Benchmark MoneyCanada

Best Business Bank Accounts in Canada

Business banking is priced on volume, not on the headline fee. The account that looks cheapest is usually the one with the fewest transactions included, and cash deposits are charged by the thousand at almost every institution.

We track 70 business bank accounts from 17 institutions, 14 of them with no monthly fee. Every figure here comes from the institution’s own published pages and fee schedules, last checked 19 August 2026. Where an institution does not publish something we leave it blank rather than guess, which is explained on how we research.

How We Picked

  • The monthly fee against the transactions it includes, which is the only comparison that survives contact with a real month of trading.
  • The cost of depositing cash. A retail business paying by the thousand can spend more on deposits than on the account.
  • Electronic against teller pricing. Every institution here charges more at the counter and several charge several times more.
  • Whether the fee can be waived on balance, which is common on business accounts and usually needs a much larger balance than a personal account does.

The 10 Best Business Bank Accounts

  1. EQ Bank Business Account

    EQ Bank · No monthly fee · unlimited transactions · 2.25% interest

    Everything published about the EQ Bank Business Account

  2. Float Business Account

    Float Financial · No monthly fee · unlimited transactions · 2.5% interest

    This is a money services business rather than a bank or a credit union, so deposits are not insured the way a bank account is.

    Everything published about the Float Business Account

  3. Loop Business Account (Loop Basic)

    Loop Financial · No monthly fee · unlimited transactions

    This is a money services business rather than a bank or a credit union, so deposits are not insured the way a bank account is.

    Everything published about the Loop Business Account (Loop Basic)

  4. Venn Business Account

    Venn · No monthly fee · unlimited transactions · 2.75% interest

    This is a money services business rather than a bank or a credit union, so deposits are not insured the way a bank account is.

    Everything published about the Venn Business Account

  5. Wealthsimple Business chequing

    Wealthsimple · No monthly fee · unlimited transactions · 1.25% interest

    Everything published about the Wealthsimple Business chequing

  6. Coast Capital Savings High-Interest Business Savings Account

    Coast Capital Savings · No monthly fee · 2 transactions a month

    Everything published about the Coast Capital Savings High-Interest Business Savings Account

  7. RBC Royal Bank Business Essentials Savings Account

    RBC Royal Bank · No monthly fee · 2 transactions a month

    Everything published about the RBC Royal Bank Business Essentials Savings Account

  8. Coast US Business Chequing

    Coast Capital Savings · No monthly fee · 1 transactions a month

    Everything published about the Coast US Business Chequing

  9. ATB Financial Business Savings Account

    ATB Financial · No monthly fee · no transactions included

    Everything published about the ATB Financial Business Savings Account

  10. CIBC Business Investment Growth Account

    CIBC · No monthly fee · no transactions included

    Everything published about the CIBC Business Investment Growth Account

The Other 60

Every business account we track, in the same order. An account outside the top ten is not a bad account; it is one that lost to the accounts above it on the criteria at the top of this page.

Common Questions

How many business bank accounts are there in Canada?
We track 70 of them. That is what we have verified against the institution's own pages, not a claim about every account that exists, and the number moves as accounts are added and withdrawn.
What is the cheapest business account in Canada?
On published monthly fees the cheapest on this page is the EQ Bank Business Account at $0.00 a month. Cheapest is not the same as best value: the account that costs least usually includes the fewest transactions, and the extra transaction fee is where the difference shows up.
How many of these have no monthly fee?
14 of the 70 publish a monthly fee of zero. That is a published zero, not a fee we could not find. Accounts whose institution publishes no fee at all are recorded as blank and are never counted as free.
Can the monthly fee be waived?
On 22 of these the institution publishes a balance that waives the fee. It is worth doing the arithmetic before treating that as free: money kept still to avoid a $16 fee is money earning nothing, and $4,000 in a savings account at 3% would have earned more than the fee costs.
Are unlimited transactions worth paying for?
21 of the accounts here include unlimited transactions. Only if you would otherwise go over the limit on a cheaper account. Extra transactions typically cost around $1.25 each, so an account including twelve of them costs the same as an unlimited one somewhere around the thirtieth transaction of the month. Below that the cheaper account wins, above it the unlimited one does.
Is my money safe at these institutions?
Bank deposits are insured by CDIC and credit union deposits by a provincial insurer, on different terms. A few products in our database are money services businesses rather than banks, and those are flagged on the account itself, because the account looks the same and the protection is not.

Other Lists

Comparing something other than business bank accounts? Compare every account on the way you actually bank, or browse the full directory.

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