Why the account matters more than the logo on the card
Most Canadian owners open a business account at the branch closest to home, then spend three years paying for transactions they never use. The market has shifted. Entry-level digital plans at the big banks now sit near $6 a month, while a handful of online accounts charge nothing and pay interest on the balance. Nationally, business accounts run from $0 to about $125 a month depending on how many transactions and cash deposits are bundled in.
The cost rarely shows up in one line. A monthly fee is easy to spot. The extras are not: $1.00 to $1.50 for each Interac e-Transfer beyond the included limit, per-item deposit charges, and a currency markup that several major banks publish at 2.5% on foreign card purchases. On a $10,000 monthly conversion, that markup quietly becomes a few hundred dollars.
Minimum-balance waivers deserve their own warning. TD waives its $35 Business Basic plan fee at a $45,000 daily minimum, and its $125 Unlimited plan at $65,000. Scotiabank's Select plans waive fees between $20,000 and $75,000 depending on tier. The fee disappears, but so does the liquidity. For a company with a lean cash cycle, holding $45,000 idle to dodge $35 is a poor trade.
What the main options actually cost
| Account | Monthly fee | Included activity | Interest on balance | Best fit | Watch for |
|---|
| RBC Digital Choice | $6 | Incoming e-Transfers included; 10 outgoing then $1.50 each | None | Owners who want a Big Five name with app-only banking | Per-transfer charges return once you pass 10 |
| TD Business Digital | $6 | Unlimited electronic transactions, 10 e-Transfers, unlimited deposits | None | Businesses processing steady card and online payments | Cash handling still priced separately |
| Scotiabank Select Plan A | $20 | 25 transactions, 50 deposit items, 20 e-Transfers | None | Growing teams needing branch support | Extra transactions $1.50; waiver needs $20,000 |
| Wealthsimple Business | $0 | Unlimited transactions and e-Transfers, CRA payments at no charge | 1.25%–2.25% by status | Freelancers and small service firms | No branch, no cash deposits |
| EQ Bank Business | $0 | 50 outgoing and 100 incoming e-Transfers, then $0.50 | 2.25% | Sole proprietors and corporations holding cash reserves | Not available in Quebec; no partnerships, trusts or charities |
| Venn Essentials | $0 | Unlimited e-Transfers up to a $10,000 transaction cap | 2% on CAD and USD | Solo consultants with simple needs | Low cap on single transfers |
| Airwallex Business | $0 on the Explore plan | Local receiving accounts in 20+ currencies | None | E-commerce and importers | Not a CDIC-insured bank; no cash or cheque deposits |
| Wise Business | $0, one-time $55 setup | Pay-as-you-go domestic and international transfers | 2.22% CAD, 3.40% USD | Businesses paying suppliers abroad | No Interac e-Transfer rail |
| ATB No-Fee (Alberta) | $0 | Unlimited online transactions | None | Alberta-based startups | Provincial footprint |
The branch banks still have a place
RBC Digital Choice and TD Business Digital both land at $6, which is a reasonable price for a recognised institution, a debit card that works everywhere, and a person to call when a deposit goes sideways. The trade-off is the transaction meter. RBC includes incoming e-Transfers but charges $1.50 once you pass 10 outgoing transfers. If your month includes paying 30 contractors, that is $30 on top of the fee.
Scotiabank's Select Plan A at $20 suits a business that handles cash and deposit items. Its 50 included deposit items and $6,000 cash allowance are the practical features a digital-only account cannot match. CIBC and Desjardins round out the branch options with pay-per-use structures and bundled plans, and both are worth a quote if you already hold personal accounts there.
Where the $0 accounts win
A consultant billing five clients a month has no reason to pay $20 for 25 transactions. Wealthsimple Business charges no monthly fee, moves unlimited e-Transfers, files CRA payments at no cost, and pays interest on the float. EQ Bank does the same job with 2.25% interest and CDIC coverage up to $100,000 per insured category through Equitable Bank, though its business account excludes partnerships, trusts, charities and unregistered sole proprietors, and is unavailable in Quebec.
Priya, a marketing consultant in Mississauga, moved her solo practice off a $20 branch plan last year. Her reasoning was simple: 12 outgoing transfers a month, no cash, no cheques. The savings went toward a tax reserve sitting in the same account earning interest. That pattern repeats across Ontario service businesses with predictable inflows.
Accounts for cross-border work
If suppliers invoice you in USD, the account choice changes. Airwallex offers local receiving accounts in more than 20 currencies on a $0 Explore plan, with funds held in segregated trust accounts rather than under CDIC protection. Wise Business charges a one-time $55 setup and no monthly fee, with interest on CAD and USD balances. For a Canadian e-commerce seller paying overseas manufacturers, either option beats absorbing a 2.5% conversion markup on every settlement.
Provincial details worth thirty minutes
Alberta has ATB Financial's no-fee business account, a genuine local advantage over national pricing. Quebec runs through Desjardins, and EQ Bank does not operate there. In British Columbia, Vancity and other credit unions offer business accounts with relationship-based lending that banks rarely extend to new corporations. Ontario owners have Meridian and a dense credit union network.
One distinction matters for risk: credit union deposits are insured by provincial corporations, not CDIC. Coverage limits and categories differ. Ask which insurer backs the account before you move a large balance.
How to pick in one afternoon
Pull three months of statements and count four numbers: outgoing e-Transfers, total electronic transactions, cash deposited, and any foreign currency received. That count eliminates most of the shortlist on its own.
Match the account to your deposit mix. Cash-heavy businesses need a branch or a credit union; online-only accounts cannot accept bills. E-transfer businesses should check the included outgoing count and the per-transfer price after it runs out. Importers should compare the all-in conversion cost, not the monthly fee.
Run the waiver arithmetic before choosing a premium plan. Divide the minimum balance by the fee it eliminates. A $20,000 balance avoiding a $20 fee is a 1.2% return, which is worse than holding the cash in an interest-bearing account and paying the fee.
Confirm eligibility early. Incorporated businesses need articles of incorporation, a business registration, director information, and a CRA program account number that matches recent filings. Sole proprietors need registration and personal ID. Registration and the CRA business number come first; the bank application follows.
Then open a second account for tax reserves. A separate savings account inside the same institution keeps GST/HST collections out of your operating float, and it takes one transfer to set up.
Before you apply
Write down your transaction count, your cash volume, and whether you invoice in another currency. Those three answers point to one account, sometimes two: a $0 operating account for day-to-day flow, and a branch account only if physical deposits are unavoidable. Ask about Autodeposit for incoming e-Transfers, since it removes a security question and speeds up settlement. Confirm the current fee schedule at the institution rather than relying on a comparison from last season, because promotional pricing on business accounts rotates often. Start with the numbers, and the brand decision becomes the easy part.
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