Running a business is hard enough without your bank making it harder. Between monthly fees, transaction limits, e-Transfer caps, and the cost of paying the CRA, the difference between two business chequing accounts can add up to hundreds of dollars a year.
To help you cut through the noise, we've put together a guide to some of Canada's popular business chequing accounts, from the Big Five Canadian banks to online-only options and alternative financial institutions. All info in the chart is verified with information available online as of June, 2026. We're not going to tell you which one's best, since that depends on how your business actually operates, but we've tried to make it easier to decide.
How do business chequing accounts compare?
Here's a quick look at how some of Canada's business chequing accounts stack up. We've kept it to the basics so you can scan easier.
Account | Monthly fee | Interest on balance | Included transactions | E-Transfers | CRA payments |
|---|---|---|---|---|---|
| BMO Essential Business Account | $5 | 0% | Unlimited (Electronic / ATM only) | 6 free / mo ($1.50 thereafter) | Free |
| CIBC Basic Business Operating Account | $6 | 0% | 0 included (Pay-per-use: $1 self-service / $1.25 full-service) | $1.50 + $1.00 self-service fee | $2 |
| EQ Bank Business | $0 | 2.25% | Unlimited free electronic | 50 free outgoing / 100 free incoming per mo | Free |
| Float | $0 | 2.5% to 3.5% | Unlimited (ACH/EFT) | N/A | – |
| Loop | $0 | 0% | Unlimited (ACH/EFT/SEPA) | N/A | – |
| RBC Digital Choice Business | $6 | 0% | Unlimited (Electronic/ATM only) | 10 free / mo ($1.50 thereafter) | $2 |
| Scotiabank Right Size Account | $6 | 0% | 0 included (Pay-per-use: $1.25 to $1.00 based on tiers) | Counts as 1 transaction + fee | $2 |
| TD Business Digital Account | $6 | 0% | Unlimited (Electronic/ATM only) | 10 free / mo | $2 |
| Venn | $0 | 2% | Free account access (Local EFT/ACH is $0–$2 depending on plan) | Unlimited | – |
| Wealthsimple Business chequing | $0 | Up to 2.25% | Unlimited | Unlimited | Free |
| Wise Business | $0 (One-time $55 setup fee) | 2.22% on CAD (3.14% on USD) | Pay-as-you-go (Free incoming local / non-SWIFT receipts; SWIFT inbound carries fees) | N/A (Uses EFT rails) | – |
Which big banks offer business chequing in Canada?
Canada's Big Five all offer business chequing accounts. They tend to charge higher monthly fees than online options, but they come with branch access, cash deposit support, and large ATM networks. For cash-heavy businesses or anyone who wants to walk into a branch when something goes wrong, that trade-off can be worth it.
BMO: BMO Essential Business Account is designed for digital-first businesses, while its standard business accounts (Everyday, Enhanced and Elite) support higher transaction volumes and cash deposits.
CIBC: CIBC Basic Business Operating Account pairs a low flat monthly fee with pay-per-use pricing, so you pay only for the transactions you make — which can work well for businesses with variable activity.
RBC: Royal Bank's business banking options include the Digital Choice Business Account for online-first businesses and the Ultimate Business Account for higher-volume needs. Monthly fees and included transactions vary by plan.
Scotiabank: Scotiabank offers business chequing plans ranging from low- to high-volume options, with the Right Size Account for business aimed at small businesses.
TD: TD offers several business chequing plans, from the entry-level TD Business Basic Account to the TD Business Unlimited Account for higher-volume needs, with the TD Business Digital Account aimed at self-serve, online-first businesses. Branch network and U.S. dollar account options are key selling points.
Are online business chequing accounts worth it?
Like personal banking, business banking has shifted online. Online-only and alternative financial institutions tend to charge lower (or no) monthly fees, offer better digital tools, and integrate more easily with accounting software. The trade-offs: fewer branches, and in some cases, limits on cash deposits or specialized services like merchant accounts.
For service-based businesses, consultants, CPAs, doctors, and most digital-first corporations, online options often make more sense. For businesses that handle a lot of cash or need in-person support, a traditional bank might still be the better fit.
Here are some of the popular online and alternative options:
EQ Bank Business. EQ Bank Business Account offers high interest with no monthly fees, though it functions more like a savings account than a full chequing solution — and it isn't available in Quebec.
Float. Float focuses on corporate cards and expense management, with business chequing features layered in. Good fit for teams that need spend controls and accounting automation.
RBC Digital Choice Business. A lower-cost option from RBC for businesses that prefer to bank online. It includes unlimited electronic transactions and mobile cheque deposits for a flat monthly fee.
Wealthsimple Business. A no-fee chequing account with no minimums that pays up to 2.25% interest, tiered by your combined Wealthsimple assets, and lets you pay corporate income tax and GST/HST to the CRA for free. It's limited to Canadian-controlled private corporations and registered charities or associations.
Wise Business. Wise is built for businesses that handle international payments. It offers multi-currency accounts and competitive FX rates, but it's not a full-service Canadian business chequing account.
