Best Business Chequing Accounts in Canada for 2026
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: June 09, 2026
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🏆 ScoopRate's Top Business Chequing Picks
Our top picks balance cost, transaction flexibility, and digital tools for Canadian businesses.
Best for
Digital-first businessesBusiness Chequing
Modern banking made simple — enjoy earned interest, automated finances, and no monthly fees!
*Terms and conditions apply*
Best for
Multi-currency businessesEssentials Business Account
Run your business in one place — enjoy multi-currency, automation, and global transfers!
*Terms and conditions apply*
Best for
Earning interest on cashBusiness Account
Grow your business, not your fees — enjoy $0 monthly, free transactions, and high interest!
*Terms and conditions apply*
Best for
Earning interest on cash
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:
Eligibility
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.
Additional Features
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
Fee Breakdown
| 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 |
Pros & Cons
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
Multi-currency businessesIntegrations:
Essentials Business Account
All-in-one fintech account for multi-currency payments and global business
Monthly Fee
$0
Transactions
Unlimited electronic
Cash Deposits
Not supported
E-Transfers
Unlimited free (send + receive)
Wire Payments
$10 (intl) | 0.45% FX | $2 local transfers
Integrations:
Eligibility
To get started with a Venn Essentials account, your business must:
- Be registered and operating in Canada
- Have a valid business registration or incorporation
- Be owned by a Canadian resident
- Operate primarily as a digital or online business
- Meet Venn’s verification and approval requirements
Additional Features
Tools and benefits included with your Business Account Plan:
- Upgradeable Plans: Access higher-tier plans (Plus and Pro) with advanced features as your business grows
- Multi-Currency Accounts: Hold and manage funds in CAD, USD, GBP, and EUR
- Earn Interest: Get 2% interest on CAD and USD balances
- Low FX Fees: Competitive 0.45% FX rate on currency conversions
- International Payments: Send global wires for $10 per transfer
- Interac e-Transfer®: Send and receive payments digitally
- Accounting Integrations: Sync with QuickBooks and Xero
- Business Cards: Create and manage up to 20 virtual or physical cards
- Cashback: Earn cashback on card spend, with monthly caps depending on plan
- CDIC Protection: Eligible deposits are protected up to $100,000 CAD
Fee Breakdown
| Category | Essentials | Plus | Pro |
|---|---|---|---|
| Monthly Fee | $0 | $40 | $100 |
| Payments | 0.45% FX Rate | 0.35% FX Rate | 0.25% FX Rate |
| $2.00 Local Transfers | Free Local Transfers | Free Local Transfers | |
| $10.00 Int’l Wires | $8.00 Int’l Wires | $6.00 Int’l Wires | |
| Features | 1% Cashback (Up to $5k spend) | 1% Cashback (Up to $25k spend) | 1% Unlimited Cashback |
| 20 Virtual Cards | 50 Virtual Cards | Unlimited Virtual Cards | |
| 3 Physical Cards | 10 Physical Cards | Unlimited Physical Cards | |
| Email Support | Live Chat Support | Priority Support | |
| Accounting Sync | Custom User Roles | Approval Workflows |
Pros & Cons
Is a Venn Essentials Account Right for You?
Why It Works for You
- No monthly fee
- Earn 2% interest on CAD & USD balances
- Low-cost international wires ($10)
- Multi-currency accounts (CAD, USD, GBP, EUR)
- Integrations with QuickBooks and Xero
Why It Might Not Work
- Cashback capped at $5,000/month on Essentials plan
- $2 fee per local transfer (EFT/ACH)
- No cash deposit support
- No traditional branch access
ScoopRate VerdictChoose Venn Essentials if you want a no-fee, multi-currency business account with strong FX rates and interest on balances and your business operates digitally, and you prefer a modern fintech experience with low-cost international payments.
Best for
Digital-first businessesIntegrations:
Business Chequing
Modern digital account offering interest, no fees, and automation
Monthly Fee
$0
Transactions
Unlimited deposits
Cash Deposits
Free via Canada Post locations
E-Transfers
Unlimited free incoming and outgoing
Wire Payments
$15 domestic | starts at $12 int’l
Integrations:
Eligibility
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.
Additional Features
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
- HR Integrations: Sync employee data and automate workflows with BambooHR, Workday, Humi, Rippling, and Dayforce
- 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
Fee Breakdown
| 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 |
Pros & Cons
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
Low-cost digital banking
Essential Business Account
Digital-first account with unlimited electronic transactions and low monthly fee
Monthly Fee
$5
Transactions
Unlimited electronic + Moneris deposits
Cash Deposits
Free up to $5,000/month
E-Transfers
6 outgoing included, then $1.50 each
Wire Payments
$15 (dom) | From $40 + comm. fee (intl)
Integrations:
Eligibility
To get started with a BMO Business account online, your business must:
- Be a for-profit business registered and operating in Canada
- Be a Sole Proprietorship or a Single-Owner Corporation
- Have a primary owner who has reached the Age of Majority in their province or territory
- Provide consent for Electronic Delivery of Documents and Credit Bureau authorization
- Have your business registration name, number, and relevant tax information ready
Please note the following are not currently supported for online applications:
- Strata or Condominium Corporations
- Multi-owner Corporations or Partnerships
- Businesses that issue bearer shares
- Non-profit organizations (must be opened in-branch)
Note: Sole proprietorship & Single-owner corporation can be done online. Other Business types (Corporation, Partnership, Unincorporated association) can only be done in-branch.
Note: Ensure your Corporate Profile Report or Annual Filings are current in the business registry to ensure a smooth approval process.
Additional Features
Tools and benefits included with your Business Chequing Account:
- Low Monthly Fee: Affordable $5 monthly fee with a simple, predictable cost structure
- Unlimited Electronic Transactions: Perform everyday digital banking with unlimited electronic transactions
- Moneris Integration: Seamlessly accept card payments with Moneris deposits included
- CRA Bill Payments: Pay Corporate Income Tax, GST/HST, and Payroll Remittances directly to the CRA for free using bill payments
- Interac e-Transfer®: Send and receive payments with included outgoing transfers, then pay-per-use after
- Cash Deposits: Deposit up to $5,000 per month with additional deposits available at a fee
- Wire Transfers: Send domestic and international wires with transparent pay-per-use pricing
- Advanced Banking Tools: Access BMO Online Banking for Business (OLBB) for complex transactions and management
- Monthly Statements: Access and download statements anytime for easy record-keeping
- CDIC Coverage: Eligible deposits are protected up to $100,000 CAD through CDIC coverage
Fee Breakdown
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – No charge |
| Branch / Assisted – $5 per transaction over the Plan limit | |
| Deposits | Cash (notes) – $2.50 per $1,000 deposited |
| Coin – $2.50 per 100 deposited | |
| Cheque (ABM/Branch)– $0.25 per item | |
| Statements & Extras | E-statement – No charge |
| Paper statement – $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – $1.50 per transaction after limit | |
| Cancellation – $5.00 | |
| Request Money – $1.50 |
Pros & Cons
Is a BMO Essential Business Account Right for You?
Why It Works for You
- Low monthly fee
- Unlimited electronic transactions
- Moneris deposits included
- Affordable entry point for small businesses
Why It Might Not Work
- No digital onboarding for certain business types
- Fees for additional transactions
- Cash deposit limits may not suit cash-heavy businesses
ScoopRate VerdictChoose BMO Essential Business Account if you want a low-cost business account with unlimited electronic transactions and built-in payment processing support, and you prefer a simple, everyday account for digital banking with predictable monthly fees.
Best for
Self-serve digital banking
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
From $30 (intl)
Integrations:
Eligibility
To get started with an ATB Business account, your business must:
- Be registered and operating in Alberta
- Be a Canadian business
- Meet ATB approval and verification requirements
- Be used for business banking purposes only
Additional Features
Tools and benefits included with your Business Chequing Account:
- ATB Online & Mobile Banking: Manage your business finances with digital-first banking tools
- Moneris Integration: Accept card payments with seamless Moneris deposits
- Interac e-Transfer®: Send and receive payments for everyday business transactions
- Pay-Per-Use Simplicity: Only pay for transactions beyond your included limit
- In-Branch Access: Optional in-person banking services available for a fee
- Business Debit Card: Access funds and make purchases using your business debit card
- Monthly Statements: Access eStatements for easy tracking and record-keeping
Fee Breakdown
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – $1.00 each (after 100 included electronic debits and credits) |
| Branch / Assisted – $2.50 per transaction over the Plan limit | |
| Deposits | Cash (notes) – $2.50 per $1,000 deposited |
| Coin – $2.50 per 100 deposited | |
| Cheque (ABM/Branch) – $1.00 per item | |
| Statements & Extras | E-statement – No charge |
| Paper statement – Single account – $4.00 | |
| Paper statement – Consolidated – $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – No charge | |
| Cancellation – $5.00 | |
| Request Money – $1.50 |
Pros & Cons
Is an ATB Business Self-Serve Account Right for You?
Why It Works for You
- Low monthly fee
- 100 free digital transactions included
- Unlimited Moneris deposits
- Simple, digital-first banking experience
Why It Might Not Work
- Fees after 100 transactions ($1 each)
- Limited free outgoing e-Transfers (10 included)
- Charges for in-branch (assisted) transactions
- Only available to Alberta-based businesses
ScoopRate VerdictChoose ATB Business Self-Serve Account if you want a low-fee, digital-first account with a solid number of free transactions and your business primarily banks online, and you prefer a simple, pay-for-what-you-use model with minimal in-branch activity.
Best for
Day-to-day business banking
Basic Business Operating Account
Low-fee operating account for managing business funds
Monthly Fee
$6
Transactions
No free transactions; $1.00 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:
Eligibility
To get started with a CIBC Business chequing account, your business must:
- Be owned by a Canadian resident who is of the age of majority in their province
- Have an owner, partner, or shareholder with at least 25% ownership
- Be used for your own business purposes only
- Be registered and operating in Canada
- Have fewer than 4 individual owners (sole proprietorship, partnership, or corporation)
- Not be a not-for-profit organization
Additional Features
Tools and benefits included with your Business Chequing Account:
- SmartBanking for Business: Access CIBC SmartBanking™ for payments, transfers, and cash flow management
- Online Banking: Manage your account through CIBC Online Banking for Business anytime
- Global Money Transfer: Send international payments with CIBC Global Money Transfer for Business
- Interac e-Transfer®: Send up to $25,000 per transfer for business payments
- Pay-Per-Use Flexibility: Only pay for the transactions and services you use
- In-Branch & Digital Access: Bank through branches, online, mobile, and ATMs
- Monthly Statements: Access eStatements for easy record-keeping
Fee Breakdown
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – $1.00 per transaction |
| Branch / Assisted – $2.50 per transaction | |
| Deposits | Cash (notes) – $5 per $1,000 deposited |
| Coin – $2.25 per $100 deposited | |
| Cheque – $0.25 per cheque | |
| Statements & Extras | Electronic statement – No charge |
| Printed statement – $5.00 | |
| Monthly statement reprint – $5.00 each plus printed statement fee | |
| Interim statement – $4.50 each plus printed statement fee | |
| Interac e-Transfer | Cancel an Interac e-Transfer – $3.50 |
Pros & Cons
Is a CIBC Basic Business Operating Account Right for You?
Why It Works for You
- Low monthly fee
- Simple pay-per-use structure
- Access to CIBC SmartBanking for Business
- Supports Interac e-Transfer for Business (up to $25,000)
Why It Might Not Work
- No free transactions included
- Per-transaction fees can add up quickly
- Fees for both deposits and transactions
- Monthly fee applies even with no activity
ScoopRate VerdictChoose CIBC Basic Business Operating Account if you want a low monthly fee with a simple pay-per-use structure and only expect light transaction activity, and you prefer a basic, no-frills account for occasional business banking.
Best for
Digital Banking
Digital Choice Business Account
Low monthly fee account for businesses that prefer to bank digitally
Monthly Fee
$6
Transactions
Unlimited electronic
Cash Deposits
$2.50 per $1,000
E-Transfers
10 free outgoing, then $1.50 each
Wire Payments
From $25 (dom) | Free via RBC Bank Transfer (intl)
Integrations:
Eligibility
To get started with a RBC Business chequing account, your business must:
- Be registered or operating in Canada
- Be owned by a Canadian resident (permanent resident or citizen)
- Be a sole proprietorship or single-owner corporation for online account opening
- Have one authorized signatory (for full digital onboarding)
- Complete identity verification and approval requirements
Additional Features
Tools and benefits included with your Business Chequing Account:
- RBC Online & Mobile Banking: Manage your business with 24/7 digital access for payments, transfers, and cash flow tracking
- Unlimited Digital Transactions: Make unlimited online bill payments, pre-authorized payments, and POS transactions
- Mobile Cheque Deposit: Deposit cheques anytime with unlimited mobile and ATM deposits
- Moneris Integration: Accept card payments with unlimited Moneris deposits and next-day funding
- Interac e-Transfer®: Send up to 10 outgoing transfers per month included
- Scheduled Payments: Set up recurring payments and schedule bills up to 173 days in advance
- Tax Payments: Pay business taxes directly through online banking
- Multi-Channel Access: Use 4,000+ ATMs across Canada and switch between business and personal accounts easily
- International Payments: Send and receive wire transfers globally
- Partner Perks: Access exclusive offers and tools from trusted providers like payroll and accounting partners
Fee Breakdown
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – No charge |
| Branch / Assisted – $2.50 per transaction | |
| Deposits | Cash (notes) – $2.50 per $1,000 deposited |
| Coin – $5 per $100 deposited | |
| Cheque (in-branch) – $0.22 per cheque | |
| Statements & Extras | Electronic statement – No charge |
| Paper statement without images – $4.00 | |
| Paper statement with images – $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – No charge | |
| Cancellation – No charge | |
| Fulfill Interac Money Request – $1.50 per transaction |
Pros & Cons
Is an RBC Digital Choice Business Account Right for You?
Why It Works for You
- Low monthly fee
- Unlimited digital transactions included
- Unlimited mobile cheque deposits and Moneris deposits
- Strong mobile app and digital banking tools
Why It Might Not Work
- Fees for in-branch transactions
- Limited free e-Transfers (10/month)
- Not ideal for cash-heavy businesses
- Additional fees for wires and advanced services
ScoopRate VerdictChoose RBC Digital Choice Business Account if you want a low-cost account with unlimited digital transactions and your business primarily operates online, and you prefer a simple, mobile-first banking experience with some included e-Transfers and strong payment tools.
Best for
Growing businesses
Right Size Account
Flexible account with tiered transactions suited for growing businesses
Monthly Fee
$6
Transactions
Tiered monthly plans (based on usage)
Cash Deposits
No free deposits; $2.60 per $1,000
E-Transfers
Not included; $1.00 per transfer
Wire Payments
Starts at 0.2% (plus additional fees)
Integrations:
Eligibility
To get started with a Scotiabank Right Size Business Account, your business must:
- Be registered and operating in Canada
- Have valid business registration or incorporation documents
- Have an owner or authorized signing officer
- Complete identity verification and approval requirements
- Be able to open the account in-branch or with a business advisor
Additional Features
Additional Features:
- Tiered Pricing: Pay-per-use model with lower per-transaction fees at higher volumes, with a $6 minimum monthly fee
- ScotiaConnect®: Access advanced online business banking tools for payments, wires, and cash management
- Merchant Integration: No deposit fees with Chase Merchant Services and next-day funding
- Business Tax Payments: Pay GST/HST, payroll, and other taxes online
- Multi-Channel Access: Bank via online, mobile, ATM, or branch
- Wire Payments: Domestic wires ($7), U.S. wires ($7.50), and international wires ($15), plus 0.2% transaction fee (min $30, max $100)
- Overdraft Protection: Optional overdraft services for cash flow flexibility
- CDIC Coverage: Eligible deposits protected up to $100,000 CAD
Fee Breakdown
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – No charge |
| Branch / Assisted – $1.50 per transaction | |
| Deposits | Cash (notes) – $2.60 per $1,000 deposited |
| Coin – $2.75 per $100 deposited | |
| Cheque (in-branch) – $0.25 per cheque | |
| Statements & Extras | Electronic statement – No charge |
| Statement preparation – $6.00 | |
| Interim statement – $10.00 | |
| Interac e-Transfer | Send – $1.00 per transaction after limit |
| Receive – No charge | |
| Request Money – No charge | |
| Cancellation – No charge |
Pros & Cons
Is a Scotiabank Right Size Business Account Right for You?
Why It Works for You
- Low monthly fee
- Pay-per-use pricing (only pay for what you use)
- Lower per-transaction cost at higher volumes
- No deposit fees with Chase Merchant Services
- Access to full-service banking (branches, digital, lending)
Why It Might Not Work
- No free transactions included
- Per-transaction fees can add up quickly
- Less predictable monthly costs
- Not ideal for high-volume businesses
ScoopRate VerdictChoose Scotiabank Right Size Business Account if you want a low monthly fee with flexible, pay-per-use pricing and expect light or variable transaction activity, and you prefer a simple account that scales with your usage rather than paying for bundled transactions.
Best for
Digital-first banking
Business Digital Account
Digital-first account for businesses using app, online, and ATM banking
Monthly Fee
$6
Transactions
Unlimited electronic + no POS deposit fees
Cash Deposits
No free deposits; $5 per $1,000
E-Transfers
10 free (send/request); $1.50 each after
Wire Payments
$50 (dom) | Free via TD Bank Transfer (intl)
Integrations:
Eligibility
To get started with a TD Business chequing account, your business must:
- Be registered and operating in Canada
- Have a valid business registration or incorporation documents
- Have an owner or signing authority with valid government-issued ID
- Provide business and address verification (e.g., utility bill)
- Be approved based on TD’s account opening and verification requirements
Additional Features
Tools and benefits included with your Business Chequing Account:
- TD Online & Mobile Banking: Manage your business with 24/7 digital access
- TD Merchant Solutions: Accept payments online or in-person with integrated payment tools
- Interac e-Transfer®: Send and receive business payments digitally
- Multi-Channel Access: Bank via online, mobile, ATM, or branch when needed
- Tax Payments & Filing: Pay and file business taxes (e.g., GST/HST, payroll) for $2 per submission
- Business Credit & Lending: Access loans, overdraft protection, and credit cards through TD
- Account Integration: Connect with other TD business products as you scale
- Monthly Statements: Download statements for easy bookkeeping
Fee Breakdown
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – No charge |
| Branch / Assisted – $2.50 per transaction | |
| Deposits | Cash (notes) – $5 per $1,000 deposited |
| Coin – $5 per $100 deposited | |
| Cheque (in-branch) – $0.22 per cheque | |
| Statements & Extras | Electronic statement – No charge |
| Month-end statement– $5.00 | |
| Each additional statement– $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – No charge | |
| Cancellation – No charge | |
| Request Money – $1.50 |
Pros & Cons
Is a TD Business Digital Account Right for You?
Why It Works for You
- Low monthly fee with a digital-first structure
- Designed for online and mobile banking
- Access to TD’s full banking ecosystem (loans, cards, merchant services)
- Strong mobile and online banking tools
Why It Might Not Work
- Limited or no free transactions included
- Fees can add up with frequent usage
- In-branch transactions cost extra
- Not ideal for cash-heavy businesses
ScoopRate VerdictChoose TD Business Digital Account if you want a low-cost, digital-first account and primarily bank online, and you prefer access to a full-service bank with the flexibility to scale into more advanced products as your business grows.
Best for
Digital-first banking
Digital Package
Ideal for all your online transactions
Monthly Fee
$7
Waivable
Transactions
Unlimited electronic
Cash Deposits
No free deposits; $5 per $1,000
E-Transfers
12 free outgoing, then $1.50 each
Wire Payments
Starts at 0.34% (plus additional fees)
Integrations:
Eligibility
To get started with a National Bank Digital Business Package, your business must:
- Be registered and operating in Canada
- Have valid business registration or incorporation documents
- Have an owner or authorized signing officer
- Complete identity verification and approval requirements
- Be able to finalize account setup with a bank representative
Additional Features
Additional Features:
- Unlimited Digital Transactions: Perform online and mobile transactions without limits
- Interac e-Transfer®: Send up to 12 transfers per month included
- Mobile Cheque Deposit: Deposit cheques via mobile app, ABM, or scanner
- Fee Waiver Option: Monthly fee waived with an eligible Platinum Business Mastercard®
- Online Banking: Manage your business with secure digital banking tools
- Partner Solutions: Access payment solutions like Clover for in-person and online payments
- Outgoing Wire Transfers: 0.34% fee (min $10–$30, max $60–$85 depending on channel), plus $15 (Canada/US) or $20 (international) transmission fees; additional fees may apply for trace/return requests
- eStatements: Access free digital account statements
Fee Breakdown
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – No charge |
| Branch / Assisted – $3.50 per transaction | |
| Deposits | Cash (notes) – $5 per $1,000 deposited |
| Coin – $5 per $100 deposited | |
| Cheque (in-branch) – $0.50 per cheque | |
| Statements & Extras | Electronic statement – No charge |
| Paper statement without cheque image – $5.50 | |
| All other statements – $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – No charge | |
| Cancellation – No charge |
Pros & Cons
Is a National Bank Digital Business Package Right for You?
Why It Works for You
- Low monthly fee
- Unlimited digital transactions included
- 12 free Interac e-Transfers per month
- Unlimited digital cheque deposits
- Monthly fee waived with eligible credit card
Why It Might Not Work
- Limited free e-Transfers (12/month)
- Fees for in-branch (assisted) transactions
- Not ideal for cash-heavy businesses
- Fewer perks compared to some competitors
ScoopRate VerdictChoose National Bank Digital Business Package if you want a low-cost account with unlimited digital transactions and only need basic online banking with occasional e-Transfers, and you prefer a simple, no-frills option for managing your business.
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Got Questions ?
We've compiled a list of Frequently Asked Questions (FAQs) below to address some common inquiries.
1. What is a business chequing account?
A business chequing account is designed for managing company finances, including customer payments, supplier payments, payroll, taxes, and day-to-day operating expenses.
2. Do I need a separate business bank account?
While sole proprietors may not always be legally required to maintain a separate account, keeping business and personal finances separate simplifies bookkeeping, tax preparation, and financial reporting.
3. What is the best business chequing account in Canada?
The best business account depends on transaction volume, cash deposit needs, branch access requirements, payment processing integrations, and monthly account costs.
4. How much do business chequing accounts cost?
Business account fees vary significantly. Some digital providers offer low-cost or no-monthly-fee options, while traditional banks often charge monthly fees based on transaction volume and included services.
5. Can I open a business account online?
Many Canadian financial institutions support online business account applications, although some may require additional identity verification or documentation before activation.
6. What documents are required to open a business account?
Requirements vary by institution but commonly include government-issued identification, business registration documents, incorporation documents (if applicable), and information about beneficial owners.
7. What is the difference between a business chequing account and a personal chequing account?
Business accounts provide features specifically designed for companies, including higher transaction limits, multiple users, merchant services integration, payroll support, and business reporting tools.
8. Can I accept customer payments through my business account?
Yes. Many business accounts can be connected to payment processors, merchant services providers, e-commerce platforms, and invoicing software to facilitate customer payments.
9. Which business accounts are best for small businesses?
Small businesses often benefit from accounts that offer low monthly fees, online banking capabilities, unlimited electronic transactions, and integration with accounting software.
10. Are business deposits insured in Canada?
Eligible business deposits held at CDIC member institutions may qualify for deposit insurance coverage, subject to applicable coverage categories and limits.
12. What should I consider when comparing business chequing accounts?
Key considerations include monthly fees, transaction allowances, cash deposit limits, branch availability, payment processing integrations, user permissions, accounting software compatibility, and customer support options.
13. Can I use my personal chequing account for business purposes?
Financial institutions may restrict commercial use of personal accounts. Businesses that process regular commercial transactions are generally better served by a dedicated business account.