Best Business Chequing Accounts in Canada for 2025

We analyzed Canada’s leading business bank accounts based on fees, features, accessibility and digital capabilities. Below are our top-ranked picks, followed by a full comparison tool.

Rates Last Updated: April 01, 2026
Advertising Disclosure
🏆 ScoopRate's Top Business Chequing Picks

Our top picks balance cost, transaction flexibility, and digital tools for Canadian businesses.

Best for
Digital-first businesses
Business Chequing

Modern banking made simple — enjoy earned interest, automated finances, and no monthly fees!

*Terms and conditions apply*
View Details
Best for
Earning interest on cash
Business Account

Grow your business, not your fees — enjoy $0 monthly, free transactions, and high interest!

*Terms and conditions apply*
View Details
Best for
Low-cost digital banking
Essential Business Account

Keep banking simple — enjoy low fees, unlimited digital transactions, and free Moneris deposits!

*Terms and conditions apply*
View Details
17
BC Account Type
  • Sole Proprietor
  • Incorporated
  • Not-for-Profit
  • Partnership
BC Integrations
  • Wave
  • QuickBooks
  • None
Bus Checquing Company
  • ATB
  • BMO
  • CIBC
  • EQ Bank
  • Float
  • Loop
  • National Bank
  • RBC
  • Scotiabank
  • TD Bank
Sort by:
Bus cheq Sort
Best for
Digital-first businesses
Integrations:

Business Chequing

Modern digital account offering interest, no fees, and automation

Monthly Fee
$0
Transactions
Unlimited deposits
Cash Deposits
Not supported
E-Transfers
Unlimited free incoming and outgoing
Wire Payments
$15 domestic | starts at $12 int’l
Integrations:
Apply now

To get started with a Wealthsimple Business chequing account, your business must:

  • Be registered in Canada
  • Be a Canadian-controlled private corporation (CCPC) or a CRA-registered charity/association
  • Have a single layer of ownership for incorporated entities
  • Be an eligible business type (Note: strata and condominium corporations are not supported)
  • Be a non-financial entity (active or passive). Financial institutions are not eligible
  • Be a director, owner, or an authorized signing officer for the business
  • Have a valid 9-digit federal business number

Note: Before applying, verify that your company information in the business registry is up to date to ensure a smooth approval process.

Tools and benefits included with your Business Chequing Account:

  • No Monthly Fees: Enjoy a $0 monthly fee and no minimum balance requirements
  • High-Yield Savings: Earn up to 2.25% interest on your balance from day one
  • CRA Bill Payments: Pay Corporate Income Tax, GST/HST, and Payroll Remittances directly to the CRA for free using bill payments
  • Cheques & Mobile Deposits: Order physical chequebooks in the app and deposit incoming cheques instantly using mobile e-deposit
  • Interac e-Transfer®: Send up to $25,000 per day (for qualifying clients) and receive payments with business-named auto-deposit
  • Wire Transfers: Send CAD or USD wires for a low flat fee. Incoming wires are automatically converted to CAD for easy management
  • Accounting Sync: Connect your account directly to QuickBooks or Wave for automated bookkeeping
  • Monthly Statements: Download account statements anytime in PDF or CSV format
  • CDIC Coverage: Eligible deposits are protected up to $100,000 CAD through CDIC coverage
Detailed Fee Schedule

Category Fee / Description
Transactions Electronic – No charge
Branch / Assisted – Not available
Deposits Cash (notes) – Not available
Coin – Not available
Cheque – Mobile deposit only (No charge)
Statements & Extras Statement – Digital only (No charge)
Interac e-Transfer Cancel an Interac e-Transfer – No charge

Is a Wealthsimple Business Account Right for You?

Why It Works for You

  • Earn Interest on Idle Cash
  • No Monthly Fees
  • Modern Tech & Accounting Integrations
  • High E-Transfer Limits

Why It Might Not Work

  • No Physical Branches
  • Limited Cash & Coin Deposit Support
  • Niche Support
ScoopRate VerdictChoose Wealthsimple Business if you value simplicity, want to earn interest on idle cash, and prefer a fully digital experience. Consider a traditional bank if your business handles significant cash or requires more complex banking support.
Best for
Earning interest on cash
Integrations:

Business Account

High-interest digital business account with no monthly fees

Monthly Fee
$0
Transactions
Unlimited digital
Cash Deposits
Not supported
E-Transfers
50 free outgoing / 100 free incoming
Wire Payments
(Dom) Not supported | (Int’l) Wise Transfer
Integrations:
Apply now

To open an EQ Bank Business Account, your business must:

  • Be registered in Canada as a Sole Proprietor or Corporation.
  • Have up-to-date information in the Provincial or Federal Business Registry.
  • Have an existing EQ Bank Personal Account with current contact details (if applicable).

Required Documentation

  • Registered Sole Proprietors: Personal identification and business registration documents.
  • Corporations: Articles of Incorporation, Director information, and CRA Business Number (BN).

Please note that the following business types are not currently supported:

  • Trusts, Partnerships, or Charities/Not-for-profits.
  • Unregistered Sole Proprietorships.
  • Holding companies or businesses owned by another entity.

Important: You must open an EQ Bank Personal Account first using the same email address you intend to use for your Business Account.

Tools and benefits included with your Business Chequing Account:

  • No Minimum Balance: Enjoy no minimum balance requirements
  • High-Yield Savings: Earn up to 2.25% interest on your balance from day one
  • Maximum balance flexibility: Hold up to $500,000 across accounts (up to 10 accounts per business)
  • CRA Bill Payments: Pay Corporate Income Tax, GST/HST, and Payroll Remittances directly to the CRA free of charge
  • Cheques & Mobile Deposits: Free mobile cheque deposits up to $100,000
  • Interac e-Transfer®: Up to 50 outgoing and 100 incoming transfers per month
  • Electronic Funds Transfers (EFT): Free unlimited transfers between EQ Bank and linked external accounts (including recurring transfers), with limits of $30,000 outbound and $100,000 inbound per transaction
  • Monthly Statements: Download account statements anytime in PDF or CSV format
  • CDIC Coverage: Eligible deposits are protected up to $100,000 CAD through CDIC coverage
Detailed Fee Schedule

Category Fee / Description
Transactions Electronic – No charge
Branch / Assisted – Not available
Deposits Cash (notes) – Not available
Coin – Not available
Cheque – Mobile deposit only (No charge)
Statements & Extras Statement – Digital only (No charge)
Interac e-Transfer Send – $0.50 per transaction after limit
Receive – $0.50 per transaction after limit
Cancellation – $0.50
Request Money – $0.50

Is an EQ Bank Business Account Right for You?

Why It Works for You

  • Earn Interest on Idle Cash
  • No Monthly Fees
  • Modern app-based banking
  • Free outgoing & incoming E-Transfers

Why It Might Not Work

  • No Physical Branches
  • Limited support for complex business structures
  • Maximum balance capped at $500K
  • Fewer advanced banking products
ScoopRate VerdictChoose EQ Bank Business Account if you want a no-fee, high-interest business account that combines everyday banking with savings-style returns, and you prefer a fully digital, app-based experience with simple cash management and free core transactions.
Best for
International payments
Integrations:

Basic Business Account

Cross-border account for fast, low-cost global payments

Monthly Fee
$0
Transactions
Unlimited digital
Cash Deposits
Not supported
E-Transfers
Receive only; sending not supported
Wire Payments
Integrations:
Apply now
ScoopRate Verdict
Best for
Multi-currency businesses
Integrations:

Multi-currency Business Account

All-in-one fintech account with payments, automation, and multi-currency support

Monthly Fee
$0
Waivable
Transactions
Unlimited electronic
Cash Deposits
Not supported
E-Transfers
Unlimited free (send + receive)
Wire Payments
$25 (dom) | $10 + 0.45% (intl)
Integrations:
Apply now
ScoopRate Verdict
Best for
Low-cost digital banking
Integrations:

Essential Business Account

Monthly Fee
$5
Transactions
Unlimited electronic & Moneris
Cash Deposits
$5,000 /month
E-Transfers
6 outgoing included, then $1.50 each
Wire Payments
$25 domestic | $15 + 0.15% intl
Integrations:
Apply now
ScoopRate Verdict
Best for
Multi-currency businesses
Integrations:

All-in-one Business Account

Global account offering low-cost currency exchange and international transfers

Monthly Fee
$6
Transactions
100 free then $1.00 each
Cash Deposits
$2.50 per $1,000
E-Transfers
10 outgoing included, then $1.50 each
Wire Payments
Integrations:
Apply now
ScoopRate Verdict
Best for
Day-to-day business banking
Integrations:

Basic Business Operating Account

Low-fee operating account for managing business funds

Monthly Fee
$6
Transactions
No free transactions; $1.50 each
Cash Deposits
From $2.25 per $1,000
E-Transfers
$1.50 each (outgoing); free to receive
Wire Payments
From $30 (dom) | free via CIBC GMT (intl)
Integrations:
Apply now
ScoopRate Verdict
Best for
Cash Flow & Spend Management
Integrations:

Business Self-serve Account

Corporate card with built-in float to extend cash flow

Monthly Fee
$6
Transactions
100 free then $1.00 each
Cash Deposits
$2.50 per $1,000
E-Transfers
Included in transaction limit; $1.50 each
Wire Payments
Integrations:
Apply now
ScoopRate Verdict
Best for
Self-serve digital banking
Integrations:

Business Self-serve Account

Low-fee digital account with pay-per-use in-branch services

Monthly Fee
$6
Transactions
100 included + Moneris deposits
Cash Deposits
$2.50 per $1,000
E-Transfers
10 outgoing included, then $1.50 each
Wire Payments
$25 dom | $15 + 0.15% intl
Integrations:
Apply now
ScoopRate Verdict
Best for
Digital Banking
Integrations:

Digital Choice Business Account

Low monthly fee account for businesses that prefer to bank digitally

Monthly Fee
$6
Transactions
Unlimited electronic
Cash Deposits
From $2.50 per $1,000
E-Transfers
10 free outgoing, then $1.50 each
Wire Payments
$25 dom | $15 + 0.15% intl
Integrations:
Apply now
ScoopRate Verdict
17
BC Account Type
  • Sole Proprietor
  • Incorporated
  • Not-for-Profit
  • Partnership
BC Integrations
  • Wave
  • QuickBooks
  • None
Bus Checquing Company
  • ATB
  • BMO
  • CIBC
  • EQ Bank
  • Float
  • Loop
  • National Bank
  • RBC
  • Scotiabank
  • TD Bank

Advertising Disclosure:

Some links or products featured on this site may be affiliate or sponsored. We may receive compensation from partners; however, this does not influence our editorial content, rankings, or recommendations. Information is provided for informational purposes only and should be verified with the respective provider before making any financial decisions.

Close