transfers.

Wealthsimple logo
Fintech account

Wealthsimple: a $0 chequing account for corporations, with free cash deposits at Canada Post

Business chequing · One $0 account (up to 8 per business); interest by status: Core 1.25% (1.75% with direct deposits), Premium at $100,000 1.75% (2.25%), Generation at $500,000 2.25%

For a corporation that deposits some cash and pays the CRA often, this is a credible $0 operating account: free e-Transfers, free CRA payments and cash at Canada Post. It holds CAD only and pays 1.25% (1.75% with $2,000 of direct deposits every 30 days) until the owner's combined assets pass $100,000, so a company paid in USD or keeping its books in Xero is better served at Venn.

Strengths
  • $0 a month with no minimum balance, and up to 8 Business chequing accounts, all free
  • Unlimited free Interac e-Transfers both ways, plus free CRA payments for corporate tax, GST/HST and payroll
  • Free cash deposits at 5,300-plus Canada Post locations, up to $3,000 per deposit
  • Pre-authorized debits, direct deposit and cheques are supported, with no NSF or stop-payment fees on PADs
Watch for
  • Corporations only: sole proprietors and partnerships cannot open one, and the business needs a single layer of ownership, so check first if a holding company owns it
  • Holds CAD only: incoming USD is converted (1.50% under $10,000) and USD wires cannot be sent
  • Interest depends on your combined personal and business assets at Wealthsimple: 1.25% under $100,000, or 1.75% with $2,000 of direct deposits every 30 days
  • No Xero sync (QuickBooks and Wave connect through Plaid) and no business credit card
EQ Bank logo
Fintech account

EQ Bank: a chartered bank paying 2.25% with no monthly fee

Business Account · Business Account $0, up to 10 per business; Business US Dollar Account $0 at 2.50%; Business Card, a free prepaid Mastercard

EQ Bank is the strongest answer for an owner-run business outside Quebec that mostly runs in CAD: a real bank, a higher rate than Venn's standard 2%, and no monthly fee. The single signer, the $500,000 cap and the missing wires and team cards are where it stops, and that is where Venn takes over.

Strengths
  • 2.25% interest on the whole balance, calculated daily and paid monthly
  • 50 free outgoing and 100 free incoming Interac e-Transfers a month, then $0.50 each
  • Equitable Bank is a CDIC member, so the deposit insurance is direct
  • Free EFTs, bill payments and mobile cheque deposits, plus a $0 Business US Dollar Account paying 2.50% and a free prepaid Business Card
Watch for
  • Not available in Quebec, and not open to partnerships, trusts, charities, not-for-profits or a business owned by another business
  • One signing officer per account and one person per business, so a company that needs two signers cannot use it
  • A business can hold at most $500,000 across its accounts, and EQ blocks transfers in above that
  • No cash deposits and no wires; the USD account cannot pay bills, send e-Transfers or deposit cheques, and its conversion rate is not published
Airwallex logo
Fintech account

Airwallex: the multi-currency account that is licensed in Quebec

Explore plan · Explore $0 with up to 10 free Spend users; Grow $12 per active Spend user a month plus a platform fee; Accelerate custom

Airwallex is the account to try first for two readers Venn cannot serve well: the Quebec company and the business collecting in many currencies. For a purely Canadian business outside Quebec, Venn's interest and free e-Transfers win.

Strengths
  • Licensed by Revenu Québec as a money services business, so it serves Quebec with no monthly fee
  • Local account details in 20-plus currencies, and receiving is free for CAD, USD and most currencies
  • 0.5% FX on major currencies; domestic CAD and USD transfers are free
  • Cards, bill pay and Xero and QuickBooks bank feeds are included on the free plan
Watch for
  • No interest on balances; Airwallex Yield is not available in Canada
  • SWIFT wires cost $20 to $35, and from Oct 12 2026 international transfers over local networks cost $1 to $10 each on Explore
  • A money services business, not a bank: Canadian funds are held in an RPAA trust account, and Airwallex mentions no CDIC coverage
  • No cash deposits, and incoming US Fedwire payments cost US$15
Wise logo
Fintech account

Wise: a $0 multi-currency account with free CAD transfers and opt-in interest

Wise Business · One plan: $0 a month after a one-time $55 set-up fee

Wise works as a low-cost second account for a business collecting in several currencies, and it is one of the few $0 options open to partnerships. It cannot pay the CRA as a bill, so keep a full operating account beside it.

Strengths
  • No monthly fee; CAD EFT, Interac e-Transfer and direct debits are free
  • Opt-in interest of 2.22% on CAD and 3.40% on USD (variable), CDIC-eligible up to $100,000 once swept to a partner bank
  • Account details in 22 currencies, and CAD to USD at 0.48%
  • Open to sole proprietors, partnerships, corporations and trusts, and licensed by Revenu Québec
Watch for
  • Cannot pay bills or send domestic wires in Canada, so there is no CRA payee
  • No interest for Quebec residents, and balances outside the interest program are safeguarded, not CDIC-covered
  • A one-time $55 set-up fee, and incoming USD wires cost US$6.11 each
  • Not a bank, and no cash or cheque deposits
Loop logo
Fintech account

Loop: free USD, EUR and GBP accounts, with FX down to 0.12% on paid plans

Basic plan · Basic $0, Plus $79 ($71 billed yearly), Power $299 ($250 billed yearly) a month

Loop converts at 0.27% or 0.12% on its $79 and $299 plans, which pays off only for a business converting enough to cover the fee, and it is one of the few $0 accounts open to partnerships. With no interest, no outgoing e-Transfer and a credit card a new business will not qualify for yet, it works best beside a full operating account rather than as the only one.

Strengths
  • 0% FX on card purchases in any currency you hold on the account
  • Free USD, EUR and GBP accounts beside a CAD operating account (beta) with its own account numbers, free EFT and PADs
  • Open to partnerships, which Venn and EQ Bank exclude, and to registered charities, which EQ Bank excludes
  • Direct feeds to Xero and QuickBooks Online; CAD deposits are held in trust at CDIC member institutions
Watch for
  • No interest on balances is listed
  • The CAD account is marked beta, and it receives Interac e-Transfers but cannot send them
  • The Visa credit card needs its own approval (6 months of history, $120,000 of revenue, possibly a personal guarantee); a new business gets cards that spend from its balance
  • The best FX rates sit on the $79 and $299 plans, and approval rules and expense reimbursements start on Plus

Which bank is best for a business account, and where do customers go when they leave?

For a business that banks online, BMO Essential at $5, or RBC Digital Choice or TD Business Digital at $6; if you already hold $20,000 every day, CIBC Everyday and Scotiabank Select Plan A become free. A bank account still earns its place when you deposit cash, want a branch, or expect to borrow. Below are the Big 5, National Bank and Desjardins, each with its published fee ladder. Most banks also sell a mid-tier plan that becomes free once you park a five-figure balance, which is the trade they are really offering.

RBC logo
Big 5 bank

RBC: unlimited electronic transactions and 10 e-Transfers for $6

Digital Choice Business Account · Digital Choice $6, Flex Choice $7 (pay per use), Ultimate $100 (waived at $75,000)

RBC Digital Choice is a sound Big 5 account at $6: unlimited electronic transactions, ten e-Transfers and free mobile cheque deposits, now matched by TD Business Digital at the same price. Every cash deposit and paper transaction costs extra, so it suits a business that banks from its phone.

Strengths
  • $6 for unlimited electronic transactions, with unlimited mobile and ATM cheque deposits
  • 10 free outgoing Interac e-Transfers a month
  • Unlimited Moneris next-day deposits and no minimum balance
  • Ultimate plan includes $25,000 of cash deposits a month and waives its $100 fee at a $75,000 daily balance held all month
Watch for
  • Paper transactions and branch cheque deposits cost $2.50 each; cash deposits cost $5 per $1,000 at a branch or $2.25 at an ATM
  • No fee waiver exists below the $100 Ultimate plan
  • Card conversions carry 2.5% over the interbank rate plus $1.00 a purchase, and RBC publishes no spread for account conversions or wires
  • Payroll (Pay Employees & Vendors) and wires are charged at standard fees
Venn logo
Leaving RBC?

Digital Choice pays no interest and charges 2.5% over the interbank rate on card conversions. Venn charges $0, pays 2% and holds balances in trust at BMO with CDIC eligibility.

TD Business
Big 5 bank

TD: the $6 plan that matches RBC Digital Choice

Business Digital Account · Digital $6, Basic $7, Essential $35 (rebated at $45,000), Unlimited $125 (rebated at $65,000)

TD Business Digital is now effectively the same account as RBC Digital Choice: $6, unlimited electronic transactions and ten e-Transfers. It is a fair Big 5 choice for a business that banks from its phone; cash at $5 per $1,000 and $2.50 per assisted transaction make it a poor one for a business that visits the branch.

Strengths
  • $6 for unlimited electronic transactions and deposit items, with 10 e-Transfers a month
  • Business Essential at $35 includes 40 transactions, 50 deposit items, 10 e-Transfers and $5,000 of cash a month, rebated at a $45,000 daily balance
  • Welcome offer of $100 on Digital ($500 on Essential or Unlimited) for accounts opened Sep 1 2026 to Jan 5 2027, after 3 of 4 everyday activities within 120 days
  • Unlimited plan rebates the $149 annual fee on a TD Aeroplan or Travel Visa Business card
Watch for
  • Assisted transactions (branch, phone agent, Express Deposit) cost $2.50 each
  • Cash deposits cost $5 per $1,000 with none included, double the rate on other TD accounts
  • No fully online opening: a specialist call follows the online application
  • No rebate on Digital or Basic; the cheapest rebate needs $45,000 every day on the $35 Essential plan
EQ Bank logo
Leaving TD?

On Business Digital the costs build in cash at $5 per $1,000, assisted transactions at $2.50 and card FX. EQ Bank pays 2.25% with 50 free e-Transfers outside Quebec; Venn adds 0.45% FX and wires.

BMO logo
Big 5 bank

BMO: the $5 Big 5 plan that used to be free

Essential Business Account · Essential $5, Everyday $25, Enhanced $50, Elite $75 (2026 plan names); Business Current Account $6 plus $1.25 per deposit or debit

BMO Essential is the cheapest Big 5 plan for a new account and fits a business that wants a chartered bank on the letterhead and does everything online. Watch the e-Transfer count: six is not many, and at $1.50 each a busy month costs more than the fee.

Strengths
  • $5 with unlimited electronic and ATM transactions, the lowest Big 5 monthly fee for a new account
  • Everyday plan at $25 includes 35 transactions (electronic and in-branch combined), 25 deposit items, 15 e-Transfers and $2,500 of cash a month
  • Enhanced and Elite plans drop to $0 with a $35,000 or $75,000 balance kept at all times
  • Venn holds its customer balances in trust at BMO, so BMO is also the bank behind the top pick
Watch for
  • The $0 eBusiness Plan became the $5 Essential plan for accounts opened since March 9 2026
  • Only 6 sent e-Transfers included, then $1.50 each
  • In-branch transactions cost $5 each, deposited items $0.25 and cheques $1.75 on Essential
  • 2.5% on foreign debit card purchases, and no spread published for account conversions
Venn logo
Leaving BMO?

BMO's $0 plan closed to new accounts on March 9 2026, so a new business now pays $5. Venn keeps the $0 and adds 2% interest; EQ Bank is the other $0 bank account outside Quebec.

CIBC logo
Big 5 bank

CIBC: free banking once you park $20,000

Everyday Business Operating Account · Basic $6 pay per transaction; Everyday $20 self-service or $25 full-service ($0 at $20,000); Advanced $40 ($0 at $35,000); Unlimited $65 ($0 at $65,000)

CIBC makes the Big 5 trade explicit: keep $20,000 idle and the account is free. For a business that holds that balance anyway and deposits cash, it is good Big 5 value; for one that would rather have the $20,000 earning 2% at Venn, it is not.

Strengths
  • $20,000 held at the end of every day makes the Everyday account free
  • $3,000 in cash, $300 in coin and 25 cheques a month included
  • $400 cash back on a first account opened Sep 8 to Nov 30 2026, after 3 of 4 everyday activities within 6 months
  • Global Money Transfer to 130-plus countries with no CIBC transfer fee (CIBC's exchange rate applies, and each transfer uses one of the 30)
Watch for
  • Basic $6 plan charges $1.00 to $1.25 for every transaction, plus $1.50 for each e-Transfer sent
  • The fee rises to $25 in any month with one full-service transaction: a branch, a phone agent or the Wallet Depository
  • Below $20,000 you pay $20 to $25 for 30 transactions, and received e-Transfers and cash deposits count toward the 30
  • No FX spread is published for conversions or Global Money Transfers
Airwallex logo
Leaving CIBC?

CIBC publishes no FX spread, so the USD side is where the cost is hardest to see. Airwallex or Venn for the USD side; keep CIBC if the $20,000 waiver is working for you.

Scotiabank logo
Big 5 bank

Scotiabank: a $20 plan that is free at $20,000 and includes $6,000 of cash

Select Account for business, Plan A · Select Plan A $20 ($0 at $20,000), Plan B $40 ($0 at $35,000), Plan C $75 ($0 at $45,000), Unlimited $120 ($0 at $75,000); Basic Business Account $10.95 ($0 at $8,000)

Select Plan A puts Scotiabank level with CIBC Everyday: $20, or free at $20,000, with five fewer transactions but double the cash included. Below that balance a $0 account does the electronic work for less, and Scotiabank earns its place only if you deposit cash or borrow there.

Strengths
  • Free in any month the balance stays at $20,000 or more every day
  • 20 free e-Transfers sent a month through Scotia OnLine (they count toward the 25 transactions); receiving is free
  • $6,000 of cash deposits a month included, and Select Unlimited includes $30,000
  • A new Select Account can earn up to $400 with Chase Merchant Services approval and qualifying transactions (the advertised $880 adds Plan B fee waivers)
Watch for
  • $20 a month below the $20,000 balance, and extras cost $1.25 to $1.50 each past 25 transactions
  • A $6 statement fee per cycle unless you choose paperless records
  • 2.5% on foreign debit card purchases and no published spread for wires or transfers; International Money Transfers cost $1.99 each from Sep 10 2026
  • The free e-Transfers apply through Scotia OnLine only, not ScotiaConnect
Venn logo
Leaving Scotiabank?

Below $20,000, Select Plan A costs $240 a year and pays nothing on the balance. Venn for $0 and USD, EQ Bank for $0 and interest, BMO Essential for a $5 Big 5 plan.

National Bank logo
Bank

National Bank: a $7 digital plan with unlimited electronic transactions and 12 e-Transfers

Digital Package · Digital $7, Hybrid $10, Premium $100 ($80 with the card, $0 at $80,000)

National Bank Digital is the natural bank account for a Quebec business that works online: $7 with unlimited electronic transactions and 12 e-Transfers. Budget for the $1.50 bill payment and $2.00 government remittance fees on top of the $7.

Strengths
  • $7 for unlimited electronic transactions in CAD and unlimited cheque deposits by ABM, mobile or scanner
  • 12 e-Transfers sent a month, double BMO Essential's 6
  • Combined GST/QST payments and billers on its public-service list are free to pay
  • One of the six largest banks in Canada and the leading one in Quebec, by its own description
Watch for
  • The only route to $0 is a Platinum Business Mastercard at $125 a year, more than the $84 a year of fees it saves
  • Assisted transactions and cheques you write cost $5 each, up from $3.50 on Aug 1 2026
  • Bill payments to private suppliers cost $1.50 each and government remittances $2.00, on top of transaction fees
  • Opening cannot be finished online: an expert calls to confirm your identity, and the debit card is picked up at a branch
Desjardins logo
Credit union

Desjardins: unlimited digital transactions and e-Transfers for $5.95, in Quebec and Ontario

Digital plan · Digital $5.95; 35 transactions $26, 55 $42, 75 $57, 100 $76, 300 $175; Community $2.95 for co-ops and non-profits

Desjardins Digital costs 95 cents more than BMO Essential and includes unlimited e-Transfers where BMO includes six, which makes it the better flat plan for a Quebec or Ontario business that sends many. Confirm the online banking fee before counting it as $5.95 all-in.

Strengths
  • $5.95 for unlimited digital transactions, e-Transfers included
  • Mobile cheque deposit is included, and receiving e-Transfers is free
  • Serves Quebec through the caisses and Ontario through Caisse Desjardins Ontario Credit Union
  • Open to sole proprietors, self-employed workers, corporations and non-profits; membership comes with the account
Watch for
  • Only in Quebec and Ontario
  • Cheques, teller deposits and teller withdrawals cost $3.50 each, and teller transfers $5
  • The AccèsD Affaires online banking fee (listed at $0 to $29.95 a month) may apply on top of the $5.95; confirm before you open
  • No interest on the chequing account and no published FX spread

How this comparison was built

Every fee in the index was read on Sep 28 2026 at the provider's own account page, pricing page, help centre or fee guide, linked under each verdict. BMO's site does not load for automated reading, so its pages and its March 9 2026 fee guide were read in a full browser session that day. The plan shown is the one a typical small business would open there. LedgerLogic runs its own operating account on Venn. No bank publishes a spread for account conversions or wires; RBC (in its 02/2026 business fee guide), BMO, Scotiabank and National Bank publish 2.5% on foreign card purchases and TD's card rate works out to about 2.5%, so 2.5% is used for every bank row in the cost profiles, including CIBC, which publishes no figure. Rates, waivers and plan names change often (BMO renamed and repriced four plans on March 9 2026, TD changed its fees on March 16 2026 and National Bank on August 1 2026, and Venn's rate boost stops taking new money after October 15 2026), so each fee carries its verification date and this page is re-checked every quarter. Ranking is by what the account costs and does for the reader; Venn, Airwallex and Float pay us a referral fee, the other providers do not, and the order would read the same either way.

14 questions Canadian owners ask about business bank accounts

The bottom line

Open the account that costs nothing, keep a bank for what fintechs cannot do

Run the business at a $0 account. Outside Quebec that is Venn, which pays 2% on the balance (2.75% CAD and 3.00% USD on net-new balances funded by October 15 2026), converts at 0.45% and pushes transactions into Xero; an owner-run business that mostly works in CAD and needs one signer can take EQ Bank's 2.25% instead. In Quebec, or for a company paid in several currencies, that is Airwallex, and a corporation that deposits cash can look at Wealthsimple, which takes it free at Canada Post. Keep one bank account only if you deposit cash, want a branch or plan to borrow, and make it the cheapest one that does the job: BMO Essential at $5, RBC Digital Choice or TD Business Digital at $6, Desjardins Digital at $5.95 in Quebec and Ontario, or CIBC Everyday or Scotiabank Select Plan A if you already hold $20,000. What you should not do is pay $20 to $125 a month and a 2.5% FX spread for an account whose only advantage is the logo.

Open a free Venn account Venn deal terms

Sebastien Prost, CPA. Fees verified Sep 28 2026. Some links are partner links; the ranking would read the same without them.

Keep going

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Open Venn: $0 a month, 2% interest