td unlimited business plan fees

Best Business Bank Accounts in Canada for 2024

What you should know.

• Business bank accounts at Canada’s major banks come with monthly fees, low or no included free transactions per month, and no interest or rewards on balances and spending.
• RBC and BMO offer a discounted or no-monthly-fee option for digital accounts, with unlimited free electronic transactions.
• Having a traditional business chequing account at a major bank provides convenient access to other services such as loans and in-branch banking.
• Maintaining a minimum account balance can waive monthly account fees for some business bank accounts.

Comparing Account Features of the Best Business Bank Accounts in Canada

Traditional Major Banks

Comparing fees of major banks' business accounts.

Note: Fees are as of September 2023

RBC Digital Choice Business Account

What We Like:

✅ No minimum balance

✅ Unlimited debit and credit transactions

✅ Bank digitally or in-branch

What We Don’t Like:

❌ Monthly fee

❌ Fee on branch transactions

❌ Opening an account requires visiting a branch

For business owners who don’t need in-branch banking, the RBC Digital Choice Business Account Package is a digital-only account that comes with a lower monthly fee of $6 per month. Plus, it has unlimited debit and credit transactions, cheque deposits, and 10 Interac e-Transfers per month.

For those needing a physical branch, the RBC Flex Choice Business Account Package offers a variety of features that can help businesses manage their finances. It's called "flex choice" because you can choose to bank digitally while still having the option of being able to go to a physical branch for your banking needs. You also only pay for what you use, with transactions such as withdrawals and transfers each having fees.

To open an account, you can start your application online or over the phone. However, you’ll need to visit a branch to verify your identity before your account can be opened.

RBC Business Banking Fees

There’s a $7 monthly fee for the RBC Flex Choice Business Account but no minimum balance requirement. Electronic deposits to your account cost $0.75 each, while cash deposits cost $2.50 per $1,000 in-branch or $2.25 per $1,000 at ATMs. Sending Interac e-Transfers costs $1.50 each.

The account is part of a package since items deposited have no transaction fee, saving you from the regular fee of $0.22 per cheque or draft deposited.

Online Business Banking

RBC's Online Banking for Business is for one user with access to all of RBC's business banking services, such as paying bills, transferring funds, filing and paying taxes, depositing mobile cheques, and email or SMS money transfers.

The expanded RBC Express allows for unlimited users, letting you assign employee access. It also comes with additional features such as making and receiving payments in foreign currencies, making multiple cheque deposits, and sending wire transfers at preferred foreign exchange rates. However, RBC Express can come with a monthly fee.

Other RBC Business Accounts

Those who operate in the U.S. might find the RBC U.S. Dollar Business Account to be convenient if you want to keep all of your banking in the same place. It has a $9 USD monthly fee unless you hold a minimum balance of $2,500 USD.

Excess funds can be kept in RBC’s Business Essentials Savings Account , which pays 2.55% up to 3.3% on your balance, depending on your account size, as of September 2023.

Other RBC business accounts include:

• Community and Not-For-Profit Accounts
• Online Foreign Currency Account
• Ultimate Business Account
• AgriInvest Account
• Business Premium Investment Account

TD Basic Business Plan

❌ Fee on transactions

For businesses with low transaction volumes, the TD Basic Business Plan is a business chequing account offering five transactions per month for a $5 monthly fee. Each additional transaction costs $1.25 each, with cash deposits costing $2.50 per $1,000 deposited. There’s no minimum balance required for this account.

For larger businesses, TD offers other business banking plans starting from $19 per month for 20 transactions, $39 per month for 60 transactions, $72 per month for 120 transactions, and $125 per month for unlimited transactions.

Fee rebates are available if you hold a minimum balance, such as $20,000 to waive the TD Every Day A Business Plan's $19 monthly fee or $65,000 to waive the TD Unlimited Business Plan's $125 monthly fee.

Comparing TD Business Bank Account Fees

Note: Fees as of September 2023

Scotiabank Right Size Account for business

Scotiabank’s cheapest option, the Right Size Account for business , has a low monthly fee with a pay-per-transaction model. There's a monthly fee of $6 with a transaction fee that depends on how many monthly transactions you make. Those making 1 to 15 transactions per month will pay $1.25 per transaction, lowering to $1.00 once you make over 50 transactions per month.

However, businesses looking to make more transactions will be better suited with Scotiabank’s other business accounts. Scotiabank’s Basic Business Account, available both in CAD and USD, comes with one free transaction per month for every $1,500 in the account, with the monthly fee waived for monthly balances over $8,000. The monthly fee on this account is $10.95 per month.

Scotiabank can get you to learn your ABCs with their Plan A, Plan B, and Plan C Select Accounts for Business.

Comparing Scotiabank Business Bank Account Fees

BMO eBusiness Plan

✅ No monthly fee

✅ Unlimited electronic transactions

❌ Requires an appointment to open an account

If you’re looking for a no-monthly fee business account with unlimited free electronic transactions, then BMO’s eBusiness Plan would be the traditional business bank account for you. It’s the only business bank account offered by a major Canadian bank that has no monthly fee. It also gives you two free Interac e-Transfers each month, something that not all other paid bank account plans offer. This makes the BMO eBusiness plan the best bank account for small businesses and startups.

For merchants that conduct point-of-sale transactions, it also allows unlimited Moneris transactions. However, the main drawback of this account is that you’ll need to book an appointment to open an account. This makes the account opening process lengthier than other banks, where some even allow you to open an account completely online without having to visit a branch. Once the account is opened however, you’ll be enjoying no fees!

For businesses wanting a step up from the standard eBusiness Plan, BMO gets you to start counting your 1-2-3-4s with their Business Builder plans, a twist from Scotiabank’s and TD’s version of the ABCs. Specialty business accounts at BMO include:

• Business Premium Rate Savings Account
• Business Current Account
• Community Account

Comparing BMO Business Bank Account Fees

CIBC Basic Business Operating Account

✅ Online application

CIBC’s cheapest business account is the CIBC Basic Business Operating Account . At $6 per month, this monthly fee doesn’t include any transactions. Each transaction costs $1 for self-serve transactions, such as those conducted online or at ATMs, or $1.25 for full-service transactions at a branch or by a CIBC representative.

Unlike other major banks that require you to visit a branch to open an account, CIBC lets you open a business account online in as little as 30 minutes.

CIBC’s Unlimited Business account has a lower monthly fee than other banks, making it an excellent option for small businesses. Plus, you get unlimited transactions and access to CIBC business advisors who can provide advice on banking services, credit and financing solutions, cash flow management and more.

Comparing CIBC Business Bank Account Fees

Comparing Major Banks’ Premium Business Accounts

What Do I Need To Open a Business Account?

To open a business account, you’ll need to provide some basic information about your business. Banks may also ask for the following documents depending on your type of business:

Documents for Sole Proprietors:

• Certificate of Business Registration
• Trade Name Registration (if applicable)

Documents for Partnerships:

• Partnership Agreement
• Trade Name Registration or Master Business License (if applicable)
• Information on each signing authority with ID
• Proof of business address, such as a utility or property tax bill

Documents for Unincorporated Associations:

• Articles of Association, or the Association’s constitution and bylaws
• If donations are solicited from the public, the Canada Revenue Agency registration business number

Documents for Corporations:

• Articles of Incorporation
• Director information, for each director

Corporations may also be asked to provide documents such as the company’s annual report for the past fiscal year, most recent notice of assessment, business licenses or vendor permits, or health and safety certificates.

Free Business Bank Accounts

If you’re looking for digital business bank accounts, there are some completely free options available in Canada. However, it’s a good idea to still have a traditional bank account at a major bank. This gives you access to in-branch banking, such as to make cash deposits or to write and deposit cheques . These are the best free digital business bank accounts in Canada .

For more details: The 5 Best No-Fee Business Bank Accounts in Canada

Guide to TD Business Accounts

The Toronto-Dominion Bank, or TD Bank, is a world-leading financial services firm with over CAD 1.9 trillion in assets (July 2023) and 16 million active online and mobile customers. The bank has established itself as a beacon of reliability and innovation in the banking landscape, offering a suite of business accounts tailored to meet the diverse needs of modern businesses. In this comprehensive guide, we delve into the world of TD Business Accounts, exploring their features, benefits, and how they can empower entrepreneurs to achieve their financial goals.

TD Business Accounts

TD offers a variety of business accounts for businesses of all sizes. This includes Chequing and Savings accounts and special US Dollar accounts for businesses handling cross-border transactions in a foreign currency.

TD Business Chequing Accounts

TD Chequing Accounts fall into the Basic Business, the Everyday Business, or the Unlimited Business Plan. The Plans are tailored for entrepreneurs at different levels, with the most basic account accessible at just $5 per month.

The types of Business Chequing accounts offered by TD Bank in Canada and their features are as follows:

TD Business Savings Account

TD Bank's Business Savings Account allows entrepreneurs to earn interest on their investments at competitive rates. Their fees and features are as follows:

US Dollar Every Day Business Plans

The US Dollar Business Plans allow Canadian entrepreneurs to conduct and receive transactions in US Dollars. The types of Plans, their fees, and features are as follows:

Advantages of Banking with TD

In today's rapidly evolving business landscape, having the right financial partner is essential for success. TD Bank's Business Accounts offer a comprehensive suite of banking solutions tailored to meet the diverse needs of businesses of all sizes and propel them toward success. Features like their user-friendly online and mobile banking platforms empower business owners to manage their finances anytime, anywhere, while also allowing them to personalize their banking experience to suit their needs. Their team of experienced business advisors and relationship managers can also help with strategic insights and support, vital educational resources, networking opportunities, and industry insights paramount for success in this competitive business world.

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Best Business Bank Accounts in Canada

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We review products and services independently, but we may receive compensation when you sign up through our links.

We get a lot of questions asking which business bank account we recommend. This article will provide an outline of the best options we’ve found and our recommendations for businesses of different sizes.

We get a lot of questions about which business bank account that we recommend to our clients.  This article will provide an outline of the best options we’ve found and our recommendations for businesses of different sizes.

How This Article Works

There are five major banks in Canada, plus a few decent sized credit unions.  These make up the majority of the business banking options.

There are also some newer, digital banking options for business that are quite attractive as well.

In this article, we’ve broken down the business banking offerings into three categories based on the size and stage of your business.

• Digital Only or Startup - The first options center around the newer, digital banking offerings that are typically less expensive.  The downside is that there are usually no physical bank branches and the offerings tend to be less flexible than the larger financial institutions.
• Startup to Medium Sized Business - In the second section we outline the choices that are best suited for startup businesses but could also scale for larger businesses as well.
• Larger Business or More Transaction Volume - The third section shows the options that are suitable for larger businesses or businesses that have higher transaction volumes. 

We’ve reviewed the offerings and have conducted research with small business owners across Canada to come up with the most attractive options that provide the best service.  

In each section, we list the most suitable choices and then provide our guidance on which option we think is the best of the bunch.

TL;DR Summary

If you just want to get our recommendations and not read every word, then here they are!

General Recommendation

Before we get into the specific recommendations, it’s important to consider whether you already have an existing relationship with a financial institution.

If you do, and you’re already happy with the service that you’re getting, our general recommendation is to speak to your current representative about setting up business banking.

The offerings from Canadian banks are quite similar when it comes to price and features. If you’re already satisfied with your financial institution, then they’re probably the best place to start your search for business banking.

If you’re not satisfied with your current bank or are curious to learn about other options, read on!

Here are our specific recommendations based on our research and feedback from numerous small business owners across Canada.

Smaller Business Banking Recommendations

For startup businesses or those that only require digital banking (no physical bank branches), we recommend checking out the RBC Digital Choice Business Account for its low cost and easy upgrade path.

We also recommend combining that with the Wise Business Account because it is free to use and offers excellent exchange rates when you need to send or receive money internationally.

Medium Business Banking Recommendations

For small to medium sized businesses we recommend either the RBC Flex Choice Business Account or the TD Every Day Business Account .

Both of these options provide a reliable business banking experience at a reasonable cost.

RBC's Flex Choice Business Account is great if you're looking for a straightforward fee structure that leans more towards “pay-per-use” then the other accounts. 

Whereas TD’s Everyday Business Account has a higher monthly fee but has more transactions included.  Plus, you can waive the monthly fee if you maintain a minimum daily balance in your account.

Both options generally receive high praise from business owners and Avalon team members that we’ve spoken to.

Larger Business Banking Recommendations

For medium to large businesses in Canada we again recommend the offerings from RBC and TD.

The TD Unlimited Business Account and the RBC Unlimited Business Account are both good places to look if your business has a higher volume of transactions.

The fees and included transactions are quite similar between the two options.  However, to waive the monthly fees, TD has a lower minimum balance requirement of $65,000 compared to RBC's $75,000. 

So if we’re splitting hairs, you might consider RBC over TD if you’re not expecting to maintain the minimum balance each month. Or choose TD if you’re confident that you’ll maintain the minimum balance.

Banking for Startups and Digital Businesses

These are the best options that we’ve seen for startup businesses or businesses that only require a digital banking option. 

We’ve reviewed the alternatives, and in no particular order, we recommend checking out Alterna Bank, Wise, and Tangerine. These options are budget-friendly and easy to use.

Alterna Small Business eChequing  

Alterna Bank is an Ontario-based digital bank owned by the credit union, Alterna Savings. Their financial solutions are designed for both personal and business use. They also have services such as electronic chequing, debit cards, savings accounts, and mortgages.

Small Business eChequing Account

Their Small Business eChequing Account is an excellent, cost-effective option for digital-only businesses. You get an unlimited number of electronic transactions and the account is free to use as long as you keep a minimum daily closing balance.

There is no monthly fee for this account but you need to maintain a minimum $3,000 daily closing balance throughout the month. If the minimum balance is not maintained, the account will cost you $5 per month .

Additional fees include:

• 6 free Interac e-Transfers per month ($1.50 per transaction after)
• $2 per $1,000 in-branch cash deposit
• $3 per paper statement
• Free e-statements

What You Get

• Free online transactions - unlimited electronic debit and credit transactions
• 24/7 online banking - pay bills, transfer funds, and deposit cheques
• Mobile banking - available for both Android and Apple users
• ATM - for withdrawals, deposits, and balance inquiries with 3,300 surcharge-free ATMs

Wise Business Account (formerly TransferWise)

Wise is an online money transfer service that offers both personal and business accounts. Since its founding in 2011, the UK-based financial tech has been a major disruptor in the peer-to-peer money transfer space.

Wise Business Account

The Wise Business Account provides you with a borderless account to send, spend, and receive money around the world. It is a great option for businesses that need to transact in multiple currencies as it can manage funds in over 50 currencies.

The monthly fee is zero dollars , with no set-up fees, and no required minimum balance. There are some per-transaction fees that we’ve listed below.  You can also use their intuitive Wise Calculator to check the fees before transacting.

Here’s a summary of transaction fees:

• Sending money in different currencies starts from 0.41% depending on currency ( fee calculator here )
• Free money transfers between Wise Business accounts
• Free to receive money from AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire)
• Fixed fee of USD 4.14 per payment to receive USD wire payments
• Manage multi-currency funds - hold and manage funds in over 50 currencies
• Competitive exchange rates with no hidden fees
• Expense management - track your expenses in real-time
• Integration with Xero and QuickBooks

Tangerine Business Savings

Tangerine is a Toronto-based bank founded in 1997 and later acquired by Scotiabank in 2012. It is now operating as an online bank offering services such as GICs, mortgages, chequing, savings, and business accounts.

Business Savings Account

Tangerine does not currently have a chequing account for businesses. However, you can still open a Business Savings Account as a good option to grow your business funds. You will need to link your chequing account at another financial institution to open a Business Savings Account.

There are no monthly fees for the Tangerine Business Savings Account. There are no minimum balance requirements and it also includes competitive interest rates so your money can earn while it sits.

• Online and mobile banking
• Get competitive interest rates for you to earn interest on your savings ( see rates here )

RBC Digital Choice Business Account

Since its founding in 1864, RBC has grown to be one of the largest banks in Canada and in the world. The Toronto-based bank offers a wide range of financial services for businesses of all sizes.

RBC Digital Choice Business Account Package

If you do most of your banking online, the Digital Choice Business Account is an excellent option. It has a low monthly fee that’s worthy of consideration because of its features.

This account’s monthly fee is $5 per month without many additional fees if you’re mostly making online transactions. You also get unlimited electronic debit and credit transactions and mobile and ATM cheque deposits.

Here’s the breakdown of other transaction fees:

• 10 free Interac e-Transfers, then $1.5 per transfer after
• $2.50 per paper deposit and credit transaction
• $5.00 per $1,000 cash deposits in-branch
• $2.25 per $1,000 cash deposits via ATM
• $2.25 per $1,000 deposit (Night and Day)

Avalon's Recommendations

We’re going to recommend a couple of options here because these accounts are inexpensive and have different strengths.

Wise for Multi-Currency

If your business only needs digital banking and to transact in different currencies, consider the Wise Business Account . This account lets you send and receive money across borders easily at a reasonable cost. Plus, you can save money on exchange rates with their low fees. If your business frequently conducts international transactions, this account is a must-have.

RBC to Build a Relationship with a Larger Bank

RBC’s Digital Choice Business Account is a great option for businesses that are just starting out and looking to establish a relationship with one of Canada's major banks. While RBC's Digital Choice account may be relatively basic, it is reliable and offers an easy upgrade path if needed. 

If you're not yet in need of a more comprehensive banking solution, the Digital Choice Business Account may suit your basic needs indefinitely.

A combination of Wise’s Business Account and the RBC Digital Choice Business Account can offer a good starting point for businesses. 

The free-to-use Wise account that offers excellent exchange rates on international transactions plus RBC’s reliable and straightforward digital account is a good combo. You’ll get a flexible and cost-effective banking solution.

Banking for Small to Medium Sized Businesses

The following accounts are tailored for small to medium-sized businesses. These chequing accounts are also best for businesses that need both digital and in-branch transactions. We’ve reviewed the options and recommend checking out accounts from RBC, TD, Scotiabank, CIBC, and BMO.

RBC Flex Choice Business Account

The Royal Bank of Canada offers a variety of business chequing accounts to accommodate businesses of various sizes. The account we’ve highlighted is designed for small to medium-sized businesses.

RBC Flex Choice Business Account Package

If you do online banking but also need access to in-branch transactions, then this account is a good option. The Flex Choice Business Account is also suitable for businesses that prefer a “pay for what you use” style of fee structure.

The Flex Choice Business Account costs $6 per month . This fee includes unlimited deposit items and unlimited Moneris deposits.

There are additional per-transaction fees that depend on transaction type. 

Transaction fees include:

• $0.75 per electronic deposit
• $1.25 per paper transaction
• $1.50 per Interac e-Transfer
• $2.50 per $1,000 cash deposits in-branch
• $2.25 per $1,000 cash deposits in ATM
• No minimum or maximum transaction limits
• Online banking and RBC mobile app
• Instant Fuel Savings at Petro-Canada
• A number of other perks from RBC’s partners that might be applicable to your business.

TD Every Day Business Account

TD (Toronto-Dominion Bank) is a well-established Canadian bank founded in 1955. TD offers a variety of financial solutions ranging from personal banking to large commercial businesses banking.

TD Every Day Business Plan

TD offers a few different plans to accommodate various businesses. We’ll call them “Plan A”, “Plan B”, and Plan C. These are good options for startups looking to grow or for small businesses that don’t have a huge volume of transactions.

You can also use TD Bank’s account selector tool to help you choose which one works best for your business.

The monthly fee for Every Day Business Plans ranges from $19 to $72 . However, the monthly fee can be waived if you maintain a minimum balance throughout the month.

The main difference between offerings is the number of transactions included with your monthly fee. Here’s a summary of the fees:

‍ Monthly fee

• Plan A - $19, FREE when you maintain $20,000 throughout the month
• Plan B - $39, FREE when you maintain $35,000 throughout the month
• Plan C - $72, FREE when you maintain $45,000 throughout the month

‍ Number of transactions per month

• Plan A - 20 transactions
• Plan B - 60 transactions
• Plan C - 120 transactions

‍ Other fees and transactions

• $1.25 for each additional transaction
• 2 free Interac e-Transfers (send or request), $1.50 for each additional e-Transfer
• 50 deposit items per month, $0.22 for each additional deposit item
• $5,000 cash deposits included per month, $2.50 per $1,000 for additional cash deposits
• $10 monthly fee rebate on Business Overdraft Protection
• Flexible banking using in-branch and automated services
• The ability to waive your monthly fee if you maintain the required minimum balance throughout the month

Scotiabank Select Account for Business

Scotiabank is the second oldest Canadian bank. This 190-year-old bank offers accounts that are well suited for small to medium sized businesses looking for reliable banking.

Select Account for Business Plans A, B, and C

Similar to TD Bank’s offering, Scotiabank has different tiers that could be a good fit for growing businesses. 

Scotia’s “ Select Account for Business ” has four tiers: Plan A, Plan B, Plan C, and Unlimited. 

This account is designed so that businesses can upgrade easily from one tier to another depending on their needs. 

Similar to TD’s offering, the monthly fee is waived if you maintain a minimum balance in your account each month.

• Plan A - $20, FREE when you maintain $20,000 throughout the month
• Plan B - $40, FREE when you maintain $35,000 throughout the month
• Plan C - $75, FREE when you maintain $45,000 throughout the month
• Unlimited - $120, FREE when you maintain $75,000 throughout the month
• Plan A - includes 25 transactions, $1.50 for each additional transactions
• Plan B - includes 70 transactions, $1.50 for each additional transactions
• Plan C - includes 125 transactions, $1.50 for each additional transactions
• Unlimited - Unlimited included transactions

‍ Number of deposit items per month

• Plan A - 50 items, $0.25 for each additional deposit item
• Plan B - 60 items, $0.25 for each additional deposit item
• Plan C - 85 items, $0.25 for each additional deposit item
• Unlimited - Unlimited included deposit items

‍ Cash deposits included per month

• Plan A - up to $6,000, then $2.50 additional for every $1,000 of cash deposits
• Plan B - up to $8,000, then $2.50 additional for every $1,000 of cash deposits
• Plan C - up to $10,000, then $2.50 additional for every $1,000 of cash deposits
• Unlimited - up to $30,000, then $2.50 additional for every $1,000 of cash deposits
• Multiple tiers to choose from depending on your business needs
• The ability to waive the monthly fee when a minimum balance is maintained
• Higher cash deposits included per month compared to other banks

CIBC Everyday Business Operating Account

The Canadian Imperial Bank of Commerce is a well-established bank and one of Canada’s oldest. Their financial services cover both personal use and businesses of all sizes.

Everyday Business Operating Account

The Everyday Business Operating Account is fit for growing startups looking for reliable banking at a reasonable cost. You can also waive the monthly fee by maintaining a minimum balance throughout the month.

This account costs $20 (self-service access) or $25 (full-service access) per month depending on the type of transactions you access.

Self-service access includes online transactions and transactions not assisted by a bank representative. It also includes cheques written as well as transactions completed through an ATM or POS terminal.

Full-service access usually refers to any transaction completed with a CIBC representative's assistance. This includes transactions completed through the regular Wallet Depository Service or in-branch.

CIBC will waive the monthly fee when you maintain a $15,000 daily balance throughout the month.

• Free if the $15,000 daily balance is maintained throughout the month
• $20 per month if all transactions are self-service
• $25 per month if any of the transactions is a full-service transaction

‍ Number of transactions included per month

• 30 transactions 
• $1.00 for each additional self-service transaction
• $1.25 for each additional full-service transaction
• $1.50 for each additional Interac e-Transfer
• Cash deposits amount to research
• Lower minimum monthly balance required to waive your monthly fee compared to other banks
• Deposit up to $3,000 cash, $300 coin and 25 cheques each month at no extra cost

BMO Business Builder Account

The Bank of Montreal is the home to 8 million Canadian account holders. BMO offers services that are tailored to a wide variety of financial needs.

We took a look at their “Business Builder” tier of accounts.

Business Builders 1 and 2

Business Builder 1 and Business Builder 2 are suited for small businesses that are growign. BMO also offers higher tiers that are suitable for larger businesses which we’ll cover in the next section. You can also use BMO’s account choosing tool to help you decide which option may work best for you.

The Business Builder account costs from $22.50 up to $120 per month. Unlike some of the other banks, there is no option to waive the monthly fee if you maintain a minimum balance.

Here’s a rundown of the fees:

Monthly fee

• Business Builder 1 - $22.50
• Business Builder 2 - $45

Number of transactions included per month

• Business Builder 1 - 35 transactions, 25 deposit items, $2,500 cash deposit
• Business Builder 2 - 70 transactions, 45 deposit items, $4,000 cash deposit
• Unlimited Moneris transactions for Builders 1 and 2
• Two free Interac e-Transfers for Builders 3 and 4

Additional fees

• $0.60 for each additional electronic transaction
• $1.25 for each additional transaction through the bank or BMO bank associate
• $2.25 for every additional $1,000 of cash deposits
• Online Banking for Business - online bank and cash management platform
• No minimum balance required but also no option to waive monthly fee
• Affordable additional fee for electronic transactions and cash deposits

Avalon’s Recommendations

The monthly fees are fairly similar between the chequing accounts we recommend here. So if you already have a good relationship with one, then it often makes sense to stick with what's working. 

With that said, we do recommend RBC and TD’s solid options. Anecdotally, we’ve received the best feedback from our clients about these two banks compared to other offerings.

The monthly fee is only $6 and then you pay for what you use on a per-transaction basis. You do also receive unlimited deposit items and Moneris transactions. 

On the other hand, TD Bank's Every Day Business Plan offers three different packages (A, B, and C) with varying levels of monthly inclusions. 

While the monthly fees are higher than RBC's, you have the ability to waive the monthly fee when you maintain the minimum monthly balance. 

The TD plans come with more transactions included each month than RBC, so this may be the better option if you are able to maintain the minimum balance to waive the monthly fee.

Banking for Medium to Large Businesses

These are the best options for medium to large businesses with a higher volume of transactions. 

Scotiabank Select Account for Business (Unlimited)

Scotiabank’s highest business banking tier can be a good choice if your high-volume business is looking for a more robust financial solution.

Select Account for Business Unlimited

This is Scotiabank's top tier account for businesses. The Select Account for Business Unlimited allows for unlimited transactions and offers a higher cash deposit limit, making it suited for businesses with high transaction volumes.

While it comes at a higher cost, the benefits may outweigh the expenses for businesses with larger transaction volumes.

The monthly fee for the Unlimited plan is $120. The fee is waived when you maintain $75,000 throughout the month.

The Unlimited plan includes:

• Unlimited transactions
• Unlimited deposit items
• Cash deposit for up to $30,000, $2.50 additional fee per $1,000 for every cash deposit
• Larger monthly cash deposit
• This account includes Scotia’s Digital Banking and ScotiaCard, for which additional charges may apply
• Interac e-Transfer using Digital Banking for business™ costs $1 per transaction

BMO Business Builder (Tiers 3 and 4)

Opening a business account with BMO can be a good choice for larger businesses. They offer flexible account packages that suit a growing business.

Business Builder 3 and Business Builder 4

BMO’s Business Builder 3 and Business Builder 4 are fit for businesses with a higher volume of transactions. Similar to other banks, you can waive the monthly fee if you maintain the minimum monthly balance.

Builders 3 and 4 cost $80 and $120 a month respectively. The monthly fees include a set number of transactions. If you have more transactions in a month, then there are additional per-transaction costs that arise.

• Business Builder 3 - $80, maintain $35,000 throughout the month to waive the fee
• Business Builder 4 - $120, maintain $80,000 throughout the month to waive the fee

Number of transactions per month

• Business Builder 3 - 120 transactions, 65 deposit items, $8,000 in cash deposits included
• Business Builder 4 - 160 transactions, 90 deposit items, $12,000 in cash deposits included
• Unlimited Moneris transactions 
• Two free Interac e-Transfers per month
• $1.50 for each addition Interac e-Transfer
• Your monthly fee is waived when you maintain the required monthly balance

TD Unlimited Business Account

Toronto-Dominion Bank offers its own take on the unlimited plan for businesses. This offering from TD is more suited for larger businesses with high transaction volumes. 

Unlimited Business Plan.

The TD Unlimited Business Plan provides unlimited transactions and unlimited deposit items per month for a fixed fee. 

TD Unlimited Business Plan costs $125 per month . However, this fee is waived if you maintain a balance of $65,000 throughout the month.

The transactions and deposit items are unlimited but the included monthly cash deposit is limited to:

• $25,000 cash deposits included per month
• $2.50 additional fee per $1,000 for every cash deposit
• Free Interac e-Transfers
• Receive $149 rebate of the annual fee for TD Aeroplan Visa Business Card or TD Business Travel Visa Card
• Waived monthly fee for TD Merchant Services

RBC Unlimited Business Account

RBC also offers a competitive offering for high-volume business banking.

Ultimate Business Account Package

RBC’s Ultimate Business Account Package lets you access unlimited electronic transactions. Businesses with a consistently high volume of monthly transactions could consider this account.

The monthly fee is $100 which is waived if you maintain a $75,000 daily balance throughout the month. 

The monthly fee includes:

• Unlimited electronic debit and credit transactions
• 100 paper transactions, $1.25 for each additional paper transaction
• Unlimited number of items deposited
• Unlimited Moneris deposits
• Unlimited Interac e-Transfers
• Unlimited mobile & ATM cheque deposits
• Includes up to $25,000 of cash deposits. Additional cash deposits cost $2.25 per $1,000 deposited at an ATM or $2.50 per $1,000 deposited in-branch.
• 10,000 bonus Avion points if you have RBC Avion Visa Infinite Business or RBC Commercial Avion Visa card
• Link your eligible RBC Business cards to your Petro-Canada card to save 3¢/L on gas at Petro-Canada locations

The offerings are fairly similar between banks with only slight differences in monthly fees and included transactions. 

RBC Unlimited or TD Unlimited Business Accounts

RBC and TD Bank offer solid chequing account packages that are worth considering in our opinion. Both provide a competitive package for high-volume transactions.  Plus, we’ve received the best feedback from our clients about these two banks compared to other offerings.

One key difference between them is the minimum balance requirement to waive the monthly fee. TD requires a lower minimum balance of $65,000 compared to RBC's $75,000. However, RBC's monthly fee is slightly lower than TD's.  

So if we’re splitting hairs, you might consider RBC over TD if you’re not expecting to maintain the minimum balance each month.  Or choose TD if you’re confident that you’ll maintain the minimum balance.

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The 19 Best Business Bank Accounts in Canada

By Heidi Unrau | Published on 24 Oct 2023

The right business bank account is essential to your bottom line. Ideally, you want low fees and robust features that make life easier. But trying to compare all the different features, benefits, costs, and potential pitfalls can be an overwhelming struggle. The wrong one could cost you hundreds of dollars or more in fees for things you don’t need. To help you make sense of it all, we’ve rounded up the best business bank accounts in Canada.

Best Digital Business Bank Accounts

Let’s start with the best digital-only business bank accounts tailored for the modern entrepreneur. These innovative accounts streamline banking processes through user-friendly online platforms, without the need for physical branches. They deliver enhanced efficiency, cost savings, and advanced features designed specifically for business banking in the digital age .

Vault: Best for cross-border payments

Vault is Canada’s newest all-in-one digital business banking platform that’s reinventing the standard for seamless financial management. You can open a new account in just 5 minutes – no fuss, no delay, no fees. Ditch expensive domestic and international transfers because it’s all included.

Vault’s unique value prop is hassle-free multi-currency bank accounts. Need a local account in CAD, USD, GBP, or EUR? No problem, and no need to visit a branch either. You can set up as many sub-accounts in each currency as you need to streamline operations

Now you can collect payments from customers worldwide in their preferred currency in just a few clicks. And when it comes to converting between accounts, Vault guarantees the best FX rates in Canada starting as low as 0.35%, no matter how much you’re converting.

Plus, your money doesn’t just sit there – it works for you. Take advantage of their Guaranteed Investment Certificates (GICs) to earn up to a 5.30% return, providing your business with an additional income stream. It’s eligible for insurance with the Canada Deposit Insurance Corporation (CDIC) , making it a secure and rewarding option to grow your business savings.

You also have the option to issue physical and virtual prepaid Mastercard Corporate Cards that earn 1% cash back. With Vault’s innovative routing system, each transaction currency matches your different balances, making purchases in foreign currencies without any FX fees a breeze. You also get access to customizable control features that make spend management effortless for any sized team.

Wise Business: Best for multi-currency accounts

Monthly Fee: None Supported Currencies: CAD, USD, EUR, GBP, AUD, HUF, NZD, RON, SGD Currency Conversion Fee: 0.43%

This innovative account eliminates the costs associated with a traditional business bank account like pricey conversion rates, surprise charges, and monthly fees. It also streamlines cash flow management, employee payments, and international transactions. You can collect payments in multiple currencies, create professional invoices, and integrate with QuickBooks for real-time financial data and faster reconciliation.

The Wise Business account offers batch payment capabilities for efficient transactions and full control over cash flow and expenses. It’s an ideal alternative to traditional business banking, providing essentials like sort codes, IBANs, and routing numbers.

Plus, the multi-currency debit card allows you to make online and in-store payments without foreign transaction fees. Wise Business is a solid choice for small business owners who want to simplify and optimize their banking experience.

Loop: Best for eCommerce

Loop is a one-stop solution for small and medium eCommerce businesses looking for a convenient, cost-effective banking solution. It’s a digital platform that offers multi-currency accounts with market-leading FX rates, giving you the flexibility to receive payouts in USD from marketplaces like Shopify, Amazon, PayPal, Etsy, and Stripe. Then conveniently convert your money into Canadian Dollars. Plus, you can easily pay your US suppliers in just seconds for free.

Loop offers two types of accounts. Loop Currency Accounts let you hold money in different currencies, convert funds to other currencies, and make payments worldwide. Loop Bank Accounts offer all the Currency Account features, plus local bank account details for receiving payments locally. The sign-up process is entirely digital and free, with no minimum deposit or mandatory monthly fees.

Loop also has a special Corporate Card for international businesses that want a card with four currencies – CAD, USD, GBP, and EUR. It offers zero FX fees, zero annual fees, and 55 days of interest-free purchasing. This card also offers real-time balance visibility through the Loop dashboard, helping you track your spending per currency. It is also flexible, allowing you to repay your owing amount in the currency you purchased in and earn reward points with each dollar spent.

PayPal for Business: Best for chargeback protection

Monthly Fee: None Transaction fees: as low as 0.80% Interest: None Rewards: None

PayPal for Business won’t replace the need for a business bank account, but it comes damn close. It can hold funds and it provides special tools that are ideal for eCommerce businesses, but businesses of all kinds will benefit. This all-in-one payments platform allows you to accept payments from customers in over 200 markets and 100 different currencies and you can securely link your bank account to your PayPal Business account.

You can make purchases, pay business expenses online and in person, and send money to vendors electronically, simplifying your operations. Instantly transfer funds to an eligible bank account or debit card using the Instant Transfer feature, saving time and avoiding standard transfer wait times. Benefit from Funds Now, which grants you fast access to your daily sales balance, even during disputes, without holds or reserves.

Protect your Advanced Credit and Debit Card transactions with Chargeback Protection, ensuring you’re covered against “unauthorized” or “item not received” chargebacks. With PayPal’s account reserves, a portion of your PayPal balance is set aside, giving you peace of mind and providing an extra layer of protection.

Motusbank chequing account: Best for sole proprietors

Monthly Fee: None Interest: 0.15% Rewards: None

This account is actually a personal account, but you can use it as a business bank account. As a sole proprietor, you can open a Motusbank chequing account and exclusively use it for your business to keep finances separate. On top of unlimited deposits and withdrawals, you’ll have free unlimited access to Motusbank’s Price Drop program.

As part of the program, you’ll email the bank your receipts and they will scour the net for deals on the items you’ve purchased. That way you can request cash back! This can be a great way to save on business expenses when starting a new business.

If you like getting cash back, read more about the best cash back credit cards

Float Card: Best for teams

Float Card is a prepaid corporate card designed for businesses looking for easier and more efficient expense management. There are no personal guarantees, credit checks, or tracking down physical receipts with Float Card’s integrated smart spend management software.

Monitor team expenses in real-time and enjoy 1% cash back on all your spending and exclusive discounts from partner merchants. Simply link the Float Card to your business bank account and transfer money over to fund it and start tracking all your business expenses.

Create physical or virtual cards for your team and start benefiting from easy budget creation, spending limits, purchase authorizations, instant transaction notifications, digital receipts, and more. Float Card simplifies expense reconciliation by connecting with software like QuickBooks, Netsuite, and Xero .

Best Digital Business Savings Accounts

Dive into the best digital-only business savings accounts that often provide higher interest rates due to their reduced overhead expenses. These online-only providers deliver exceptional value by maximizing your savings growth while maintaining the convenience and accessibility you expect in the digital era. Grow your business funds effortlessly with these innovative, high-yield savings solutions.

Tangerine Business Savings: Best interest rate

Monthly Fee: None Interest: up to 3.25% Rewards: None

The Tangerine Business Savings is a free account that offers generous interest rates to help grow your business savings faster. Rates are tiered depending on your account balance and range from 2.60% to 3.25% as your balance grows and qualifies for the next highest rate.

To open this account, you need to already have a business bank account open at another financial institution and provide proof. While you can move money easily between this account and your business banking account elsewhere, you won’t have access to it via debit card. Most common account transactions are free. If you need a non-standard transaction, like a bank draft, for example, fees may apply.

Wealthsimple Save for Business: Best for incorporated businesses

Monthly Fee: None Interest: 1.1% Rewards: None

The Wealthsimple Save for Business account is a no-brainer if you have a smaller business and are looking for a savings account. There’s no minimum balance either, so you won’t have to worry if you suddenly need to spend the cash. The account is free and Wealthsimple offers impressive features with a reasonable 1.10% interest rate on deposits.

You’ll also have next-day withdrawals, making it easy to transfer money around. If your business just has a simple, low-interest chequing account, this could be a good supplement to park any extra cash that you’d like to keep liquid.

*This account is reserved for incorporated businesses only.

Best Unlimited Business Bank Account Packages

Below are the best business bank accounts with unlimited account packages designed to provide flexibility and convenience. These packages feature unlimited everyday banking transactions, impressive cash deposit limits, and often waive monthly fees when maintaining a minimum balance. Enjoy hassle-free business banking and focus on your goals with these comprehensive account solutions.

CIBC Unlimited Business Operating Account: Best for low-volume cash deposits

Monthly Fee: $65 Perk: Fee waived with $45,000 minimum balance

CIBC’s Unlimited Business Operating Account offers unlimited transactions, a major perk if you own a medium or large business. Plus, the monthly deposit limits are very generous, making this a strong account option:

• $15,000 cash deposit
• $1,000 coin deposit
• 100 cheques

The monthly fee is waived if you maintain a minimum balance of $45,000. Plus, enjoy unlimited withdrawals, eTransfers, bill payments, deposits, and more. Plus, get free global transfers of up to $100,000 to over 120 countries.

Scotiabank Unlimited Account: best for high-volume cash deposits

Monthly Fee: $120 Perk: Fee waived with $75,000 minimum balance

If you’re managing lots of incoming payments (especially if you have an online store), then Scotiabank’s Unlimited Business Bank Account might be worth the fee. You’ll have unlimited transactions and deposits, and will only have to worry about a modest surcharge if you deposit over $30k per month. The account also comes with software that helps you manage company finances, pay stubs, and taxes, potentially saving money on other expenses.

TD Unlimited Business Plan: Best for unlimited transactions

Monthly Fee: $125 Perk: Fee waived with $65,000 minimum balance

While the TD Unlimited Business Plan has slightly lower limits than the Scotiabank Unlimited Account, TD will wave merchant service account fees and provide a $149 rebate on the TD Business Aeroplan Visa Card or the TD Business Travel Visa Card, which can lead to even more savings.

Plus, enjoy up to $25,000 in free cash deposits each month. If you’re already sticking with TD and managing a large company, this account is a good contender.

Best Low-Fee Business Bank Accounts

Explore the best low monthly fee account packages, perfect for businesses with low transaction volumes or tight budgets. These accounts cater to small businesses that have outgrown free basic accounts but aren’t quite ready for a pricy unlimited package. These accounts provide essential features and services at a reduced cost. Balance affordability and functionality with these tailored banking solutions.

ICICI Business Chequing Premium

Monthly Fee: $5 Includes: unlimited day-to-day transactions.

While ICICI doesn’t have the same name recognition that Canada’s Big Six banks do, its Business Chequing Premium account is still a solid pick with extremely low fees. The account is available in CAD and USD. You’ll save money with free and unlimited:

• In-branch deposits & withdrawals
• Bill payments
• Direct deposits & PADs
• Online transfers

Plus, ICICI is Canadian Deposit Insurance Corporation (CDIC) insured, so you won’t have to worry about losing out on your money. All in all, the Business Chequing Premium account is a great pick for most small or midsize businesses that have outgrown completely free options. 

RBC Digital Choice Business Account

Monthly Fee: $6 Includes: unlimited day-to-day digital transactions

The RBC Digital Choice Business Account is good for business owners that bank online or on their phones. For only $6/month you can send and receive online payments, deposit cheques using your mobile device or ATM, pay vendors and suppliers with 10 free  Interac  eTransfers, and much more.

Plus, cash deposits are relatively affordable. However, if your business bank primarily in-person or receives most payments via cash, you may want to keep looking at other options.

TD Basic Business Plan

Monthly Fee: $5 Includes: 5 transactions/month

TD’s Basic Business Plan is a solid option for a side hustle business if you already bank with TD. You get 5 free transactions per month, and then you’ll pay $1.25 per transaction after that and $2.50 per $1.000 in cash deposits. The account automatically archives all of your cheques for seven years, making it easy to keep records.

Plus, the fees are relatively affordable. That being said, if you’re hoping to grow your business, the restrictive limits may force you to switch accounts down the line.

RBC Flex Choice Business Account

Monthly Fee: $7 Includes: unlimited eligible deposits & Moneris deposits

While the RBC Flex Choice Business Account is slightly more expensive than its Digital Choice Business Account, it’s well worth it if you’re planning on occasionally depositing cash in-branch. This account will save $2.50 per in-branch cash deposit.

One interesting perk is that you save 3¢/L on fuel and earn 20% more Petro-Points at Petro-Canada locations when you pay with your linked RBC card.

You also won’t have to worry about transaction limits, so you can go about your business without having to strategically plan payments to fall in the next month’s billing cycle. 

Best Limited Package Business Bank Accounts

Below are the best accounts with low additional transaction fees, ideal for growing businesses or those with fluctuating transaction volumes. These accounts provide competitive pricing on individual transactions beyond your package limits, ensuring cost-effective banking as your needs evolve. Manage your finances efficiently and adapt to changing business demands with these versatile account options.

Scotiabank Basic Business Account

Monthly Fee: $10.95 Includes: 1 free transaction per $1,500 in the account Perk: Fee waived with $8,000 minimum balance. Available in CAD & USD

Scotiabank’s Basic Business account includes a lot of small fees, but it comes with a major perk, too: charities receive a 50% discount on all fees, while some community groups get 35% off fees. You’ll need to register in person to qualify for the deal, but depending on the nature of your business, the Basic Business Account may end up being significantly cheaper than expected.

BMO Business Builder 1

Monthly Fee: $22.50 Includes: 35 transactions., 2 eTransfers, and unlimited Moneris transactions per month Perk: Save on fees with online banking

If you’d rather pay a flat rate every month for a certain number of transactions (rather than paying for each individual transaction), you may want to look into BMO’s Business Builder accounts . Business Builder 1 comes with 35 transactions per month and allows up to $2,500 in cash deposits, but you can always select a higher tier if the limit feels restrictive. Depending on your business’s financial habits, a flat-rate account like BMO’s Business Builder plans can be a great way to save money. 

Best Traditional Business Savings Accounts

At the time of writing, these traditional business savings accounts provide higher interest rates compared to their digital-only competitors and a range of convenient spending features at a cost for swift access to funds. These brick-and-mortar providers combine the security and familiarity of conventional banking with competitive savings opportunities, making them an attractive choice for businesses seeking stability and easy fund access.

TD Business Savings Account: Best for balances over $500K

Rate: 2.55% – 4.05% Includes: Free transfers between TD accounts

If your business’s chequing account is at TD, the Business Savings Account may be a good supplement. The interest rate is tiered depending on your balance, with the lowest rate of 2.55% on balances under $10K, and ranging up to 4.05% on balances over $5M.

Manulife Business Savings Account: Best for balances under $500K

Rate: 2.85% Includes: Free deposits, pre-authorized withdrawals, and transfers to other Canadian accounts

Manulife’s Business Savings Account is another great savings solution to complement your business chequing account. The 2.85% interest rate is very impressive, though Manulife’s website does not say how long transfers take.

In a pinch, you may be able to eTransfer the money to yourself, but this would cost $1. Since the account has very few transaction fees, it’s a great way to earn some extra cash if your business has liquid funds that aren’t immediately needed.

Do You Need a Business Bank Account?

In Canada, there isn’t a federal law that requires you to have a business bank account. But if you own your own business, then yes, you should have one. It’s best practice to have a business bank account in order to manage your company’s finances effectively. There are practical and legal reasons that make having a business bank account necessary or, at the very least, highly beneficial in many situations, such as:

Corporate Structure: If you operate a corporation in Canada, it’s legally distinct from its shareholders. This means that the corporation’s finances must be kept separate from personal finances. In such cases, a business bank account is required to maintain this distinction.

Tax Reporting and Auditing: For tax purposes, the Canada Revenue Agency (CRA) requires clear and accurate financial records. Mixing personal and business finances can complicate this process. While sole proprietors and partnerships might technically use personal accounts, having a business bank account simplifies bookkeeping, reporting, and any potential audits. Without a business bank account, you could unwittingly commit tax fraud – that’s a serious mistake you never want to make!

GST/HST Registration: Businesses that sell over a certain total value of goods and services must register for, collect, and remit the Goods and Services Tax (GST) or the Harmonized Sales Tax (HST). Having a business bank account can simplify the process of managing and remitting these taxes.

Employment: If you hire employees, you’ll likely need a system to manage payroll. A business bank account facilitates this and helps maintain clear records for both payroll and related taxes.

Business Licenses and Permits: Some municipalities or provinces might require proof of a business bank account before issuing certain business licenses or permits.

Contracts and Agreements: If you’re entering into contracts or agreements, especially with larger corporations or government entities, they might require you to have a business bank account for payments or other financial transactions.

Business Loans and Credit: If you’re seeking business financing or credit, most financial institutions will require you to have a business bank account. If you’re considering getting a business credit card , a business bank account gives lenders better insight into your regular income and expenses, helping them determine whether your business can handle credit.

Professional Appearance: If you’re dealing with suppliers, vendors, or customers, having payments made to a personal name can appear unprofessional. At the very least, a business bank account helps establish credibility.

What documents do I need to open a business bank account?

When opening a business bank account, the exact documents that you’ll need vary from institution to institution. You’ll also need different supporting documents based on your business structure. t’s essential to contact the specific bank or credit union directly to get a definitive list of required documents. Each financial institution can have its own unique requirements, and being prepared will help ensure the process is smooth and efficient. Be prepared to provide the following:

Personal Identification

Most banks will require personal identification from all owners, directors, and any other key personnel associated with the account. This can include:

• A valid passport.
• Driver’s license.
• Other government-issued photo ID.
• Your social insurance number (SIN)

Business Registration Documents

Depending on your business structure, this could be:

• Sole Proprietorship: Business registration or trade name registration document. You get this when you register a business .
• Partnership: Partnership agreement and a business or trade name registration document (if applicable). Corporation: Articles of Incorporation or a Certificate of Incorporation.
• Business Number (BN): Issued by the Canada Revenue Agency (CRA) , the BN is needed if you’re registered for the GST/HST.

Other Licenses and Permits

Any municipal or provincial licenses or permits you have that demonstrate you’re authorized to operate your business.

Partnership Agreement

If you’re operating a partnership, the bank may require a copy of your partnership agreement to determine the authority of each partner regarding the bank account.

Corporate Resolution

If operating a corporation, a corporate resolution (or a similar document) might be required. This document identifies the individuals within the corporation who have the authority to act on its behalf regarding banking transactions.

Financial Statements or Business Plan

Some banks may request a copy of recent financial statements or a business plan, especially if you’re interested in securing additional banking products, like loans or credit lines.

Other Information

Depending on the bank, they may ask for details like:

• Estimated account activity (e.g., monthly deposits, number of transactions).
• Purpose of the account.
• Expected sources of deposits (e.g., point-of-sale, online sales, B2B services).
• Information on any foreign transactions or business dealings.
• For Non-Resident Owners/Directors: Additional documentation might be needed for business owners or directors who are not residents of Canada.

Trust or Association

If you’re setting up an account for a trust or association, you might need to provide the trust agreement or the association’s governing documents.

Best business bank accounts: the takeaway

Business is never one-size-fits-all, and the same can be said of business bank accounts. All of the major brick-and-mortar Canadian banks offer several business bank accounts , each with its own requirements and perks.

You need to pick the plan that best suits your needs. Many online banks also offer business bank accounts, making it tough to choose the right plan .  

Still have questions about business bank accounts? Check out our most frequently asked questions for more help:

Heidi Unrau

Best free business bank accounts in Canada

Find the right no monthly fee business bank account for your business..

In this guide

Quick view: Best free business bank accounts in Canada

Best free business account for rewards: loop, best free business bank account for international payments: wise business, best free business bank account for multiple currencies: vault, best free business bank account: bmo ebusiness plan, best free business savings account: scotiabank right size savings for business account, how to find the best free business bank account in canada, business bank accounts that waive monthly fees, free business chequing accounts from digital banks vs major banks, how to open a no-fee business bank account, bottom line, faqs about no-fee business bank accounts.

Banking Guides

Banking Providers

Business bank accounts let you manage your day-to-day business spending, but often come with high monthly fees or transactional costs that quickly add up. But a free business bank account lets you manage your company’s day-to-day budget without the hassle of paying a monthly account fee.

The good news is that you can find a no monthly fee business bank account in Canada offered by a variety of financial institutions, including digital banks, fintechs and traditional banks. While paying no monthly fee can be a positive, you’ll also need to watch out for other costs like transaction fees, e-Transfer fees, currency conversion costs and more. To help keep your business bank account costs as low as possible, keep reading our guide to the best no monthly fee business bank accounts in Canada.

Digital access

• Low $6 monthly account fee
• Unlimited online transactions
• Unlimited mobile and ATM cheque deposits
• Sole proprietorships and corporations accepted

Multi-currency

• USD, GBP, EUR accounts
• Multi-currency credit card
• Pay bills in 37 currencies
• Avoid FX fees
• For registered Canadian corporations only

Wire transfers

• Transfer to 80+ countries
• Low minimum transfer amount
• High sending limits
• No mark-up or FX rate fees
• Best free business bank account for rewards: Loop
• Best free business account: BMO eBusiness Plan

Methodology: How we picked the best free business bank accounts in Canada

To determine this best list, Finder Canada analyzed 18 business bank accounts across 14 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 5.

We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:

• Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, wire transfer fees, NSF fees, overdraft fees)
• Perks: 20% (Number of currencies you can bank in, interest rates, signup bonuses, other tailored rewards)
• Banking Access: 15% (In-branch banking, online banking access, ATM network access, national availability)
• Customer Experience: 15% (Live chat availability, mobile app ratings)
• Minimum Requirements: 10% (Minimum deposit requirements, minimum balance requirements)

No single business bank account will be the best choice for everyone, so thoroughly compare your options before picking your new account.

Loop Global Business Banking Account

• Pros + Cons
• More Details
• Earn reward points for your business spending
• Hold and spend funds in multiple currencies
• Competitive foreign exchange rates
• Only one free plan available
• Read the fine print for details of other fees
• No Apple Pay or Google Pay

Wise Business

• Get the mid-market exchange rate
• Hold funds in nine currencies
• User-friendly platform
• Transfer fees apply
• Doesn't accept cash or cheque deposits

Vault Business Banking Account

• Easy online signup process
• Send funds in over 30 currencies
• Earn cash back on spending
• Not available for sole proprietors or partnerships
• Not available in Quebec
• Can't accept credit card payments

BMO eBusiness Plan

• Unlimited electronic transactions
• No minimum balance requirement
• Unlimited transfers between your accounts
• Not suitable if you need to make regular cash and cheque deposits
• You need to book an appointment to open an account

Scotiabank Right Size Savings for Business

• Competitive interest rate
• Unlimited free self-service transfers
• Withdraw your money at any time
• You'll need to deposit at least $10,000 to earn interest
• Tiered rate means you may not qualify for the highest advertised rate
• Watch out for fees on bill payments and Interac payments

Dive deeper: Our top picks for the best business bank accounts in Canada

There’s no “one size fits all” best free business chequing account that will suit every business. The right account for your company depends on a few factors, such as how many transactions you anticipate making each month, type of transactions, and how you manage your money.

That’s why the first step to finding the best free business bank account is to realistically decide what your business needs from a financial institution. Do you need many transactions in multiple currencies? Would access to credit be helpful? Or do you just want a no-frills business bank account? To help, here is a list of factors that influence cost and suitability:

No monthly account fee requirements

Some business bank accounts come with no monthly fee. Other accounts charge a monthly fee, but the fee is waived if you keep a minimum account balance in the account. Be sure to check when and if fees are waived and whether it’s realistic to keep money in the account to avoid monthly account fees.

Included transactions

Check to see how many transactions you can perform each month without incurring any additional fees. For instance, there may be limits on the number of e-transfers you can send, the number of cheques you can deposit or the amount of cash you can deposit. Does the business bank account you are considering offer enough monthly transactions to suit the needs of your growing business?

Read the fine print to find out if there are any other fees attached to your free business bank account, such as:

• Per-transaction fees when you exceed your monthly transaction limit
• e-transfer fees
• Cash deposit fees
• Cheque deposit fees
• In-branch transaction fees

Account accessibility

Think about the type of banking transactions your business requires. Do you manage your finances completely online or through mobile banking? Or do you regularly deal in cash and need convenient branch and ATM access? Do you require a business bank account with multiple currency options or an account that offers large or international money transfers?

Knowing how your business will use the business account is key to finding an account with appropriate access.

Interest rate

If you’re opening a business savings account or a hybrid chequing account that pays interest on your balance, compare interest rates between accounts. Remember that some accounts have tiered interest rates — in other words, a higher interest rate for larger balances — so you may not get the highest advertised rate.

Cashback and other rewards

Some business bank accounts allow you to earn reward points or cashback on your spending. Alternatively, signing up for an account might entitle you to discounts on other business banking products, such as a waived annual fee on a business credit card.

CDIC coverage

Make sure the provider you choose is a member of the Canada Deposit Insurance Corporation. This offers peace of mind by ensuring deposits of up to $100,000 are covered if your bank goes under.

Customer support

Finally, make sure you can access customer support, when you need it. Check what days and hours support is available, as well as the tools used to reach a customer support representative. Remember, full-service, traditional banks will usually offer more robust customer service options and hours, but this service comes at a price. Balance out the need for support with the ongoing cost of this banking product.

Most business bank accounts from major banks come with a monthly fee. But if your balance stays above a certain level each month, that monthly fee will often be waived.

Keeping a sizable balance in your account will not only help you save on fees but also ensure you have cash on hand to cover unexpected expenses. But having so much money just sitting there can also limit the growth of your business, and you may be better off parking at least some of that balance in an interest-earning savings account.

Check out the table below for a list of business bank accounts from the Big Five with waived monthly fees.

So, should you open a fee-free business bank account with a digital bank or stick with a major bank? The answer: it depends on your banking needs.

If you do all of your business banking online, a digital bank or fintech account could be a perfect fit. These accounts commonly have no fees, support unlimited transactions and offer user-friendly online and mobile banking.

What they don’t offer is convenient branch access or a large ATM network, and they also may not accept cheques or cash deposits. So if you need to do lots of in-person banking, you may be better off going with a major bank.

If you’d like to open a free business bank account in Canada, the application process varies from bank to bank. Some banks and fintechs offer a completely online application, while others will require you to visit a branch or chat with a business banking representative over the phone.

You’ll need to be the age of majority in your province or territory, and your business needs to be registered and operate in Canada. You and anyone else who signs on the account will need to provide:

• Your name and date of birth
• Your phone number, email address and mailing address
• Two pieces of ID (one indicating your name and address and another indicating your name and date of birth)

You’ll also need to provide business documents, but these vary depending on the structure of your business.

• Sole proprietors: Business registration or trade name registration.
• Partnerships: Partnership registration, partnership agreement, trade name registration or Master Business Licence.
• Corporations: Multiple documents may be required, such as articles of incorporation/association, trade name registration, notice of assessment for income tax and certificate of corporate status.

Dive deeper: Our top picks for the best business bank accounts for sole proprietorships

Most free business bank accounts in Canada allow you to manage your day-to-day spending for your business without having to worry about monthly fees. By taking the time to compare products and services while hunting for a low or no-cost business bank account, you will find a financial tool that helps manage your business spending while giving you access to features that can help you grow your business.

What business bank accounts have no fees?

Several business bank accounts in Canada have no monthly fees, including options from digital banks and traditional banks. There are chequing and savings accounts available, while many banks also offer business chequing accounts with waived monthly fees when you meet a minimum balance requirement.

However, even if there's no monthly fee, keep in mind that there may be other account fees for specific transactions. Check the fine print for full details of any fees that apply.

Which business bank account is best?

The best business bank account for you depends on your needs. Consider how many transactions you perform each month, whether they're digital or in-person transactions, and whether you want any other perks or rewards. Compare a range of free business bank accounts to find one that suits your needs.

Can a non-resident open a business bank account in Canada?

Yes, non-residents can open a bank account in Canada. However, this varies from one bank to the next, so check with your chosen bank to find out if non-residents are eligible to open an account.

Is there a BMO free business account?

Yes. The BMO eBusiness Plan has no monthly fee and supports unlimited Moneris and electronic transactions. The BMO Business Builder 3 and Business Builder 4 accounts also offer waived monthly fees when you satisfy minimum balance requirements.

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full profile

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21 Best Small Business Bank Accounts in Canada [Ranked]

Small businesses are the backbone of the Canadian economy. Businesses such as yours are responsible for creating 68% of the total private labor force in Canada.

Table of Contents

While small business entrepreneurs are considered to be the fuel behind the lifeblood of the Canadian economy, they often have a hard time accessing the financial services they need to start, grow, and thrive. That’s where the best small business bank account in Canada comes in.

The best small business bank account in Canada is one that offers competitive interest rates, low fees, and a wide range of features and benefits specifically designed for small businesses.

When looking for the best small business bank account in Canada, be sure to compare a wide range of options before making your final decision. This will help you find an account that best meets the specific needs of your business.

The following is a list of the best small business bank account in Canada. This list was compiled based on a number of factors including, but not limited to, interest rates, fees, and the range of features and benefits each account offers.

Best Small Business Bank Accounts with No-Monthly Fees

1. wise business account (formerly transferwise).

Wise Business Account is an excellent business account for Canadian small businesses that deal with cross-border or international transactions such as eCommerce shop owners.

While not necessarily a bank, Wise offers small businesses the ability to transact internationally with no monthly, hidden, or conversion fees, Wise does charge low transfer fees for each money transfer transaction.

A Wise Business Account makes it easy and affordable for businesses to pay and get paid in a variety of currencies. This can save businesses a lot of money on international transfer and currency conversion fees, as well as streamline tedious accounting tasks.

Wise also offers many other features which can be of great use to businesses, such as:

– Multi-currency accounts in up to 7 different countries

– A Mastercard debit card for easy spending and ATM withdrawals

– The ability to send invoices in multiple currencies

– Automated currency conversion

All of these features make Wise Business Accounts a great choice for businesses that need to manage their finances in multiple currencies. To learn more, or to sign up for a Wise Business Account, visit their website today.

Open a free Wise business account here .

2. Alterna Business Account

If you’re looking for a no-nonsense business chequing account, Alterna’s eChequing Account is worth a look. There are no monthly fees as long as you maintain a $3,000 minimum balance, and you get unlimited debit and credit transactions as well as unlimited incoming Interac e-Transfers. You also have access to 3,300 ATMs via Canada’s EXCHANGE Network, and deposits are insured up to the max allowed by the Canada Deposit Insurance Corporation (CDIC).

Learn more about Alterna Business Account here .

2. BMO e-Business Plan

If you’re a small business owner who banks digitally, the BMO e-Business Plan can help you manage your business finances with fewer limits on electronic transactions. This plan doesn’t have a monthly fee, and you’ll have unlimited transactions each month. You won’t have to worry about minimum balances, either – so it’s perfect for businesses that are just getting started. Plus, the BMO e-Business Plan comes with reliable support from BMO Bank, so you can rest assured that your finances are in good hands.

Benefits of the BMO e-Business Plan:

No monthly fee

Unlimited transactions (Online/Debit)

No minimum balance required

Reliable support from BMO Bank

Perfect for small businesses that are just getting started .

Best Small Business Bank Accounts with Low Monthly Fees

4. rbc digital choice business account.

If you do most or all of your transactions electronically and don’t need to write or deposit many checks, RBC’s Digital Choice Business Account may be a good option. This account has a $5 monthly fee, but no minimum balance is required. Additionally, there are no fees for electronic debits and credits. However, standard fees apply to all non-electronic transactions: $2.50 charge for every paper debit or credit transaction, $5 fee for every $1,000 cash deposited in a branch and $2.25 per $1,000 charge for ATM deposits. Bank of Montreal (BMO) offers a similar eBusiness Plan, with the added bonus of no monthly fee at all.

Learn more about the RBC Digital Choice Business Account here .

5. RBC Flex Choice Business Account

The RBC Flex Choice Business Account has a monthly fee of $6 a month and is a great option for businesses that want a flexible small business chequing account. The RBC Flex Choice Business Account offers unlimited (Moneris) deposits, and only charges fees for paper deposits and electronic transactions. This makes it a great option for small retail businesses that want to keep their costs low. Additionally, the account offers competitive rates on cash deposits made through RBC ATMs or through their Night and Day deposits.

Learn more about the RBC Flex Choice Business Account here .

6. BMO Business Start Bank Account

The BMO Business Start Bank Account is a great option for small businesses looking for a simple, no-frills bank account. There is a $6 monthly fee, but there is no minimum balance requirement, which makes it a good choice for businesses that are just starting out but need a little more features. You also get seven free transactions each month, which is a nice bonus. However, if you go over the limit, fees start at just $0.60 per electronic transaction. This account is a good option for small businesses that want to keep their expenses low and don’t need a lot of fancy features.

Learn more about the BMO Business Start Bank account here.

7. TD Basic Business Plan

The TD Basic Business Plan is a plan that offers five free transactions and five free deposit items per month, with each transaction and deposit item after the first five costing $1.25 and $0.22, respectively. Additionally, there is a cash deposit fee of $2.50 per $1,000.

The TD Basic Business Plan costs $5.00 per month.

8. Scotiabank's Right Size Account for Business

The Scotiabank Right Size Account for Business is a great option for businesses that want to avoid paying high monthly fees, but still, need to make a limited number of transactions per month. This account has a $6 monthly fee but allows for four free transactions per month. After the four free transactions are used up, each additional transaction will cost $1-$1.25, depending on how many transactions are made. This account is perfect for small businesses that don’t need to make many transactions each month but don’t want to pay high fees.

9. Scotiabank Basic Business Account

The Scotiabank Basic Business Account is a great option for businesses that want to have a low-cost account with some added features. The monthly fee of $10.95 is waived if your minimum monthly balance is $8,000 or more, which is a great benefit. Additionally, each transaction costs $1.25, but this is still a relatively low price compared to other accounts. The account is available in both Canadian and U.S. dollars, making it a versatile option for businesses with operations in multiple countries.

Learn more here.

10. BMO Business Builder 1

BMO Business Builder 1 is a great account for businesses that are larger than the other three choices, but still aren’t too big. The account has a monthly fee of $22.50 and allows for 35 transactions a month as well as 25 deposits and $2,500 in cash transactions, and unlimited Moneris transactions. This account also comes with access to BMO’s online platform, which provides additional features like advanced cash management services and 24/7 customer support. If your business is on the larger side, the BMO Business Builder 1 account is a great choice for you.

Learn more about this small business bank account here.

11. TD Every Day Business Plan A

The TD Every Day Business Plan A is a budget-friendly plan for everyday business banking if your business has a low volume of transactions which is billed at $19 a month. There are 20 monthly transactions included with the plan and 50 deposit items. The additional transaction fee is $1.25, and $0.22 per additional deposit in excess of the account limit. Like the Basic Business Plan, there’s a fee of $2.50 per $1,000 of additional cash deposits.

Your monthly banking fee is rebated if you maintain a balance of at least $20,000.00

12. TD Every Day Business Plan B

The TD Every Day Business Plan B is a step-up to their Every Day Business Plan A billed at $39 a month with a 60 monthly transaction limit and a fee rebate if you can maintain a $35,000 minimum account balance.

Learn more about TD’s Every Day Business Plans here.

Best Small Business Bank Accounts for High Volume businesses

13. cibc unlimited business operating account.

If you’re looking for a business account that offers unlimited transactions, the CIBC Unlimited Business Operating Account is a great choice. With no monthly fees and a host of features, this account is perfect for larger businesses.

To open an account, apply online and take an application and principal owners of the business to a local branch to complete the process. The deposit package for this account includes $15,000 in cash, $1,000 in coins, and 100 cheques. Customers can get the monthly fee waived if they keep a minimum daily balance of $45,000, otherwise, their monthly fee or this small business chequing account is billed at $65.

Learn more about the CIBC Unlimited Business Operating Account here.

14. TD Unlimited Business Plan

The TD Unlimited Business Plan is another great choice for businesses that have a high number of transactions each month. The plan includes unlimited transactions and deposits, billed at $125 a month, which is rebated if you maintain a minimum daily balance of $65,000.00.

Learn more about the TD Unlimited small Business Account.

15. Scotiabank Account Unlimited

The Scotiabank Account Unlimited is also an excellent small business bank account for businesses that have a high volume of transactions each month. This account has no monthly fee as long as you maintain a minimum balance of $75,000. In addition to unlimited transactions, the account also offers cash deposits of $30,000 per month.

The ScotiaConnect Digital Banking service is complimentary with this account and allows you to manage your business activity, pay employees, file business taxes and receive EFTs.

The Scotiabank Account Unlimited is a great choice for businesses that need to process a lot of transactions each month.

Learn more about Scotiabank Small Business Bank Accounts here.

Best Small Business Savings Account in Canada

16. manulife bank business advantage account.

The Manulife Bank Business Advantage Account is a great choice for businesses who want to earn high interest on their excess or idle cash. The account comes with easy access to your money through online and mobile banking, as well as free deposits and bank-to-bank transfers between your accounts at other Canadian banks.

Plus, there are no minimum balance requirements and no monthly fees.

Manulife Bank knows that every business is different, so they offer a variety of ways to help you manage your account and maximize your earnings. For businesses looking for more interest on their cash, Manulife Bank’s Interest Plus feature allows you to earn tiered interest rates based on the total amount you have on deposit. And if you need to make a large purchase or invest in new equipment, their Business Line of Credit can provide up to $100,000 in flexible financing.

Learn more about whether the Manulife Bank Business Advantage Account is right for your business here.

17. Tangerine Small Business Savings Account

The Tangerine Small Business Savings Account is a great choice for businesses looking for high-interest savings account rates and no fees. Signing up is easy, and can be done in just 10 minutes online. There are no minimum balances or service charges, making it a great option for businesses of all sizes. The account also offers a U.S. Dollar Savings option, making it perfect for businesses with operations or clients in the U.S.

Learn more about Tangerine’s no-fee personal and business savings accounts here.

18. TD Business Savings Account

The TD Business Savings Account is a great option for small businesses that are looking for a high-interest savings account. This account offers a competitive tiered interest rate on account balances, allowing your business to grow its savings quickly. There are no monthly fees associated with this account.

Learn more about the TD Business Savings Account here.

19. CIBC Business Savings Account

The CIBC Business Savings Account is another great option for small businesses that are looking to grow their savings. This account offers a competitive interest rate of 0.40% to 0.65% based on the daily closing balance, with no monthly fees.

Learn more about the CIBC Business Savings Account here.

20. BMO Small Business Savings Account

The BMO Small Business Savings Account is a great option for small businesses that want to grow their savings. This account offers a tiered interest rate of 0.20% to 0.65% on your business savings account balance, with no monthly fees.

Learn more about the BMO Small Business Savings Account.

21. RBC Business Savings Account

The RBC Business Savings Account is a great option for small businesses that are looking to grow their savings. This account offers a tiered interest rate of 0.30% to 0.35% depending on the account balance, with no monthly fees.

There is no monthly maintenance fee for this account, however, they do charge on a per-transaction basis. You have two free debit transactions a month but you will be billed $3.5 each thereafter. Credits and deposits are charged at $1.00 each beyond 999 per month, items deposited at $1.00 each, and cash deposits at $10 per $1,000.00

Learn more about the RBC Business Savings Account.

Contact us for your Life Insurance Needs

At SmartWealth , we provide expert advice for all types of life insurance, savings, and retirement planning. As your Life Insurance and financial advisor, we work with you to create a personalized plan for your family or business that covers and meets your needs.

To schedule a consultation about your financial goals , or if you have any questions about insurance in Alberta, Manitoba, or Ontario, please book a virtual meeting to talk to an advisor today ! We’re proudly based out of Winnipeg, and service clients anywhere in Ontario, Manitoba and Alberta including areas such as Guelph, Edmonton, and Brandon.

Small businesses have a variety of bank account options to choose from in Canada. Each account has its own set of benefits and drawbacks, so it is important to do your research and find the one that best suits your needs. The accounts listed above are some of the most popular options for small businesses in Canada, so be sure to check them out and see which one is right for you.

If you’ve already been in business for some time and you have a small business bank account that you swear by, please don’t hesitate to share your thoughts in the comments below or if you found value from this post and learned something that helped you, I’d love it if you shared this post in your social media communities.

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TD e-Transfer Limit: Everything You Need to Know

Interac e-Transfer is widely accepted all over Canada because of its relatively low cost and superfast payments.

A lot of Canadians also prefer using the Interac e-Transfer service because it is accessible on the platforms of various banks and other financial institutions. 

Currently, there are more than 250 financial institutions in Canada that support the Interac e-Transfer service on their respective platforms. 

TD Canada Trust is one of the big banks that allow customers to send and receive money with Interac e-Transfer. 

This article gives a detailed overview of the TD e-Transfer limit that applies when sending and receiving money on TD banking platforms. 

It also discusses other important information about the TD e-Transfer service.

So continue reading to find out the details!

Table of Contents

TD e-Transfer Limit

TD Canada Trust has specific limits that determine the amount of money each customer can move around with the Interac e-Transfer service.

At the moment, TD Canada Trust has not specified the minimum amount of money its customers can send with e-Transfers. 

However, the following are the maximum TD e-Transfer limit on outgoing transactions:  

Meanwhile, TD Canada Trust has also set $3,000 as the maximum amount of money customers can send per single e-Transfer transaction. 

Also, the figures you see in the table above apply when you are receiving money via Interac e-Transfer to a TD Canada Trust account.

Bear in mind that as a TD account holder, your e-Transfer money request can only be accepted if the amount is within the sending limits set by your recipient’s financial institution. 

TD e-Transfer Limit Increase

Chances are that the TD e-Transfer limit may not be suitable for you especially if you make larger monthly transactions.

If you’re already a TD client, you may want to consider ways you can increase your e-Transfer limit with the bank.

Unfortunately, TD doesn’t disclose ways of increasing e-Transfer limits. This is common with most financial institutions as they aim to reduce risk.

Notwithstanding, you can negotiate a limit increase by contacting TD customer care through any of the following means:

• Phone : Call 1-866-222-3456 or click this link . 
• In-person : Book an appointment with a TD bank representati ve.

How to Send e-Transfers From a TD Account

To send Interac e-Transfers from a TD account, you need to use the TD bank mobile app or the TD EasyWeb platform.

Follow the steps below to send e-Transfers from a TD account:

• Log on to your account via the TD EasyWeb platform or the TD bank app
• Select “Interac e-Transfer”
• Click “Send Money”
• Select which of your TD account to be debited for the transaction
• Enter the amount of money you want to send out
• Choose an existing recipient on your list or add a new recipient 
• Proceed to set up a security question and answer if the recipient does not have Autodeposit enabled
• Review the information you entered
• Click on “Send Money”

How to Receive e-Transfers with a TD Account

TD Canada Trust allows customers to receive incoming e-Transfer funds in three ways. They are:

• By answering a security question (for clients with no Autodeposit activated)
• By “Direct to Account” deposit (only to eligible TD account numbers)
• By Interac Autodeposit

To receive incoming Interac e-Transfers to a TD account by answering a security question, follow the steps below:

• Open the notification text message or email you received from Interac
• Click the link in the text message or email and log on to your TD account
• Select the specific TD account you want the funds to be deposited into
• Review the information on your screen
• Click on “Deposit Now” and that’s it

How to Check an e-Transfer Status on TD

As a TD account holder, you can check the status of an Interac e-Transfer transaction by using the TD bank app or EasyWeb banking platform.

Follow the steps below to check the status of any TD e-Transfer transaction:

• Log on to your TD account from the TD bank app or EasyWeb banking platform
• Check the appropriate transaction history tab (Money Received, Money Requested or Money Sent)
• Select the specific transaction you want to track

This process shouldn’t take you more than a few minutes on your phone or desktop. 

How to Set up Interac Autodeposit on a TD Account

If you activate the Interac Autodeposit feature on your TD account, money sent to you via e-Transfer will be deposited automatically.

This simply means that you will no longer be required to answer a security question before an Interac e-Transfer can be deposited into your TD account.

Here are the steps to follow if you want to set up the Interac Autodeposit on your TD account:

• Log on to your TD account via the EasyWeb platform or the TD bank app
• Select “Interac e-Transfers”
• Click “Manage Autodeposit” and choose the “Set Up Autodeposit” option
• Enter your email address
• Select which of your TD account to be credited whenever money is sent to you
• Agree to the Terms and Conditions for TD Interac e-Transfer service

TD e-Transfer Processing Time

When you send money with e-Transfer from a TD account, it should be processed and delivered within minutes. 

If the recipient has the Autodeposit feature enabled, the funds you sent via e-Transfer will be deposited into his or her account directly.

In the case of a recipient with no Autodeposit feature activated, the person should receive a notification email or text message a few minutes after you send the money. 

Bear in mind that a recipient with no Autodeposit feature can only receive your e-Transfer after providing a correct answer to the security question you attached to the transfer.

TD e-Transfer Fees

Certain TD account types have zero transaction fees for Interac e-Transfers while other account types pay a little fee.

Here is a list of TD accounts that enjoy free Interac e-Transfer transactions:

• TD Every Day Chequing Account
• TD Unlimited Chequing Account
• TD Wealth Private Banking Account
• TD Student Chequing Account
• TD All-Inclusive Banking Plan Account
• Any business chequing account with a TD Unlimited Business plan

For other account types, TD Canada Trust charges $0.50 per e-Transfer transaction which is less than $100 on a TD Personal account. 

Similarly, a fee of $1.00 is charged per e-Transfer transaction above $100 on TD Personal accounts. 

Also, all TD business account types pay $1.50 per Interac e-Transfer transaction except for the Every Day A, B, and C accounts that enjoy two free transactions per month before being charged. 

For each time a business banking customer includes Additional Remittance Details with their e-Transfer, TD Canada Trust charges an extra fee of $0.50. 

TD Canada Trust also allows its customers to cancel an Interac e-Transfer transaction for free within 45 minutes of its initiation. After that, a cancellation fee of $5.00 applies per transaction.

Meanwhile, the following TD accounts do not pay an e-Transfer cancellation fee:

• TD Unlimited Business Plan
• Line of Credit

Also, receiving incoming Interac e-Transfer funds to a TD account is completely free.

READ ALSO : How to Close TD Bank Account

Interac e-Transfer Limits of Other Popular Canadian Banks

The Interac e-Transfer transaction limits for many Canadian banks are very similar. However, some banks use a different approach to set the limit for e-Transfers.

Let’s take a look at each of the e-Transfer limits of some of the popular Canadian banks below:

The BMO e-Transfer limit for sending money is tied to the spending limit of your BMO debit card.

The following limit applies as the maximum amount you can send via e-Transfer with BMO:

Meanwhile, you can only send the above-listed amounts if you have not exceeded your BMO debit card spending limits. 

Learn more : BMO e-Transfer Limit

Royal Bank of Canada (RBC) is one of the traditional banks that uses a different approach in setting the Interac e-Transfer limit for each customer.

For all RBC customers, their Interac e-Transfer send limit varies per client’s card. 

This simply means that your card limit at any time will determine your e-Transfer limit as well. 

RBC personal chequing accounts are allowed to send and receive Interac e-Transfers for free. 

However, all other RBC account types pay between $1.00 – $1.50 for sending e-Transfers.

Learn more : EQ Bank e-Transfer Limit

Scotiabank uses the same approach as RBC in setting the Interac e-Transfer limits for each of its customers. 

The Interac e-Transfer send limit for each Scotiabank customer is directly tied to their card limit. 

The only difference between Scotiabank’s e-Transfer service and that of RBC is that Scotiabank charges a flat fee of $1.00 per transaction.

Also, Scotiabank allows customers to cancel any Interac e-Transfer transaction for free. 

Learn more : Scotiabank e-Transfer Limit

The Canadian Imperial Bank of Commerce (CIBC) also has a set limit for sending money via Interac e-Transfer on its platforms. 

Below is a table showing the maximum amounts you can send at any given time via e-Transfer with CIBC:

Receiving money via e-Transfer is free with CIBC but a $1.50 fee is charged when sending money out. 

Also, a $3.50 fee is charged when a CIBC customer stops an e-Transfer transaction.

Nonetheless, CIBC Smart Plus accounts and CIBC Smart accounts do not pay any e-Transfer fees.

Learn more : CIBC e-Transfer Limit

Tangerine is one of the online-only banks with a set limit for the maximum amount customers can send or receive via e-Transfer.

Here is a table showing the e-Transfer limits for sending money with Tangerine bank:

Tangerine bank also limits the amount of money its customers can receive via Interac e-Transfer at any given period. The limits are:

• $10,000 per day
• $70,000 per week
• $300,000 per month

Learn more : Tangerine e-Transfer Limit

Simplii Financial is also one of the popular online banks with a specified limit for sending money via e-Transfer on its platforms.

Here is a table showing the Simplii e-Transfer limits for sending money:

Bear in mind that Simplii Financial allows its customers to send and receive money for free via Interac e-Transfer. 

However, a $3.50 fee is charged when you cancel an e-Transfer with Simplii Financial.

Learn more : Simplii e-Transfer Limit

Like other digital banks in Canada, EQ Bank limits the amount of money its customers can send or receive via Interac e-Transfers.

The table below shows the Interac e-Transfer limits that apply when sending e-Transfers with EQ Bank:

EQ Bank also limits the maximum amount of money you can receive via e-Transfer to $25,000 at any time. 

HSBC offers a higher e-Transfer send limit than some of the traditional banks including TD Bank. 

The table below shows the daily, weekly and monthly e-Transfer limits that apply when sending money with HSBC:

It is free to send and receive money via Interac e-Transfers with any Canadian dollar HSBC savings or chequing account. 

Learn more: HSBC e-Transfer Limit

About Interac e-Transfer

Interac e- Transfer is a reliable money transfer service that is only accessible on electronic platforms of Canadian banks and other financial institutions. 

The Interac e-Transfer service is fully owned by Interac Corp and it was launched officially in 2003. 

The e-Transfer service was specifically launched to smoothen the process of moving money electronically within Canada. 

For all the participating financial institutions that support Interac e-Transfer, their customers can send and receive money effortlessly using the service.

This ease of access, fast payments and relatively low cost make Interac e-Transfer one of the best electronic payment networks in Canada today.

The total Interac e-Transfer transactions in April 2022 surpassed 1 billion when tracked over the last 12 months to that time. 

Different banks in Canada have varying e-Transfer limits and fees for the service. 

Compared to other big banks in Canada, the TD e-Transfer limit for sending and receiving money is fair enough. 

However, HSBC does offer much higher daily and monthly e-Transfer send limits compared to TD Canada Trust. 

If you are looking to send more than $3,000 per e-Transfer transaction, you might want to consider the HSBC e-Transfer service instead. 

Tell me about your preferred choice by leaving a reply below. 

FAQs on TD e-Transfer Limit

Does td bank have interac e-transfer.

Yes, TD Canada Trust is one of the biggest banks in Canada that allows customers to send and receive money with Interac e-Transfer.

Bear in mind that a little Interac e-Transfer fee is charged per transaction on some TD account types though. 

What is the maximum e-Transfer amount at TD?

The maximum amount of money you can send or receive via e-Transfer with a TD account is:

• $3,000 per day
• $10,000 per week
• $20,000 per month

How does TD e-Transfer limit rollover?

The maximum e-Transfer limits on your TD account will be rolled over after 24 hours, 7 days or 30 days to your last e-Transfer transaction date and time.

For example, your daily e-Transfer limit will be rolled over (reset) after 7:59 am tomorrow if your last transaction was done at 8:00 am today. 

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Best Senior Bank Accounts in Canada

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

ALSO CONSIDER: Best chequing accounts | Best No-fee Chequing Accounts | Best Chequing Account Offers and Promotions  |  Best Student Bank Accounts

Senior chequing accounts often come with unlimited transactions, free cheques and no monthly fees. Although, not all banks offer dedicated senior bank accounts — some simply waive or discount monthly fees for regular accounts that can still help you save money. You typically need to be 60 to 65 or older to be eligible.

• Best Senior Bank Accounts
• Summary of our picks

What to know about senior bank accounts

Back to Top

• CIBC Smart™ for Seniors

• Bonus Offer $400 Get a $400 Costco Shop Card. Open a CIBC Smart™ Account as your first chequing account and complete the qualifying actions. Provide your email address when you open a CIBC Smart Account, then within 2 months: (1) Set up ongoing monthly direct deposits totalling $500 or more. (2) And complete one of these 3 transactions within the same calendar month: 2 ongoing pre-authorized debits, 2 online bill payments of $50 or more each, or 5 online Visa* Debit purchases.
• Monthly Fee $0-$10 $0 for Up to 12 transactions. Additional $1.25 for 13 to 20 transactions. $10.00 for unlimited transactions.
• Number of Transactions Unlimited Varies by the monthly fee, the number of transactions included, and the minimum account balance.
• Get a $400 Costco Shop Card when you open your first chequing account and complete the qualifying actions.
• The monthly fee for the CIBC Smart™ Account typically starts at $16.95, but seniors automatically receive a $6.95 discount. After that, the monthly fee varies by the number of transactions you make in a month and your account balance. If you maintain a $4,000 minimum balance, you’ll have unlimited transactions and no monthly fee. If you do not, you can pay no monthly fee and have up to 12 transactions, or pay $1.25 each for 13-20 additional monthly transactions.
• Free Interac e-transfer transactions that count towards your total transactions.
• Free bank drafts and money orders.
• A $5 discount on the annual rental fee for a safety deposit box.
• Access to nearly 4,000 ATMs across Canada.
• One free non-CIBC ATM withdrawal per month in Canada.
• Use online and mobile banking to transfer money, pay bills, make purchases and manage your money anywhere, anytime.
• Apply online and access your bank account instantly. You can also add your debit card to your mobile wallet and start shopping on the first day.
• Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
• CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
• Checkout with CIBC’s digital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
• Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
• Only available to Canadians aged 65 and older.
• Deposits are eligible for insurance from CDIC.
• RBC Signature No Limit Banking for Seniors

• Bonus Offer Get an iPad Get an iPad when you switch to RBC & open an eligible RBC bank account by August 13, 2024. Conditions apply.
• Monthly Fee $12.95 $12.95 monthly fee for seniors or less with Value Program Rebate. Rebates available
• Number of Transactions Unlimited
• Get an iPad when you switch to RBC & open an eligible RBC bank account by August 13, 2024. Conditions apply.
• Unlimited debits transactions in Canada, valuable savings and even more.
• Get a credit card for less – Up to $48 rebate on the annual fee of an eligible credit card.⁵
• FREE Interac‡ e-Transfer transactions.⁶𝄒⁷
• 3 non-RBC ATM fees waived/month, $2 each thereafter.⁸
• 5 FREE cross-border debits/month, $1 each thereafter.⁹
• No minimum balance (even to get rebates).
• Monthly Fee¹: $16.95 (or less with rebate).²
• $10.95 or $5 monthly fee with Value Program Rebate.¹⁰
• $12.95 monthly fee for seniors¹¹ — or less with Value Program Rebate.¹⁰
• Avion Points¹² – Enroll your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
• Overdraft Protection¹⁵ – Fee waived (overdraft interest applies if used).
• Safe Deposit Box¹⁶ – Up to $12/year discount on regular fees.
• Non-Sufficient Funds (NSF) Fee – 1 NSF fee rebated every calendar year.²⁶
• 1 book of cheques FREE, afterwards Fees Apply¹⁷
• Bank Drafts¹⁸ – 6 FREE/year, $9.95 each thereafter.
• Online, Mobile and Telephone Banking FREE.
• eStatements FREE.
• Monthly Paper Statements $2.25 without cheque image, $2.50 with cheque image.
• Right Account Guarantee® If you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.¹²
• Canadian Western Bank Gold Leaf PLUS Account

• Bonus Offer N/A
• Monthly Fee $0
• Available to Canadians 57 and older.
• No monthly fees.
• Unlimited transactions, including Interac eTransfers.
• Complimentary paper cheques.
• Electronic or paper statements.
• $15 discount on safe deposit box rentals.
• Option to receive GIC interest monthly with no penalty.
• Deposits eligible for insurance from CDIC.
• TD Unlimited Chequing Account for Seniors

• Bonus Offer Up to $400 To be eligible for this offer, you must be a new TD Chequing customer. Offer ends June 3, 2024. Conditions apply.
• Monthly Fee $11.95 Fee waived by maintaining a $4,000.00 minimum balance. Waived with minimum balance
• Earn $350 by opening a TD All-Inclusive Banking Plan or TD Unlimited Chequing Account by June 3, 2024 and complete two of following by July 31, 2024: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Set up a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app.
• Earn up to 5.55% Savings Interest Rate by opening a new TD ePremium Savings Account by June 3, 2024: Earn 3.70% Bonus Savings Interest Rate for 90 days on any balances up to $1,000,000.00. Earn a posted interest rate of 1.85% on balances of $10,000 or greater.
• Earn an extra $50 by applying, be approved and add Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by June 3, 2024.
• Monthly fee: $16.95. ($11.95 for customers 60 and older.) No fee if you have $4,000 in your account at the end of each day of the month.
• Unlimited transactions included per month.
• Free Interac e-transfer transactions.
• Use your TD Access Card for online and in-person shopping, and cash withdrawals, wherever Visa is accepted.
• Visa and Interac Zero Liability protection: no customer responsibility for any unauthorized transactions.
• No additional fee for using non-TD ATMs in Canada. Other banks may charge their own fees.
• Foreign ATM fees: $3 in U.S. and Mexico, $5 in any other foreign country.
• Use TD MySpend to track monthly spending and improve spending habits.
• Direct deposit for paycheques, mobile deposit for all other cheques.
• Access to the Simply Save program, which automatically transfers small amounts of money to a linked TD savings account when using your TD Access Card.
• CDIC protection for eligible deposits.
• RBC Day to Day Banking for Seniors

• Monthly Fee $0 Clients age 65 or older receive a Seniors Rebate of 100% off the Prorated Monthly Fee of $4.
• Number of Transactions 12 Pay $1.25 for each transaction there after. Plus, get unlimited free debits for eligible public transit.
• Ideal chequing account for those with limited banking needs.
• Get 12 debit transactions per month, and pay $1.25 for each transaction thereafter.
• The account also comes with unlimited free e-transfers and debits for eligible public transit.
• Receive free monthly eStatements and paper statements with cheque images on accounts receiving the Seniors Rebate.
• Regular fees apply when using services, such as non-RBC ATMs, international transactions and safety deposit lockers.

Scotiabank Preferred Package with Seniors’ Discount

• Bonus Offer Up to $400* Earn up to $400 with a Scotiabank Preferred package and an investment plan. To qualify, certain conditions must be met. Offer ends July 31, 2024.
• Monthly Fee $12.95 Waive the monthly fee by maintaining a $4,000 minimum daily closing balance for the entire month. Waived with minimum balance
• Earn up to $400 with a Scotiabank Preferred package and an investment plan¹.
• Earn an additional 0.05% on your Momentum Plus Savings Account
• Unlimited debit transactions and Interac e-transfer transactions
• First year annual fee waiver (up to $150) on select credit cards
• Earn points on every day purchases with the Scene+™ program
• 4 more perks
• Monthly fee for seniors is $12.95 per month.
• No monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month.
• Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.

TD All-Inclusive Banking Plan for Seniors

• Bonus Offer Up to $600 To be eligible for this offer, you must be a new TD Chequing customer. Offer ends January 31, 2024. Conditions apply.
• Monthly Fee $22.45 Waive the monthly fee by maintaining a $5,000.00 minimum balance. Waived with minimum balance
• Earn $350 by opening a new account and completing two of the following by March 31, 2024: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Setup a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app.
• Earn up to $200 by depositing $10,000 -$24,999 into the New Savings Account within 30 days of account opening and maintain the balance for 90 days. Plus, get additional cash offers with the deposit tiers and earn: $50 for $2,500-$4,999 deposit, $100 for $5,000-$9,999 deposit, $200 for $10,000 – $24,999 deposit, $500 for $25,000-$49,999 deposit, $1,000 for $50,000 -$99,999 deposit, $2,000 for $100,000+ deposit.
• Earn an extra $50 by adding a Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by January 31, 2024.
• Monthly fee rebate when you maintain a minimum monthly balance of $5,000.
• Unlimited transactions per month.
• Annual fee rebate on TD credit cards
• No TD fees at Non-TD ATMs or Foreign ATMs.
• Free to send or request money using Interac e-Transfer®.
• Free premium perks that include a small safety deposit box, certified cheques, money orders, and personalized cheques at no additional cost.
• With TD Fraud Alerts, suspicious transactions on your TD Access Card can be blocked and unblocked in real-time.
• Earn big rewards on the little things including 50% more Stars at participating Starbucks stores. Simply link your eligible TD Access Card with Visa Debit with your Starbucks Rewards account to start earning. Conditions apply.
• Choose one or more bank accounts from the following, a TD All-Inclusive Banking Plan, a TD ePremium Savings Account, or a TD Borderless Plan, with one application that works for you.
• Benefits of banking with TD: TD app; TD MySpend to track finances; TD Mobile Deposit; Direct Deposit; Overdraft Protection; Simply Save Program to grow savings.
• Open your account online by filling out your secure application in approximately 5 minutes.
• Deposits are eligible for CDIC insurance.
• Scotiabank Basic Bank Account for Seniors

• Monthly Fee $0 Seniors aged 60+ will receive an automatic monthly account fee discount of $4.00.
• Number of Transactions 12 Additional fees apply for shared ABM services, international debit transactions and other services not included in the chequing account plan. A charge for additional debit transactions may apply.
• The Basic Bank Account is ideal for those who don’t need more than 12 debit transactions per month. Thereafter, a charge for additional debit transactions may apply.
• It comes with free Interac e-transfer transactions.
• Seniors over 60 qualify for an automatic monthly account fee discount of $4.00, which covers the full fee.
• Additional fees apply for shared ABM services, international debit transactions and other services not included in the chequing account plan.
• National Bank The Total Chequing Account for Seniors 60 and over

• Monthly Fee $23.95 Waive the monthly fee by maintaining a $6,000 minimum balance. Waived with minimum balance
• Unlimited access to all digital and counter transactions.
• Unlimited and free Interac e-transfers.
• Up to $150 off after enrolment of an eligible credit card.
• Receive a $5.00 discount on the $28.95 monthly fee.
• Free online statements and account statements by mail.
• 100 free cheques per year.
• Integrated Line of Credit of up to $5,000.
• Pay with mobile or contactless payments by using Apple Pay or Google Pay on your smartphone or Interac Debit contactless payments.
• Access mobile cheque deposit by taking a photo of your cheques through the National Bank app on your phone or tablet to deposit your funds in a few clicks.
• Special rates for online trading.
• Legal and estate assistance included.
• Overdraft protection.
• Access to cheque images.
• Free stop payments for pre-authorized cheques and debits.
• Free use of the CIRRUS and Interac network
• Access to ABMs in THE EXCHANGE network at no additional cost.
• Eligible deposits are covered by CDIC.

Methodology

NerdWallet Canada selects the best senior bank accounts based on several criteria. Factors in  our evaluation methodology  include services, branch banking availability, number of included transactions, seniors discounts and more. The accounts considered for this list are available to Canadians in more than one province.

Summary of our picks for the best senior bank accounts

• Scotiabank Preferred Package with Seniors’ Discount
• TD All-Inclusive Banking Plan

By SHANNON TERRELL

A senior bank account typically offers many of the same benefits as a standard chequing account, like a debit card, cheque-writing privileges and online banking — with little to no monthly fees.

Types of senior bank accounts

How to find the best senior bank account for you, alternative bank account types seniors should consider.

Most financial institutions in Canada have special account offerings for seniors to help them carry out daily banking transactions without incurring high service fees. These options include:

Senior chequing accounts: Dedicated accounts that come with daily banking features for senior citizens at low to no monthly fees.

Senior banking plans: Packages or bundles include chequing and savings accounts as well as other financial offerings like credit cards or estate planning services.

Senior discounts: Eligible seniors receive rebates on standard chequing account fees.

Common features of a senior chequing accounts and plans

Perks and features vary by provider, but senior accounts typically offer the following benefits:

• Waived or discounted monthly fees.
• Unlimited transactions.
• Free personalized cheques.
• Free paper statements.

Before you sign up for an account, consider the following factors:

• Monthly fees. Some seniors’ accounts carry monthly fees that can eat into your savings.
• ATM access. Fees for third-party ATMs are common, so you may want to opt for a bank with a well-established ATM network.
• In-person support. Customer service for online accounts, like those offered by digital banks, is limited to phone, email and live chat support.
• Transaction limits. Not all seniors accounts have unlimited transactions, so if you anticipate using your account frequently, be mindful of transaction fees.

Compare your options to find the account or banking plan that best fits your finances.

Considerations for a senior chequing accounts and offers

Senior bank accounts have plenty of advantages, but no account is perfect. Be on the lookout for the following potential drawbacks:

• One-time account fees. An account without monthly fees may still have one-time one-time fees per use of services, like out-of-network ATM withdrawals, stop payments, wire transfers and more. Read the fine print before you sign up to identify any account fees you may encounter.
• Monthly fee rebates. Some banks don’t have dedicated bank accounts for seniors. Instead, they offer fee rebates, and these discounts may not eliminate the monthly account fee.
• Online-only account access. If you opt for an account from a digital bank, you won’t be able to visit a branch for in-person support. If you prefer to transact face-to-face, you may not want an account from an online bank .

Nerdy tip: Review your spending habits. The optimal account for your financial needs will depend on how you typically spend and save your money. If you have an existing bank account, look at your monthly statement . How often do you make ATM withdrawals , write cheques or swipe your debit card? Get an idea of a typical month of transactions to find an account that includes features you use most.

How to open a senior bank account

You can open new bank accounts online from the financial institution’s website or at a branch. Online applications can be completed at any time. If you prefer to apply in person, call ahead to schedule an appointment at your local branch during business hours.

You must typically provide the following information during the application process:

• Full name and residential address.
• Birth date.
• Email address.
• Social Insurance number.
• Employment status.

Who should consider a senior chequing account?

Anyone who is 60 to 65 or older and qualifies for a senior chequing account should consider applying. You typically need to be 60 to 65 or older, but a senior chequing account could be worthwhile if you’re eligible. Many accounts offer discounted or waived account fees and come with banking features, which could be worthwhile.

If you don’t qualify for a senior bank account or simply want to explore your options elsewhere, there are plenty of alternatives.

Frequently asked questions about senior bank accounts

Most financial institutions require customers to be 60 to 65 or older to qualify for senior accounts and discounts.

Based on your needs, you can find a bank that offers a no fee account or rebates for seniors on services that you most care about. See our selections of 10 noteworthy chequing accounts.

About the Author

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about credit cards and personal finance. Previously, she was a writer, editor and video host for financial…

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