Best Small Business Bank Accounts

As a small business owner, having a dedicated bank account is a crucial aspect of managing your finances. It helps in separating personal finances from business transactions and provides a comprehensive record of your company’s financial history. In Canada, several banks offer small business accounts with distinct features, fees, and benefits tailored to meet your business needs. This article will provide an overview of the best small business bank accounts in Canada, helping you choose the right one for your enterprise.

1. RBC Royal Bank: RBC Digital Choice Business Account Package

The RBC Digital Choice Business Account Package is a popular choice among Canadian small business owners. This digital banking solution is designed to cater to small businesses that primarily conduct transactions online. For a monthly fee of $5, the account offers unlimited electronic transactions, including online bill payments, Interac e-Transfers, and mobile cheque deposits. Additionally, you get two free in-branch transactions per month.

One of the standout features of this account is the RBC Insight Edge™ platform, which provides business owners with valuable insights into their finances and helps them make informed decisions. RBC also offers a range of credit cards specifically designed for small businesses, with attractive rewards and benefits.

2. TD Bank: TD Unlimited Business Plan

The TD Unlimited Business Plan is an excellent option for small businesses with a high volume of monthly transactions. For a monthly fee of $125, this account offers unlimited transactions across various channels, such as online, mobile, phone, and in-branch. Moreover, it includes free access to the TD Small Business Online Payroll service for up to 10 employees.

One of the main advantages of this account is the TD Business Visa Credit Card, which comes with no annual fee for the first year and offers valuable rewards, such as cashback and travel points. TD Bank also provides a comprehensive suite of small business tools, including advice and resources to help businesses grow.

3. Scotiabank: Scotiabank Right Size Account for Business

Scotiabank’s Right Size Account for Business is a flexible banking solution tailored to match your business’s transaction volume. With a tiered fee structure, you only pay for what you use, which is ideal for businesses with fluctuating transaction volumes. The monthly fees range from $6 for up to 10 transactions to $100 for up to 250 transactions, with additional transactions charged on a per-transaction basis.

This account comes with free access to the ScotiaConnect online banking platform, which offers a range of services, such as bill payments, wire transfers, and foreign exchange. Additionally, Scotiabank provides an extensive range of business credit cards with enticing rewards and benefits.

4. BMO Bank of Montreal: BMO Business Start Plan

The BMO Business Start Plan is a cost-effective banking solution for small businesses with low transaction volumes. For a monthly fee of $6, this account offers seven free transactions, including deposits, withdrawals, and bill payments. The account also provides free access to BMO’s online banking platform, allowing business owners to manage their finances from anywhere.

One of the attractive features of the BMO Business Start Plan is the BMO Business Mastercard, which offers cashback rewards and other benefits. BMO also provides various business resources and tools, such as financial planning and cash flow management assistance.

5. CIBC: CIBC Smart for Business

The CIBC Smart for Business account offers a flexible and affordable banking solution for small business owners. For a monthly fee of $35, this account provides unlimited transactions, including electronic deposits, bill payments, and transfers. Additionally, business owners can take advantage of the CIBC Smart™ Account Fee Rebate, which offers a fee rebate if their account maintains a minimum balance of $35,000 throughout the month.

CIBC’s online banking platform, CIBC SmartBanking™ for Business, allows users to manage their accounts, make payments, and access financial insights from anywhere. The CIBC Bizline® Visa Card for Business, available with this account, offers a competitive interest rate, no annual fee, and valuable rewards on business-related expenses.

6. National Bank: National Bank FlexiBusiness Package

The National Bank FlexiBusiness Package is an adaptable banking solution for small businesses, offering a range of features that can be customized to suit individual needs. The package’s base fee starts at $7 per month, with additional fees applied based on the services and transaction volumes selected.

This account comes with free access to the National Bank’s online banking platform, which offers essential services such as bill payments and fund transfers. National Bank also provides a range of business credit cards that offer enticing rewards and benefits, such as cashback and travel points.

7. Tangerine: Tangerine Business Savings Account

The Tangerine Business Savings Account is an online-only account that offers an excellent option for small businesses looking for a high-interest savings solution. There is no monthly fee, and the account features a competitive interest rate on all balances, helping businesses grow their savings effortlessly.

While this account does not offer traditional transaction services such as bill payments and debit transactions, it is an excellent supplementary account for small businesses that want to separate their savings from their operational funds.

Summary

Selecting the best small business bank account in Canada depends on your specific business needs and transaction volumes. The options listed in this article offer a variety of features, fee structures, and benefits designed to cater to different business requirements. Before making a decision, carefully evaluate the fees, services, and rewards offered by each bank to ensure that you choose the most suitable account for your small business.