Where the branch model starts to cost you
Walk into any of the big five and the account grid looks reasonable until you read the waiver clause. RBC's Ultimate Business Account runs $100 a month and only drops to zero if you keep $75,000 in the account every day. TD's Unlimited Business sits at $125 a month with a $65,000 daily balance requirement. CIBC's Unlimited Business is $65. The entry-level digital tiers are cheaper, around $6 to $7 a month, but they cap electronic transactions and charge per item beyond that.
For a sole proprietor invoicing a few clients, that is a lot of overhead for a service they barely use. Fee complaints still sit near the top of small business banking reviews, and the pattern is consistent: you pay for branch infrastructure whether or not you walk into one.
Then there's the currency layer. If you invoice US clients, most traditional accounts convert at a markup of roughly two to three percent above the mid-market rate. On a $20,000 deposit, that spread is real money. Several Canadian businesses have quietly moved their operating cash to multi-currency accounts for exactly this reason.
Cheques haven't disappeared either. Suppliers, landlords and some provincial agencies still issue them, and a fully digital account that can't handle a mobile cheque deposit becomes a problem fast.
What digital accounts handle well, and the gaps nobody mentions
The strongest offers in the Canadian market right now combine no monthly fee, no minimum balance, free Interac e-Transfers and interest on the balance. EQ Bank's Business Account charges nothing, pays 2.25% on CAD, includes 50 free outgoing e-Transfers and 100 incoming, free EFTs and bill payments, and mobile cheque deposit. Deposits up to $100,000 may be CDIC eligible. It isn't available to Quebec residents or businesses, trusts, partnerships, or companies owned by another company, so read the eligibility page before you get attached to it.
Float takes a different angle, paying 2.5% on CAD and 2.75% on USD with no minimums, but it doesn't offer pre-authorized debits or cheque cashing. Venn pays a flat 2% on both currencies and issues corporate cards with 1% cashback, with plans at $0, $40 and $100 a month; Quebec-registered businesses are excluded. Wealthsimple Business Chequing pays 1.25% to 2.25% depending on assets held, and Tangerine's business savings account offers tiered rates that only reach the top end at high balances.
The gaps are practical rather than dramatic. Cash and coin deposits are rare. Bank drafts and certified cheques usually require a branch relationship. Multi-signer corporate accounts with signing resolutions can still need a human to review documents, though RBC advertises online applications that produce an account number in under fifteen minutes. And fintechs are not banks: under the Retail Payment Activities Act, providers like Airwallex hold client funds in segregated trust accounts rather than under a bank licence.
Comparing the realistic options
| Provider | Monthly fee | Standout feature | Best fit | Watch-outs |
|---|
| RBC Digital Choice | $6 | Unlimited electronic credits and debits, mobile cheque deposit | Digital-first incorporated companies | Per-item fees outside the bundle |
| RBC Ultimate Business | $100 | Highest included transaction limits | High-volume firms | Waiver needs $75,000 daily balance |
| TD Unlimited Business | $125 | Broad branch and digital access | Businesses handling cash | Waiver needs $65,000 daily balance |
| CIBC Unlimited Business | $65 | Unlimited domestic transaction bundle | Mixed digital and counter traffic | FX markup of roughly 2% to 3% |
| EQ Bank Business | $0 | 2.25% interest, free EFTs and bill payments | Registered sole proprietors, small corporations | No Quebec, trusts, partnerships |
| Float Business | $0 on Essentials | 2.5% CAD and 2.75% USD interest | Incorporated firms holding operating cash | No pre-authorized debits or cheques |
| Venn Business | $0, $40 or $100 | Flat 2% on CAD and USD, 1% card cashback | Exporters with two currencies | Not for Quebec businesses |
| Wealthsimple Business Chequing | $0 | 1.25% to 2.25% interest, no transaction fees | CCPCs already using the platform | Interest tied to asset tier |
| Tangerine Business Savings | $0 | Tiered rates reaching about 3% | Parking tax reserves | Tiered, not a transactional account |
Matching the account to the business you run
A registered sole proprietor in Ontario has simple needs: a GST/HST number, CRA direct deposit, client e-Transfers and a clean ledger for the accountant. A no-fee online business bank account for sole proprietors in Ontario usually means EQ Bank or Wealthsimple, paired with a savings account for tax reserves. One caution: e-Transfer ceilings are typically a few thousand dollars per day with weekly and monthly caps layered on top, so a $12,000 invoice may need two transfers or an EFT.
An incorporated company in Alberta with payroll and subcontractors needs pre-authorized debits, multiple signers and often a USD side account. That pushes you toward a big-bank bundle where the fee buys transaction headroom, or a hybrid: EQ or Float for operating cash, a traditional chequing account for anything requiring a bank draft. Compare the waiver threshold against what you'd actually save. Locking $65,000 in a zero-interest account to dodge a monthly fee is rarely the better trade when a digital account pays interest on the same money.
Anyone selling in USD should look at the FX markup before the monthly fee. Venn's flat 2% on both currencies and Float's USD rate are worth modelling against a two to three percent conversion spread at a conventional bank. For cross-border volume, a payment platform quoting a 0.5% markup on major currencies can beat either.
Setting it up without losing a week
Gather your business number, articles of incorporation or provincial registration, and a void cheque or bank letter from any existing account. Sort out who has signing authority before you start, because adding a second signer after opening is the step that most often sends a file back for manual review.
Work through it in this order:
- Decide whether you need cash handling, bank drafts or pre-authorized debits. If yes, keep one traditional account and treat it as your utility account.
- Open the digital account for day-to-day income and bill payments. Applications are typically online with a mobile phone number and government ID.
- Register for Interac Autodeposit so incoming e-Transfers land without a security question.
- Enrol in CRA direct deposit and set up a separate savings sub-account for GST/HST and income tax set-asides.
Local resources worth bookmarking: your provincial corporate registry for annual returns, the CRA's direct deposit enrolment page, and a bookkeeping app that connects to your account feed. If your business is registered in Quebec, start with Desjardins or a national bank, since several digital options exclude the province entirely.
The branch isn't going anywhere, and you probably don't need to abandon it. What you need is a primary account that doesn't charge you for standing still. Open one digital account this month, run your normal transactions through it for a full quarter, and compare the statement against what you're paying now. The difference usually answers the question better than any comparison table.
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