Best Business Bank Accounts in Canada (2026)

A business bank account is a simple choice, but the right plan depends on how you use it. A $6 plan with 10 free Interac e-Transfers is a bargain for a freelancer who sends a few payments a month, while a contractor who pays subtrades by e-Transfer every week and deposits cash on Fridays will usually do better on a plan built for that volume. This guide compares the entry-level business chequing plans from the big banks, Desjardins, and National Bank, and shows which one fits which kind of business.

How we evaluated

This is a research-based review. We did not open these accounts. We compared each plan against the same checklist using the institution's own product pages and published fee guides, all checked in September 2026:

• Monthly fee, and whether a balance can waive it
• Transactions included, and the fee per extra transaction
• Outgoing Interac e-Transfers included, and the cost after that
• Cash and cheque deposit fees
• Who can open it (sole proprietor, corporation, number of signers)
• Whether it serves Quebec businesses

We picked the entry plan that fits most small businesses at each institution and name the next tier up where it is useful. All fees are in CAD. Bank fees change, often with only a notice on the bank's website, so confirm the current fee schedule before you open anything. We do not rank bank promotions, since most depend on opening other products.

Business bank account fees compared

The short answer: most small businesses can get a big-bank or Desjardins digital plan for $5 to $7 a month. The difference between them is how many e-Transfers are included and what cash and cheque deposits cost.

Feature	TD Digital	Desjardins Digital	RBC Digital Choice	BMO Essential	National Bank Digital
Monthly fee (CAD)	$6	$5.95	$6	$5	$7
Electronic transactions	Unlimited	Unlimited	Unlimited	Unlimited	Unlimited
Outgoing e-Transfers included	10	Included in digital transactions	10	6	12
Extra e-Transfer fee	$1.50	Included	$1.50	$1.50	$1.50
Cheque deposits	Unlimited	Pay per item	Unlimited	$0.25 each	Unlimited by ABM, mobile, or scanner
Cash deposits	$5 per $1,000	Pay per item	$5 per $1,000 (branch)	$2.50 per $1,000	$5 per $1,000 (branch)
Assisted (branch) transactions	$2.50 each	$3.50 to $5 each	$2.50 each	$5.00 each	$5.00 each
Sole proprietors

Cash deposit fees shown are the standard rates on each plan's fee page. RBC charges $2.25 per $1,000 for cash deposited at an ATM, and National Bank charges $2.50 per $1,000 at an ABM.

1. TD Business Digital Account: best for most small businesses

TD Business Digital is the most balanced entry plan we found: $6 a month, unlimited electronic transactions, unlimited cheque and other deposit items, and 10 outgoing e-Transfers. It suits a business that banks mostly online but still wants a branch network for cash and in-person help.

TD's fee guide lists no included assisted transactions, so each branch transaction costs $2.50. Extra e-Transfers are $1.50 each, and cash deposits cost $5 per $1,000. There is no balance waiver on the monthly fee. TD describes the account as designed for businesses that prefer self-serve channels such as the TD app, EasyWeb, or TD ATMs.

If you outgrow it, the next tier, TD Business Essential, is $35 a month with 40 transactions, 50 deposit items, $5,000 in cash deposits, and 10 e-Transfers included. That fee is rebated if you keep a $45,000 daily minimum balance throughout the month.

2. Desjardins Digital Plan: best for Quebec businesses and heavy e-Transfer users

Desjardins's Digital plan costs $5.95 a month with unlimited digital transactions, and Desjardins states that Interac e-Transfers are included in digital transactions. That makes it the only entry plan in this guide with no stated cap on e-Transfers for a flat fee.

Deposits are priced separately: they are pay per item, and cheque and teller transactions are not included (Desjardins lists $3.50 to $5 each). Desjardins also says the caisse can charge extra fees or change the plan for large volumes. If you deposit paper regularly, the next tier, the 35 transaction plan at $26 a month, includes 35 digital or cheque transactions, 15 deposit items, $3,000 in bills, and $100 in coins.

For a Quebec contractor who pays several subtrades by e-Transfer each week, the math is simple: 20 extra e-Transfers at $1.50 each would add $30 a month to a $6 big-bank plan, while Desjardins includes them.

3. RBC Digital Choice Business Account: best for single-owner businesses using Moneris

RBC Digital Choice matches TD on price: $6 a month, unlimited electronic debits and credits, unlimited mobile cheque deposits, and 10 outgoing e-Transfers, then $1.50 each. Its difference is unlimited Moneris deposits, which matters if you take card payments through Moneris.

Paper debits and paper credits cost $2.50 each. Cash deposits cost $5 per $1,000 at a branch or $2.25 per $1,000 at an ATM, which makes RBC one of the cheaper options here if you can deposit cash through an ATM.

Eligibility is specific. RBC's page says the account is for a sole proprietorship or a single-owner corporation with one authorized signatory. Businesses with more than one owner or signer are directed to a branch for a different account. If you are still deciding on a card processor, see Square vs Moneris vs Helcim.

4. BMO Essential Plan: lowest monthly fee if you send few e-Transfers

BMO's Essential plan has the lowest monthly fee in this guide at $5, under BMO's business fee guide effective March 9, 2026. It pairs that fee with a smaller e-Transfer allowance and per-item deposit fees.

Essential includes unlimited electronic and ATM transactions, unlimited Moneris debits and credits, and 6 outgoing Interac e-Transfers a month, with a $1.50 fee on e-Transfers beyond that. It includes no in-branch transactions (each costs $5.00) and no free deposit items: each cheque deposited costs $0.25 and cash costs $2.50 per $1,000. BMO notes that the $5 fee does not apply to Essential plans opened before March 9, 2026.

The next tier, the Everyday plan at $25 a month, includes 35 transactions, 25 deposit items, $2,500 in cash deposits, and 15 e-Transfers. Enhanced ($50) and Elite ($75) plans can be waived with minimum balances of $35,000 and $75,000.

5. National Bank Digital Package: a Quebec bank alternative to Desjardins

National Bank's Digital package costs $7 a month under its fee guide effective August 1, 2026, with unlimited electronic transactions and 12 outgoing e-Transfers. That is the most included e-Transfers among the capped plans in this guide.

Cheque deposits by ABM, mobile app, or scanner are included and unlimited. Assisted transactions, including issuing a cheque, cost $5.00 each. Cash costs $5.00 per $1,000 in branch or $2.50 per $1,000 at an ABM, and coins deposited in branch cost $5.00 per $100.

The next package up, Hybrid, costs $10 a month and includes 2 e-Transfers, so compare the two before switching.

What about CIBC?

CIBC's entry plan costs more than TD, RBC, or BMO for most small businesses once you count transactions. The Basic Business Operating Account is $6 a month with no transactions included.

Each self-service transaction costs $1.00 ($1.25 full-service), and sending an e-Transfer costs $1.50 plus the transaction fee. Cash deposits cost $2.25 per $1,000 at an ATM or $2.50 per $1,000 deposited any other way. A business that makes 20 self-service transactions a month would pay $26 before any e-Transfer fees, compared with $6 on a plan that includes unlimited electronic transactions.

Is my business money protected?

Eligible deposits at a CDIC member institution are insured up to $100,000 per insured category, and deposits in foreign currency are eligible.

How to choose a business bank account

Start with how money actually moves through your business in a normal month, then match it to the plan that covers that pattern for the lowest fixed fee.

1. Count your outgoing e-Transfers. This is where plan costs differ most. At $1.50 each, 20 extra e-Transfers adds $30 a month to a $6 plan. Desjardins Digital includes e-Transfers as digital transactions, and National Bank Digital includes 12.
2. Be honest about cash. If you deposit cash weekly, compare the per-$1,000 fee and whether an ATM rate is available. BMO Essential ($2.50 per $1,000) and RBC at an ATM ($2.25 per $1,000) cost less than TD's $5 per $1,000.
3. Count your cheques. TD Business Digital and RBC Digital Choice include unlimited deposit items. BMO charges $0.25 per cheque on Essential, and Desjardins charges per item.
4. Match your legal structure. All five institutions serve sole proprietors. RBC Digital Choice is for one owner and one signatory, so partnerships will want a different account.
5. Check your card processor. RBC and BMO include unlimited Moneris deposits on these plans. See Square vs Moneris vs Helcim.
6. Look at the next tier before you need it. Moving from a $5 or $6 plan to a $25 to $35 plan is a significant step, so check what triggers it at your bank.

Keeping business money in its own account also makes bookkeeping and tax filing far simpler, especially once you connect it to accounting software and start collecting GST/HST. How you pay yourself from a business account differs between a sole proprietorship and a corporation (see sole proprietorship vs corporation in Canada), and this is general information, so talk to an accountant about the setup that fits your situation.

Sources

• TD: Small business bank accounts (checked September 2026)
• TD: Business Digital Account (checked September 2026)
• TD: Small Business Accounts, service plans and related products (PDF) (checked September 2026)
• Desjardins: Business account plans (checked September 2026)
• Desjardins: Business chequing accounts (checked September 2026)
• RBC: Digital Choice Business Account (checked September 2026)
• RBC: Business accounts and services, standard fees and charges (PDF) (checked September 2026)
• BMO: Better Business Banking Guide, fees effective March 9, 2026 (PDF) (checked September 2026)
• National Bank: Business accounts (checked September 2026)
• National Bank: Fee guide for banking services for businesses, effective August 1, 2026 (PDF) (checked September 2026)
• CIBC: Basic Business Operating Account fees (checked September 2026)
• CDIC: What's covered (checked September 2026)