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BEST BANKS FOR SMALL BUSINESSES IN CANADA

February 21, 2020 10:41 pm Published by Leave your thoughts

It is critical when running a business that you avail of the services of a bank. Many businesses have a bank but do not have a banker. Nurturing a good bank relationship can lead to various benefits for your business that can help it grow.

Many institutions claim they have the best banks for Canadian small businesses and entrepreneurs. However, there are so many different options that choosing the best banks with great options for small businesses is a difficult task. 

Along with the well-known, established ‘Big Five’ Canadian banks—Scotiabank, TD, BMO, RBC and CIBC—there are also newer, online-only banks that offer competitive options for credit cards, checking accounts, and savings accounts. Look at some of the best banks for Canadian small businesses, what they have on offer:

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RBC Digital Choice Business Account

If you do most or all of your transactions electronically and don’t need to write or deposit many checks, RBC’s Digital Choice Business Account may be a good option. Features include:

$5 monthly fee

Unlimited electronic debits and credits

No minimum balance required

However, standard fees apply to all non-electronic transactions:

$2.50 charge for every paper debit or credit transaction

$5 fee for every $1,000 cash deposited in a branch

$2.25 per $1,000 charge for ATM deposits

RBC Flex Choice Business Account

$6.00 monthly fee

Unlimited items per deposit

$0.75 per electronic deposit

$1.25 per paper transaction

Deposit fees: $2.50 per $1,000 (branch), $2.25 per $1,000 (ATM)

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TD Basic Business Plan

$5.00 monthly fee

Includes five free transactions and five free deposit items per month

After the first five, each transaction is $1.25 and each deposit item is $0.22

Cash deposit fee: $2.50 per $1,000

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Scotiabank‘s Right Size Account for Business

Scotiabank is Canada’s third-largest bank, but one of the leaders when it comes to innovative financial offerings. At Scotiabank, every checking account comes with a choice of rewards debit cards, including a cashback debit card… checking accounts info:

$6 monthly fee

Four free transactions per month

Transaction fees over four per month: $1-$1.25 each depending on how many transactions you make—more transactions mean lower per-transaction fees.

Scotiabank Basic Business Account

Monthly fee of $10.95 a month—waived if your minimum monthly balance is $8,000 or more

One free transaction for every $1,500 kept in the account

Additional transactions charged on a pay-per-use basis. Each check or branch deposit, for instance, costs $1.25.

Available as a Canadian or U.S. dollar account

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Tangerine

Tangerine is an online-only bank fielding a full set of financial services, including 5 savings accountsone chequing account, and two credit cards. Although there’s no branch service, you can get banking services through an online portal, mobile app, 24/7 phone support, or thousands of Scotiabank ABMs.

Tangerine stands out for its no-fee chequing account and credit card, and the low or no-fee savings accounts include retirement savings plans, tax-free savings, and regular savings accounts. 

BMO Business Start Bank Account

$6 monthly fee

No minimum balance requirement

Seven free transactions a month7

Fees for transactions past the limit: $0.60 per electronic transaction, $1.25 per check, $2.25 per $1,000 deposited

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CIBC Basic Business Operating Account

$6 monthly fee

No free transactions

$1.25 fee for each full-service transaction

$1.00 fee for each self-service transaction

COMPARE OFFERS:

Best Checking Accounts

Chequing Account Special Feature Fee
Scotiabank Preferred Package 10,000 bonus SCENE®* or Scotia Rewards® points* $15.95 waived with a $4,000 minimum daily balance
Tangerine No-Fee Daily Chequing Starting at 0.15% earn interest on any balance $0
BMO Performance Plan Unlimited self-service transactions $15.95
waved with $4,000 min balance
TD US Daily Interest Chequing 0.01%-0.10% from balances $1,000-$60,000 $0
RBC Day to Day Banking Earn 20% on Metro Points $4

Best High-Interest Savings Accounts

Bank Account Interest Rates Minimum Balance
EQ Bank Savings Plus Account 2.45%* $0
Tangerine Standard Savings 2.75% for new clients, regular rate 1.05% $0
Scotia Momentum Plus Savings Account Up to 2% $0
TD ePremium Savings 1.05% $10,000
RBC High Interest eSavings 1% $0
BMO Savings Builder 0.2% to 1.6%

 The “best bank” is a relative choice for small businesses depending on their situations. Your business size, your monthly transactions, and the amount of surplus money will all determine which bank account you should choose.

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