Picking the right business bank account in Canada helps you save money and keep your finances simple. Since 2026 offers new options and fees, we ranked the best free and low-cost business accounts to help your company find the right fit. If you're a startup, freelancer, or growing business, this guide looks at transaction limits and monthly fees from Canada's top banks.
Quick Comparison of Top Business Bank Accounts in Canada for 2026
- Tangerine Business Account – No monthly fees, 12 free transactions, ideal for startups and freelancers looking to minimize banking costs.
- EQ Bank Business Account – High interest savings on balances, low transaction fees, great for small businesses focusing on cash reserves.
- RBC Business Account – Customizable plans, extensive branch and ATM network across Canada, fees start at $29.95/month with scalable options for larger businesses.
- TD Business Simple Plan – $5 monthly fee, 10 free transactions, suitable for low-volume businesses needing reliable access to physical branches.
- Scotiabank StartRight – No monthly fees for first 6 months, then $29.95/month, designed with new businesses and immigrants in mind, with access to dedicated advisors.
- BMO Business Builder – $14.95 monthly fee, 25 free transactions, ideal for growing businesses that require moderate transaction volume and branch support.
- CIBC Smart Account – $15/month with 30 free transactions, offering flexible plans for businesses of various sizes and industries.
- National Bank Business Account – Monthly fees range from $12 to $25, decent transaction limits, focused on serving Quebec and eastern Canada businesses with bilingual support.
- Desjardins Business Account – Monthly fees from $10, cooperative banking benefits including profit-sharing and community support, popular among Quebec-based small businesses.
- Alterna Bank Business Account – No monthly fees, unlimited online transactions, best for digital-first businesses seeking comprehensive online banking without branch visits.
1. Tangerine Business Account
Key Features: Tangerine offers a 100% digital business account with no monthly fees, including 12 free transactions per month. It integrates smoothly with popular accounting software such as QuickBooks and Xero, making bookkeeping simpler. The platform supports Interac e-Transfers and bill payments, while its mobile app is highly rated for ease of use.
Pros: This account doesn’t require a minimum balance and has no hidden fees, which makes it great for startups and freelancers on a budget. The user-friendly app and online portal allow you to manage your business finances anytime, anywhere.
Cons: The biggest drawback is the limited number of free transactions — just 12 per month — after which each costs $1.50. Also, Tangerine has no physical branches, which may be a concern for businesses that prefer in-person banking or need to deposit cash regularly.
Best for: New small businesses, freelancers, and startups that primarily operate online and want to keep banking costs minimal.
Pricing: $0 monthly fee, $1.50 per transaction over 12 free transactions.
2. EQ Bank Business Account
Key Features: EQ Bank’s business account offers a competitive interest rate on savings balances, which is rare in the business banking space. This account charges low transaction fees and provides unlimited electronic transactions at no extra cost. The digital-first platform supports seamless integration with accounting tools and provides comprehensive online banking features.
Pros: Small businesses earn interest on idle cash, which helps improve their cash flow. The low transaction fees and unlimited electronic transactions reduce costs, especially for businesses with frequent online payments.
Cons: EQ Bank doesn’t have physical branches, so deposits of cash or cheques require alternative arrangements. Also, its focus is more on savings than day-to-day banking, which may not suit businesses needing extensive branch services.
Best for: Small businesses looking to maximize interest earnings on their balances while keeping transaction costs low.
Pricing: No monthly fee, $1 per electronic transaction after 20 free transactions.
3. RBC Business Account
Key Features: Royal Bank of Canada offers customizable business accounts starting at $29.95 per month. Features include extensive branch access across Canada, unlimited electronic transactions, and options to add multiple users. RBC provides tailored solutions for different business sizes, including merchant services and payroll support.
Pros: A wide network of branches and ATMs makes in-person banking easy. RBC’s advanced online and mobile platforms support bill payments, Interac e-Transfers, and detailed reporting. Their business advisors can guide on loans and credit options.
Cons: Monthly fees are higher than discount or digital-only banks, and transaction limits apply before additional fees. Some smaller businesses may find the fees less competitive compared to free or low-cost accounts.
Best for: Established businesses needing comprehensive banking services and access to physical branches nationwide.
Pricing: Plans start at $29.95/month, with 150 free transactions included; additional transactions cost $1.25 each.
4. TD Business Simple Plan
Key Features: TD’s Business Simple Plan charges a $5 monthly fee and includes 10 free transactions. The account supports Interac e-Transfers, bill payments, and cheque deposits. It provides access to TD’s extensive branch network and online banking services.
Pros: This low-fee plan suits businesses with modest transaction volumes. TD’s strong customer service and branch presence are beneficial for those who prefer face-to-face banking. The account also offers overdraft protection and mobile cheque deposit.
Cons: Limited free transactions may lead to extra fees if monthly activity is higher. Fees for additional transactions are $1.25 each, which can add up.
Best for: Small businesses or sole proprietors with low monthly transactions who value branch access.
Pricing: $5 monthly fee, 10 free transactions, $1.25 per additional transaction.
5. Scotiabank StartRight Program
Key Features: Scotiabank’s StartRight program waives the monthly $29.95 fee for the first six months, making it attractive for new businesses and newcomers to Canada. The account offers 100 free transactions per month during the promotional period. After that, fees apply, but services include dedicated business advisors and access to Scotiabank’s large branch network.
Pros: The initial fee waiver and high transaction limit help startups manage early expenses. Scotiabank’s multilingual support and business resources are also valuable for immigrants starting new ventures.
Cons: After six months, the $29.95 monthly fee applies, which might be high for companies with low transaction volumes. Branch fees and transaction charges can increase costs.
Best for: New businesses and international entrepreneurs settling in Canada who want support and time to establish their finances.
Pricing: $0 monthly for first 6 months, then $29.95/month, 100 free transactions included during promotion.
6. BMO Business Builder Account
Key Features: BMO charges $14.95 monthly and includes 25 free transactions. The account supports mobile and online banking, Interac e-Transfers, and provides access to a network of branches and ATMs. Additional services include merchant processing and tailored business advice.
Pros: The moderate monthly fee and transaction allowance suit businesses in growth phases. BMO’s business advisors can help with loans and cash management solutions.
Cons: Transaction fees of $1.25 apply after the free limit. Some competitors offer more free transactions or lower fees.
Best for: Growing small businesses requiring moderate transaction limits and branch access.
Pricing: $14.95 monthly fee, 25 free transactions, $1.25 per additional transaction.
7. CIBC Smart Account
Key Features: The CIBC Smart Account charges $15 monthly and includes 30 free transactions. It provides online and mobile banking with bill payments, Interac e-Transfers, and cheque deposits. Businesses can customize the account with additional services like payroll and credit cards.
Pros: Flexible for various business sizes and industries, with a solid branch network. Offers business support services and financial advice.
Cons: Fees for extra transactions are $1.25 each. The monthly fee may be high for micro-businesses with low banking activity.
Best for: Small to medium-sized businesses needing a balance of transaction limits and branch access.
Pricing: $15 monthly fee, 30 free transactions, $1.25 per additional transaction.
8. National Bank Business Account
Key Features: National Bank offers business accounts with monthly fees between $12 and $25, depending on transaction volume. The bank focuses on serving Quebec and eastern Canadian businesses with bilingual support and local services. Features include online banking, Interac e-Transfers, and merchant services.
Pros: Competitive pricing and regional expertise make it attractive for businesses in Quebec. Offers cooperative relationships and community involvement.
Cons: Limited branch locations outside Quebec. Transaction fees apply beyond free limits.
Best for: Quebec-based businesses and those seeking bilingual customer service and regional banking expertise.
Pricing: $12 to $25 monthly fees, with 15 to 50 free transactions varying by plan.
9. Desjardins Business Account
Key Features: Desjardins charges monthly fees starting at $10 and offers cooperative banking benefits such as profit sharing and community investment. The account supports online and mobile banking, Interac e-Transfers, and multiple user access.
Pros: Strong community focus and additional benefits for Quebec businesses. Competitive fees and flexible plans.
Cons: Mostly regional, limited branch presence outside Quebec. Transaction fees apply beyond included limits.
Best for: Small to medium Quebec businesses looking for community-oriented banking with cooperative benefits.
Pricing: Starting at $10 monthly, transaction fees vary by plan.
10. Alterna Bank Business Account
Key Features: Alterna Bank offers a digital-only business account with no monthly fees and unlimited free online transactions. It supports Interac e-Transfers, bill payments, and integrates with accounting software. No physical branches but access to The Exchange ATM network.
Pros: Ideal for digital-first businesses wanting to avoid monthly fees and transaction limits. Strong online platform and customer service.
Cons: No cash deposit options at branches, which may be limiting for cash-heavy businesses.
Best for: Digital entrepreneurs and small businesses focused on online banking without the need for physical branches.
Pricing: No monthly fee, unlimited online transactions.
Business banking in Canada for 2026 offers a wide array of free and low-cost accounts tailored to different business needs. Digital banks like Tangerine and Alterna shine for startups and freelancers with their no-fee, online-only options. Larger institutions such as RBC and Scotiabank provide comprehensive services and branch access, appealing to established businesses. Regional players like Desjardins and National Bank cater well to Quebec enterprises with cooperative benefits and bilingual support. Choosing the right account depends on your transaction volume, need for physical banking, and desire for additional services. With this guide, you can pick the best fit without paying for features you don’t need.
This article was created with AI assistance.
