This is not a bank account. The provider is a registered money services business, not a bank or a credit union. Money held here is not a deposit and is not insured the way a deposit at a CDIC member or a provincially insured credit union is. Read the sourcing note below before comparing it with an insured account.
Loop Financial · Business chequing
Business account
Not a bank account
No monthly fee with unlimited transactions.
Fees and rates verified 2026-08-19Published fee scheduleWe earn nothing from any institution hereHow we research
What it costs
- Monthly fee
- None
- Extra electronic transaction
- $0.00
What is included
- Transactions each month
- Unlimited transactions
Who can open it
- Minimum to open
- $0
- US dollar account
- Yes
Deposit protection
- Deposit insurance
- None. Money held here is not an insured deposit.
- What the provider says
- CDIC (indirectly, via segregated in-trust accounts at unnamed Canadian banks)
Where these figures come from
- Figures checked on
- August 19, 2026
- Source page
- www.bankonloop.com
- Fees and terms
- Published fee schedule
Notes
NOT A BANK ACCOUNT. Loop states: 'Loop is a financial technology company and not a bank.' Funds sit in 'a segregated account at banking institutions in Canada'; Loop does NOT name the Canadian institution holding CAD funds. Coverage claim: 'Eligible CAD deposits held at CDIC member institutions and properly recorded in trust are protected up to $100,000 per depositor, per insurance category.' USD accounts are different: 'Loop US Dollar Business Accounts are provided and issued by Lincoln Savings Bank, Member FDIC.' Pricing is subscription-tiered, not per-transaction: Loop Basic free, Loop Plus $79 CAD/month, Loop Power $299 CAD/month. Payments through Loop are free; FX markup 0.1%-0.5% depending on plan. Loop pays NO interest on balances, the 1%-2% per month figures on the site are BORROWING rates on Loop Capital, not deposit yields. 40+ currencies supported. No cash or teller channel.
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Where this came from. Every figure on this page is taken from the institution’s own page or its published fee schedule, never from another comparison site, and a field is left blank rather than guessed at. Rates and fees change without notice, so confirm with the institution before opening anything. We receive no payment from any institution listed here.